Corebridge Merges with Equitable to Form $22bn Insurance Firm Amid Private Capital Competition
Corebridge, spun out of AIG in 2022, announced a merger with Equitable to create a $22bn insurance company with $1.5tn in assets under management. This move aims to enhance competitiveness against private capital firms like Apollo and KKR. Corebridge will maintain its investment agreements with Blackstone and BlackRock, while transferring over $100bn to AllianceBernstein. Separately, Hong Kong is considering tax cuts to boost its appeal for global investments, aiming to compete with Dubai.
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Corebridge announced a merger with Equitable, establishing a $22bn insurance entity with $1.5tn in assets under management. This merger is a strategic response to increasing competition from private capital firms such as Apollo and KKR.
Corebridge will retain its agreements with Blackstone and BlackRock while shifting over $100bn to AllianceBernstein, enhancing the latter's balance sheet to over $1tn. Concurrently, Hong Kong is set to propose tax cuts to make investments more attractive, aiming to align itself competitively with Dubai. The US Army is negotiating deals with Carlyle and KKR for two $2bn data centers in Texas and Utah, intending to improve military infrastructure and AI capabilities.
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