7 Things Fitch Says About Aquarian’s $4.1B Brighthouse Deal
November 12, 2025 by Allison Bell
Clients love the ability of life and annuity issuers to protect them from investment market and general economic volatility.
The insurance rating analysts who track the issuers’ finances do not love to see issuers assuming large amounts of responsibility for protecting retirement savers and others against volatility and keeping the obligations on their own books, without help from strong reinsurers.
The conflict between what clients want and what the rating agencies think the issuers should promise shows up in Fitch Ratings’ analysis of Aquarian Capital’s $4.1 billion agreement to acquire Brighthouse Financial.