Todd Boehly’s insurer, Security Benefit, has amassed over $3 billion in lending tied to his Beverly Hills real estate project, One Beverly Hills. The insurer, owned by Boehly’s Eldridge Industries, has provided $1.6 billion in outstanding loans to Eldridge entities and $1.4 billion in project debt, all backed by holdings in the development. These investments represent a highly concentrated bet by the $67 billion insurer and come under increasing regulatory scrutiny for potential conflicts of interest.
Kansas, where Security Benefit is regulated, requires regulatory review for investments exceeding 3% of assets. The insurer claims full compliance with all laws, but industry experts suggest the use of five trusts may have been designed to avoid triggering review thresholds. Security Benefit declined to confirm if the $3 billion represents its total exposure or if regulatory approvals were obtained.
Source: Financial Times Companies · Summarized by HeadlinesBriefing