BBB-rated Bond Exposure for Life Insurers
Life insurers significantly increased their holdings of NAIC Class 2 bonds (bonds with BBB/Baa ratings public rating agencies) in the years since the financial crisis of 2008-2009.
Prudential Agrees to Reinsure block of Guaranteed Universal Life Insurance with Somerset Re
Prudential Financial, Inc. (PRU) announced this week that it had entered into a reinsurance agreement to cede a $12.5 billion block of guaranteed universal life insurance business (GUL) to Bermuda based Somerset Reinsurance Ltd. (Somerset Re). This is the second substantial reinsurance arrangement announced by PRU over the last few months.
ALIRT Update: Residual Market Trends in Higher Risk States
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Mortality for the Life Insurance Industry in 2022
In this review we highlight the increase in mortality and its continued impact on the U.S. life insurance industry.
MetLife and Prudential Cede Legacy Blocks
In the past week both MetLife, Inc. (MetLife) and Prudential Financial, Inc. (Prudential) announced reinsurance transactions pertaining to existing products and business lines. Details regarding each transaction are highlighted below:
No Surprise – Hallmark Insurer Subsidiaries Downgraded
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No Surprise – Hallmark Insurer Subsidiaries Downgraded
As if on cue, last Friday (May 5th) A.M. Best downgraded the Hallmark Financial subsidiaries below the critical “A-” level to “B++” (5th highest), citing a “significant decline in Hallmark’s balance sheet strength and operating performance due to continued adverse development in the group’s retained discontinued commercial auto lines.”
Lincoln National Reinsures $28 Billion of Reserves to Fortitude Re
On May 2, 2023, Lincoln National Corp. announced that it had entered into a reinsurance transaction with
Fortitude Reinsurance Company, Ltd. (Fortitude Re), a Bermuda domiciled reinsurer. The transaction comprises $28 billion of reserves (on a statutory accounting basis) and encompasses several blocks of business held by LNC’s life insurance subsidiaries which include:
Florida Domestic Insurer Market Update
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Risk Retention Group Market Overview
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