The Ledger

Credit has migrated from banks to private platforms, and the centre of gravity has moved with it. Insurers, through asset-intensive reinsurance, are releasing capital and shaping who is financed, on what terms, and when liquidity turns. The same channel that supplies credit in calm periods can amplify stress when cushions shrink. We map how this transmission affects pricing, liquidity, funding terms, and exits across markets.

How risk migrated from bank marks to insurance clocks In the early 2000s, the head table in private real estate sat largely inside the...

Private credit is recasting the circuitry of the financial system. In the final part of our Summer Series, we examine how insurance affiliates, NAV lines, and offshore reinsurance transmit stress. The system does not need to break to fail. Sometimes pressure just moves faster than recognition.