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Investment grade life insurance wikipedia clint lavigne consoli investments

Investment grade life insurance wikipedia

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Although the financial crisis caused most bond insurers to cease issuing insurance policies, the insurance has continued to remain available from highly rated providers, including legacy insurers and new industry participants. Prior to the financial crisis, bond insurers suffered few material losses. Notable exceptions in the municipal sector include:.

As publicbonds. Although penetration of insurance in the municipal bond market is far lower today than when numerous triple-A insurers were active, the ability of Assured Guaranty to continue insuring municipal bonds that were issued during a prolonged period of low interest rates and narrow credit spreads is evidence that a market continues to exist for municipal bond insurance.

Ambac was the first separately capitalized insurance company formed for the purpose of insuring bonds. Financial Security Assurance Inc. FSA was the first bond insurer organized to insure non-municipal bonds, and it established the business of insuring asset-backed securities ABS. These became known as the "big four" bond insurers. By , about 2.

Most of the 30, bondholders lost cents on the dollar. This proved to be a watershed moment for the bond insurance industry, igniting steady growth in demand for many years. The s also saw the birth of monoline financial guaranty reinsurance companies, including Enhance Reinsurance Company "Enhance Re" and Capital Reinsurance Company FSA insured the first collateralized debt obligation "CDO" in , and experienced only minor losses in the asset-backed securities ABS sector before the financial crisis.

It also established financial guaranty insurance as a monoline business, limiting industry members to writing bond insurance and closely related lines of insurance that include surety, credit, and residual-value insurance. The monoline restriction also prevented other types of insurance companies from offering financial guaranty insurance. The s saw industry members insure both municipal bonds and asset-backed securities ABS.

At the same time, the industry expanded into overseas markets in Europe, Asia, Australia, and Latin America. In the late s and early s, a new group of bond insurers emerged. In , ACE Ltd. In , the New York State Insurance Department NYID issued guidance regarding insurance of obligations under credit default swaps, which facilitated the participation by financial guaranty insurers in the CDS market. In , Radian Group Inc. Both companies engaged in financial guaranty insurance and reinsurance.

Bond insurers had guaranteed the performance of residential mortgage-backed securities RMBS since the s, but their guaranties of that asset class expanded at an accelerated pace in the s leading up to the financial crisis. Bond insurers were also exposed to residential mortgage debt through collateralized loan obligations CLOs and collateralized debt obligations CDOs backed by subprime mortgage debt. These exposures were all in compliance with Article 69 of the New York Insurance Law and other states' financial guaranty insurance statutes and with capital adequacy guidelines set by the rating agencies.

As the housing bubble grew in the mids, bond insurers generally increased the collateral protection required for the RMBS they guaranteed. But when the housing market declined, defaults soared to record levels on subprime mortgage loans and new types of adjustable rate mortgage ARM loans—interest-only, option-ARM, stated-income, and so-called "no income no asset" NINA loans—that had been developed and issued in anticipation of continuing appreciation in housing prices. The subsequent real estate market decline was unprecedented in its severity and geographic distribution across the U.

Unlike many other types of insurance, bond insurance generally provides an unconditional and irrevocable guaranty—although the insurers reserve the right to pursue contractual and other available remedies. As a result, the bond insurers faced billions of dollars of claims on insured RMBS, with uncertain prospects for recoveries from the sponsors creators of those RMBS.

Monoline insurers posted higher reserves for losses as these insured securities appeared headed for default. Following the crisis, the bond insurers became aware that many RMBS they had insured included large percentages of loans that were ineligible for securitization, i. Such "putbacks" have remained subject to litigation into the second decade following the financial crisis.

One indication of the extent of loan quality misrepresentation was a settlement between Assured Guaranty and Bank of America, which had purchased mortgage originator Countrywide. While the widespread misrepresentations caused bond insurers to experience considerable losses on insured securities backed by residential mortgage loans including first lien loans, second lien loans, and home equity lines of credit , the most severe losses were experienced by those that insured CDOs backed by mezzanine RMBS.

Although the bond insurers generally insured such CDOs at very high attachment points or collateral levels with underlying ratings of triple-A , those bond insurers and the rating agencies failed to anticipate the correlation of performance of the underlying securities. Specifically, these bond insurers and rating agencies relied on historical data that did not prove predictive of residential mortgage loan performance following the crisis, which witnessed the first-ever nationwide decline in housing prices.

The financial crisis precipitated many changes in the bond insurance industry, including rating agency downgrades, several companies ceasing to write new business, dramatic share value reductions, and consolidation among the insurers. The industry's primary regulators in New York also took action, as did their counterparts in Wisconsin. Downgrades of major triple-A monolines began in December , resulting in downgrades of thousands of municipal bonds and structured financings insured by the companies.

