It looks like you're located in United States. Please select your role or change location. highlight_off
Institutions / Consultants I consult or invest on behalf of Institutions chevron_right Intermediaries / Wealth Managers I invest on behalf of my clients. chevron_right

Wellington Homepage

Changechevron_right
highlight_off

Thank you for your registration

You will shortly receive an email with your unique link to our preference center.

Wellington Alternative Investments

...

Contact us

Insurance Multi-asset Regulatory FRM Program Insurance Quick Takes Asset allocation Americas Multi-Asset solutions Multi-Asset qualifier Balance sheet Video

Insurance Quick Takes: Navigating the Principles-Based Bond Definition Project

Tim Antonelli, CAIA, CFA, FRM, SCR, Head of Multi-Asset Strategy – Insurance
October 2024
6 min view
2025-10-31
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
1271246974

The views expressed are those of the speaker at the time of filming. Other teams may hold different views and make different investment decisions. The value of your investment may become worth more or less than at the time of original investment. While any third-party data used is considered reliable, its accuracy is not guaranteed. For professional, institutional, oraccredited investors only.

View More

As we near the 1 January 2025 “go-live” date of the NAIC’s Principles-Based Bond Definition (PBBD), US insurers are grappling with classification methodologies, operational needs, and monitoring and reporting processes. In our latest Insurance Quick Take, Tim Antonelli aims to help US insurers navigate the change ahead with thoughts on the rationale behind the PBBD, its implications, and the operational challenges. He emphasizes the importance of transparency, due diligence, and accurate classification of investments.

View More

Key points:

  • The impact on reporting requirements, including the burden to maintain documentation
  • Bright-line tests for meaningful cash flow and variable interest adjustments
  • The significance of having a view on what constitutes substantive credit enhancement and meaningful cash flow in debt servicing
  • Reporting positions on Schedule D1 and D1 Part 2, and the implications for asset-backed securities
  • The reclassification of certain structures, such as principal-protected notes and structured notes
  • The potential impact on risk capital charges and the importance of SVO ratings for life insurers
View More
Current Time 0:00
Duration 5:59
Loaded: 0%
Stream Type LIVE
Remaining Time 5:59
 
1x
    • Chapters
    • descriptions off, selected
    • en (Main), selected

    View more insurance insights from Tim

    View More

    Expert

    Related insights

    Showing 4 of 4 Insights Posts
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

    Still climbing, just slower

     Continue reading

    By

    Alyssa Irving

    Amar Reganti

    event July 2025
    15 min
    Article
    2026-07-31
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

    Loans from Federal Home Loan Banks: An opportunity for US insurers to enhance investment yield and total return

     Continue reading

    By

    Abigail Clare

    event June 2025
    18 min
    Whitepaper
    2026-06-30
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

    Tariff wars: The yield awakens

     Continue reading

    By

    Amar Reganti

    Alyssa Irving

    event April 2025
    15 min
    Article
    2026-04-30
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

    Insurance Quick Takes: Positioning portfolios for what’s next in private credit

     Continue reading

    By

    Tim Antonelli, CAIA, CFA, FRM, SCR

    event March 2025
    8 min
    Video
    2026-03-31
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
    4 LOAD {count} MORE

    URL References

    Related Insights

    Stay up to date with the latest market insights and our point of view.

    highlight_off

    Thank you for your registration

    You will shortly receive an email with your unique link to our preference center

    Read next

    Showing 4 of 4 Insights Posts
    multi asset outlook
    Insurance Macro and market Asset allocation FRM Program Insurance Asset Allocation Outlook Multi-asset Article
    Archived info

    Still climbing, just slower

    Members of our Insurance team share the key themes behind their cautiously optimistic outlook for the second half of 2025 and the implications for reserve-backing and surplus fixed income, as well as other major asset classes.

    Continue reading

    By

    Alyssa Irving

    Amar Reganti

    event July 2025
    15 min
    Article
    2026-07-31
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
    big-building-bank-509120228-1500x410.jpg
    Fixed income Insurance Portfolio strategy Whitepaper
    Archived info

    Loans from Federal Home Loan Banks: An opportunity for US insurers to enhance investment yield and total return

    Learn why we believe FHLB loans provide compelling potential for insurers to add alpha or increase yield by borrowing at low rates and benefitting from possible favorable treatment by ratings agencies. In addition, explore examples of customized investment solutions that have the potential to capitalize on these advantages.

    Continue reading

    By

    Abigail Clare

    event June 2025
    18 min
    Whitepaper
    2026-06-30
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
    multi asset outlook
    Insurance Macro and market Tactical allocation FRM Program Insurance Asset Allocation Outlook Article
    Archived info

    Tariff wars: The yield awakens

    Members of our Insurance team discuss the turbulent economic and market environment and the implications for reserve-backing and surplus fixed income, as well as other major asset classes.

    Continue reading

    By

    Amar Reganti

    Alyssa Irving

    event April 2025
    15 min
    Article
    2026-04-30
    Archived info
    Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
    11 LOAD {count} MORE

    URL References

    Related Insights

    © Copyright 2025 Wellington Management Company LLP. All rights reserved. WELLINGTON MANAGEMENT ® is a registered service mark of Wellington Group Holdings LLP. For institutional or professional investors only.

    View More
    highlight_off

    Enjoying this content?

    Get similar insights delivered straight to your inbox. Simply choose what you’re interested in and we’ll bring you our best research and market perspectives.

    View More
    highlight_off

    Thank you for joining our email preference center.

    You’ll soon receive an email with a link to access and update your preferences.

    Sorry, not interested

    View More

    Wellington Homepage Change Website terms of use

    You are about to enter a website for institutional investors or intermediaries (as such term may apply in your jurisdiction), and where applicable, for persons who meet the requisite investor qualifications, for their respective jurisdiction. For the avoidance of doubt, the information contained herein is not suitable for retail investors.

    I confirm that I have read and accept the Terms and Conditions of using this website.

    Cookies and tracking notices
    Decline