Thinking
Essays, frameworks and research on capital, financial institutions, insurance, private markets and ownership. One archive, filtered rather than divided.
2026
A Quick UK PRT Market Update: September 2026
Insurers built more capacity than the market needed. Schemes are getting the best pricing on record, and insurer margins have roughly halved.
The Necessary Marriage, the Messy Aftermath
The convergence of alternative asset managers and life insurance
Long Money Meet Long Assets
Why Europe should let the annuity barons rebuild the capital chain