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Credit Where Credit's Due: Insurers' Love Affair with Private Debt
May 16, 2024
Expert Josh Esterov and host Zach Griffiths discuss the rise of private credit in insurers' portfolios, along with the risks and benefits. They also explore the increasing influence of private equity in the insurance sector and the challenges insurers face with declining loan quality and policy offloading. Additionally, they delve into insurers' exposure to office properties, shifting investment strategies towards residential properties and Collateralized Loan Obligations, and the impact of tax reforms on municipal bonds.
27:59
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Quick takeaways
- Life insurers are shifting towards private credit, posing long-term risks amidst potential economic downturns.
- Private equity firms' influence on insurers' portfolios may lead to exposure to unfamiliar assets, raising concerns about competitive returns.
Deep dives
Increased Exposure to Private Credit in Life Insurers' Portfolios
Private credit allocation has been rising in the life insurance sector, surpassing public credit for the first time. While this strategy has performed well due to low default rates, concerns arise about long-term risks during macroeconomic stress. The shift towards private credit may pose challenges with wider implications, potentially affecting ratings and investor sentiment.
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