Also during this time, credit default swap markets quoted rates for monoline default protection that would have been typical for below-investment-grade credits. Structured credit issuance ceased, and many municipal bond issuers went to market without bond insurance.

By January , many insured municipal and institutional bonds were trading at prices as if they were uninsured, effectively discounting the financial guaranty insurance completely. The slow reaction of the rating agencies in acknowledging this situation echoed their slow downgrading of subprime mortgage debt a year earlier. Assured Guaranty became the only bond insurer to write insurance continuously from the pre-crisis period to the present.

Continuing the trend of reorganization in , Ambac ceased writing business and in was split into i a "segregated account" with liability for asset-backed and certain other troubled policies subject to a rehabilitation overseen by the Wisconsin Office of the Commissioner of Insurance and ii a "general account" for municipal bond insurance and certain other non-troubled policies.

On November 8, , Ambac's holding company filed for Chapter 11 bankruptcy. Syncora Guarantee Inc. The company never filed for bankruptcy and is writing new lines of insurance while it runs off its financial guaranty book. In January , Assured Guaranty acquired a bond insurance subsidiary that was owned by Radian Asset but never launched, renamed it Municipal Assurance Corp.

The conclusion of the rehabilitation followed the successful completion of Ambac's surplus note exchange offers and consent solicitation, which, together with the satisfaction of all remaining conditions, completed a holistic restructuring transaction that had been announced in As a result of its multiple acquisitions, by Assured Guaranty owned four different European subsidiaries, which it merged into a single entity in November , named Assured Guaranty Europe Ltd.

Some have criticized the whole business model of financial guaranty insurance. In her book Confidence Game , Christine S. Richard examined the industry's basic assumptions. She noted that the rating agencies had different rating scales for municipal issuers and non-municipal issuers e.

Some argued that if the rating agencies had rated municipalities on the same scale they used to rate corporations, the municipalities would have been higher rated, obviating the need for bond insurance. Moody's Investors Service acknowledged that it employed separate rating scales for municipal and non-municipal issues, but has since adopted a uniform rating scale for all issues. The argument that bond insurance provided no value in the municipal bond market was proven wrong not long after the congressional hearings.

The following decade saw a number of significant municipal defaults, including the two largest — by Detroit and Puerto Rico. Industry veteran Brian Duperreault became the chairman of the new entity, and Richard Friesenhahn, the executive vice president of U. AIG made a number of acquisitions in The company was also a Lloyd's of London syndicate, involved in insurance-linked securities, [] a specialist in US small commercial excess and surplus underwriting, and a provider of crop insurance.

Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in and began execution. In , [] Duperreault stated that the new executive team had restructured the business, implemented new risk and underwriting guidelines, and "overhauled its reinsurance buying strategy. In August , Duperreault and Zaffino announced "AIG ", a multi-year program to improve operations by shedding legacy processes and excess manual interventions, modernizing and digitizing workflows, and unifying operations.

In Australia and China, AIG is identified as a large financial institution and provider of financial services including credit security mechanisms. AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services.

SunAmerica, life-insurance and retirement-services division, was renamed AIG Life and Retirement; other existing brands continue to be used in certain geographies and market segments. Hank Greenberg, with lead lawyer David Boies, independently sued the U.

Greenberg and the U. Government appealed to the Court of Appeals for the Federal Circuit, which ruled that Greenberg had no legal right to challenge the bailout because that right belonged to AIG, which in this case, chose not to sue. This transaction, AIG argued, prevented them from recouping losses from insured banks. On May 7, , Los Angeles U. From Wikipedia, the free encyclopedia.

For other uses, see AIG disambiguation. Operating income. Net income. Further information: Subprime mortgage crisis and Financial crisis of — Main article: Holdings of American International Group. Companies portal. September 18, Retrieved August 9, Securities and Exchange Commission. February 21, Retrieved July 26, December 31, Archived from the original PDF on March 29, Retrieved March 3, Retrieved September 25, Wall Street Journal. Insurance Journal. September 25, Retrieved September 26, Retrieved August 1, Retrieved March 15, Item 6.

Financial Crisis Inquiry Report. Department of Treasury. Retrieved February 6, July 8, Bloomberg Businessweek. Retrieved February 21, February 18, Company profile. New York: Thomson Reuters. Archived from the original on February 20, Retrieved March 18, BBC News.

September 17, Archived from the original on March 20, Part 1: Complete Files for Publisher's Note. Adam Matthew Publications. Archived from the original on October 13, Business Insurance. April 12, Insurance Day. Insurance Advocate. December 17, The AIG Story. Retrieved March 7, The New York Times. August 21, Retrieved June 25, August 30, Business Line Internet Edition.

