Markets, economy, stocks, growth, global, fixed income, international, asset classes
We raised the probability of Recession to 55% after virus-induced shocks, oil prices’ collapse and violent market volatility. We are de-risking, adding very high quality duration, while expecting credit markets to cheapen and reserve currencies to do well
This paper examines the U.S. commercial mortgage loan (CML) market and U.S. insurers’ investments in CMLs.
Lending, borrowing and investing in a negative rate world
On June 20-21, we attended the 2019 IFRS conference in London to stay informed on important regulatory issues affecting the insurance industry today.
Reaching for yield, which we define as buying bonds with wider spreads after controlling for sector and rating impacts, is a topic that frequently arises in the life insurance industry.
Since the financial crisis, for a relatively liquid investment CLOs consistently have had the highest spreads net of capital costs for US life insurers.
Summary notes from the NAIC Fall 2019 National Meeting.
Capital framework discussion from the NAIC 2019 Fall National Meeting.
Capital framework discussion from the NAIC 2019 Summer National Meeting.