Insurers' hedge fund holdings shrank by 9.9% last year to $11.8 billion, reversing a two-year growth trend in this area, said a study.

Property/casualty (P/C) insurers' reported a 10.7% decline in aggregate book-adjusted/carrying value (BACV) for hedge fund investments in 2022, compared with an 8.2% drop-off for life/annuity (L/A) companies, according to the new