Captive insurer affiliates to private credit/equity are big contributors to the parent organizations, as I have pointed out many times. As ever, this creates a duration mismatch that doens't matter until it does, as we've seen to a limited degree in the recent retail race to liquodty causing lockups at Blue Owl and others.

https://www.ft.com/content/b6be87a9-0abf-4950-9060-2159aa547f3d