- 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.
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- 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.
- Completed the acquisition, long on the top of the company's list, with a focus on leisure demand and group rotation opportunities.
- Expected to be accretive to FY 2026 results, with an estimated contribution of $18-$22 million in adjusted EBITDAre for 2025.
- Renovations and capital enhancements underway, including meeting space upgrades and potential resort expansion to accommodate large groups over 1,000 rooms.
- Market dynamics in Phoenix support future resort expansion, with the only larger hotel being a 1,000-room Sheraton in downtown Phoenix.
- Unum completed an external reinsurance transaction in July 2025 to reduce LTC exposure, marking a major strategic step.
- The company is actively seeking additional LTC risk reduction opportunities, emphasizing disciplined management of the LTC block.
- The transaction improves risk profile, frees capital, and shifts focus to higher-return core businesses.
- Management highlighted ongoing efforts to de-risk LTC through market transactions, despite market complexity and slow pace.
- 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%.
- 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.
- NewPoint acquisition closed on July 1, 2025, expanding the company's multifamily lending platform.
- Expected agency FHA volume of $4-5 billion in 2025, with $1.9 billion already closed year-to-date.
- Integration of NewPoint's mortgage servicing platform is underway, with full migration expected by Q1 2026.
- Anticipated earnings contribution from NewPoint to grow significantly, with GAAP net income of $23-27 million and distributable earnings of $13-17 million in 2025.
- Long-term ROE for NewPoint projected to reach low teens, with immediate benefits including cost savings and increased deal flow.
- Entered into a new $200 million 5-year revolving credit facility with JPMorgan Chase, Raymond James, RBC, and Synovus, with potential to increase by an additional $200 million.
- Improved credit spread by 15 basis points compared to previous facility, with a maturity date of June 30, 2028.
- Significant reduction in interest rate risk through a new SOFR swap at a fixed rate of 3.489%.
- 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.
- NYMT completed the full acquisition of Constructive on July 15, marking a milestone in expanding into residential business purpose loans.
- Constructive's origination of over $5.2 billion in loans across 48 states, with a focus on high-quality, diversified portfolio including 93% rental loans and 7% bridge loans.
- The acquisition is expected to be immediately accretive to EAD and will enhance recurring earnings and gain on sale income.
- Management emphasized the long-term growth potential of the platform, with plans to scale origination volume and expand geographic footprint, aiming for a 15% annual equity return.
Dafinchi