Alexandre Rajbhandari

State Farm Sued Over Policies Backed by Distressed Insurer PHL State Farm Mutual Automobile Insurance Co. faces a lawsuit accusing it of fraud and unjust enrichment for selling products from PHL Variable Insurance Co., which authorities say has a $2.2 billion cap...

New development in the PHL saga: State Farm faces a lawsuit accusing it of fraud and unjust enrichment for selling PHL products

www.bloomberg.com/news/article...

JOIN US TODAY: Do you know where your life insurance money is? As private equity firms take control, they're charting a new Wall Street playbook for your retirement.

Bloomberg journalists answer your questions on Nov. 21 at 11 a.m. EST. Stream the Live Q&A here: bloom.bg/3LQxFgh

Private Equity's $700 Billion Insurance Invasion Brings New Risks for Retirees The retirement accounts and life insurance policies of the average American fueled massive returns. Now experts say the systemic risks are too big to ignore.

Day 4 (and last one!) of our series this week on Wall Street's insurance playbook.

Today I'm looking at how private equity's $700 billion takeover on US life insurance is sparking fears of systemic risk.

www.bloomberg.com/features/202...

How Americans’ Nest Eggs Built a Private Equity Loan Revolution Cash-hungry private equity firms are borrowing from insurers willing to expose themselves to potentially hard-to-sell assets

www.bloomberg.com/features/202...

Today, @laura-benitez.bsky.social and Scott Carpenter are looking at how the retirement savings of ordinary Americans are used to provide a lifeline to private equity funds, in the form of an esoteric type of financing: NAV loans.

Day 3 of our series on how Wall Street is transforming the US life insurance industry.

Thanks Ian!

When Wall Street’s Insurance Playbook Goes Wrong Almost a decade after a private equity firm began reshaping a struggling life insurer, authorities are grappling with a $2.2 billion shortfall. Policyholders fear life-changing losses.

I've spoken with policyholders who are fearing life-changing losses.

www.bloomberg.com/features/202...

Today, we're looking at the story of PHL Variable Insurance Company – a cautionary tale of what can go wrong when private equity expands into life insurance. Almost a decade after its takeover, authorities estimate the entity is facing a $2.2 billion shortfall.

Day 2 of @bloomberg.com's series on how Wall Street is reshaping the world of US life insurance.

How Apollo Turned Americans’ Nest Eggs Into Wall Street’s Hottest Trade Apollo’s widely copied playbook is shepherding billions to Bermuda affiliates, losing US guarantees

Link to the story from Tom Schoenberg, Weihua Li
and myself below

bloomberg.com/graphics/202...

Today, we're looking at how #privateequity firms and other alternative asset managers are reshaping the once-staid world of life insurance, shepherding hundreds of billions of dollars to #Bermuda entities that lose US protections while making opaque, complex bets.

This week, @bloomberg.com is running a series of stories on how the US retirement promise has been quietly rewritten by #WallStreet.

Over 3,000 Private Credit Deals From Just 20 Analysts Raise Questions on Wall Street A tiny ratings firm says it’s the market's most prolific grader of private credit. Industry insiders worry trouble is brewing.

In 2024, Egan-Jones says it graded more than 3,000 private credit deals… with a team of about 20 analysts. Industry insiders worry trouble is brewing.

Read our Big Take, by Silas Brown, @laura-benitez.bsky.social and myself below.

www.bloomberg.com/news/article...

Chubb CEO Calls for US Policy Coherence to Stop Tariff Confusion Chubb Ltd. Chief Executive Officer Evan Greenberg called for a “coherence of policy” to dispel confusion around President Donald Trump’s approach to trade, saying predictability is essential for econo...

Chubb CEO Evan Greenberg called for a “coherence of policy” to dispel confusion around President Donald Trump’s approach to trade, saying predictability is essential for economic growth.

www.bloomberg.com/news/article...

Buffett’s Berkshire Weathers Tariff-Fueled Stock-Market Selloff Berkshire Hathaway Inc.’s stock sailed through a turbulent trading session Thursday, falling only slightly while indexes across the globe plummeted on President Donald Trump’s sweeping tariff plans.

Berkshire Hathaway’s stock sailed through a turbulent trading session Thursday, falling only slightly while indexes across the globe plummeted on President Donald Trump’s sweeping tariff plans.

Here's why

www.bloomberg.com/news/article...

Cayman Islands Builds $74 Billion Insurance Hub That Irks Apollo The small crowd in pastel polo shirts and sunglasses boarded the catamaran for an afternoon cruise on the Caribbean’s sapphire waters. Tucked under their drinks were napkins emblazoned with a slogan a...

