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Special Report
Our global newsroom is closely monitoring the impact Russia’s invasion of Ukraine and the ensuing sanctions have had on the legal industry. From the impact on in-house counsel and corporate operations to the work law firms may need to shed and the reputational and financial risks across the industry, we will continue to update this space with the news, data and analysis that will help law departments and law firms navigate this crisis. We will also highlight the pro bono and humanitarian efforts being undertaken by the industry. This content has been made publicly available and draws from across ALM’s industry sectors, including legal, insurance and financial services.
“Indirect investments through suppliers and customers of U.S. and European companies may still be impacted, similarly to the already substantial impact on commodity and energy markets,” Jason Hopper, associate director, industry research and analytics, AM Best, said in a release. (Credit: Drop of Light/Shutterstock.com)While U.S. insurers only have less than $2 billion in bonds that are exposed as a result of the Russian invasion of Ukraine, AM Best reported the industry’s indirect exposures might be more substantial.
The largest exposure at any company, according to AM Best, is less than 2% of capital and surplus, with a majority of the bonds being rated investment grade NAIC-2.
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Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].
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