Meisenzahl, Ralf R.; Overpeck, Jackson; Polacek, Andy - 2025
We show that life insurers have increased their lending in the private placement market over the past decade, totaling … $849 billion, or 14%, on life insurers' balance sheets in 2024. A substantial part of the growth stems from private credit … extension to financial borrowers and to privately placed asset-backed securities. We document that private equity-owned (PE …