Your insurer may be owned by a private equity firm. See who owns it, where your premiums are sent, and what they are invested in.
Private equity is buying up US life insurance
Source: NAIC Capital Markets Bureau, PE-owned insurers, year-end 2024
What is at stake for policyholders
Your policy may be reinsured offshore
Athene, for example, reinsures 80–100% of the business of its US companies with its own companies in Bermuda, where capital rules and reporting differ from US states.
The owner can earn on both sides
Athene paid Apollo $1.44bn in 2025 to manage its money, and held $35.4bn in investments tied to Apollo.
Investments are harder to value
PE-owned insurers increased their asset-backed and structured securities and their other long-term investments in 2024, according to the NAIC.
Less of it is public
US insurers list every holding in a yearly statement filed with state regulators. Offshore reinsurers do not file these statements.
Owners change without asking you
Your insurer can be sold, merged or renamed. Your contract stays the same, but the people managing your money do not.
Protection has limits
If an insurer fails, your state’s guaranty association steps in, but only up to a set amount per person.
In the news: private credit, AI and your insurer
Life insurers are among the biggest buyers of private credit, including the debt that pays for AI data centers. Regulators and journalists are starting to ask what that means for policyholders.
- AIUS life insurers increase AI investments as exposure risks grow, says Moody’sReinsurance News · 23 Oct 2026
- Private creditLife insurers concealed $21B in private-credit risk: lawsuitAmerican Banker · 8 Oct 2026
- Private equityThe private equity and private credit loop threatening life insurersForbes · 18 Sep 2026
- AIThe AI bailout could be baked into the AI bubbleThe American Prospect · 3 Aug 2026
- AIWall Street is funding the AI build-out with bonds the SEC never seesBisnow · 11 Jun 2026
- Private creditUS life insurers’ private credit push is creating liquidity and concentration risks, Moody’s warnsInsurance Business · 9 Jun 2026
- Private creditThe overlooked private credit risk is in life insuranceAxios · 3 Apr 2026
- RegulatorsLife insurers’ role in the intermediation chain of public and private credit to risky firmsFederal Reserve · 21 Mar 2025
Links open the original articles and reports. Headlines are the publishers’ own.
Your insurer isn’t PE-owned, but…
Many well-known insurers pass part of their business to reinsurers backed by investment firms. Your contract stays the same, but the risk and the money that backs it move.
- Corebridge Financial$74.3bnwith an Apollo-led group and Carlyle
- Lincoln Financial$34.7bnwith Carlyle, KKR and Apollo
- Guardian$19.3bnwith KKR and Sixth Street
- MetLife$18.5bnwith Sixth Street and KKR
- Principal$17.8bnwith Sixth Street
- USAA Life$17.6bnwith KKR and Apollo
- MassMutual$15.8bnwith Centerbridge and other investors and KKR
- Jackson National$13bnwith Apollo
- Allianz Life$6.87bnwith Sixth Street
- RiverSource (Ameriprise)$5.55bnwith KKR
- John Hancock$5.52bnwith KKR
- Unum$5.45bnwith KKR
- Brighthouse Financial$4.78bnwith Apollo
- Protective Life$3.17bnwith Apollo
- Equitable$2.98bnwith KKR
- OneAmerica$2.67bnwith KKR
- TruStage (CMFG Life)$1.55bnwith KKR
- Transamerica$1.21bnwith KKR and Apollo
- Pacific Life$1.15bnwith KKR
Amounts at the end of 2025, from the insurers’ 10-Ks and the reinsurers’ statements.
How we follow your premium
Who owns it
State approval filings show which firm controls your insurer.
Where it’s sent
Insurers can pass your policy to a reinsurer, often an affiliate in Bermuda.
What it buys
Yearly statements list every bond, loan and fund the insurer holds.
Who benefits
We check which of those investments link back to the owner’s own funds and companies.
Find your insurer
- AtheneApollo
- American NationalBrookfield
- Global AtlanticKKR
- Fortitude LifeCarlyle
- TalcottSixth Street
- Everlake LifeBlackstone
- VenerableApollo
- Security BenefitEldridge
- AspidaAres
- NassauGolden Gate Capital
- American Life & SecurityAntarctica Capital
- Prosperity LifeJAB
- Group 1001 (Delaware Life)Mark Walter (TWG Global)
- More insurers are added as their filings are checked.
Questions
Plain answers about your policy and this site. Nothing here is financial advice.
What is a private equity-owned insurer?
An insurance company controlled by a private equity firm or another investment firm. The firm often also manages the insurer’s money and earns fees for doing so.
Does this change my policy?
No. Your contract terms stay the same when an insurer changes owner or reinsures your policy. The company that issued your policy still owes you the benefits.
What does it mean when my policy is reinsured?
Your insurer pays another company to carry part of the risk of your policy. You keep dealing with your insurer. The question this site asks is who that other company is, and where the money backing your policy ends up.
Why does Bermuda come up so often?
Athene, for example, reinsures most of the business of its US companies with its own companies in Bermuda. Capital rules and public reporting there differ from US states.
What protects me if my insurer fails?
