FIG PE: is insurance sector significantly bigger than banks?

I have been reading some posts about FIG focused PE/HF. Looking at a lot of their portfolios, it looks like they are more heavily focusing on insurance vs banks (of course fintech is obviously hot, so let's skip that for now). Any thoughts on this? True or not true? Makes sense from regulatory perspective (holding majority position forcing a firm to become a bank holding company) but just wanted to double check. Also, wondering if that makes exits from insurance vertical easier versus banks vertical.

 

Insurtech, Insurance brokerage / consulting (P&C/EB), HR/Benefits Admin-focused companies (i.e. more in the periphery of insurance) are all active sectors. Some folks also look at non-standard insurance (e.g. non-standard auto) and some potential reinsurance plays.

I think there's a lot less to do in lending and non-bank lenders are also (historically) under more scrutiny. Also in the list above it's mostly non-balance sheet and so more accessible commercially for a traditional pe fund. E.g. everyone and their uncle invests in brokerage. That's my perspective.

I think an analyst's exits will be largely influenced by group reputation than sub-vertical.

 

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