Insurers have quietly become a major driver of the private credit boom, with numerous private equity shops striking deals with insurance companies or buying them outright. This entanglement is reshaping the insurance industry itself, raising significant questions about risk and regulation.

In this episode of Odd Lots, hosts Joe Weisenthal and Tracy Alloway speak with Andrew Granato and Pranjal Drall, authors of the new paper "Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers." Their research examines how private equity leverages insurance companies' regulatory advantages and state backstops to socialize risk.

The discussion explores the implications for policyholders, regulators, and the broader financial system as private credit continues to grow. With over 43% of listeners in the United States, the podcast highlights a critical but underappreciated shift in financial markets where insurance balance sheets become conduits for private equity strategies.