Federal probe into Mark Walter…TWG to restructure up to $6.5B in insurance affiliate assets

1. 1A federal investigation is underway into billionaire Mark Walter's business empire, sounding the alarm over Wall Street's use of insurance capital to fund private credit.
2. 2TWG Global has acquired up to $6.5 billion in Delaware Life affiliate assets in exchange for non-affiliate investments, and has launched a effort to unwind more than $20 billion in affiliate transactions.
3. 3The Justice Department targeted loans that should have been designated as affiliate transactions, and the probe has raised alarms about a Wall Street practice of funding private credit with insurance capital.

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