Insurance archive
Every Insurance story, newest first. 384 stories
1 story
- Cat bonds & reinsurance
Aon's 20th ILS report: record issuance, unanswered sidecar question
A record $144.5 billion in alternative capital and a 50% jump in sidecar capital make the foundational case; the casualty build-out is where it gets tested.
1 story
- Insurance Credit
AM Best keeps Inpex captive at A, stable
The Bermuda energy captive's below-30% combined ratio matters less than the surplus scheduled to leave for Japan.
1 story
- Insurer portfolios
Tokenization's Real Test Is Collateral, Not Returns
An Insurance AUM Journal piece argues the business case for tokenized assets is operational, and insurers should organize around the collateral desk, not the innovation lab.
8 stories
- Insurance Credit
Private credit is no diversifier, First Eagle warns
Sisco says private credit carries public credit's risk, and dispersion is the threat.
- The Wrap
The capital test behind the sidecar boom
AM Best's collateral warning turns the offshore life reinsurance boom into a capital-standards test.
- Insurer portfolios
AM Best flags Level 3 bond growth in life/annuity books
The segment is driving the industry's hardest-to-value bond holdings, and the rating agency says the surplus is now exposed to model risk.
- Insurer portfolios
NEAM's 2025 review measures the gap between yield and income
The report pairs book yield with net investment income across P&C, life and health — and its own prior data shows the income line can fall while yields climb.
- Insurer portfolios
Life/health net yield rises to 4.6%
A 10-basis-point step in the yield line is the income statement's first visible payment on a private-allocation decision.
- Insurance regulation
AM Best Cuts Prime Insurance to Fair, Review Flag Remains
The downgrade lands both Prime's financial-strength and issuer-credit ratings in the Fair band, with the negative-implications review still open.
- Cat bonds & reinsurance
Bigger shocks are a cat-bond repricing trigger
The scientists Carrier Management quotes call the next catastrophe a question of when, not if — and a softening market that gives back terms before it reprices the tail has the renewal season wrong.
- Cat bonds & reinsurance
Bermuda's top four hold AM Best ranks as terms tighten
Four island groups wrote $44.9 billion in 2025 premiums, and the next renewal will test how much of that margin they give back in terms.
4 stories
- Insurance Credit
AM Best holds Athene at A+ as the asset test looms
The rating keeps Athene's liabilities quiet; the private allocations that pay annuity bills are the open question.
- Insurer portfolios
Supply constraints redefine private real-asset returns
Two midyear outlooks argue the winners in infrastructure and real estate will be the insurers that underwrite power, permitting, and construction costs—not just deploy capital.
- The Wrap
Reinsurers fight the soft market on terms, not price
A $25.5 million retention buy-down shows the next margin squeeze will come through contract wording, not rate cards.
- Insurance regulation
AM Best flags collateral gap in offshore annuity reinsurance
The ratings agency's warning turns the offshore growth story into a capital-rules test: reserve credits are rising faster than the collateral backing them.
8 stories
- Insurance regulation
Aegon trades Bermuda for Delaware and US GAAP
Its second redomiciliation in three years aligns the legal home with the 70% of operations that sit in the US—and the capital-rules conversation that follows.
- Insurer–manager partnerships
Life sidecars graduate from experiment to engine
Third-party capital is now the marginal source of longevity risk capacity, and the next contest is over scale, not viability.
- Insurer portfolios
Consumer credit's next turn is already in the GDP data
A 1.2% adjusted growth pace and survey-low confidence argue general accounts should de-risk consumer credit before downgrades arrive.
- Insurance Credit
Insurers are the quiet capital behind private credit's next leg
Private credit is moving beyond direct lending into asset-based finance, where insurance general accounts are the balance sheets best positioned to fund it.
- Insurance Credit
Retail evergreen reversal hands insurers direct-lending leverage
Global private-debt fundraising is strong, but retail redemptions are shifting the balance of power to institutional balance sheets.
- Insurance regulation
AM Best flags rising annuity reinsurance leverage
U.S. life/annuity carriers are ceding more risk, and the capital question now lands on reinsurer counterparties.
