Billionaire Mark Walter has explored a sale of $71bn-in-assets insurer Delaware Life following a federal investigation into his investment empire. Walter has weighed selling the insurer as part of a broader restructuring of his holding company TWG Global, according to three people familiar with the matter. The planning is at an early stage and might not result in a deal.
TWG Global stated it is not running a sales process for Delaware Life and remains focused on reducing affiliated investments. Delaware Life had $71bn in assets under management as of June and more than 380,000 active annuity and life insurance policies. Walter has rushed to raise cash since a probe by US prosecutors revealed $16bn in misclassified private investments at Delaware Life and billions more at another insurer he controlled.
He has recently sold his stakes in the Los Angeles Lakers and Chelsea Football Club. Walter’s insurers revealed in June that they had received subpoenas in connection with an investigation by the US Attorney’s Office for the Southern District of New York, failing to disclose that more than $20bn of their investments were tied to other parts of his business empire.
Source: Financial Times Companies · Summarized by HeadlinesBriefing