Every state has a guaranty association that covers policyholders up to set limits. The limits vary by state and by type of policy. Each insurer page lets you check your state.
Should I cancel or move my annuity?
Not because of this site alone. Moving an annuity can trigger surrender charges and taxes. Talk to a licensed adviser before changing a policy.
I can’t find my insurer. Why?
Your policy may carry an older company name. Search the sidebar for the name on your contract: former names are included. We add insurers as their filings are checked.
Where does the data come from?
Public filings: SEC annual reports, state insurance department exams, NAIC reports and rating agency announcements. Every section on an insurer page links to its sources.
What is this site for?
More and more US insurers are owned by investment firms, and the details sit in long regulatory filings few people read. We pull the key facts together so policyholders can see who owns their insurer and where their money goes. The site is for information only, free to use for now, and not linked to any insurer or investment firm.
Security Benefit
Owned 100% by Eldridge Industries, the asset management and insurance holding company controlled by Todd Boehly. About 47% of its investments are loans and holdings tied to other Eldridge companies, and Eldridge took over as its overall investment adviser in January 2026.
- Owner
- Eldridge (100%)
- Sells
- Annuities
- Owned since
- 2017
As of year-end 2025 filings, unless a figure says otherwise.
Is this your policy?
Company names
- Security Benefit Life Insurance Company (Kansas)
- First Security Benefit Life Insurance and Annuity Company of New York (sister company, New York)
- Everly Life Insurance Company (sister company, Wisconsin)
Products
- EliteDesigns II
- SecureDesigns
- AdvisorDesigns
- AdvanceDesigns
- NEA Valuebuilder
- AEA Valuebuilder
- Variflex
- Scarborough Advantage
- ClassicStrategies
- ThirdFed
- Parkstone Advantage
- Varilife
Source [1]
Quick check
| Independence factors | Figure | Reliance on the owner |
|---|---|---|
| Money managed by the ownerShare of its investments run by the owner’s own firm | Not published | Not published |
| Business reinsured with own companiesShare of its policies passed to reinsurers in the owner’s group | 24% [1] [4] [5] | Medium |
| Investments tied to the ownerShare of its investments put into the owner’s own funds and companies | 47.1% [1] [4] | High |
| Fees paid to the ownerWhat it pays the owner each year to manage its money | $165m0.29% of its investments a year [1] [4] | Medium |
| Hard-to-sell investmentsLoans and complex securities that are not traded on a market | 34.5% [1] | Medium |
Low, Medium and High show how much the insurer relies on its owner, using the thresholds in our methodology. Our own reading of the filings, not a credit rating or financial advice. If an insurer fails, your state’s guaranty association protects policyholders up to a set limit (nolhga.com).
Who owns it
- Delaware, United StatesOwner · 100% (indirect); controlled by Todd L. BoehlyEldridge Industries, LLC
- Delaware, United StatesHolding company · 100%Eldridge, LLC
- Kansas, United StatesHolding company · 100%Eldridge Wealth Solutions, Inc. (formerly Security Benefit Corporation)
- Kansas, United StatesHolding company · 100%SBL Holdings, Inc.
- Kansas, United StatesYour insurerSecurity Benefit Life Insurance Company
Eldridge describes itself as “an asset management and insurance holding company with over $75 billion in assets under management”; the prospectus says it “owns, operates and invests in businesses across a wide range of sectors”. Above Eldridge Industries: SBT Investors, LLC holds 74.1% (with smaller stakes of 2.1%, 2.7% and 5.4% held by other entities); SBT Investors is 100% owned by NZC Capital LLC, which is 89.5% owned by Todd L. Boehly. The prospectus front pages say SBL Holdings, LLC, while the org chart and financial statements say SBL Holdings, Inc. Morningstar DBRS (Sep 2025) flags “potential governance risk arising from the business relationships between Security Benefit and other Eldridge portfolio companies” and notes the insurer’s board is made up of its executive team. The 2016 and 2017 prospectuses show the change of controller; the exact closing date is not stated in them.
Changes of control
- 1892
- Started business as a fraternal benefit society
- 1950
- Became a mutual life insurer under its present name
- 1998
- Converted to a stock life insurance company
- 2016
- Prospectus names Sammons Enterprises as ultimate controller
- 2017
- Prospectus names Eldridge Industries (Todd L. Boehly) as indirect parent
Where your premium goes
- 1 · You payPremiumAnnuities
- 2 · Your insurerSecurity Benefit Life Insurance Co.Kansas
- 3 · Reinsured withSkyRidge ReSkyRidge Re Limited (Bermuda) and SkyRidge Re Cayman Limited
- 4 · Money managed byEldridge (share not published)$165m in fees in 2025
- 5 · Invested in$56.5bn of assetsSee below
23.8% of the business written by Security Benefit’s US companies is reinsured with its own companies in Bermuda and the Cayman Islands. [1] [4] [5]
What it invests in
Source [1]
Links back to the owner
Your insurer invests part of your premiums in businesses tied to Eldridge: its own funds, companies those funds own, and lenders it controls.