February 11, March 2, Sheds Stake in Blackstone". Retrieved December 28, The Moscow Times. Retrieved February 13, November 24, Archived from the original on August 29, Retrieved September 18, NBC News. Retrieved July 11, The Seattle Times.

Retrieved May 22, Archived from the original on November 5, Archived from the original on April 30, Retrieved September 17, Greenberg and Lawrence A. Los Angeles Times. September 28, November 26, Archived from the original on December 20, Retrieved December 3, Archived from the original on February 17, June 11, Retrieved July 21, The Washington Post.

Paulson, Jr. Christine Lagarde, the French finance minister, echoed his view: everyone was exposed to AIG, and its failure would be catastrophic. The Nation. Retrieved November 24, Scarecrow Press. Idowu Retrieved September 29, Bloomberg News. Retrieved October 12, Retrieved September 28, Retrieved September 16, Gov't Bailouts".

Pro Publica. Archived from the original on December 27,

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The most common terms are 10, 15, 20, and 30 years. In this form, the premium paid each year remains the same for the duration of the contract. This cost is based on the summed cost of each year's annual renewable term rates, with a time value of money adjustment made by the insurer. Thus, the longer the period of time during which the premium remains level, the higher the premium amount.

This relationship exists because the older, more expensive to insure years are averaged, by the insurance company, into the premium amount computed at the time the policy is issued. Most level term programs include a renewal option, and allow the insured person to renew the policy for a maximum guaranteed rate if the insured period needs to be extended.

The renewal may or may not be guaranteed, and the insured person should review the contract to determine whether evidence of insurability is required to renew the policy. Typically, this clause is invoked only if the health of the insured deteriorates significantly during the term, and poor health would prevent the individual from being able to provide proof of insurability.

Most term life policies include an option to convert the term life policy to a Universal Life or Whole Life policy. This option can be useful to a person who acquired the term life policy with a preferred rating class and later is diagnosed with a condition that would make it difficult to qualify for a new term policy.

The new policy is issued at the rate class of the original term policy. This right to convert may not extend to the end of the Term Life policy. The right may extend a fixed number of years or to a specified age, such as convertible to age seventy. A form of term life insurance coverage that provides a return of some of the premiums paid during the policy term if the insured person outlives the duration of the term life insurance policy.

For example, if an individual owns a year return of premium term life insurance plan and the year term has expired, the premiums paid by the owner will be returned, less any fees and expenses which the life insurance company retains.

Usually, a return premium policy returns a majority of the paid premiums if the insured person outlives the policy term. The premiums for a return premium term life plan are usually much higher than for a regular level term life insurance policy, since the insurer needs to make money by using the premiums as an interest free loan, rather than as a non-returnable premium.

Both term insurance and permanent insurance use the same mortality tables for calculating the cost of insurance, and provide a death benefit which is income tax free. However, the premium costs for term insurance are substantially lower than those for permanent insurance. The reason the costs are substantially lower is that term programs may expire without paying out, while permanent programs must always pay out eventually. To address this, some permanent programs have built in cash accumulation vehicles to force the insured to "self-insure", making the programs many times more expensive.

As a norm from Income Tax under Section 10 10D , when the beneficiary receives the death benefit under a term life insurance policy, they are not subject to pay tax on the amount received. The death benefit received is not added to taxable income. However, any interest that it accumulates over or any estate additions caused by it is liable to be taxed.

Other permanent life insurance policies do not have built in cash values. In these cases, the policy owner may have the option of paying additional premium in the early years of the policy to create a tax deferred cash value. If the insured person dies and the policy has a cash value, the cash value is often paid out tax free, in addition to the policy face amount. A scaled back underwriting process that is simplified. Coverage amounts are lower than traditional fully underwritten policies.

Simplified issue policies typically do not require a medical exam and have fewer application questions to answer. Many of these policies can be approved within several days. A life insurance policy that is guaranteed approval. Coverage amounts will be lower than traditional policies. Premiums will be considerably higher. Since there are no medical questions and everyone is approved, these policies will have a waiting period before benefits are paid out.

If the insured dies during the initial waiting period, only premiums plus interest will be returned. Once the waiting period has been satisfied, the full death benefit will be paid out to the beneficiary. Most state laws require that a carrier make payment for life insurance claims that happen past two years of coverage for suicidal death.

All individual life insurance policies have a suicide clause in them. From Wikipedia, the free encyclopedia. Life insurance that provides coverage at a fixed rate of payments for a limited period of time. Not to be confused with Term Life. Retrieved This letter was the latest volley in what The Wall Street Journal called a "public spat" between the company's board and management on one hand, and its key stockholders and former CEO Maurice Greenberg on the other hand.

