Private fund giants have spent more than a decade vacuuming up US life insurance assets in the hunt for stable capital. But in Europe, they’re having a much tougher time.
Since the collapse of Milan-based life insurer Eurovita in 2023, regulators and industry insiders have been on high alert over private-equity control in the sector. Eurovita’s owner at the time, British buyout firm Cinven Group Ltd., didn’t stump up enough cash when policy redemptions left the insurer short. The company’s 350,000 customers ultimately had to be bailed out by a group of banks and insurers.
