Author: Greg Winterton

ISC Services Chief Development Officer, Chris Conway, has recently joined the Executive Board of industry group, the European Life Settlement Association (ELSA). Greg Winterton spoke to Conway to get his thoughts on the current state of the life settlement market and what his hopes are for 2024.  GW: Chris, let’s start with something of a retrospective. How would you describe how 2023 has been for the life settlement industry overall and why?  CC: My sense of the market is that it is continuing to grow, albeit slowly, due to the recent, significant rise in interest rates, which makes raising capital…

Whilst 2023 is not quite in the books just yet, it has been another busy year in the UK pension risk transfer (PRT) market. In October, consulting firm Barnett Waddingham published a blog post suggesting that this year is set to break records in terms of both the number and volume of deals.  Those in the UK licking their lips at the prospect for 2024 bringing ever more deals might want to rein in their excitement, as the regulator is paying close attention.  In mid-November, the Bank of England’s Prudential Regulation Authority (PRA) issued a consultation about the funded reinsurance…

Alternative credit investor BroadRiver Asset Management has completed its acquisition of the US & Bermuda businesses of Lombard International Group. “This transaction is an outstanding opportunity for BroadRiver and its investors and an additional step in BroadRiver’s strategic expansion into the insurance sector,” said Andrew Plevin, Co-Founder and Co-CEO of BroadRiver. “We look forward to supporting the sustained development of Lombard US/BDA’s position in specialty life insurance and variable annuity products,” he added. Michael Farrell, previously Chairman, President and CEO of MetLife Insurance Company of Connecticut, has been appointed Chief Executive Officer of Lombard US/BDA and Tom Considine, CEO of…

Aliso Viejo-based longevity manager expands its leadership and business development teams. Longevity-focused asset manager, Preston Capital LLC, has hired David Posnick, a former Senior Managing Director at Blackstone, and Anne Buchanan, former Head of Distribution for Obra Capital (formerly known as Vida Capital), as it launches a new comingled fund. Posnick has joined Preston as Executive Chairman. Most recently Senior Managing Director and Co-Head of Distressed Investing at Blackstone, Posnick had been with Blackstone Credit (previously known as GSO Capital Partners) since 2007. “David has a wealth of knowledge that spans across multiple decades and investment cycles. He has seen…

The latest in a string of public consultations announced by the Bank of England’s Prudential Regulation Authority (PRA) was published on November 16, this time taking aim at the funded reinsurance market.“The PRA considers that by setting out its expectations for life insurers’ use of funded reinsurance, the proposals will advance its primary objectives for safety and soundness and policyholder protection while allowing the life insurance sector to continue to play an important role in productive investment in the UK economy,” says the consultation.“The PRA’s proposals reflect its assessment that there are significant potential risks to the PRA’s primary objectives…

Longevity and mortality risk transfer marketplace Longitude Exchange has appointed Guy Coughlan to its newly formed Advisory Board. Coughlan was involved in building the LifeMetrics Index at JP Morgan and has decades of experience and understanding of longevity risk and its implications for pension schemes and insurance companies, with expertise in understanding how transacting in a format suitable for capital market investors can add value for longevity and mortality risk hedgers. “Guy Coughlan is one of the founding fathers in the longevity risk management universe,” said Avery Michaelson, CEO of Longitude Exchange. “His work at JP Morgan creating the LifeMetrics…

A new report asset manager, Conning, suggests that the outlook for growth in the life settlement market is generally positive.  Life Settlements: Steady Growth Ahead is the 18th annual report the Hartford, CT -based company has published covering the life settlement market. The report covers a range of factors relevant to the life settlement market, including drivers of demand for life settlements among consumers and investor interest in asset classes such as life settlements. Conning’s bullish view is supported by trends in each of these areas.  “Conning’s analysis of the factors driving life settlement growth are mostly positive. Consumers are…

UK industry group the Equity Release Council (ERC) published its quarterly update recently, showing a market that has returned to growth for the first time in a year; both new customers and total lending in the market increased (10% and 8% respectively) from the second quarter of this year.  Market activity remains suppressed when compared to recent years, however. The first three quarters of 2023 have delivered three of the five lowest periods of activity since at least 2017, and the number of new plans agreed nosedived at the end of 2022 (although that has plateaued, perhaps indicating a natural…

In September, the US Federal Reserve maintained interest rates at 5.5%, the first pause in what has been a rising rate environment since early 2022. Similarly, the Bank of England kept its interest rate at 5.25%, the first time since 2021 that the rate had paused.  So, in October, we asked our readers whether they thought that this marked the end of the recent rising interest rate environment.   In a rare turn of events, Life Risk News readers were split; 42.1% said they thought that the rising rate environment had now seen its peak, and 42.1% said that there were…

A recent report published by asset manager Conning suggests that the life settlement industry is poised for continued growth in the coming years. Life Risk News’ Greg Winterton spoke to Rob Haynie, Managing Director at life settlements broker Life Insurance Settlements, Inc, to get his views on how the life settlement market has done in 2023 and what his expectations are for 2024.  GW: Rob, let’s start with 2023. At the end of last year, you told Life Risk News that you expected the main reasons why seniors look to sell their policies to be covering medical bills and simply…