US Life Insurance: Annuity reinsurance expert meeting recap

研报英文原文证据摘录

US Life Insurance: Annuity reinsurance expert meeting recap

Global Research

10 July 2026ab

First Read

EquitiesUS Life Insurance

Annuity reinsurance expert meeting recap Americas

Insurance, Life

Michael Ward

We hosted an insurance industry veteran focused on M&A/reinsurance Analyst

transactions michael.ward@ubs.com

Conversations covered many aspects of life & retirement reinsurance, and touched +1-212-713 3518

on almost every third-party and alternative/PE-backed reinsurer in the industry. Brian Meredith

Analyst

Spread/annuity block reinsurance deal activity has cooled significantly in the US, brian.meredith@ubs.com

driving incremental activity in less-traditional, more complex liabilities such as +1-212-713 2492

long-term care and life with secondary guarantees. US market conditions have

Justin Tucker

also driven incremental interest in Japan and European businesses. Associate Analyst

Some state insurance regulators have allowed captives to hold riskier alternative justin.tucker@ubs.com

+1-212-713 2325

assets, which could be seen as aggressive relative to their traditional usage more

for capital efficiency of liability profiles rather than assets.

The following dynamic was emphasized at our last dinner in late-2025, but with

more emphasis this time: Still-high interest rates combined with equity market

strength are driving elevated traditional VA lapses particularly when advisors see

incentive opportunities to transition out-of-the-money policies into newer spread

products that offer equity market participation such as RILA or FIA.

Expert believes widespread usage of AI could enable consumers to more easily

compare their annuity returns relative to current market offerings, increasing

lapses/churn over time.