United Kingdom: Reinsurance

Trustees and employers should assess how the Act will affect their scheme and start preparations now. While the government's indicative timeline suggests that most of the reforms will not come into force immediately...

The UK's Prudential Regulation Authority has proposed fundamental reforms to the regulatory capital treatment of funded reinsurance transactions under Solvency UK, potentially doubling or tripling capital requirements for insurers. These changes could reshape the competitive landscape of the UK life insurance market, favoring larger reinsurers with strong credit ratings while creating new barriers to entry for smaller players.

The Prudential Regulation Authority has proposed significant changes to the regulatory treatment of funded reinsurance that would require UK insurers to hold substantially more capital for these transactions. The consultation paper CP8/26 introduces amendments to the Counterparty Default Adjustment that could increase capital requirements from 2-4% to around 10% of underlying annuity liabilities.

The Prudential Regulation Authority ("PRA") has set out its 2025 expectations for UK insurers, by way of a Dear CEO Letter. The areas are not exhaustive but do represent...

In this episode of The Risk Circuit, Michael Buckle is joined by Austin Sims and Charlotte Watts to examine the impact a profitable year in 2024 has had on driving falling rates and how competitive pressures look set to accelerate further marketing softening.

The PRA's consultation paper (CP 15/24) proposes changes to the U.K. ISPV regime to increase flexibility, encourage use, and align with global standards. Key proposals include relaxing funding rules, allowing multiple risk transfers, and streamlining approval processes.

The airline insurance market was relatively benign during the renewal season at the end of 2023, but rising claims, reinsurance, retrocession and recruitment costs could change conditions.

We are pleased to share with you our Insurance & Professional Risks Annual Review of 2023 which provides an overview and analysis of the key cases and developments affecting those engaged...

2023 has been a record-breaking year for the bulk annuity market and reinsurers have been busy providing longevity reinsurance to back these bulk annuities, as well as writing longevity swaps with pension schemes.