Financial sponsors have become progressively more involved in the insurance sector over recent decades. Their involvement broadly falls into three categories:
Sponsors establishing or acquiring their own life and annuity insurers or reinsurers on an own-account basis, either wholly owned or with co-investors.
Sponsors acquiring an insurance intermediary business as a portfolio company, such as a brokerage group, and then using it as a platform for a roll-up. There has also been significant and accelerated activity in one-off acquisitions of intermediaries, business development and subsequent sales.
