Author: Greg Winterton

Industry group the European Life Settlement Association (ELSA) published new information recently that provides insight into the status of the regulatory environment of the life settlement industry’s secondary market.  The Secondary Market Regulation ‘fact sheet’ shows which states have a regulatory regime, which don’t, which types of companies are regulated (and where), and a list of life settlement providers in each state; ELSA has created what it calls the ‘Licensed Provider Matrix’ (LPM) to illustrate this.  The LPM contains 36 licensed providers; 27 of which are licensed in more than one state, and nine of which are licensed in just…

The UK life insurance industry is currently in a period of rapid change.  Not only are life insurers furiously pricing and bidding on bulk annuity contracts from defined benefit pension funds, but they are also trying to find the talent to beef up their teams to support growth in this market.  Not only are they figuring out how to integrate the array of insurtech products now available to them, but they are also in the midst of a sea change in terms of incorporating generative AI into their businesses.  And not only are they having to spend hours in the…

The equity release market in the UK returned to growth in Q3 this year, the first time in 12 months, according to British industry group, the Equity Release Council.  So, for this month’s poll, we wanted to know whether our readers thought this was a turning point for the industry.  Clearly, there are a lot of bulls out there, as 85.7% of survey respondents thought that the recent growth was sustainable. Only 14.29% were unsure, and nobody thought that the news was a flash in the pan.  The Equity Release Council publishes market statistics each quarter. We’ll have to wait…

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…