The insurance industry’s embrace of private credit is an echo of how it used to invest in the early 20th century, says Blackstone’s
A century ago, insurers put more money to work in hard-to-liquidate private projects. Consider New York City’s Empire State Building, financed in 1929 by a loan from the Metropolitan Life Insurance Company, or fast food company McDonald’s Corp., paid for in part thanks to a loan against life insurance policies.
Phil Sherrill
Source: Blackstone
Today, insurance companies are again sinking lots of money into private ventures — from enormous data centers and ...