The Ledger
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Eichhorn: PE-backed insurers use much more private credit and offshore reinsurance
“Clearly there is a very, very different model for the private equity backed insurers. A lot of insurers are using private credit to be sure, but the private equity backed are using it much more and other products, whether it be CLOs and using a lot of offshore…”
Eichhorn: PE-backed insurers trade at much higher funding note spreads
“Many insurers issue what are called funding agreement-backed notes. Those are policy-level notes. They're parapesu with policyholders, so they're a really great market measure of what's the risk of an insurer, and you just see it in that data. The private equi…”
Eichhorn: Dodd-Frank permanently shrank broker-dealer bond inventories
“Ever since, 2008, as Dodd-Frank came in, being enacted slowly over time, the dealer's balance sheets have just shrunk to be just a shell of what they once were. So They don't inventory bonds or many bonds anymore.”
Eichhorn: NISA Manages Over $200B in Physical Assets, Remainder in Overlays
“So that's our physical side of the house, which is well north of two hundred billion now. The remaining AUM are in derivative overlay strategies, and those are quite heterogeneous.”