Tier One Interview: John Fischer
This month, Jay sits down with John T. Fischer, Co-Founder and Executive Vice President, Head of International Distribution at Axcelus Financial, and one of the people who built the private placement life insurance industry before most of the market believed in it.
More than thirty years ago, John left a career in public accounting to help found one of the first life insurance companies built solely around PPLI, a bet so early that when he told his wife he had already quit his job, she replied, "I hope you know what you're doing." He did not, by his own cheerful admission, and he credits some of what followed to not yet knowing all the reasons it supposedly could not work. Three decades, several names, and nearly $20 billion under administration later, the market has caught up to the conviction he started with.
He and Jay trace that arc, from the early idea of separating professional asset management from the insurance structure to today's cross-border work through Bermuda. John also reflects on the part of that journey he is proudest of, the people who got their start at the companies he built and went on to carry private placement planning into firms across the industry. Plus, the famous restaurant question, which John answers with three favorites close to home in Atlanta, and not a steakhouse among them.
Read on to learn more!
JAY: John, I think it is safe to say you are the O.G. of the PPLI industry, the co-founder of the first major life insurance company focused solely on private placement life insurance. More than 30 years ago, you took a risk offering a unique type of life insurance to individual investors. When you look back to your first case and consider the nearly $20 billion now under administration, I am sure you are tremendously proud of this growth. Tell me about Axcelus and your role with that insurer.
JOHN: I am proud of it. When you found something, it's a little like being a proud father. More than anything, I feel vindicated that we were able to see the industry's growth and stay with it long enough to watch the market catch up.
When we first started, I thought everyone would immediately embrace private placement life insurance. I was so convinced of the opportunity that I quit my job before I fully appreciated what I was getting into. I told my wife afterward, and she pointed out that just months earlier we had two incomes and no children. Suddenly we had no income and one child. Her response was, "I hope you know what you're doing."
Of course, I didn't.
In hindsight, that may have been a blessing. When you're not burdened by all the reasons something supposedly won't work, you're often more creative. You have clarity of thought and conviction. I had tremendous conviction that PPLI would ultimately succeed, even if it took longer than I expected.
From the beginning, we believed insurance was an extraordinary structure that could potentially serve families, businesses, charitable organizations, and communities. Our idea was to deconstruct the traditional insurance model, separate the investment management component, and create a transparent and flexible solution. That approach became the foundation of what we built.
I've always focused on the distribution side of the business. About a decade ago, I became deeply involved with our Luxembourg operations and gained valuable experience in cross-border planning and global markets. Today, we're continuing to expand our Bermuda platform and global capabilities across Europe, Latin America, the Middle East, and Asia-Pacific. The goal remains the same as it was 30 years ago: continue refining the solutions we provide and ensure we're meeting the unique needs of clients around the world.
JAY: No one ever thinks they are going to go into the life insurance industry, let alone own a life insurance company. You certainly had other plans after growing up in the Philadelphia area and graduating from St. Joseph's University. How did you end up where you are today in our industry?
JOHN: I can honestly say that I never imagined a career in insurance. I didn't envision one in banking, either.
I started in public accounting, but what attracted us to this opportunity was the realization that insurance already possessed tremendous advantages. We believed we could preserve those strengths while approaching certain aspects differently.
Rather than trying to manage investments ourselves, we wanted professional asset managers to handle that responsibility while we focused on what insurance companies do best: regulatory compliance, tax efficiency, and insurance administration. We believed that if we executed those functions efficiently and transparently, we could create a unique offering for clients.
Insurance has existed for generations. What excited us was the opportunity to apply a different lens to an established framework. We weren't inventing new laws or regulations. We were leveraging a well-established foundation and using it in a way that delivered greater flexibility and value for clients. That idea was both professionally rewarding and intellectually exciting.
JAY: Over more than three decades, the company that is now known as Axcelus has evolved significantly through periods of growth, strategic expansion, and a few different names along the way. For those who may not know the history, can you walk us through the evolution of the organization and explain how it developed from its earliest days into the company we know today?
JOHN: The first company was AGL Life Insurance, which was based in Pennsylvania and Delaware.
From there, the business evolved into Philadelphia Financial, which later became Lombard International following our merger with our colleagues in Luxembourg.
After Blackstone sold the business and the organizations separated, we needed a new identity, which led to the creation of Axcelus. Today, Axcelus encompasses our operations in both the United States and Bermuda.
While the name has changed several times over the past three decades, the core principles have remained remarkably consistent. Our commitment to innovation, transparency, and delivering specialized solutions has never changed.
JAY: The 2026 PPLI Market Report revealed that as much PPLI premium has been written since the end of 2021 as had been written from the beginning of the industry through 2021. Why is the industry experiencing this rapid growth? As an aside, it must be very rewarding for someone who has been touting the benefits of PPLI since the beginning.
JOHN: The growth is certainly rewarding to watch.
For many years, PPLI faced significant skepticism. It encountered resistance from various parts of the industry and from advisors who viewed the concept as unconventional or overly complex. Early on, private placement was often viewed as a niche idea rather than a mainstream planning solution.
What's interesting is that the underlying framework has always been mainstream. PPLI relies on the same fundamental laws and regulations that govern traditional variable life insurance products and variable annuities. The difference was never the legal foundation. The difference was how the product was structured and delivered.
