US Treasury urged to investigate private equity insurers
Senate banking committee chair says Athene and other PE-owned firms take more risk, may hold less capital
The chairman of the US Senate’s banking committee has called on federal and state regulators to investigate private equity-owned insurers, arguing the firms are threatening retiree incomes by taking more investment risk than traditional life insurers, while operating under a more forgiving capital regime.
Athene, owned by Apollo Global Management, was cited as an example. Around 11% of the firm’s assets were invested in collateralised loan obligations (CLOs) as of June 2021, Risk.net reported
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