A growing number of insurers are stuck in a slow-moving car crash, given that low sovereign bond yields cannot cover the cost of policy guarantees struck during an era when economies prospered. But that’s good news for the asset managers as an increasing number of them seek to take charge of insurance company risk.

For many asset managers, such as Insight Investment, it is a natural extension of their pension scheme liability-driven investment. JP Morgan Asset Management chief executive Mike O'Brien detects "a huge opportunity".