The “Bermuda Triangle” and the Growing Risk in the Insurance MarketsThe “Bermuda Triangle” and the Growing Risk in the Insurance Markets
January 13, 2026 by Paul Brown, Gary Chodes, Timothy Keane, The National Law Review
The influx of private equity into the U.S. life insurance and annuity market has altered what has traditionally been viewed as the safe and secure sector of the financial marketplace. In this new era, U.S. life insurers—mainly acquired by or partnered with private equity firms—have progressively shifted risk offshore, primarily to Bermuda in the initial years.
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Athene expanded rapidly over its first decade, and by 2022, Apollo and Athene had fully merged into a single entity. According to the Wink’s Sales and Market Report for the third quarter of 2025, Athene ranked No. 1 out of 139 top annuity providers in the U.S., recording total year-to-date sales of $27.7 billion and a market share of over 8%. Athene now accounts for just under half of Apollo’s $908 billion assets under management and about two-thirds of its earnings.
