(Bloomberg) – Insurers linked to some of Wall Street's biggest firms have run into trouble over unhappy customers.
Athene Holding Ltd. and Global Atlantic Financial Group Ltd. have come under scrutiny by regulators in New York and Texas. The companies are part of a recent rush of financial firms getting into the market for life insurance and annuities that's seen policy sales grow 9% in the last three years to $836 billion.
|Newcomers to the market
The insurers are relative newcomers to the market. Athene started operating in 2009 and went public in 2016 after being nurtured by Apollo Global Management LLC. Global Atlantic was formed as Goldman Sachs Reinsurance Group in 2004, and Goldman Sachs Group Inc. still owns a stake. That compares with the 150-year history of competitor MetLife Inc. and 143 years for rival Prudential Financial Inc.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
