Understanding litigation risk is part and parcel of a life settlement investor’s day to day, and Life Risk News’ Jeffrey Davis spoke to life settlement attorneys Brian T. Casey, Partner, Co-Chair, Insurance Regulatory and Transactional Practice Group, Locke Lord; James W. Maxson, Partner, EM3 Law; Laura Metzger, Partner, Orrick; and Jule Rousseau, Partner, ArentFox Schiff to get their views on the current state of litigation in the life settlements industry and what to look for…

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Insurers are favouring funded re as it helps firms manage the market and longevity risks associated with writing bulk purchase annuity (BPA) business by reducing capital charges and therefore making PRT deals more competitive. 

Unsurprisingly, given its growth and potential for capital optimisation, UK regulators have been carefully watching the increased use of funded re. In June 2023, the Prudential Regulatory Authority (PRA) sent a “Dear CRO’ letter to heads of risk at UK life insurers.

The letter outlined the regulator’s two main concerns from a sectoral review which it had carried out.

“One of the key risks arising in funded re is that firms recapture sub-optimal portfolios with depressed values and with limited ability to be transformed effectively to the firms’ preferred portfolio,” the PRA letter said.

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