Over time, advisors and clients became more familiar with the benefits, and the market matured. Many of the concepts that were once considered controversial, such as separately managed accounts within insurance structures, are now widely accepted and supported by entire segments of the industry.
Like any innovation, there were challenges and plenty of obstacles along the way. But those experiences ultimately helped strengthen the industry. Looking at where the market stands today, it's gratifying to see broader acceptance and continued momentum.
JAY: One of your lasting contributions to the PPLI industry may be the people you've helped develop along the way. Many professionals who got their start at Axcelus, Lombard, or Philadelphia Financial have gone on to become leaders at some of the most respected firms in financial services. What has your experience been like mentoring those individuals, and how rewarding is it to watch their careers evolve?
JOHN: I'm glad you brought that up because it's one of the things I'm most proud of.
Some people focus on employee turnover, but I look at where many of those individuals have gone. Former colleagues have moved on to firms such as Goldman Sachs, J.P. Morgan, Apollo, Blackstone, and iCapital. Those are exceptional organizations, and I'm genuinely happy to see people pursue opportunities that allow them to continue growing professionally.
Of course, you never want talented people to leave. But when they move on to significant leadership opportunities and take their knowledge of private placement solutions with them, that's a positive outcome for the industry.
In many ways, they become ambassadors for the concept. They learned the business early in its development and continue to advocate for private placement strategies across the wealth management landscape. Seeing that impact has been extremely rewarding.
JAY: Among your many responsibilities at Axcelus is overseeing distribution for Axcelus' insurance companies in Bermuda. Do those insurers serve different clients or offer different products than Axcelus' U.S. company? Why have these companies?
JOHN: One of the primary reasons Axcelus Bermuda exists is to serve the global marketplace outside the United States.
Much of our work involves cross-border planning. That may include individuals preparing to relocate to the United States, families engaged in pre-immigration planning, or institutional investors seeking efficient access to U.S. investment opportunities.
We rely on insurance frameworks that have stood the test of time.
Through our Bermuda platform, we work with a wide range of clients, including taxable and tax-exempt institutions, banks, insurance companies, family offices, and high-net-worth families around the world. Some are investing into U.S. markets, while others have objectives that are entirely outside the United States.
Many international clients are interested in privacy, confidentiality, asset protection, and jurisdictional stability. Globally, many families have experienced political instability, currency controls, or even government confiscation of private assets across generations. As a result, they place tremendous value on operating within a stable and well-regulated jurisdiction.
Bermuda offers exactly that. It is one of the world's premier insurance domiciles, known for strong regulation, oversight, and stability. It also provides clients with access to a broader universe of investment managers and planning opportunities than may be available in their home jurisdictions.
Axcelus Bermuda offers U.S.-compliant structures for non-U.S. persons who have cross-border needs, such as planning for family members living in the United States. We also work with institutions and family offices seeking the broader benefits of insurance, including planning efficiency, asset protection, privacy, and long-term wealth preservation.
As we continue to expand internationally, we also believe it's important to meet clients and advisors where they are. That means having professionals with local market expertise, offering materials in native languages, and ensuring our solutions reflect the unique needs of the regions we serve. Insurance is ultimately a global business, and we believe our approach should reflect that reality.
JAY: Like so many others, you and your wife are former tennis enthusiasts who played quite a bit until your bodies decided otherwise. Have you replaced that lost hobby and how else are you spending your time away from work?
JOHN: My wife was the tennis enthusiast long before I was, and, to be honest, she was also much better at it.
We both played seriously for many years until the wear and tear eventually caught up with us. As luck would have it, we both developed arm injuries that made it difficult to continue playing.
So we moved on to what I like to call the last great sport for couples: golf.
When we started, we were terrible. We played best-ball because it was the only way to survive a round. Over time, we improved enough to play our own games, and while I don't think Tiger Woods is losing any sleep over our progress, we've become reasonably respectable golfers.
Beyond golf, we enjoy traveling together, staying active, and spending time on fitness-related activities. It's been a great replacement for tennis and a hobby we can continue to enjoy together.
JAY: Thank you for participating in the Tier One Interview Series, John. You did a great job! We have arrived at our famous restaurant question and, knowing that you are traveling internationally quite a bit these days, I am looking forward to hearing your recommendations. Without naming a steakhouse or a steak dish, what are some restaurants I should visit and what should I order when I am there?
JOHN: I'm going to keep all three recommendations close to home. They're all in Atlanta and all within a few miles of one another.
First is Nan Thai Buckhead. If you go, order the whole red snapper. It's tangy, spicy, and incredibly flavorful. It's one of those dishes that immediately makes you look forward to the next time you'll have it.
Second is Bistro Niko. The foie gras, escargot, and steak tartare are outstanding, but my favorite dish there is the sea bass. I've had sea bass in many places, and I still haven't found one that consistently rivals theirs.
My third recommendation is La Bilboquet. It's a wonderful French restaurant, and they serve what is, in my opinion, the finest risotto I've ever had. Risotto is deceptively difficult to get right. Too often it turns into sticky rice. Somehow, they get it perfect every time.
Those would be my recommendations: three exceptional restaurants, all in Atlanta, all worth a visit, and each with a signature dish I would happily order again tomorrow.
Since its inception, Life Insurance Strategies Group has solely focused on the individual high net worth life insurance market. We do not sell products. This allows us to offer unbiased, pragmatic advice. Visit us at www.lifeinsurancestrategiesgroup.com.
Comments