MassMutual helped finance Martello Re, the $1.65bn Bermuda reinsurer that just reinsured $14bn worth of MassMutual's in-force fixed-rate and fixed index annuities, and recruited Dennis Ho to be its CEO.
The use of "modified coinsurance" or "funds withheld" reinsurance is helping certain issuers of fixed indexed annuity conserve capital and take more investment risk. Its a strategy that can boost annuity sales and profitability.
In reporting its fourth quarter and full-year 2021 results, Jackson National Life marked its separation from Prudential plc, its listing on the New York Stock Exchange, and $3.2 billion in net income, up from a loss of $1.6 billion in 2020.
Thank you, Sen. Chris Murphy (D-CT), for introducing the Pension Risk Transfer Accountability Act of 2021 last week.
AIG and Annexus co-launched X5 Accelerator, a fixed indexed annuity (FIA) with a lifetime income option; Innovator added 'Buffer Step-Up' strategies to its lineup of Managed Outcome ETFs, and Reliance Standard issued Accumulator, a new FIA.
The life/annuity industry is approaching an equilibrium between companies seeking 'to build a less capital-intensive business' and those with 'a capital-intensive business appetite,' the ratings agency said.