Press Releases

FOR IMMEDIATE RELEASE

April 22, 2026

FOR FURTHER INFORMATION

Reinsurance Association of America
Tara Dunion

 

RAA Testifies on How Reinsurance Diversifies Risk for Large-Scale Losses and Benefits Taxpayers in House Subcommittee on Housing and Insurance

 

Washington, D.C. - Reinsurance Association of America (RAA) member Anthony Vidovich, executive vice president and general counsel, Everest Group Ltd., testified today at a legislative hearing before the United States House Subcommittee on Housing and Insurance. During his testimony, Vidovich highlighted how reinsurance benefits government programs by shifting risk to private markets, helping federal programs manage exposure, better assess and price risk, and lower costs to taxpayers by reducing the likelihood that they are asked to absorb large-scale losses.

As  examples, he noted the positive role reinsurance plays in the Federal Housing Finance Agency’s (FHFA) Credit Risk Transfer Program for Fannie Mae and Freddie Mac, the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program, and the Export-Import Bank of the U.S. (EXIM) pilot reinsurance program. He also recommended that banking agencies update U.S. bank capital rules to make reinsurance available to U.S. banks, with capital relief. This would help U.S. banks better manage risk and support access to credit, while maintaining strong regulatory oversight, and enhancing the safety and soundness of the banking system.

Subcommittee hearing details and RAA’s testimony can be found here.

“RAA is grateful for this opportunity to share details about the key role reinsurance plays as a risk management resource used by private sector companies and federal government programs,” said Tracey Laws, president and CEO, Reinsurance Association of America. “The positive impact reinsurance has had on FHFA’s credit risk transfer program, FEMA’s National Flood Insurance Program and the EXIM Bank demonstrates how reinsurance can play a critical role in supporting the private and public sectors and saving taxpayers money. RAA also continues to encourage banking agencies to update U.S. bank capital rules to make the reinsurance risk management tool available to U.S. banks, with capital relief.”

About the Reinsurance Association of America

The Reinsurance Association of America (RAA) is the leading trade association of property and casualty reinsurers doing business in the United States. RAA membership is diverse, including reinsurance underwriters and intermediaries licensed in the U.S. and those that conduct business on a cross-border basis. The RAA also has life reinsurance affiliates and insurance-linked securities (ILS) fund managers and market participants that are engaged in the assumption of property/casualty risks. The RAA represents its members before state, federal and international bodies. Visit Reinsurance.org for more information.

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