The next shadow-banking problem comes from insurance companies, where nobody was looking for a bank run

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AI Summary

Delaware Life Insurance Company's 2025 balance sheet took on a startling new shape when the insurer corrected its annual filing: roughly $17 billion of investments were classified as related-party holdings, about 39% of invested assets, versus roughly $1.4 billion and 3% in the earlier version. Clear Spring Life and Annuity Company made a separate correction […]
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