Sep 15, 2026 · 1 hr 9 min · 12 segments
There's a hole in the life and annuity sector's balance sheet, and private equity dug it. In this episode of Private Credit Crisis, Executive Editor Teddy Downey sits down with Nick Nemeth, an…
Nick NiemannGuestTeddy DowneyHostHey everyone, I'm Teddy Downey, Executive Editor at The Capital Forum, and this is Private Credit Crisis, our new weekly podcast that explores solutions to problems in the world of private credit.
In our last episode, lawyer Jim Woolery walked us through why the values private credit funds put on their loans can't be trusted.
This week, I want to talk about where those loans end up on the balance sheet of life insurers.
If you have a life insurance policy or an annuity with an insurer owned by private equity, there's a chance it's lost in a labyrinth of foreign shell companies that lets the insurer hold less money in reserve to pay you.
And moving the money around to places like Bermuda frees the insurer to take on more risk.
To talk about this, I sat down with Nick Niemann, an investor, analyst and the writer of mispriced assets.
Nick's spent the past year going through life insurance balance sheets, and there are few people who are as knowledgeable about the problem posed by private credit out there.
where Nick lays out a menu of options for policymakers to consider if private credit ultimately does push the country into a 2008 style financial crisis.
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Hey everyone, I'm Teddy Downey, Executive Editor at The Capital Forum, and this is Private Credit Crisis, our new weekly podcast that explores solutions to problems in the world of private credit.
In our last episode, lawyer Jim Woolery walked us through why the values private credit funds put on their loans can't be trusted.
This week, I want to talk about where those loans end up on the balance sheet of life insurers.
If you have a life insurance policy or an annuity with an insurer owned by private equity, there's a chance it's lost in a labyrinth of foreign shell companies that lets the insurer hold less money in reserve to pay you.
And moving the money around to places like Bermuda frees the insurer to take on more risk.
To talk about this, I sat down with Nick Niemann, an investor, analyst and the writer of mispriced assets.
Nick's spent the past year going through life insurance balance sheets, and there are few people who are as knowledgeable about the problem posed by private credit out there.
where Nick lays out a menu of options for policymakers to consider if private credit ultimately does push the country into a 2008 style financial crisis.