Re/insurance companies continue to benefit from a flow of new capital primarily driven by investments in insurance-linked securities (ILS), sidecars, hedge fund-backed reinsurance companies and collateralized reinsurance vehicles, chiefly by means of catastrophe bonds issuance.
Insurance industry veterans know that accounting staff responsible for preparing a carrier’s annual statement draw a sigh of relief after March 1, the deadline for filing. Many of them face a year-end crunch of manually assembling information from different places, systems, and spreadsheets. There’s also a scramble to secure Schedule F funding, in forms of letters of credit, trust fund and other collateral. The scramble for reducing or eliminating the Schedule F penalty is paramount.
OK, maybe I was dreaming that this was actually an Aretha Franklin song.
In an era where regulatory changes happen at the speed of the wind here in Chicago, there is a new ruling with the potential impact of knocking down buildings. What am I talking about?
First, let’s find out how a fiduciary is actually defined.