In this episode of The Standard Formula, host Robert Chaplin and Skadden colleague Theo Charalambous provide a high-level refresher on Solvency II, Solvency UK and relevant recent developments as part of Skadden’s year-long podcast series on global prudential solvency requirements. The hosts detail both regimes and relevant topics, including the Matching Adjustment Accelerator (MAIA), enhanced liquidity reporting requirements, and new exit planning obligations for Solvency UK that represent a shift away from Solvency II toward a U.K.-focused approach.

Name: Robert Chaplin

Title: Partner, Insurance at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

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Name: Theo Charalambous

What he does: Theo counsels insurers, brokers and private equity sponsors on mergers and acquisitions, disposals, investments, reorganizations, alternative transaction structures and multijurisdictional regulatory matters.

Organization: Skadden

Words of wisdom: “In the U.K., the PRA requires that insurers’ investment strategies should be aligned with its investment objectives and asset allocation, the board's risk appetite, risk tolerance limits, investment risk-return objectives, as well as alignment of the investment strategy with its business model.”

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The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.

India has emerged as the 10th-largest insurance market in the world by total premium volume, yet its insurance penetration level sits around 3%-4%, well below the global average of 7%. In the eighth episode of Skadden's year-long podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Anika Goodfellow explore the country’s evolving insurance regulatory landscape and outline its goal of transforming the sector to allow for companies to more easily conduct business.

Name: Robert Chaplin

Title: Partner, Insurance at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

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Name: Anika Goodfellow

What she does: Anika has extensive experience advising reinsurers, brokerages, asset managers and financial sponsors on a wide range of transactions, including U.K., cross-border and global mergers and acquisitions, disposals, investments, carve-outs, consortium deals and group restructurings.

Organization: Skadden

Words of wisdom: “The insurance sector in India is shifting toward a risk-based capital, or RBC, regime. This is part of IRDA's “Insurance for All by 2047” initiative to bring the Indian insurance industry in line with international standards and to catch up with India's payers in North America and Europe.”

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The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.

China's insurance market has emerged as the second-largest in the world and is on pace to become the largest worldwide by the 2030s. In the seventh episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and Skadden colleague Feargal Ryan explore China's regulatory transformation from a centralized state monopoly to a sophisticated risk-based system. They highlight the establishment of the National Financial Regulatory Administration, the implementation of the China Risk-Oriented Solvency System (C-ROSS) and Shanghai’s recent growth as an international reinsurance hub.

Name: Robert Chaplin

Title: Partner, Insurance at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

Connect: LinkedIn

Name: Feargal Ryan

What he does: Feargal is a counsel in Skadden’s Financial Institutions and Insurance groups. He advises on a wide range of insurance-related transactions, as well as regulatory issues in the insurance sector.

Organization: Skadden

Words of wisdom: “Despite the delayed start, China's insurance market has grown rapidly and is the second-largest insurance market globally in terms of total premium volume following only the United States. It is predicted to become the largest market globally by the mid-2030s. In 2024, China recorded a total insurance premium income of 5.7 trillion Chinese Yuan, equivalent to approximately US$794 billion, which is an 11.15% year-on-year increase. China is home to approximately 10% of the world's global insurance activities. The Chinese market serves as a unique opportunity for foreign insurers, especially considering the size of its population, demographics, and the rapid economic development throughout recent decades.”

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In the latest episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Rob Chaplin and colleague Chiara Iorizzo explore regulatory capital in the United States, one of the largest insurance markets in the world. They discuss how the insurance industry is regulated across the country, as well as how the National Association of Insurance Commissioners operates and interacts with state-level regulators. They also review how solvency capital is calculated in the U.S. and how companies licensed in multiple states must adhere to relevant laws in each jurisdiction, among other topics.

Name: Robert Chaplin

Title: Partner, Insurance at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

Connect: LinkedIn

Name: Chiara Iorizzo

What she does: Chiara is an associate in Skadden's Financial Institutions Group who is admitted to practice in England & Wales and in New York.

Organization: Skadden

Words of wisdom: “Each insurance company is domiciled in one state, subject to certain exceptions where an insurer can be deemed to be commercially domiciled in a second state. While insurers are primarily regulated by the domiciliary regulator, they're also subject to the laws of each and every state where they're licensed.”

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The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.

The Middle East insurance market is expected to grow significantly as a hub over the next several years, with predicted growth of almost 29% by 2028. In the fifth episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Caroline Jaffer explore the regulatory landscape in the UAE, Saudi Arabia, Qatar, Bahrain and Oman. During the discussion, Mr. Chaplin and Ms. Jaffer explore the state of the Middle East insurance sector, including “financial free zones,” capital requirements, solvency margins and the growing influence of international standards in the region's evolving insurance markets.

