Boehly’s Insurer Reaps Gains and Doubts From Loans to His Firms

December 26, 2024 by Alexandre Rajbhandari and Allison McNeely

Private equity firms have become enamored with insurance and the stable money it provides for credit bets. Todd Boehly is taking it a step further with Security Benefit Life Insurance Co.

The firm is central to the billionaire’s plan to consolidate many of his holdings as he builds an asset-management power named Eldridge, taking a page out of the playbooks of Apollo Global Management Inc. and KKR & Co. Those industry pioneers have used in-house insurers as ready buyers for some of the private credit products they originate. Security Benefit has raised the ante by holding a quarter of its invested assets — about $11.8 billion — in loans granted to other Eldridge affiliates.

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Originally Posted at Bloomberg on December 20, 2024 by Alexandre Rajbhandari and Allison McNeely.