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Any meaningful impact that the incoming Biden administration can have on the private sector will likely take some time.
We expect the first 12 to 18 months of Democrat Joe Bidenâs term will be largely spent undoing the Republican Trump administrationâs rulesâwith minimal impact on company valuations.
We think the biggest effect a Democrat-controlled Congress would have on investments is a likely increase in the corporate business tax rate. We also think Democrats will work to provide more stimulus and expand healthcare coverage, primarily within the Affordable Care Act framework. The narrow Democratic majority in the U.S. Senate will help Biden make government appointments faster. But without a larger majority in Congress, a lot of public policymaking will be left up to executive action.
Press release content from Business Wire. The AP news staff was not involved in its creation.
KBRA Releases Van Hesser’s Inaugural 3 Things in Credit Podcast
January 15, 2021 GMT
NEW YORK (BUSINESS WIRE) Jan 15, 2021
Kroll Bond Rating Agency (KBRA) launches a new KBRA Podcast series, 3 Things in Credit, hosted by Chief Strategist Van Hesser. Each week, Van will address three topical themes in the credit markets relevant to credit investors. The inaugural episode will discuss the durability of credit in 2021, the economic drag presented by a growing number of “zombie” companies, and conditions driving an active new issue calendar.
The full episode can be streamed
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UPDATE: As of December 30, 2020, Arizona, Arkansas, Michigan, and Rhode Island have joined Iowa in adopting the NAIC model rule for best interest standard in annuity sales. Alabama, Delaware, Kentucky, Maine, Nevada and Ohio were also considering legislation or regulations that would implement the model rule. New York has its own rule (that is different than the model rule).
UPDATE: May 11, 2020, Iowa adopted its proposed regulation requiring annuity agents to act in the best interest of consumers, but delayed adoption (or revision, withdrawal) of the companion securities rules. The Commissioner said that he expects to return to the securities proposals later this summer.
Press release content from Business Wire. The AP news staff was not involved in its creation.
KBRA Releases Research – 2021 Sector Outlook: U.S. Property and Casualty Insurance
January 11, 2021 GMT
NEW YORK (BUSINESS WIRE) Jan 11, 2021
Kroll Bond Rating Agency (KBRA) releases its U.S. Property and Casualty Insurance 2021 Sector Outlook. Despite the tumultuous year that included the stormiest Atlantic hurricane season on record, KBRA’s Outlook of the U.S. property and casualty (P/C) insurance sector in 2021 remains Stable.
Insurers’ balance sheets were hit hard in Q1 2020, with sizeable unrealized capital losses, as a result of the pandemic. And while most investment losses recovered in the second quarter, catastrophe losses started to accumulate. The cumulative effect from the record-setting hurricane season, severe convective storms, wildfires, and straight-line wind (derecho) are expected to drive a 3.5% decline in policyholders’ surplus in 2020.