Apollo, KKR, Ares and the Bermudan CLO arbitrage

‘Capital efficiency’ may explain a 1,100% surge in life assets reinsured on the Atlantic island

Global life insurers have transferred $500 billion of pension and annuity assets to Bermuda over the past decade. David Burt, the island’s premier, offers a list of buzzy reasons why, including innovation, collaboration and technology. But one particular reason is worthy of closer attention: “capital efficiency”. At an insurance summit on March 14, Burt pointed to Bermuda’s capital regime as a key pillar of the island's strategy to attract insurance business.

That regime – the Bermuda Solvency

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