#71 | The New PE Gamble – Part 1

I remember well when so-called PE firms started getting into the life insurance and annuity business en masse back in 2012 and 2013. The narrative among the skeptics was that these firms were only in it for the money and would fleece policyholders at first opportunity in order to make a buck. The irony, of course, is that the traditional insurers have been far more active in fleecing policyholders than their PE counterparts. Over the last 5 years, these firms have transformed into major players and the fact that their growth capital came from something other than public shareholders or policyholders is an afterthought.