401(k) plan US workplace
Defined ContributionMulti
401(k) workplace defined contribution
Source: encyclopedia
403(b) nonprofit/edu
Defined ContributionMulti
403(b) nonprofits + schools
Source: encyclopedia
457(b) governmental
Defined ContributionMulti
457(b) state + local govt
Source: encyclopedia
ARPA bailout 2021 multiemployer
Defined BenefitMulti
$94B ARPA multiemployer bailout 2021
Source: encyclopedia
Annuity buy-in pension de-risk
Defined BenefitMulti
Annuity buy-in - assets to insurer
Source: Wagner
Annuity buy-out final
Defined BenefitMulti
Annuity buy-out - liability transfer
Source: Wagner
Annuity hedging insurer
AnnuitiesMulti
Insurers hedge VA equity exposure with options
Source: encyclopedia
Athene + Apollo merger
Insurance M&AMulti
Apollo bought Athene 2022
Source: encyclopedia
Athene Brighthouse Equitable
AnnuitiesMulti
Athene Brighthouse Equitable major VA writers
Source: encyclopedia
Auto insurance Geico Progressive
P&CMulti
Geico Progressive State Farm major auto insurers
Source: encyclopedia
Auto-enrollment SECURE 2.0
Defined ContributionMulti
SECURE 2.0 auto-enroll mandate
Source: encyclopedia
Backdoor Roth IRA
Defined ContributionMulti
Backdoor Roth high-income workaround
Source: encyclopedia
Bermuda triangle reinsurance
Insurance M&AMulti
Bermuda regulatory advantage for reinsurance
Source: encyclopedia
BoE Sep 2022 emergency intervention
LDI LessonsMulti
BoE Sept 2022 emergency gilt buying
Source: encyclopedia
Brookfield Reinsurance
Insurance M&AMulti
Brookfield insurance arm built quickly
Source: encyclopedia
Buffer annuity downside protection
AnnuitiesMulti
Buffered annuity caps downside
Source: encyclopedia
Cashflow matching benefit payments
LDI BasicsMulti
Match bond cashflows with expected benefits
Source: Davies
Cat bonds 144A
ReinsuranceMulti
Cat bonds 144A securities
Source: encyclopedia
Commercial lines
P&CMulti
Commercial property/liability insurance
Source: encyclopedia
Commercial mortgage loans
Insurance Asset MgmtIncome
CMLs major insurer asset class
Source: encyclopedia
Convexity matching
LDI BasicsMulti
Match second-order rate sensitivity
Source: encyclopedia
Custom LDI bespoke
LDI ImplementationMulti
Fully-custom LDI for large plans
Source: BofA
Cyber insurance growing
P&CMulti
Cyber insurance fast-growing P&C line
Source: encyclopedia
DB closed plan
Defined BenefitMulti
Closed plan no new entrants
Source: encyclopedia
DB plan sponsor obligation
Defined BenefitMulti
DB plans sponsor guarantees benefits
Source: Wagner
Deferred annuity accumulation
AnnuitiesMulti
Deferred annuity tax-deferred growth
Source: encyclopedia
Duration-matching liabilities
LDI BasicsMulti
Match asset duration to liability duration
Source: Davies
Embedded value EV measure
Insurance Asset MgmtMulti
Insurance Embedded Value metric
Source: encyclopedia
Equity put protection
LDI ImplementationMulti
Equity puts protect growth-portfolio
Source: Davies
Fixed annuity guaranteed rate
AnnuitiesIncome
Fixed annuity guaranteed rate
Source: encyclopedia
Florida market dysfunction
ReinsuranceMulti
Florida property-insurance dysfunctional market
Source: encyclopedia
Frozen DB plan
Defined BenefitMulti
Frozen plan no new accruals
Source: Wagner
Fund-based pooled LDI
LDI ImplementationMulti
Pooled LDI funds for smaller plans
Source: BofA
Funding ratio target
LDI BasicsMulti
Funding ratio = assets / liabilities
Source: Allianz
GE/IBM/AT&T mega PRT deals
