For a third straight year, the U.S. insurance industry as a whole pulled back from hedge fund investments, by roughly $2 billion in 2018 to $14.4 billion, with the life/annuity segment reporting a year-over-year reduction of more than 18%, the largest among the major industry segments, according to an AM Best special report. The new Best’s Special Report, titled, “Life Insurers Continue to Reduce Hedge Fund Investments,” states that the life/annuity segment cut its hedge fund holdings to $5.8 billion in 2018 from $7.0 billion in the previous year, and from $14.2 billion in 2015.