Private Credit and the Life & Annuity Industry: Hidden Risk and Systemic Exposure with Nick Nemeth

The discussion topics will include:

• The life and annuity industry‘s exposure to privatecredit and the potential for systemic risk to thefinancial system
• Whether credit ratings have obscured the riskiness of insurer investments
• Liquidity risk driven by hard-to-value private assets and a shadow banking system that can allow insurers to avoid marking assets to market
• Affiliated investments, hidden concentrations andconflicts as the industry becomes increasingly intertwined with private equity firms and asset managers
• The role of reinsurance in enabling reductions in insurance company reserves through risk-based capital calculations
• Whether regulators are too close to industry or outgunned by financial innovation