Ares was spun out of Apollo. Yes it would have been interesting, but there are so many of these. Carlyle Group is another.
I focused on these 4 because they garner the most attention in the investment community, have all tracked each other (e.g. incorporating insurance), but each is nuanced in its own way.
Also, these four all have long term CEOs with a founder mentality.
I had to split the analysis into 3 parts because it was already too long. Introducing others wasn't really an option.
Also, I think that Brookfield is the most interesting. The other three were thrown in as a means to compare it and distinguish it.
All of these big alternative investment managers have moved into insurance. Apollo was the first back around 2008 with Athene, but Brookfield, KKR and Blackstone have all followed suit.
It's not too dissimilar to the Berkshire approach to boosting earnings via insurance float.
Ares Management would have been an interesting addition to the comparison group.
Ares was spun out of Apollo. Yes it would have been interesting, but there are so many of these. Carlyle Group is another.
I focused on these 4 because they garner the most attention in the investment community, have all tracked each other (e.g. incorporating insurance), but each is nuanced in its own way.
Also, these four all have long term CEOs with a founder mentality.
I had to split the analysis into 3 parts because it was already too long. Introducing others wasn't really an option.
Also, I think that Brookfield is the most interesting. The other three were thrown in as a means to compare it and distinguish it.
All of these big alternative investment managers have moved into insurance. Apollo was the first back around 2008 with Athene, but Brookfield, KKR and Blackstone have all followed suit.
It's not too dissimilar to the Berkshire approach to boosting earnings via insurance float.
Apollo also has a different model because it owns it’s own insurance operation (Athene). That’s why Apollo is close to the DE multiple of Brookfield.
Great read
Thank you for this amazing deep dive!
My pleasure. Please feel free to share with others.
Hi James,
where does this picture "Split of investor portfolio by sector (% of assets)" come from?
Non-public analyst reports, hence no source attribution. I thought it was useful in the context of this post.
It definitely is. It would have been interesting if it had been a publicly available source. Thanks for your answer.
This is wonderful. Thank you for sharing.