Private Equity’s (PE) role in the United States financial landscape has dramatically grown in recent years. According to an article on accounting giant Deloitte’s website, PE deal activity has doubled in the last 10 years while listings on U.S. stock exchange have dramatically declined. Indeed, PE firms provide portfolio companies with needed capital, expertise, and ownership opportunities as an alternative to public listing or ownership.

The insurance sector has not gone unnoticed by PE firms. Reuters reported in June of this year that PE firms have spent nearly $40 billion buying U.S. insurance companies in recent years, “promising to earn higher returns on the mountains of money that insurers set aside to pay policyholders years or decades from now.” In fact, the National Association of Insurance Commissioners Capital Markets Bureau maintains a manually researched and constantly updated list of 177 insurance companies owned or controlled by PE as of Q4 2020.