No. of Recommendations: 20
Nice read.
Snip:
"As you can see above, the non-PE-linked insurer that blows all the others out of the water — with 70 per cent of its bond holdings issued by affiliates — is Berkshire Hathaway, the OG of private company ownership. But in size it is dwarfed by the likes of KKR’s Global Atlantic and Apollo’s Athene."
More generally, it's really hard to see how this can NOT end badly. It seems so painfully obvious, like the day I first read about a CDO-squared.
(where "this" is defined as PE firms buying insurers, then directing those insurers to invest their float into securities of entities related to the PE firm)
Jim
