Over the past decade, private equity firms like Apollo have reshaped the life insurance industry by loading insurers with complex private credit investments, often at higher risk and leverage than traditional rules would allow. This strategy boosted returns enough that private capital-backed insurers like Athene and Global Atlantic could undercut competitors on price, steadily winning more market share.
| less than a minute read
How insurance became the lifeblood of private credit
“Everybody’s focused on the big boys, but the problems often come from the second-tier players,” a former top MetLife executive told the FT. “When the music stops, they’re the ones...
