KBRA Releases Research – Private Credit: From Acquisitions to Partnerships—Asset Managers’ Growing Role With Life/Annuity Insurers
2 Feb 2026 | New York
KBRA releases new research examining the intersection of life/annuity insurers with asset managers. In early 2022, KBRA highlighted the challenges faced by insurers and the different solutions offered by private equity and alternative asset managers (PE/AAM), as well as the resulting growth in mergers and acquisitions (M&A) and reinsurance activity. Activity during that period also included acquired insurers and start-ups that were transformed into fast-growing annuity writers fueled by higher new business volumes. Since then, the types of transaction structures between investment firms and life/annuity insurers, participant profiles, and strategic rationales have broadened. KBRA believes these arrangements will continue to evolve, likely supporting long-term stability within the sector.
Key Takeaways
- As investment firms and life/annuity insurers continue to intersect, participant profiles and transaction rationales have evolved.
- Investment firm and insurer relationships are expected to remain integral to the industry’s future, driven by ongoing capital needs and the importance of robust investment management for life/annuity insurers.
- Despite potential long-term benefits across the sector overall, credit implications for individual insurers will depend on evolving capital needs, the insurance capabilities of the involved asset manager, and other strategic considerations.
Click here to view the report.