Name: Robert Chaplin

Title: Partner, Insurance at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

Connect: LinkedIn

Name: Caroline Jaffer

What she does: Caroline has extensive experience working on insurance matters and liaising with regulators in both the U.K. and internationally, having practised in the U.K. and the Middle East.

Organization: Skadden

Words of wisdom: “There are more than 50 free zones in the UAE, which have been designed to attract investment into the country into their designated sectors by, for example, permitting 100% foreign ownership.”

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The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.

In the fourth episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and associate James Pickstock explore the Cayman Islands' insurance regulatory landscape. As the second-largest jurisdiction for captives and a significant player in reinsurance markets, the Cayman Islands provides insurers with the ability to design a bespoke capital, investment and resourcing model that is right for individual companies’ needs, making it an attractive market for insurers. Rob and James discuss the Cayman Islands’ insurance history, regulatory classifications, solvency capital requirements and investment rules. They also examine how the jurisdiction aligns closer to the U.S. solvency regime as opposed to Solvency II standards.

Name: Robert Chaplin

Title: Partner, Insurance at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

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Name: James Pickstock

What he does: Based in London, James is an associate in Skadden’s Financial Institutions Group.

Organization: Skadden

Words of wisdom: "A key takeaway is that it is essential for each insurer to assess the suitability of the jurisdiction within the context of their own business and the risks they underwrite."

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The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.

In the third episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Annabel Smethurst discuss Japan's insurance and regulatory landscape. As the world's fourth-largest insurance market, Japan has become increasingly attractive to foreign insurers due to its mature market, aging population and ongoing regulatory reforms. Rob and Annabel explore Japan's regulatory framework, its evolution from the "financial Big Bang" of the 1990s and the flourishing reinsurance sector that has emerged as the country aligns with international standards such as Solvency II and the Insurance Capital Standard (ICS).

Name: Robert Chaplin

Title: Partner, Insurance at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

Connect: LinkedIn

Name: Annabel Smethurst

What she does: Annabel advises on insurance transactions and regulatory matters, with particular experience in the restructuring of insurance businesses and Solvency II implementation.

Organization: Skadden

Words of wisdom: "Japan's insurance market is becoming increasingly attractive to overseas insurers due to ongoing regulatory reforms aimed at improving financial stability and aligning Japan with international standards."

Connect: LinkedIn

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☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app.

The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.

In the second episode in Skadden’s yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Abraham Alheyali discuss the regulatory regime in Bermuda, a global center for insurance and reinsurance. More than 30 major firms underwrite from the country, and it is the largest supplier of catastrophe reinsurance to U.S. insurers. Rob and Abraham discuss the Bermuda Monetary Authority’s (BMA’s) regulatory approach toward different types of insurers and reinsurers, the four key concepts in Bermuda’s prudential regime, various requirements for capital holdings and investments, and how the insurance industry’s growth and increasing sophistication will likely lead to future regulatory changes.

Top takeaways from this episode

• The History of Insurance in Bermuda: More than 30 major international insurance and reinsurance firms underwrite from Bermuda, making it a global center in the industry, known for its innovative, business-friendly and entrepreneurial approach.
• Key Concepts: The episode breaks down the Bermuda solvency regime’s four key concepts: the Minimum Margin of Solvency, the Bermuda Solvency Capital Requirement, the Enhanced Capital Requirement and the Target Capital Level.
• Private Equity Insurers: The Bermudian market has experienced significant involvement from private equity and alternative asset manager-backed (re)insurers. This trend is expected to continue as Bermuda has emerged as a favored jurisdiction for PE-owned insurers due to a combination of regulatory flexibility, strategic location, and a robust financial ecosystem.
• Regulatory Changes: With the market's growth and increasing sophistication, the episode covers potential regulatory evolution ahead as the BMA adapts to new challenges.

Name: Robert Chaplin

Title: Europe Head, Financial Institutions at Skadden

Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

Connect: LinkedIn

Name: Abraham Alheyali

What he does: Abraham is a London-based associate in Skadden’s Financial Institutions Group. He has experience working on a wide variety of matters, including transactions involving private equity sponsors.

Organization: Skadden

Words of wisdom: “Along with being highly regarded from a regulatory perspective, Bermuda’s favorable tax regime allows reinsurers to operate with greater capital efficiency. The island’s history of innovation in insurance markets — along with the ease of doing business there — also makes it a popular jurisdiction.”

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