UK insurers backing pension risk transfer transactions are increasing their exposure to private credit, with opaque and difficult-to-value assets now accounting for more than 10% of the portfolios of several major providers, according to a report by the FT citing data from S&P Global Ratings.
The findings highlight the growing importance of private credit to the insurance sector, while also raising questions about transparency, valuation and liquidity as asset managers including Apollo, Blac...
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