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ALIRT Research – Fronting Insurers Update

Given the recent bombshell regarding fraudulent collateral issues at insurtech Vesttoo – a development which follows closely upon a $60 million collateral dispute write-down by Trisura in 4Q2022 – we provide below

Below Investment Grade Bond Exposure for Life Insurers

Below Investment Grade (BIG) bonds consist of all bonds rated BB+/Ba1 or lower by public rating agencies. In the statutory financial statement, there are four different “Classes” of BIG bonds (and their

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.

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: