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New York-domiciled insurers may soon be able to take advantage of more-relaxed provisions on balance sheet credit for reinsurance where the assuming reinsurer is in a “reciprocal” jurisdiction to the United States. New York-based carriers should consider amendments just announced to New York’s credit-for-reinsurance rules, which conform to the U.S.-European “covered agreements” on reciprocity, for opportunities for balance sheet credit in new reinsurance agreements.
The covered agreements between the U.S. and the EU in 2017 and the UK in 2018, respectively, imposed uniform treatment between the jurisdictions on credit for reinsurance and other prudential aspects of insurance regulation. The international pacts effectively require the U.S. states to conform their credit-for-reinsurance regulations to this new reciprocity regime, and accordingly in 2019, the National Association of Insurance Commissioners (NAIC) a
KBRA Assigns Preliminary Ratings to GSMS 2020-GSA2
NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of GSMS 2020-GSA2, a $826.3 million CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 93 properties.
The collateral properties are located throughout 33 MSAs, the largest three of which are New York (19.5%), Las Vegas (11.9%), Houston (6.9%), Long Island (6.3%), and Sacramento (6.3%). The pool has exposure to all of the major property types, with three types representing more than 10.0% of the pool balance: office (41.8%) lodging (16.3%), and industrial (12.1%). The loans have principal balances ranging from $2.4 million to $70.0 million for the largest loan in the pool, Elo Midtown Office Portfolio (8.5%), which is secured by three Class-B CBD office properties totaling 336,302 sf all located in the Midtown section of New York City’s borough of Manhattan. The fiv
Steven A. Horowitz, Esq., Gerald Nowotny, JD, LLM and Bradley A. Barros | Dec 14, 2020
In 1752 when Benjamin Franklin formed The Philadelphia Contributionship, the organization became the first insurance company in the American Colonies. While much has changed over the past 268 years, the Contributionship still remains in business today, and along with it, the concept of transferring “value” in exchange for goods and services.
Since the beginning of 2000, high-net-worth families have worked with the world s leading law firms in developing custom-designed variable universal life insurance policies to provide a more complete life insurance solution for their families (a wide array of benefits to their loved ones) and for charities. These policies have been sold via the use of Regulation D “private placement” documents or “PPMs” for securities law purposes. These customized insurance policies are frequently funded with a combination of cash and certain noncash assets, whic
Boards Of Hershey Trust Company And Milton Hershey School Announce Newly Elected Chairman And Vice Chairman
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HERSHEY, Pa., Dec. 11, 2020 /PRNewswire/ The Hershey Trust Company Board of Directors and the Milton Hershey School Board of Managers announced the election of Diane Koken as Chairman and Maria Trinh Kraus as Vice Chairman, effective today.
Ms. Koken was appointed to the Hershey Trust Company Board of Directors and the Milton Hershey School Board of Managers in 2016 and has expertise in legal, regulatory matters, insurance, governance, and risk management.
(PRNewsfoto/Milton Hershey School,Hershey Trust Company)