There's a new exotic destination for US life insurers looking for capital relief: the Cayman Islands.

Not everyone is happy about it.

www.bloomberg.com/news/article...

AIG Plans Major Boost in Investment Portfolio to Private Credit American International Group Inc. plans to increase its allocation to private assets as the insurer aims to grow its net investment income, with the biggest boost going to private credit.

AIG plans to increase its allocation to private assets as the insurer aims to grow its net investment income, with the biggest boost going to private credit.

www.bloomberg.com/news/article...

Buffett Sold More BofA Stock While Keeping Apple Stake Intact Warren Buffett’s Berkshire Hathaway Inc. continued whittling a longtime bet on Bank of America Corp. in last year’s final months, while keeping a stake in Apple Inc. intact following an earlier reduct...

Warren Buffett’s Berkshire Hathaway continued whittling a longtime bet on Bank of America in last year’s final months, while keeping a stake in Apple intact following an earlier reduction.

www.bloomberg.com/news/article...

As the fires rage on, the disaster threatens the fragile balance between climate risk & insurance in California

This is our weekend Big Take @bloomberg.com

By @leslieatlarge.bsky.social @laurenthal.bsky.social @michellema.bsky.social @alexrajbhandari.bsky.social

www.bloomberg.com/graphics/202...

California Bans Insurance Cancellation in LA Fire-Affected Areas California banned insurers from canceling or not renewing residential property policies in the Los Angeles neighborhoods that were affected by the blazes that destroyed swaths of the city this week.

California banned insurers from canceling or not renewing residential property policies in the Los Angeles neighborhoods that were affected by the blazes that destroyed swaths of the city this week.

www.bloomberg.com/news/article...

LA Wildfire Costs Double to $20 Billion Overnight for Insurers The potential cost for insurers of the devastation caused by the Los Angeles wildfires is now expected to surpass $20 billion, according to analysts at JPMorgan Chase & Co., doubling their estimat...

The potential cost for insurers of the devastation caused by the Los Angeles wildfires is now expected to surpass $20 billion, according to analysts at JPMorgan Chase & Co., doubling their estimate from just a day before.

www.bloomberg.com/news/article...

Los Angeles Wildfires’ Insured Losses Risk Exceeding $10 Billion Wildfires engulfing entire swaths of Los Angeles are expected to be one of the nation’s costliest natural disasters, with insurers potentially incurring losses of more than $10 billion.

Wildfires engulfing entire swaths of Los Angeles are expected to be one of the nation’s costliest natural disasters, with insurers potentially incurring losses of more than $10 billion.

www.bloomberg.com/news/article...

Boehly’s Insurer Reaps Gains and Doubts From Loans to His Firms Private equity firms have become enamored with insurance and the stable money it provides for credit bets. Todd Boehly is taking it a step further with Security Benefit Life Insurance Co.

Link to the story, with
@allisonmcneely.bsky.social

www.bloomberg.com/news/article...

This, as well as investments in structured credit and lower rated bonds, allows the firm the reap peer-beating returns.

But the strategy stands out, sparking concerns across the industry and among regulators.

The insurer had $11.8 billion invested in collateral loans to affiliated entities last year.

Private equity firms have become enamored with insurance and the stable money it provides for credit bets. Todd Boehly is taking it a step further with
Security Benefit, investing in loans... to his own firms.

Boehly’s Insurer Reaps Gains and Doubts From Loans to His Firms Private equity firms have become enamored with insurance and the stable money it provides for credit bets. Todd Boehly is taking it a step further with Security Benefit Life Insurance Co.

Todd Boehly's Security Benefit Life has produced market-leading returns through a strategy of investing in loans to affiliated companies. But that strategy has raised concerns in some corners of the life insurance industry. Latest, with @alexrajbhandari.bsky.social. www.bloomberg.com/news/article...

New York Considers Making Property Insurers Cover Taxi Claims Losses New York is considering asking property and casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans.

Scoop: #NewYork is considering asking property and casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans.

www.bloomberg.com/news/article...

HSBC Raised Fraud Alarm That Sparked Collapse of Fintech Stenn A finance firm backed by several influential Wall Street investors collapsed last week after HSBC Holdings Plc discovered some of the company’s transactions may have been fraudulent.

Stenn, a supply-chain finance firm backed by Wall St. giants, collapsed after HSBC found multiple potentially fraudulent transactions.

www.bloomberg.com/news/articles/2024-12-10/hsbc-raised-fraud-alarm-that-sparked-collapse-of-fintech-stenn