| Where the money went | How it is tied to Eldridge | Amount, end of 2025 |
|---|---|---|
| Collateral loans issued by related parties (total) | Borrowers related to Eldridge; $11.3bn cross-collateralised with a master guaranty | $13.8bn |
| OBH HoldCo | Mortgage loans, related party | $1.75bn |
| Mine Creek, LLC | Note receivable, related party | $1.13bn |
| Winward Portfolio Trust, LLC | Note receivable, related party | $797m |
| Holliday Park, LLC | Note receivable, related party | $760m |
| Crawford Park Capital, LLC | Investment in related party | $682m |
| Auburndale, LLC | Note receivable, related party | $647m |
| Chain Bridge Opportunistic Funding Holdings, LLC | Note receivable, related party | $567m |
| Nicodemus Place, LLC | Note receivable, related party | $494m |
| American Media Productions, LLC | Investment in related party | $372m |
| Cain Re LLC | Investment in related party | $266m |
| All related-party investments | 47.1% of total investments | $26.6bn |
The total also counts holdings not named.
Source [1]
Sources
- [1]SBL Variable Annuity Account XIV, Form 485BPOS (EliteDesigns II), 29 Apr 2026 — includes SBLIC audited 2025 consolidated financial statements and Part C org chartShare of GAAP total investments ($56,501m in 2025, $49,659m in 2024; cash included), using fair values from Note 3 and the balance sheet. These are not statutory figures. 'Corporate bonds and loans' includes $13.8bn of collateral loans issued by related parties. 'Private' adds mortgage loans, CMBS, RMBS, CLOs/CDOs, other asset-backed securities and other invested assets. It leaves out the $5.5bn of related-party notes and the related-party collateral loans; counting them would raise the share well above half; Note 16, Related-Party Transactions. Total = related collateral loans $13.8bn + related notes $5,534m + related mortgage loans $2,837m + related joint ventures and partnerships $1,266m + other related investments $3,160m. It excludes $3,111m of securitizations where related parties are collateral managers. Fees: $165.0m paid to Eldridge Business Services for investment and business-development services, and $247.1m to Security Benefit Business Services for management and administration
- [2]Eldridge, About
- [3]Morningstar DBRS, rating confirmation for SBL Holdings, Inc., 9 Sep 2025
- [4]Kansas Department of Insurance, Report on Examination of Security Benefit Life Insurance Company as of 31 Dec 2023 (dated 30 Jun 2025)
- [5]SkyRidge Re, financial statements 2025 (BMA)
- [6]SECONDARY: Security Benefit press release on Business Wire, 29 Feb 2024, 'S&P Affirms Security Benefit Financial Strength A- Rating, Outlook now Stable' (headline only; page returned 403)
- [7]SBL Variable Annuity Account XI, Form 485BPOS, 28 Apr 2017
- [8]SBL Variable Annuity Account XI, Form 485BPOS, 29 Apr 2016
Methodology
How we measure an insurer’s independence from its owner.
What it is
A credit rating tells you whether an insurer can pay its claims. It does not tell you how much the insurer depends on the firm that owns it. When one firm owns the insurer, manages its money, reinsures its policies and sells it investments, the policyholder’s money stays inside one group. This indicator shows how far that goes.
It is our own assessment, built only from public filings. It is not a credit rating and not financial advice.
The five indicators
| Indicator | What we measure | Low | Medium | High | Where it comes from |
|---|---|---|---|---|---|
| Money managed by the owner | Share of investments managed by the owner or its affiliates | Below 25% | 25–75% | Above 75% | Investment management agreement in the annual report or statutory filing |
| Business reinsured with own companies | Share of the insurer’s business reinsured with companies in the same group | Below 20% | 20–50% | Above 50% | Reinsurance note of the annual report; Schedule S of the statutory statement |
| Investments tied to the owner | Related-party investments as a share of all investments | Below 3% | 3–10% | Above 10% | Related-party note; affiliated holdings in Schedules D and BA |
| Fees paid to the owner | Investment management fees paid to the owner, as a share of invested assets | Below 0.2% | 0.2–0.5% | Above 0.5% | Related-party note of the annual report |
| Hard-to-sell investments | Investments that are not traded on a market and are hard to value or sell quickly: mortgage loans, asset-backed, mortgage-backed and CLO securities, and alternatives, as a share of investments | Below 20% | 20–40% | Above 40% | Investment tables of the annual report; Schedules D and BA |
How the overall result is set
Each indicator scores 2 for Low, 1 for Medium and 0 for High reliance on the owner. The five scores are added up, for a total between 0 and 10. A higher score means a more independent insurer.
When a filing does not publish what an indicator needs, that indicator is left out and the total is scaled to 10. We give an overall result only when at least three of the five indicators can be assessed.
- 7–10Independence: High
- 4–6Independence: Medium
- 0–3Independence: Low
Example: Athene scores High on three indicators and Medium on two, for a total of 2 out of 10. Its independence from Apollo is Low.
Limits
- Thresholds are our own. We will review them once enough insurers are covered to compare.
- Group filings can mix the insurer with its offshore reinsurers. We say which entity each figure covers.
- When a figure is not published, the indicator is marked as not assessed rather than guessed.
- Figures are as of the latest annual filing and can change during the year.