In short: "These insurance companies may fail." Owned by PE, forced to buy the sponsor's private credit, reinsured offshore (Barbados, Caymans) with reserve buffers cut from $14 to $10 per $100 — "if you're in the market for life insurance or annuities, you should get it only from mutual companies because they work for the policy holder."
Many life insurers and annuity companies have been bought by private-equity firms, which then steer the insurer's money into their own private loans and move the risk to lightly regulated offshore reinsurers. Gundlach calls private credit "the fuse" and these insurers "the bomb." His practical advice: if you buy an annuity or life insurance, buy it from a mutual insurer — one owned by its policyholders — not a PE-owned one.
47:04Well, there's parts of private credit that are doing this, but they're offering liquidity. But these insurance companies may fail. So, I would tell people if you're in the market for, involved in, life insurance or annuities, you should get it only from mutual companies because they work for the policy holder.
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