On Monday, May 1st, prior to the opening of the market, the Fed announced the takeover of First Republic Bank and sale to J.P. Morgan. This was the third major bank failure in the last two months. Market participants continue to focus on other mid-sized banks with similar profiles. Following a spike in March, market volatility had calmed somewhat, allowing some time to reflect on the news and consider the causes or underlying issues as well as what the longer-term impact may be on the economy, investment markets and U.S. insurer investment portfolios. There has also been new information about the extent of the problems at some institutions. At this point, very little is certain, analysis by Governmental agencies and market participants will continue and the landscape of what we know is likely to change.