Alexandre Rajbhandari
alexrajbhandari.bsky.social
Alexandre Rajbhandari
@alexrajbhandari.bsky.social
Bloomberg reporter covering Warren Buffett and US insurance.
Views are my own, reposts are not endorsements.
Today, @laura-benitez.bsky.social and Scott Carpenter are looking at how the retirement savings of ordinary Americans are used to provide a lifeline to private equity funds, in the form of an esoteric type of financing: NAV loans.
November 19, 2025 at 2:55 PM
Thanks Ian!
November 19, 2025 at 12:55 PM
Today, we're looking at the story of PHL Variable Insurance Company – a cautionary tale of what can go wrong when private equity expands into life insurance. Almost a decade after its takeover, authorities estimate the entity is facing a $2.2 billion shortfall.
November 17, 2025 at 10:45 PM
Link to the story from Tom Schoenberg, Weihua Li
and myself below

bloomberg.com/graphics/202...
How Apollo Turned Americans’ Nest Eggs Into Wall Street’s Hottest Trade
Apollo’s widely copied playbook is shepherding billions to Bermuda affiliates, losing US guarantees
bloomberg.com
November 17, 2025 at 12:06 AM
Today, we're looking at how #privateequity firms and other alternative asset managers are reshaping the once-staid world of life insurance, shepherding hundreds of billions of dollars to #Bermuda entities that lose US protections while making opaque, complex bets.
November 17, 2025 at 12:06 AM
This, as well as investments in structured credit and lower rated bonds, allows the firm the reap peer-beating returns.

But the strategy stands out, sparking concerns across the industry and among regulators.
December 20, 2024 at 5:52 PM
The insurer had $11.8 billion invested in collateral loans to affiliated entities last year.
December 20, 2024 at 5:52 PM