DEALTALK-Regulators put chill on U.S. private-equity insurance deals

DEALTALK-Regulators put chill on U.S. private-equity insurance deals

(Reuters) – With acquisitions in the U.S. financial services industry slowing to a crawl since the 2008-09 financial crisis, private equity funds have provided a rare bright spot with their pursuit of annuity portfolios that insurers have been eager to sell.

But the dealmaking may have hit a roadblock now that New York’s top financial regulator has decided to launch a review, concerned that the private equity firms are taking on too much risk – at the expense of consumers who hold the annuities.

As a consequence, some insurers are putting on hold plans to sell their businesses, while bankers and attorneys who are working on two deals nearing completion are worried that the probe could derail them completely.

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