Since the financial crisis – in which the disastrous investment strategy of US insurer AIG played a pivotal role – insurance companies have been under global pressure to de-risk their investment strategies.

They are one of the most important investors in global private equity but many are now retrenching from the sector due to overwhelming regulatory pressure. Insurers now represent 8% of all capital invested in buyout funds, compared with 12% in 2008, according to researcher Preqin.