Lightnews — Scholar-powered news

Home insurers’ latest trick: stealth increasing your deductible

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Lee Harris @leeharris.ft.com · 12d

“It’s like when they took away free bags on airlines — it took a number of years for customers to accept it”. How US home insurers have changed the fine print on policies, paring back their losses & boosting a recent jump in profits on.ft.com/4872W7M

[FREE TO READ] Millions of Americans are being hit by tighter policy terms from groups including Progressive, State Farm and Travelers

US lifeline for Argentina relies on IMF backstop, say analysts

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Reposted by Lee Harris

Joseph Cotterill @jsphctrl.ft.com · 16d

Speaking of throwing good money after bad, here's one I did earlier on why the US backstop for Argentina is really an IMF backstop for Argentina, when 46% of total IMF GRA credit outstanding is already, well, Argentina. www.ft.com/content/75d6...

Trump administration’s $20bn swap line threatens to load even more debt on to struggling South American country

Korean companies admit cutting corners on US visas but say they have little choice

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Reposted by Lee Harris

Ian Smith @iankmsmith.ft.com · 19d

49. textbook stuff here, nice work everyone

@leeharris.ft.com on the weird and wonderful world of cyber insurance. as usual, even if you have it, you may not have it
www.ft.com/content/84da...

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Joseph Cotterill @jsphctrl.ft.com · Sep 8

“South Korean companies have routinely used unsuitable visas for workers sent to the US to build multibillion-dollar advanced manufacturing sites, according to Seoul-based executives and industry groups,“ as the US failed to facilitate short-term work visas despite a FTA. www.ft.com/content/c677...

US is ‘two-faced’ in pushing Korea to complete multibillion dollar projects on time but refusing to facilitate necessary work documents

The niche debt tool at the heart of Apollo’s private credit machine

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Reposted by Lee Harris

Robin Wigglesworth @robinwigglesworth.ft.com · Sep 15

“It’s a way for insurers to monetise good credit ratings.” 👀 on.ft.com/46CguXE

How Apollo’s in-house insurer has raised capital to fund the group’s lending, without turning to policyholders

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Lee Harris @leeharris.ft.com · Sep 2

Thanks ‪@matt-levine.bsky.social‬ for featuring the story in Money Stuff :)

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Lee Harris @leeharris.ft.com · Sep 2

Munich Re also criticized cat bond investors for being super selective, only taking on the most statistically improbable risks. By contrast, when it does this with its own clients, it’s to ensure prices stay high enough to earn a healthy profit, Munich Re told me:

Retail investors fight for right to bet on natural disasters

Lee Harris @leeharris.ft.com · Sep 2

The world’s biggest reinsurer has warned that the growth of private investment in cat bonds could raise volatility in insurance markets, if hedge funds + other private investors suddenly pulled out. My story: on.ft.com/47piXpb

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Todd Tucker @toddntucker.com · Aug 19

On the fight for easier access to CATASTROPHE BONDS!

It's 2025: Bet on natural disasters for your retirement security.

From @leeharris.ft.com @emdunks.bsky.social.
www.ft.com/content/82c7...

Asset managers push back against an EU attempt to curb access to fast-growing market for catastrophe bonds

Selling Zohran | Defector

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Reposted by Lee Harris

Kyle Chayka @chaykak.bsky.social · Aug 18

the details about the Wong Kar Wai /Christopher Doyle inspo and the naturalistic sound editing are so fascinating

Corey Atad @coreyatad.com · Aug 18

"Listen, we're not on a studio set. We're not on the backlot at Sony. We're in New York City, and it's going to feel like it."

for @defector.com, i talked to the team behind @zohrankmamdani.bsky.social's campaign videos to learn their secrets (see: a lot of sincerity; and a dash of Tim & Eric)

On a cool Sunday in November, a few days after Donald Trump’s re-election, Zohran Mamdani stood on a street corner in Jamaica, Queens, holding up a hastily drawn cardboard sign that read “DID YOU VOTE...

defector.com

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Lee Harris @leeharris.ft.com · Aug 18

Apollo has hit back against criticism of the close ties between its asset management arm and in-house insurer in an investor filing that instead points the finger at its chief rivals. Story: on.ft.com/3Uuo8g1

Apollo’s insurer points finger at rivals over potential conflicts

[FREE TO READ] US life insurers’ related party assets have come under scrutiny as private equity has piled into the sector

Aon sued for alleged fraud linked to credit insurance for start-ups

Lee Harris @leeharris.ft.com · Aug 14

Credit insurance once meant a policy that would pay out if a banana shipment didn’t show up. It has come to mean whizzy financial engineering, from shifting capital off banks' balance sheets to helping startups raise cash. New lawsuit sheds some light:
www.ft.com/content/8891...