On June 15, , after disclosure of financial losses and subsequent to a falling stock price, Sullivan resigned and was replaced by Robert B. Willumstad was forced by the US government to step down and was replaced by Ed Liddy on September 17, The company is much larger and complex than Lehman Brothers and its assets hitting the market all at once would likely cause worldwide chaos and send values plummeting.

Experts question whether there are even enough qualified buyers out there to digest the company and its subsidiaries. AIG had sold credit protection through its London unit in the form of credit default swaps CDSs on collateralized debt obligations CDOs but by , they had declined in value. The credit facility was secured by the stock in AIG-owned subsidiaries in the form of warrants for a How do they justify this outrage to the taxpayers who are keeping the company afloat?

AIG began selling some assets to pay off its government loans in September despite a global decline in the valuation of insurance businesses, and the weakening financial condition of potential bidders. Proceeds went to repay some of the aid it received from the government during the financial crisis. In October , The Wall Street Journal reported that the Tomlinson family was allowed to join a civil suit involving AIG for its alleged complicity in a ' stranger-originated life insurance ' scheme.

Nine years after the initial bailout, in , the U. The United States Department of the Treasury announced an offering of The sale reduced Treasury's stake in AIG to 61 percent, from 70 percent before the transaction. On October 12, , AIG announced a five and a half year agreement to sponsor six New Zealand-based rugby teams, including the world champion All Blacks.

The AIG logo and the Adidas logo, the league's primary sponsor, were displayed on the league's team jerseys. The U. Department of the Treasury in December published an itemized list of the loans, stock purchases, special purpose vehicles SPVs and other investments engaged in with AIG, the amount AIG paid back and the positive return on the loans and investments to the government. In addition, AIG sold off a number of its own assets to raise money to pay back the government.

Industry veteran Brian Duperreault became the chairman of the new entity, and Richard Friesenhahn, the executive vice president of U. AIG made a number of acquisitions in The company was also a Lloyd's of London syndicate, involved in insurance-linked securities, [] a specialist in US small commercial excess and surplus underwriting, and a provider of crop insurance.

Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in and began execution. In , [] Duperreault stated that the new executive team had restructured the business, implemented new risk and underwriting guidelines, and "overhauled its reinsurance buying strategy. In August , Duperreault and Zaffino announced "AIG ", a multi-year program to improve operations by shedding legacy processes and excess manual interventions, modernizing and digitizing workflows, and unifying operations.

In Australia and China, AIG is identified as a large financial institution and provider of financial services including credit security mechanisms. AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services. SunAmerica, life-insurance and retirement-services division, was renamed AIG Life and Retirement; other existing brands continue to be used in certain geographies and market segments.

Hank Greenberg, with lead lawyer David Boies, independently sued the U. Greenberg and the U. Government appealed to the Court of Appeals for the Federal Circuit, which ruled that Greenberg had no legal right to challenge the bailout because that right belonged to AIG, which in this case, chose not to sue.

This transaction, AIG argued, prevented them from recouping losses from insured banks. On May 7, , Los Angeles U. From Wikipedia, the free encyclopedia. For other uses, see AIG disambiguation. Operating income. Net income.

Further information: Subprime mortgage crisis and Financial crisis of — Main article: Holdings of American International Group. Companies portal. September 18, Retrieved August 9, Securities and Exchange Commission. February 21, Retrieved July 26, December 31, Archived from the original PDF on March 29, Retrieved March 3, Retrieved September 25, Wall Street Journal. Insurance Journal. September 25, Retrieved September 26, Retrieved August 1, Retrieved March 15, Item 6.

Financial Crisis Inquiry Report. Department of Treasury. Retrieved February 6, July 8, Bloomberg Businessweek. Retrieved February 21, February 18, Company profile. New York: Thomson Reuters. Archived from the original on February 20, Retrieved March 18, BBC News.

September 17, Archived from the original on March 20, Part 1: Complete Files for Publisher's Note. Adam Matthew Publications. Archived from the original on October 13, Business Insurance. April 12, Insurance Day. Insurance Advocate. December 17, The AIG Story. Retrieved March 7, The New York Times. August 21, Retrieved June 25, August 30, Business Line Internet Edition.

February 11, March 2, Sheds Stake in Blackstone". Retrieved December 28, The Moscow Times. Retrieved February 13, November 24, Archived from the original on August 29, Retrieved September 18, NBC News. Retrieved July 11, The Seattle Times. Retrieved May 22, Archived from the original on November 5, Archived from the original on April 30, Retrieved September 17, Greenberg and Lawrence A. Los Angeles Times. September 28, November 26, Archived from the original on December 20,