Why private credit got entangled with insurance [P9SJ4QqdSky]
Insurers have quietly become a major driver of the private credit boom, changing the insurance industry itself and raising a number of questions about risk and regulation. Andrew Granato and Pranjal Drall, authors of a new paper, “Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers," tell Tracy Alloway and Joe Weisenthal how both sides benefit from the partnership and why taxpayers might ultimately be on the hook. Listen to the Odd Lots podcast at bit.ly/3PsKJKY or watch at Bloomberg.com/video.