Sorry for the lull. Our latest work, and this was always the plan, has been on the wider issue of specialist insurers who make excessive use of the Matching Adjustment ‘benefit’ to create capital, both statutory and regulatory, on their balance sheet.
The recent High Court judgment which blocked the proposed transfer of annuities from Prudential to Rothesay was welcome to us, but came as a surprise, and raised legal questions about what we can publish while the judgment is under appeal.
We hope to say something next week, so stay tuned.