📊 DATA: Two insurers tied to Mark Walter corrected more than $20B of investments into related-party holdings, including ~$17B at Delaware Life.

The bigger risk isn’t proven bad loans—it’s opacity and liquidity: private assets can sit for years while surrender requests and collateral calls arrive fast.

https://cryptoslate.com/the-next-shadow-banking-problem-may-come-from-insurance-companies-where-nobody-was-looking-for-a-bank-run/

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