- US prosecutors and the SEC are investigating Mark Walter's insurance companies, Delaware Life and Clear Spring Life, for alleged inadequate disclosure of asset ownership.
- The investigation focuses on whether private credit investments were made with counterparties tied to Walter's holding company, TWG Global, leading to a significant reclassification of affiliated investments.
- Regulators are concerned about asset managers using insurer funds for risky investments and the treatment of affiliated assets, with S&P Global Ratings revising Delaware Life's outlook to 'negative'.
Topics: Asset types, Legal regulatory, Risk default, Private credit high yield, Securities law classification, Credit counterparty risk, Investor protection disclosure
Tags: #markwalter #delawarelife #clearspringlife #sec #usattorneysoffice #privatecredit #affiliatedinvestments #guggenheiminvestments #regulatorycapital #disclosure