3 Things – AIG Life IPO, Klarna bank & Fortitude / Carlyle – 04/01/2022

Hello Friends!  Another week of insurance news as the first quarter of 2022 comes to an end.  This week we are following the AIG Life IPO, Klarna bank and Fortitude Re / Carlyle strategic advisory relationship.  Here are the three things we learned:


 AIG Files for Life IPO                           

AIG has filed for IPO of it’s life insurance business unit SAFG Retirement Services, Inc. that will be rebranded as Corebridge Financial.  This has been planned for sometime and although the public markets are volatile and IPOs have slowed somewhat, it should be one of the year’s marque public offerings in the financial services sector.  They are showing strong financials including growing revenue and operating profits by wide margins.  Peter Zaffino will chair the new public company and they have also announced a slate of other board members who have strong financial services backgrounds.


Klarna Launches Open Banking Platform

Klarna, a ‘buy now, pay later’ fintech platform, has launched an open banking platform that appears to position them to broaden their offerings into more personal finance solutions.  We will continue to watch them evolve as they may look to enter into into insurance distribution and/or payments for personal lines.  If they are able to reach a broad audience with digital experience may possibilities exist.


Fortitude Re Readying for M&A

Fortitude Re had a busy week closing a $4B Asia reinsurance transaction and forming a strategic advisory  relationship with global PE investor Carlyle Group.  It appears they are gearing up to be acquisitive in the insurance space.  They will be a player in the deals that are coming as many valuable insurer assets are in play such as Ascot who is moving forward with their sale.

Thank you for following us, we appreciate your feedback and continued support.  Stay tuned for more info to come.  Until next week… stay safe, stay productive!