EIOPA Consultation on Private Equity Firm Supervision Statement

EIOPA News

Published February 3rd, 2026

Detected February 11th, 2026

Summary

EIOPA has launched a public consultation on a draft supervisory statement concerning the authorisation and ongoing supervision of insurance and reinsurance undertakings owned by private equity firms. The consultation seeks feedback on proposed supervisory expectations to address risks associated with these acquisitions and ensure consistent supervision across the EU.

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What changed

The European Insurance and Occupational Pensions Authority (EIOPA) is seeking public input on a draft supervisory statement designed to standardize the authorization and ongoing supervision of insurance and reinsurance undertakings that are acquired or owned by private equity firms. The statement addresses identified risks such as misaligned investment horizons, changes in business models, increased reliance on reinsurance, and complex ownership structures. It outlines supervisory expectations for qualifying holdings, portfolio transfers, mergers, and ongoing supervision, aiming to promote consistent, high-quality, and risk-based supervision across the EU.

Stakeholders, including insurers and fund managers, are invited to submit feedback via an online survey by April 30, 2026. The consultation aims to gather diverse perspectives to refine the supervisory expectations before they are applied by European supervisory authorities. While the statement itself is non-binding, adherence to its principles is expected to ensure compliance with regulatory expectations and mitigate supervisory challenges related to private equity ownership in the insurance sector.

What to do next

Review the EIOPA draft supervisory statement on private equity firm supervision.
Submit feedback via the online survey by April 30, 2026.
Assess current practices related to private equity ownership against the proposed supervisory expectations.

Source document (simplified)

The European Insurance and Occupational Pensions Authority (EIOPA) launched today a public consultation on the supervisory statement on the authorisation and ongoing supervision of (re)insurance undertakings related to private equity firms aimed at promoting consistent, high-quality and risk-based supervision across the EU.

Over the past decade, private equity firms have shown a growing interest in acquiring European insurance and reinsurance undertakings, bringing along changes in the strategy, governance, risk management and asset allocation of the undertakings they acquire.

After analysing recent cases, EIOPA and national supervisory authorities have identified a series of risks and supervisory challenges associated with these acquisitions, including:

short or misaligned investment horizons that may be conflicting with long-term policyholder commitments;
significant changes in business models, such as use of private credit, illiquid assets and balance-sheet optimisation;
increased reliance on reinsurance, especially from reinsurers (in some case belonging to the same private equity group) located in third-countries;
complex ownership structures that may hinder effective supervision. EIOPA’s supervisory statement open for consultation is seeking to address the risks and ensure high-quality and convergent supervision of (re)insurance undertakings related to private equity firms, considering their specific nature and risks.

It sets out supervisory expectations for acquisitions of qualifying holdings, portfolio transfers and mergers, as well as for ongoing supervision. The supervisory statement is meant to be applied by European supervisory authorities in line with the principles of risk-based and proportionate supervision.

Consultation process

EIOPA invites stakeholders to provide their feedback on the Consultation Paper by responding to the questions via the online survey no later than 30 April 2026. All responses will be published on EIOPA’s website unless otherwise requested.

Go to the Consultation