Dafinchi AI

F&G Annuities & Life, Inc.

FG

Financial Services

1w

Launch of Reinsurance Sidecar with Blackstone

F&G launched a new reinsurance sidecar in partnership with Blackstone Managed Funds, effective August 1, 2025, with approximately $1 billion in anticipated capital commitments.
The sidecar is designed to provide long-term, on-demand capital to support growth and shift towards a more fee-based, higher-margin, less capital-intensive business model.
The vehicle is managed by Blackstone-owned Fort Green Reinsurance STC Limited, a Cayman-based reinsurer, and does not involve F&G holding ownership stake in the reinsurer.
The reinsurance sidecar will enable F&G to scale in an accretive and capital-efficient manner, complementing existing flow reinsurance agreements.
This strategic capital solution is expected to expand F&G's fee-based earnings power over time, supporting growth in FIA products and other segments.
The company plans to continue utilizing existing flow reinsurance partnerships for MYGA sales and manage capital to regulatory and rating agency requirements, including maintaining RBC at or above 400%.

Healthcare Realty Trust Incorporated

HR

Financial Services

2w

Financial Performance Summary

FAD was $0.33 per share, a $0.04 sequential increase, representing a 96% payout ratio, a significant improvement from the first quarter.
Net debt to adjusted EBITDA sits at 6x, with expectations to decrease into the mid-5x area by year-end.
Normalized FFO was $0.41 per share, a $0.02 sequential increase, and up nearly 7% year-over-year, driven by strong occupancy gains, disciplined cost management, and a decrease in share count.
Same-store occupancy was 90%, a 40 basis point sequential increase, with same-store NOI growth of 5.1%, a 280 basis point sequential increase, the highest in 9 years.
The company completed a successful renewal of its revolver, extended the tenor of term loans, and raised 2025 normalized FFO per share guidance to $1.57 to $1.61.
Year-to-date asset sales increased to $211 million at a blended 6.2% cap rate, with over $700 million of additional assets under contract or LOI.

Brighthouse Financial, Inc.

BHF

Financial Services

1w

Financial Performance Summary

Brighthouse Financial reported second quarter 2025 adjusted earnings of $198 million or $3.43 per share, down from $245 million in Q1 2025 and $346 million in Q2 2024.
Corporate expenses were $202 million pretax, down from $239 million in Q1 2025 but slightly higher than $200 million in Q2 2024.
Estimated combined risk-based capital (RBC) ratio was between 405% and 425%, within the target range of 400% to 450%.
Holding company liquid assets exceeded $900 million as of June 30, 2025.
Life insurance sales reached $33 million in Q2, contributing to a record $69 million year-to-date, up 21% year-over-year.
Total annuity sales increased 16% sequentially to $2.6 billion, with Shield sales contributing $1.9 billion and fixed annuities $500 million.

Ryan Specialty Holdings, Inc.

RYAN

Financial Services

2w

Strategic Expansion of Ryan Re via Nationwide Reinsurance Deal

Ryan Re, an underwriting MGU, will be the exclusive reinsurance underwriter for Nationwide's reinsurance renewal rights from Markel, creating a diversified portfolio with new relationships.
The deal is part of a broader strategic alliance with Nationwide, expanded through a 10-year renewal agreement.
The transaction is expected to be accretive starting in 2026, with temporary margin impacts in late 2025 due to talent investments.
Ryan Re's capabilities are primarily underwriting, not broking, and it enhances Ryan Specialty's scale, geographic reach, and product scope.
Management expressed high confidence in renewing a significant portion of the $1.2 billion reinsurance premium market, emphasizing the strength of their underwriting team.

Globe Life Inc.

GL

Financial Services

3w

Strategic Development of Bermuda Reinsurance Affiliate

Globe Life submitted a preliminary business plan to Bermuda Monetary Authority to establish a reinsurance affiliate in Bermuda.
The plan aims to reinsure a portion of new and in-force life insurance policies, with an initial reinsurance of a small block of reserves.
The company expects to cede approximately 25% of total statutory life reserves over time, including in-force and new business.
The first reinsurance transaction is targeted for the end of the year, with subsequent transactions possibly following.
The Bermuda entity is expected to enhance the company's economic capital framework, support growth, and improve earnings emergence.
Regulatory and rating agency discussions are ongoing, with formal licensing expected later in the year.

Reinsurance Group of America, Incorporated

RGA

Financial Services

2w

Recognition of In-Force Business Value and Capital Credit Expansion

RGA received a significant increase in in-force business value credits, totaling approximately $2 billion, reflecting long-term embedded value.
The recognition was achieved through a thorough rating agency process, without the need for securitization or borrowing.
This recognition enhances RGA's capital position, with excess capital increasing to $3.8 billion at Q2 end, and pro forma for the Equitable transaction at $2.3 billion.
Further opportunities for in-force value recognition are anticipated, with ongoing efforts to expand credits across more business blocks.

Universal Insurance Holdings, Inc.

UVE

Financial Services

3w

Reinsurance Program Structure and Cost Dynamics

The company clarified that the current reinsurance program, effective from June 1, 2025, is not significantly different in cost as a percentage of direct earned premium compared to the previous period.
This stability is notable given the recent landfalling storms last year, which typically would lead to increased reinsurance costs.
The change in reinsurance programs from last year, including the winding down of the RAP program at no cost, impacts quarterly comparisons and reflects strategic reinsurance structuring.

American International Group, Inc.

AIG

Financial Services

1w

Financial Performance Summary

Accident year combined ratio as adjusted was 88.4%, calendar year combined ratio improved by 320 basis points to 89.3%, and core operating ROE was 11.7%.
Adjusted pretax income increased 37% to $1.4 billion, with General Insurance gross premiums written up 4% to $10.1 billion.
AIG delivered adjusted after-tax income per diluted share of $1.81, a 56% increase year-over-year, with adjusted after-tax income of $1 billion, up 35%.
Capital returned to shareholders totaled $2 billion in the quarter, $4.5 billion year-to-date, with plans to repurchase $5-6 billion in 2025.
Catastrophe charges were $170 million (2.9 loss ratio points), with favorable prior year development of $128 million.
Financial strength ratings were upgraded by S&P Global to AA- and Moody's to A1, marking significant milestones.
General Insurance expense ratio improved by 50 basis points to 31%, with ongoing investments in cybersecurity and Gen AI absorbed within the business.
General Insurance underwriting income rose 46% year-over-year to $626 million, with net investment income increasing 9% to $955 million on an adjusted pretax basis.
Net premiums written increased 1% to $6.9 billion, driven by growth in Global Commercial and North America Commercial segments, offset by declines in Retail Property and Lexington Property.

MET

Financial Services

1w

MetLife's Strategic Investment in Reinsurance via Chariot Re

MetLife launched Chariot Re with an initial $10 billion reinsurance deal, aiming to support growth in its diversified retirement platform.
The partnership with General Atlantic and the reinsurance deal are designed to generate institutional client assets and support the company's strategic expansion.
Michel Khalaf emphasized that Chariot Re is a vehicle to enable growth beyond MetLife’s capital generation capabilities, with more deals expected in the future.