Third Point, Bain and J.C. Flowers keep the buying spree rolling

Third Point's acquisition of Malibu Life Re is the latest hedge-fund-into-life-reinsurance move, following a template Apollo and KKR have run for years: put in permanent capital, source liabilities, invest the float.

Bain's $825M for 9.9% of Lincoln is a minority stake with strategic implications — a foothold in a mid-cap life insurer at a moment when the space is being repriced.

J.C. Flowers on Elephant and GTCR on JMG Group round out the quarter on the personal-lines and brokerage sides. Different segments, same read: PE keeps finding insurance assets undervalued relative to their cash flow duration.