Swiss Re selling its Admin Re business in the U.S. | www.Artemis ...

Reinsurer Swiss Re has announced that it is going to sell off its U.S. Admin Re? business for $600m in cash as it seeks to unlock capital that is tied up in it. Total cash proceeds from the sale will be $900m after a pre-closing dividend. Admin Re provides risk and capital management solutions by which Swiss Re assumes closed books of in-force life and health insurance business, entire lines of business, or the entire capital stock of life insurance companies.

The deal see?s Swiss Re sell their Admin Re holding company, Reassure America Life Insurance Company (REALIC), to Jackson National Life Insurance who interestingly are owned by longevity risk transfer stalwart Prudential. The deal is expected to close in the second half of the year and remains subject to regulatory approval. Swiss Re says that it will retain certain books of business.

Swiss Re Executive Committee Member and Chairman of Admin?Re David?Blumer said; ?After conducting a thorough review of the Admin Re portfolio and evaluating the level of capital allocated to the Admin?Re US business, we concluded that we should redeploy the capital in other parts of our business.?

Swiss Re Group Chief Executive Michel M. Li?s says: ?We consistently said the Group?s 2011-2015 financial targets are our top priority. Redeploying the funds freed up through this transaction within the Swiss Re Group will have a beneficial impact on all three of our financial targets in the future, that is to say return on equity, earnings per share and economic net worth growth.?

Swiss Re intend to continue their Admin Re business in the UK and continental Europe where it says they see more opportunity, attractive growth potential, more active insurance deal-flow and higher profit potential.

?Swiss Re is committed to being a recognised force in the closed life book business through the Admin Re Business Unit. By executing transactions in select markets that meet our strict hurdle rates, Admin?Re can continue to extend its global market presence, while further strengthening its class-leading asset and capital management disciplines,? said Michel?M.?Li?s.

Europe is definitely where the opportunity is for taking on large books of life and health business right now. It will be interesting to see whether a renewed focus on Admin Re business in Europe could lead to Swiss Re turning to the capital markets for risk transfer again as the Admin Re business model involves them assuming significant life insurance, longevity and mortality risks which could be offloaded via insurance-linked securities.

Tagged as: admin re, life insurance, life insurance-linked securities, longevity, mortality, swiss re

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Between spring and autumn lies a season full of frolic, warmth, and sunshine. It's the perfect time for the beach, pool parties, outdoor sports, and family bonding. It's fairly obvious that we're talking about summer.

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Fine colors and irregular shapes of a sea glass can add more beauty to a window replacement New Jersey contractors install. Specifically for bay windows, you can display your collection of sea glass by putting them inside mason jars and setting them in a row. Make sure that your arrangement can capture the sunlight well to make a lovely reflection.

To highlight your New Jersey window replacement summer embellishments, you can add trays of sand, candle, or white sparkling lights to provide a gentle light and sentimental feel. Imagine how exquisite your little project will look like at night. If you want to read more about summer decorating ideas, you may visit voices.yahoo.com for related articles.

If you have questions, please visit us at www.AdvancedRoofingSys.com for complete details and answers.

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Academic elites migrate to 'green cities' in increasing numbers

Recent studies suggest a divergence is occurring in average human capital levels across US cities, a path dependence story that college graduates want to live and work near others like them while also creating so-called "green" high amenity cities.

By Matthew Kahn,?Guest blogger / May 31, 2012

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The NY Times has a nice piece that quotes Glaeser and Moretti about the recent divergence in average human capital levels across US cities. To quote the article:

Skip to next paragraph Matthew Kahn

Mathew is an economics professor at UCLA and has written three books: Green Cities (Brookings Institution Press); Heroes and Cowards (Princeton University Press, jointly with Dora L. Costa); and in fall 2010, Climatopolis: How Our Cities Will Thrive in the Hotter World (Basic Books).

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"The winners are metro areas like Raleigh, N.C., San Francisco and Stamford, Conn., where more than 40 percent of the population has a college degree. The Raleigh area has a booming technology sector in the Research Triangle Park and several major research universities; San Francisco has been a magnet for college graduates for decades; and metropolitan Stamford draws highly educated workers from white-collar professions in New York like finance.

Metro areas like Bakersfield, Calif., Lakeland, Fla., and Youngstown, Ohio, where less than a fifth of the population has a college degree, are being left behind. The divide shows signs of widening as college graduates gravitate to places with a lot of other college graduates and the atmosphere that creates."

So, the authors are telling a path dependence story that college graduates want to live and work near others like them perhaps due to marriage markets and shopping and restaurant opportunities (see the work of Joel Waldfogel).

I would add that where the educated concentrate become "green" high amenity cities. Some of these places are exogenously great such as San Francisco but in other cases when the skilled concentrate in an area they vote for regulations and policies that endogenously boost the area's local public goods. ?Public schools in highly educated areas are likely to be of higher quality and the non-market local quality of life such as crime, pollution, green space are all likely to be nicer. ?

London used to be nasty before 1960 and made a transition to being a highly educated green city. ?Boston, NYC and Chicago have made a similar transition. ? Rents are higher in these cities and this pricing differential self selects people with money and or people with a taste for these amenities who are willing to sacrifice other consumption to live there.

The NY Times article does not explain why it matters if the U.S cities segregate by educational level. I would guess that the editors would claim that the social fabric of the nation would be stronger if people from different groups interacted more but is this true? ?Did it ever happen?

The article hints that college educated workers offer a positive spillover to those communities that attract them. Enrico Moretti's work has measured these effects in terms of how much higher are high school graduates' wages in cities with a larger % of college graduates living there. ?If the Mayors of Bakersfield and Lakeland know this, why don't they offer amenities and services to attract such individuals to move there?

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