Abacus Global sells $400 million in life-insurance backed bonds
Proceeds will allow Abacus to originate more policies and fund general corporate operations. The transaction is also part of Abacus' shift toward recurring, fee-related revenue.
Insurance
Consumers’ financial vulnerability hits record high: Report
The share of American households considered "financially vulnerable" rose to 17%, the highest level since at least 2018, according to the nonprofit Financial Health Network.
NAIC considers redefining mortgage loans
Some current residential mortgages could face higher capital charges, prompting a shift into securitization portfolios.
By
John Hintze
California bills would pause mortgage payments in disasters
Alongside a bill that gives homeowners a year of forbearance after state-declared emergencies, lawmakers will consider extending wildfire-related moratoriums.
Impact of climate-fueled disasters seen in insurance, real estate data
The changing climate is increasing insurance rates for residents and cities and lowering property values in areas that face more frequent and intense disasters.
Apollo’s fox hedge is taking financial wizardry to a new level
Apollo bundled assets plucked from its own funds, including real-estate debt, into a Bermuda-based vehicle, and sold bonds against it with investment-grade ratings and unusually long lifespans.
Private flood insurance growing as federal coverage recedes
Numbers on use and performance point to potential for nonpublic insurers to take on a greater role but also suggest there are limits to it, Fitch Ratings found.
Private credit to drive more life insurance growth: Moody’s
Alternative asset managers, emboldened by the boom, will continue buying life insurers or seek more partnerships with them as they hunt for more capital to feed their dedicated funds.
Fed’s Powell warns climate change will affect housing market
Federal Reserve Chair Jerome Powell said insurance companies and banks are already pulling out of disaster-prone areas, which could pose problems.
CFPB says flood risk for mortgages underestimated
Financial profiles of borrowers in the coastal areas where insurance coverage is required vary significantly from at-risk homeowners inland, CFPB's analysis found.
What the mortgage industry is watching on election night
Mortgage professionals are focusing on housing policies and the Federal Reserve this November.
More homeowners disaster-proofing homes, Freddie Mac finds
Awareness of disaster risk has increased in the public and private sectors, and it appears to be prompting more interest in home improvements in particular.
Life insurer interest in CLOs swell holdings—and draws regulator attention
As life insurers increase their investment in CLOs, regulators are asking questions about how the firms manage risk-based capital.
Stopgap budget pact averts shutdown but lifts mortgage rates
The bipartisan deal struck Saturday temporarily allays concerns that would've required workarounds in parts of the lending process reliant on government agencies.
Home insurance woes threaten mortgage lending, experts warn
A combination of economic and environmental factors are sending property and flood coverage premiums soaring, which can make costs insurmountable for some.
Mayer Brown warns of NAIC’s RBC initiatives’ impact on securitization
Partners in ABS practice also discuss how CLOs face final bridge to cross as Libor transition approaches the finish line.
By
John Hintze
Insurance premium loans underpin the $450 million from PFS Financing
PFS Financing Corp., 2023-A's collateral pool is fairly diversified along the lines of property and casualty insurance carriers that contribute loans to the pool.
FHA to accept private flood insurance
The change, effective Dec. 21, is being put into place two years after it was first proposed.
Truist to acquire Texas Capital’s premium finance business
The North Carolina bank's insurance subsidiary agreed to pay $3.4 billion to buy BankDirect Capital Finance. The sale reflects opposing strategies by the two companies.
Podcast Why won’t Congress fix flood insurance?
For decades lawmakers have ignored broad structural flaws in the National Flood Insurance Program, which underpins millions of home mortgages. And the problem is only getting worse.
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