Odd Lots: Why Private Credit Got Entangled With Insurance

Insurers have quietly become a major driver of the private credit boom, changing the insurance industry itself and raising a number of questions about risk and regulation. Andrew Granato and Pranjal Drall, authors of a new paper, “Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers," tell Tracy Alloway and Joe Weisenthal how both sides benefit from the partnership and why taxpayers might ultimately be on the hook. (Source: Bloomberg)