Utah orders A-Cap insurers to cease new business after 777 debacle

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Financial Times 1d ago

Utah orders A-Cap insurers to cease new business after 777 debacle - Financial Times

Quick Summary:

Such public measures can create strains on insurers, by stemming the inflow of cash and potentially unsettling policyholders, who can withdraw funds subject to penalties.

The order cited analysis of lending to 777 entities forecast to be significantly impaired, such as loans to the Canadian budget airline Flair where recoveries are expected to be “approximately zero to eleven cents on the dollar”.

In April, regulators in both states moved to force those companies to reduce their exposure to 777, which had exceeded regulatory limits, in a process that allowed the insurers to continue to accept money from new customers.