UK’s FSA to end cashless financial reinsurance use as Tier 1 capital

- Aaron Woolner, Sarfraz Thind
- 26 Apr 2010

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The Financial Services Authority (FSA) has responded to the recent trend for UK insurers to strengthen their capital base using cashless financial reinsurance (CFR) - a transaction with no upfront cost - by proposing it should no longer count as Tier 1 capital by October 2010.

The most prominent user of cashless financial reinsurance has been Aegon UK, which conducted a transaction through its Scottish Equitable subsidiary last year, and a number of other medium-sized companies are understood to

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