The Insurance Engine | How Annuity Float Funds Private Credit & Private Equity

Behind the private-credit boom sits a quieter structural shift: the migration of insurance balance sheets into illiquid lending. Annuity float — long-dated, permanent, low-cost — has become the preferred funding base for direct lending, and the managers who run the credit increasingly own the insurer that funds it. This brief sets out the mechanism, why it works, and where it strains.

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