Defined BenefitMulti
Mega-deal PRT examples
Source: encyclopedia
GLWB guaranteed lifetime withdrawal
AnnuitiesMulti
GLWB rider on VA
Source: encyclopedia
GMDB death benefit
AnnuitiesMulti
GMDB minimum-death-benefit rider
Source: encyclopedia
GMIB guaranteed minimum income
AnnuitiesMulti
GMIB minimum income guarantee
Source: encyclopedia
Glide path de-risking
LDI BasicsMulti
Glide path - shift to bonds as funded ratio rises
Source: encyclopedia
Homeowners insurance
P&CMulti
Homeowners insurance market structure
Source: encyclopedia
Hurricane season exposure
ReinsuranceMulti
Atlantic hurricane season key cat exposure
Source: encyclopedia
Hybrid LDI both approaches
LDI ImplementationMulti
Hybrid - combo bespoke + pooled
Source: BofA
ILS sidecars private
ReinsuranceMulti
Sidecar reinsurance private capital
Source: encyclopedia
IRA traditional Roth options
Defined ContributionMulti
IRA traditional + Roth options
Source: encyclopedia
Immediate annuity SPIA
AnnuitiesIncome
SPIA immediate income for life
Source: encyclopedia
Immunization full hedge
LDI BasicsMulti
Make portfolio insensitive to rate changes
Source: Davies
Index-linked gilts UK
LDI ImplementationIncome
UK linkers for indexed liabilities
Source: encyclopedia
Indexed annuity FIA
AnnuitiesMulti
FIA tied to index participation rate
Source: encyclopedia
Indexed universal life IUL
Life InsuranceMulti
IUL index-linked universal life
Source: encyclopedia
Inflation swaps real LDI
LDI ImplementationMulti
Inflation-linked swaps for indexed liabilities
Source: Allianz
Insurance general account
Insurance Asset MgmtLong
General-account assets back policies
Source: encyclopedia
Interest-rate swaps fixed-receive
LDI ImplementationMulti
Receive-fixed swaps gain from rate falls
Source: BofA
KKR Apollo Blackstone insurer
Insurance M&AMulti
Private equity acquired major insurers
Source: encyclopedia
KKR Global Atlantic acq 2021
Insurance M&AMulti
KKR bought Global Atlantic 2021
Source: encyclopedia
Key-rate duration KRD hedging
LDI BasicsMulti
Hedge along multiple yield-curve points
Source: BofA
LDI deleveraging post-2022
LDI LessonsMulti
UK LDI deleveraged collateral buffers post-2022
Source: encyclopedia
LDI leverage collateral calls
LDI LessonsMulti
Levered LDI vulnerable to collateral calls
Source: encyclopedia
Liability-Driven Investing core
LDI BasicsMulti
LDI hedges interest-sensitive liabilities
Source: BofA
Lloyd's of London market
ReinsuranceMulti
Lloyd's specialty insurance/reinsurance market
Source: encyclopedia
Long-dated corporate bonds AA
LDI ImplementationMulti
Long-dated AA corporates for LDI
Source: encyclopedia
Lump-sum window de-risk
Defined BenefitMulti
Lump-sum window for terminated vested
Source: Wagner
Mature plan vs young plan
LDI BasicsMulti
Mature plans more LDI young more growth
Source: BofA
Mega backdoor Roth 401k
Defined ContributionMulti
Mega-backdoor Roth $40K+ in 401(k)
Source: encyclopedia
Multiemployer plan distress
Defined BenefitMulti
Multiemployer plan distress (Teamsters etc)
Source: encyclopedia
Munich Re Swiss Re leaders
ReinsuranceMulti
Munich Re Swiss Re top global reinsurers
Source: encyclopedia
PBGC US pension insurance
Defined BenefitMulti
PBGC insurance for US DB plans
Source: encyclopedia
PRT pension risk transfer market
Defined BenefitMulti
PRT market $40B+ in 2024
Source: encyclopedia
Private credit growing share
Insurance Asset MgmtIncome
Insurers growing private credit allocation
