Asset manager Bayview considers selling Ocean view’s insurance division
Selling Sunset Cast:Asset Manager Bayview $1 Billion.
Dec. 13, Reuters In what may be the most recent round of deal making in the life insurance and annuities market in North.
America, credit investment firm Bayview Asset Management informed Reuters that it has put its insurance division, Ocean view Holdings, up for sale.
Private equity firms and other asset managers have a strong appetite for the fee income generated by managing life insurance assets, which is why they are actively engaged in the sale process.
Selling The Oc:
Due to the fact that high interest rates make it easier for insurers to generate sufficient returns without divesting, there are currently fewer opportunities to purchase such assets.
Consequently, purchasers are attempting more and more to purchase the insurers directly.
“Recently, a number of parties have shown interest in purchasing Ocean view without asking questions.
a substantial increase over book value. A Bayview representative stated, “Bayview has hired an advisory to assess whether any possible transactions should be taken into consideration.
Selling Tampa:
The adviser’s name was withheld by the spokesperson, who also declined to comment on the possible deal price.
According to people with knowledge of the situation, Ocean view has a book value of about $1 billion, so the higher price offered would increase its value.
Based in Coral Gables, Florida In 2018, Bayview founded Ocean view and used $1 billion in equity funding to launch it.
At the moment, Ocean view consists of a reinsurance company and a U.S. provider of annuities with assets close to $8 billion.
Deal making has been active in this field. National Western Life Group (NWLI.O), a life insurance company, decided to sell itself to Prosperity Life in October.
for $1.9 billion, while Brook field Reinsurance announced in July that it would purchase American Equity Life (AEL.N), a provider of annuities, for $4.3 billion.
In August, Reuters revealed that bankers had been appointed by Monument Re, a Bermuda-based consolidator of portfolios of old life insurance, to investigate strategic options.
Selling Sunset Season 6:
(This article has been updated to correct paragraph 6’s reference to Bay view’s headquarters being in Coral Gables rather than New York.)
David French reported from New York, while Pablo Mayo Conqueror reported from London. Marguerite Chou edited the pieces.
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