Core Insights - Delaware Life Insurance Company has launched the first fixed indexed annuity linked to a Bitcoin-inclusive index, specifically the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index [1] - The new annuity product aims to provide principal protection while allowing for potential upside growth linked to Bitcoin and U.S. stocks [1][2] Product Details - The fixed indexed annuity (FIA) will offer policyholders indirect exposure to Bitcoin through an ETF within the index, ensuring that returns are capped and protecting against market declines [2][3] - The BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index targets 12% volatility and incorporates cash adjustments to mitigate Bitcoin's price fluctuations, utilizing the iShares Bitcoin Trust (IBIT) which has $74.5 billion in assets under management [4] Market Context - The introduction of Bitcoin ETFs in the U.S. has led to various financial products incorporating them, with significant sales of structured notes linked to Bitcoin ETFs by major financial institutions [5] - Historically, life insurance companies have been cautious in adopting Bitcoin and related products due to market volatility, focusing instead on blockchain for operational efficiencies [6][7]

Core Insights - Malibu Life Holdings has signed an agreement to acquire TruSpire Retirement Insurance Company, which will enhance its life and retirement solutions offerings in the US market [1][2] - The acquisition is valued at $45 million and is expected to be completed in early 2026, pending regulatory approvals [3] - The deal includes a reinsurer regulated in Bermuda, which Malibu Life Holdings plans to leverage for its expansion [2][4] Company Strategy - The acquisition of TruSpire is aimed at accelerating Malibu Life's growth plan and enhancing its product offerings, particularly in the fixed indexed annuity market [4][5] - Malibu Life Holdings intends to utilize TruSpire's existing infrastructure to introduce additional annuity products in the coming years, with the first FIA product expected to be available in the first half of 2026 [2][4] - The company is targeting an increase in annual premiums and return on equity, supported by its operational scalability and partnership with Third Point for investment management [4][5] Market Position - TruSpire operates under Mutual of America Life Insurance Company and provides life and retirement solutions across 44 states in the US [1] - The acquisition is seen as a strategic move to enhance Malibu Life's direct origination capabilities and access to greater capital flexibility as a Federal Home Loan Bank member [5]