US life insurers shift majority of general account risk offshore for first time

6 articles · Updated · Bloomberg · Apr 24

By year-end 2025, US life insurers transferred $1.06 trillion in reserves to offshore reinsurance hubs, surpassing domestic hubs and representing nearly 52% of total industry reinsurance.
This marks the first time offshore entities have overtaken US-based hubs in handling general account risk for the sector, according to S&P Global Market Intelligence.
The trend reflects a growing reliance on international reinsurance markets, potentially affecting regulatory oversight and risk management practices within the US life insurance industry.

As trillions shift overseas, are US retirement savings now exposed to less regulated foreign markets?

When an offshore reinsurer fails, who ultimately protects American policyholders' life savings?

With regulators closing loopholes, is the private equity-fueled boom in offshore reinsurance about to bust?

Why is 84% of America's offshore life insurance risk concentrated on the small island of Bermuda?

Could the global shift to private credit by insurers trigger the next systemic financial shock?