Mutuals and the Credit Crisis Web Briefing

Mutuals and the Credit Crisis - Replay Information
(please find the presentation materials by following the View Presentation link below)

This Web Briefing was hosted by the Insurance and Financial Services Group.

Topics to be covered include:

I. Overview of the Current Environment and Impact on Companies Organized in Mutual Form

• Credit markets
• “Asset side” capital strain
• “Liability side” capital strain
• Rating agency concerns
• Government intervention and programs

II. Strategies for Reducing Capital Strain

• Reinsurance strategies for P&C insurers
• Reinsurance strategies for life insurers
• Surplus notes
• Capital raising through Mutual Holding Companies (debt/equity financing at upstream stock company)
• Capital raising through downstream stock subsidiaries (debt/equity)

III. M&A Alternatives

• Mutual to mutual mergers
• MHC mergers (including MHC mergers with Mutuals)
• Sponsored demutualizations
• JV / pooling structures
• Private equity

IV. Governmental-Sponsored Capital Programs

• Insurer eligibility for TARP program
• Sales of assets
• Use of thrifts/banks