Money firm Sixth Street Partners has agreed to invest in annuities enterprise Talcott Resolution for $2 billion, the most up-to-date ownership alter in a ten years of frenzied industrywide life-insurance offer action.
Sixth Street is shopping for Talcott from a team of buyers, which include Cornell Capital LLC, Atlas Service provider Cash LLC, World Atlantic Economic Team and spouse and children workplaces for some wealthy people today. The group acquired the annuities device in 2018 from Hartford Financial Providers Group Inc.
Sixth Avenue, a previous affiliate of private-equity firm TPG, has amassed 1 of the largest swimming pools of non-public capital on report. It raised much more than $12 billion for its flagship fund, known as Tao, final year, bringing the full to $25 billion. Its foundation is pension money and other institutional buyers.
Talcott now has much more than $90 billion in liabilities and surplus for its approximately 900,000 buyers.
Since the entire world-broad economical disaster of 2008, private-fairness, asset-administration and other styles of economical companies have scooped up blocks of everyday living-coverage guidelines and annuities, and even total operating models, as insurers narrowed their emphasis and divested product or service traces. Ultralow interest costs have prompted a great deal of the exercise, hurting insurers’ income. One particular of the greatest of the postcrisis upstarts is Athene Holding Ltd. , backed by Apollo Global Administration Inc. and now a substantial publicly traded insurer.