Another asset manager goes subtropical. Third Point Investors Ltd. established Malibu Re in the Cayman Islands, bought a Texas life insurer from Mutual of America, acquired a private credit shop, and received $25m each from Voya and ReliaStar.

President Trump said his "Liberation Day" tariffs would boost the U.S. economy the way President William McKinley's tariffs did in the 1890s. But the boom of the 1890s came from huge gold strikes and the Spanish-American War, not tariffs.

Equitable Holdings' recent reinsurance deals were the topic of critical articles in three financial publications this summer. Underneath the controversy, the leader of the RILA industry was catching up with the Bermuda mega-trend.