insurance

“Options provide a risk transference mechanism, like insurance. And buyers of insurance, over time, typically overbuy, but they sleep well at night. And sellers of insurance make a lot of money, but they better know how to manage their risk.”

“And it's really hard for us to find Assets that are relatively uncorrelated and provide liquid-ish, not super liquid, but not ten-year lockup illiquidity that provide the post-tax returns that we look for. We have a pretty high bar for our hedge fund portfolio…”

“Most of the capital in crypto today, it has been more risk seeking rather than focused on risk mitigation. So insurance is still kind of finding its legs.”

“The firms that looked at insurance, banks, ahead of everybody else have found that most folks at the similar scale have copied them since. And that tells you something. They had an edge. They had an advantage. It was proprietary. They had an idea. At the time …”

“But that does not mean because of the asymmetries that venture capital is a winning business because you've got this unlimited upside, or that insurance is a losing business because you've got this unlimited downside. Ultimately, what it comes down to is appro…”

“It started with Apollo buying Athene, and more and more you see the insurance liability base matches really well with credit with some incremental yield, and it's an extremely low cost of capital for the managers.”