Sorry if this is a stupid question but why don't more PE firms buy insurers on a smaller scale to what Apollo has done with Athene for which I understand a large part of the rationale was getting permanent capital. I'm probably missing something.
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All of the large caps PE firms have purchased insurers in recent years
If by insurers you're referring to carriers, they tend to trade at low multiples (maybe slightly above 1x BV), so the upside is limited if you're not employing a specific balance sheet strategy like Apollo does. MGA's, tech-enabled brokerages, etc are more interesting plays.
Why don't carriers trade above 1x BV? Is underwriting risk that commodified?
Short answer is Insurance depresses multiple alts trade on
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