Strong annuity growth continues as reinsurers shift business offshore to Bermuda: AM Best

October 1, 2024 by Saumya Jain

US life/annuity (L/A) insurers have doubled their ceded reserves to $1.74 trillion between 2016 and 2023 driven by strong annuity growth on higher interest rates with an increasingly larger portion headed offshore, an AM Best report has disclosed.

Recently, several private equity-owned insurers have started creating offshore reinsurance entities, resulting in approximately two-thirds of reserves ceded offshore go to affiliates.

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Originally Posted at Reinsurance News on September 27, 2024 by Saumya Jain.