- Insurance regulation
Berkshire's balance sheet buys GUARD a stable outlook
AM Best cites parent support and early corrections, but keeps the watch on peer benchmark results.
- Insurance regulation
AM Best's stable call on GUARD is conditional
The A+ affirmation holds, but AM Best's monitoring language makes the stable outlook a test of National Indemnity's support and the commercial-auto re-underwriting.
5 stories
- Cat bonds & reinsurance
A $900 Million Life Reinsurer Enters a Soft Market
The new charter's capitalization is less telling than its patience will be.
- Insurance regulation
NAIC adopts RBC preamble and narrows its gap list without explanation
The preamble now frames future changes to the capital formula; the narrowed gap list leaves open which weaknesses were closed and which were merely parked.
- Insurer portfolios
A steepening curve is no haven for agency MBS
July's 7 bp OAS widening ran against 15 years of precedent, an extension-risk signal for general accounts.
- Insurer–manager partnerships
Sun Life, Wilton Re form $10B Bermuda reinsurer with $300M undisclosed third
Windsor Life Re will seed with $1.7 billion from Wilton Re and grow toward $10 billion under SLC Management's investment mandate, with a $300 million undisclosed third in the stack.
- Cat bonds & reinsurance
Bermuda's machinery is financing Florida's recovery
Mangrove's cat bond and sidecar show how reinsurance capital is returning to Florida, and the cost question that remains.
7 stories
- Insurance regulation
NAIC's deadline fix masks a single-window chokepoint
The SVO extension restores the calendar after the ShinyHunters breach; the designation pipeline remains as concentrated as the vulnerability that caused the outage.
- Insurer portfolios
StepStone tells insurers real estate is at a bottom
The private markets firm's 2H26 house view is a pitch to redeploy capital into dislocation, and the cost of being early is the test.
- Insurance regulation
NAIC's Columbus agenda widens the solvency map
No capital rule emerged in Columbus, but the NAIC's summer agenda sets up Dallas, where the widened perimeter becomes text.
- Cat bonds & reinsurance
Asia-Pacific reinsurers buck the soft market's revenue slide
AM Best's composite reversed a prior-year revenue decline even as competition heats up and rates ease, more evidence that the softening is selective rather than uniform.
- Insurer portfolios
Core-plus CRE debt becomes a bank-retreat trade for insurers
Nuveen's webinar frames the widening financing gap as durable and points general accounts to value-add returns at core-plus risk.
- The Wrap
Bermuda's liquidity test meets Macquarie's InEvo Re A-
The BMA wants proof cash can move in a crisis; AM Best's 'limited' profile asks whether InEvo Re has priced the liabilities it hasn't yet written.
- Insurance regulation
BMA proposes cross-border liquidity tests for Bermuda's three IAIGs
Bermuda's three internationally active groups may look solvent on paper; the BMA wants proof the cash can move when markets seize up.
2 stories
- Insurance Credit
Relationship-based lending is the direct-lending edge
Centerbridge and Wells Fargo built Overland Advantage on bank-sourced origination, a structure that changes the due-diligence question for insurance credit desks.
- Cat bonds & reinsurance
Macquarie's InEvo Re gets an A-, but the price of the liabilities is the test
AM Best's stable rating endorses the parent's capital support. Whether the asset-intensive deals it will bid on still price profitably through the softening cycle is the open question.
3 stories
- Insurance regulation
AM Best resets CRT capital charges; reinsurers await detail
AM Best revised net capital charge tables for Fannie Mae and Freddie Mac CRT reinsurance without saying whether the charges rose or fell, a quiet update with real pricing consequences.
- The Wrap
Private equity's grip on insurance M&A hits a 10-year low
The deals getting done—Fidelis's CVC buyout, MS&AD's staged capital, Malibu's public raise—point to strategics and public balance sheets replacing the rollup sponsors.
- Insurance regulation
NAIC grants private-rating filing reprieve after breach
The temporary extension keeps the SVO calendar moving but exposes a single filing window as a chokepoint.