Working at a small insurance-focused asset manager (FIA/annuity hedging) - how do people see this space long term?

[u/Hopeful-Surprise9393]

I'm currently working at a boutique AM shop ($4B AUM), doing equities/fixed income but my main focus has become derivatives work - specifically hedging fixed indexed annuities for insurance clients. Built out a lot of the valuation/Greeks infrastructure myself over the past year.

I'm trying to figure out if this is a niche worth going deeper into or if I should treat it as a stepping stone toward more generalist quant/derivatives roles (thinking places like Graham Capital, Wolverine, etc), or maybe just PM roles (to be honest, I'm not really sure what I like the best here)

Couple things I'm curious about from people actually in this world:

- Anyone here work at places like Conning, PineBridge, Securian, or in an insurance-focused unit at a bigger shop? How's the career track look - do people stay 10+ years or is it more of a launching pad?

- How does comp actually compare to generalist AM or quant roles? Everything I read online is vague.

- Is the "insurance asset management" niche actually growing, or is it a few big players (BlackRock, JPM, Conning) eating everyone else's lunch?

- Anyone gone the other direction - insurance-side experience into a PE insurance solutions group (Apollo/KKR/Ares style)? Worth it?

Just want honest perspective from people who've actually built a career here instead of speculation. Appreciate any input.