Summary
The NAIC's Principles Based Bond Definition (PBBD) changes, set to take effect on January 1, 2025, represent the most significant changes to insurer investment schedules in decades. Bonds will now be categorized into two major groups: asset-backed securities and issuer credit obligations. Certain securities may not qualify as "asset-backed" under the new guidelines, resulting in higher capital charges related to Schedule BA reporting. Both insurers and the asset managers that service the industry are actively working to understand and adapt to these changes.
Join us for a complimentary webinar in which subject matter experts will discuss the reporting changes impacting the insurance industry. Discussion topics will include:
- An overview of SSAP 26R and 43R, including the reasoning behind them and the upcoming changes to annual statements
- Analysis of the new guidelines and their potential effects on investment portfolios
- A preview of how S&P Capital IQ Pro tools will incorporate these Schedule D and BA changes
Speakers
DWS Group
John Mohr
Director, Insurance Advisory & Solutions
John P. Mohr, CFA, CAIA, is a Director responsible for Insurance Advisory & Solutions, providing support to the relationship management, business development, portfolio management, and structuring teams focusing on regulatory updates, industry trends and implications that will be important to our insurance investors.
With more than thirty-five years of experience in the insurance and insurance asset management fields, John was mostly recently a Senior Investment Consultant and Principal in Mercer’s insurance practice where he worked with clients across the insurance sectors including Health, P&C and Life insurers as well as captives. Prior to joining Mercer, he spent over five years as a Managing Director at Strategic Asset Alliance, an insurance-focused investment consultant. John has worked at Income Research + Management (IR+M), where he worked primarily with the firm’s insurance clients, and prior to that as Client Relationship Manager in the Financial Institutions group at Goldman Sachs Asset Management. Insurance companies John has worked include Director of Investments at Blue Cross Blue Shield of Massachusetts, where he had oversight responsibility for the firm’s insurance general account, DB, DC, and Foundation portfolios, and worked in several finance and investment- oriented positions at Arbella Mutual Insurance Company.
Mohr is a graduate of Stonehill College and has an MBA from Suffolk University. He holds the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) charters. John also works in a volunteer capacity with Habitat for Humanity of Greater Plymouth where he is Treasurer and a member of the Finance Committee and Board of Directors.
Sovos Booke
Jeff Clevinger
Education Director
Jeff Clevinger is Education Director at Sovos Booke and has been in the insurance industry for over 40 years. He began his career in the Audit Department at KPMG, working on the audits of several insurers. He served as Controller for Automobile Club Insurance Company, an AAA insurer. At Auto Club, Jeff oversaw Statutory and GAAP reporting and managed the short-term investment portfolio. Today, he is a Director at Sovos Booke, focusing on investment and actuarial topics. A CPA, Jeff graduated from Bowling Green State University, served in the Army National Guard, and is a former high school basketball official.
S&P Global Market Intelligence
Tim Zawacki
S&P Global Market Intelligence
Head of Financial Institutions Research
Tim Zawacki is Head of Financial Institutions Research and Lead North American Insurance Analyst at S&P Global Market Intelligence, where he oversees a team of analysts producing data-driven research across the banking, fintech, and property and casualty, life, and health insurance sectors.
A widely recognized voice in the insurance industry, Tim brings nearly three decades of continuous coverage to bear on the structural forces reshaping insurance markets — from balance-sheet transformation and the accelerating influence of private capital, to the evolving intersection of sustainability and risk transfer, and the wave of consolidation redefining competitive dynamics across every segment of the industry.
A sought-after thought leader, Tim is a frequent speaker at major insurance industry events, where he is known for translating complex regulatory, financial, and strategic developments into clear, actionable perspective. His analysis and commentary are regularly cited in prominent business publications and news outlets, and he is regularly called upon by journalists, executives, and policymakers seeking authoritative views on the forces driving industry change.
Tim previously served as Principal Research Analyst and Insurance Sector Strategist at S&P Global Market Intelligence, roles in which he developed the firm's flagship insurance research franchise and established its reputation for rigorous, data-intensive analysis rooted in NAIC statutory filings. In these capacities he built out coverage across all major insurance lines, originating research on underwriting performance, investment portfolio construction, regulatory developments, and emerging structural trends that has informed the strategies of insurers, investors, and advisors across the market.
Prior to the 2015 acquisition of SNL Financial by S&P Global, Tim spent more than a decade at SNL building deep expertise at the intersection of insurance, financial services, and capital markets, helping to establish the firm’s statutory financial coverage and chronicling the rise, fall and rebirth of the securitization market through the global financial crisis.
He is a 1999 graduate of the University of Virginia.
S&P Global Market Intelligence
Chris Winter
S&P Global Market Intelligence
Associate Director, Insurance
Chris Winter is the North America Insurance solutions lead for S&P Global Market Intelligence. In this role, Chris helps insurance clients utilize the full suite of solutions offered by S&P, such as financial data, credit risk solutions, data feeds, and more, while specializing in the NAIC Statutory and Rate Filings products. He holds a Bachelor of Arts in History and English from the University of Virginia and an MBA from the College of William & Mary.