UBS Warns of Systemic Risk From Weak US Insurance Regulation
UBS Group AG’s chairman warned against looming risks in the US insurance industry, citing weak and complex regulations amid an unprecedented boom in private financing.
We’re beginning to see huge rating agency arbitrage in the insurance business... In 2007, subprime was all about rating agency arbitrage. What you see now is a massive growth in small rating agencies ticking the box for compliance of investment.
Chairman Colm Kelleher made these comments at the Hong Kong Monetary Authority’s Global Financial Leaders’ Investment Summit on Tuesday.
- US life insurers have increased private debt investments over the past few years.
- They have allocated close to one-third of their $5 trillion in assets to private debt.
Author's summary: UBS chairman warns of systemic risk in US insurance industry.
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