Todd Boehly's real estate development, One Beverly Hills, is under construction adjacent to the Beverly Hilton, site of the historic Milken Institute conference. Security Benefit, Boehly's insurer through Eldridge Industries, has lent over $3 billion to the project. This represents approximately 4.5% of Security Benefit's $67 billion in assets, triggering regulatory scrutiny in Kansas, where investments over 3% require regulator review.
The insurer claims full compliance. This strategy mirrors the historical Drexel Burnham Lambert model of leveraging life insurers. Concurrently, the 95-year-old law firm Weil Gotshal & Manges is preparing to dissolve after a talent exodus, with partners voting to wind down the firm.
Sujeet Indap reports the firm will appoint a wind-down committee to oversee closure. Security Benefit's investment approach faces increased scrutiny following a federal investigation into Mark Walter, a Boehly partner, who misclassified $20 billion in affiliated investments.
Source: Financial Times Companies · Summarized by HeadlinesBriefing