Source: encyclopedia
Private placement debt PPDS
Insurance Asset MgmtIncome
Private-placement debt insurer favorite
Source: encyclopedia
Privatized insurer asset shift
Insurance M&AMulti
PE-owned insurers shift to alts/private credit
Source: encyclopedia
Property cat reinsurance
ReinsuranceMulti
Property catastrophe reinsurance core market
Source: encyclopedia
Public credit IG dominant
Insurance Asset MgmtIncome
Insurers heavy IG corporates
Source: encyclopedia
QDIA qualified default investment
Defined ContributionMulti
QDIA - QDIA-eligible defaults
Source: encyclopedia
QLAC deferred income annuity
AnnuitiesIncome
Qualified Longevity Annuity Contract
Source: encyclopedia
RBC risk-based capital ratios
Insurance Asset MgmtMulti
RBC ratios drive insurer asset choices
Source: encyclopedia
RILA registered index-linked
AnnuitiesMulti
RILA buffered index-linked annuity
Source: encyclopedia
Reinsurance hard market 2023+
ReinsuranceLong
Reinsurance hard market 2023+ rate increases
Source: encyclopedia
Resolution Life by Sixth Street
Insurance M&AMulti
Sixth Street acquired Resolution Life 2024
Source: encyclopedia
Roth 401(k) post-tax
Defined ContributionMulti
Roth 401(k) post-tax growth
Source: encyclopedia
Roth conversion strategy
Defined ContributionMulti
Roth conversion - tax planning
Source: encyclopedia
SEP IRA self-employed
Defined ContributionMulti
SEP IRA simplified self-employed
Source: encyclopedia
SIMPLE IRA small business
Defined ContributionMulti
SIMPLE IRA small business
Source: encyclopedia
Solo 401(k) self-employed
Defined ContributionMulti
Solo 401(k) self-employed plan
Source: encyclopedia
Solvency II Europe insurer
Insurance Asset MgmtMulti
Solvency II EU insurer regulation
Source: encyclopedia
Statutory accounting NAIC
Insurance Asset MgmtMulti
NAIC statutory accounting for US insurers
Source: encyclopedia
Swaptions tail hedge
LDI ImplementationMulti
Swaptions for asymmetric tail hedging
Source: encyclopedia
TIPS Treasury Inflation-Protected
LDI ImplementationIncome
TIPS for inflation-indexed liabilities
Source: encyclopedia
Target-date funds TDF default
Defined ContributionLong
TDF default for 401(k) auto-enrollment
Source: encyclopedia
Term life pure protection
Life InsuranceMulti
Term life pure protection
Source: encyclopedia
Tracking error vs liabilities
LDI BasicsMulti
Track liabilities not benchmark
Source: Davies
Treasury STRIPS for duration
LDI ImplementationMulti
STRIPS most common LDI duration tool
Source: BofA
Treasury futures duration overlay
LDI ImplementationMulti
Treasury futures for duration overlay
Source: Davies
UK gilt crisis Sep 2022
LDI LessonsShort
UK LDI forced gilt sales 2022 mini-budget
Source: encyclopedia
Universal life flex
Life InsuranceMulti
Universal life flexible premiums
Source: encyclopedia
Variable annuity sub-accounts
AnnuitiesMulti
VA mutual-fund-like sub-accounts
Source: Ethos
Variable universal life VUL
Life InsuranceMulti
VUL investment + insurance
Source: encyclopedia
Vega exposure VA hedging
AnnuitiesMulti
VA writers have huge negative-vega
Source: encyclopedia
Whole life permanent
Life InsuranceMulti
Whole-life permanent insurance
Source: encyclopedia
Workers comp
P&CMulti
Workers comp - state-by-state regulation
Source: encyclopedia
Yield seeking via ratings arb
Insurance Asset MgmtIncome
Match-yield seeking via NAIC ratings arb
Source: encyclopedia
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.