Lawsuit representing AI business Vesttoo sheds light on push by insurance broker into growing market

Brookfield strikes £2.4bn deal to buy London-listed insurer Just Group

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Lee Harris @leeharris.ft.com · Aug 7

Interesting new study from NY Fed compares how lenders treat unmapped flood risk (due to FEMA’s outdated maps). Big banks are lending less and charging more in risky areas. Non-banks and local banks are still originating the loans but then securitizing or moving them off their balance sheet

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Reposted by Lee Harris

Ian Smith @iankmsmith.ft.com · Jul 31

Brookfield's way in to the UK retirement market: start a new insurer AND buy one

Also, after Apollo's Athora/PIC, the North American private capital groups are really in town... to invest your pension

@leeharris.ft.com reports
www.ft.com/content/f460...

Chancellor Rachel Reeves welcomes deal amid concerns over UK stock market departures

Insurance veteran launches fund to combat asset managers chasing fees at insurers’ expense

Lee Harris @leeharris.ft.com · Jul 21

A senior industry figure has accused asset managers of chasing fees at insurers’ expense, as he launches a contrarian fund he says will do things differently: on.ft.com/44FFoop

[FREE TO READ] Former American Equity Insurance Life boss Anant Bhalla launches private assets investment fund with different fee model

Investors hitting ‘limit’ for insuring against UK floods, warns Flood Re chief

Lee Harris @leeharris.ft.com · Jul 21

Sat down with the new boss of Flood Re to discuss his concerns that the national flood reinsurer is not on track to wind down by its deadline — and why, despite recently issuing a catastrophe bond, he is pricing in stubbornly high reinsurance costs: on.ft.com/3IFcUmg

[FREE TO READ] CEO of reinsurer says exposure to risks is now ‘worse’ than when the scheme started in 2016

US liability insurance on verge of ‘breakdown’ from tide of claims

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Reposted by Lee Harris

Ian Smith @iankmsmith.ft.com · Jun 25

“It won’t be a question of how much you’re willing to pay — the cover won’t be available"

Everest CEO Jim Williamson speaking to me at this year's FT Global Insurance Summit about a creaking US casualty insurance market

Important story from @leeharris.ft.com

www.ft.com/content/5ff1...

Insurers say companies could struggle to obtain cover for harms to workers and consumers

Burford Capital accuses Chubb of abusing market power in litigation funding spat

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Lee Harris @leeharris.ft.com · May 27

“It would be a little bit like an insurance executive coming along and saying, ‘I don’t want any more development in my neighbourhood, so we’re going to not write any new construction or homeowners policies in my neighbourhood’”

on.ft.com/4jmZgAQ

[FREE TO READ] Head of biggest funder hits back after Chubb chief urged peers to cut ties with sector

Legal & General merges divisions and cuts jobs across asset management

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Lee Harris @leeharris.ft.com · May 27

NEW: The boss of the world’s biggest litigation funder has accused Chubb of abusing its market power, after the insurer said it would freeze out lawyers, bankers and asset managers who worked with the sector

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Lee Harris @leeharris.ft.com · May 24

>Insurance regulator: Small credit rating agencies like Kroll are giving higher scores to private credit, vs bigger groups like Fitch
>Fitch calls attention to this
>Regulator retracts the study
>JPM note warns of “potential ratings inflation” in private credit 👀

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Reposted by Lee Harris

Emma Dunkley @emdunks.bsky.social · May 23

Excl: L&G, one of Europe’s largest asset managers, is merging divisions and cutting jobs in an attempt to slash costs and focus on faster-growing markets www.ft.com/content/7df4... with @leeharris.ft.com

Move comes amid FTSE 100 company’s wider restructuring in push to acquire more private assets

US life insurers’ offshore reinsurance liabilities breach $1tn

Reposted by Lee Harris

Ian Smith @iankmsmith.ft.com · May 21

US friends, $1tn of your life and annuity liabilities have been offshored through reinsurance deals, assets going too. This is a lot. Important story from @leeharris.ft.com
www.ft.com/content/d0a5...

More than $130bn of liabilities offloaded in 2024 despite regulatory concerns