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Julian Morris

Argentina
As seen in: RealClear Policy, Fox News, The Wall Street Journal, The Hill, The Orange County Register, Reason, The Sacramento Bee, The San Diego Union-Tribune, DZone, American Banker, InsideSources and
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ICLE White Paper Finds Private Credit Does Not Increase Life-Insurer Insolvency Risk

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By Lawrence Powell, Julian Morris
PORTLAND, Ore. (June 8, 2026) — Life insurers that invest more heavily in private credit do not appear to be at greater risk of failure than their peers, according to a newwhite paper from the International Center for Law & Economics (ICLE). Private credit has attracted growing attention from insurance regulators as life insurers have increased investments in privately negotiated loans and other private-debt assets.
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Private Credit: What the Data Actually Show

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By Lawrence Powell, Julian Morris, Dirk Auer
TL;DR TL;DR Background: Private credit has grown rapidly over the past decade, including in life-insurer portfolios. That growth has attracted regulatory scrutiny because private assets can be harder to value and less transparent than public bonds. Life insurers, however, hold long-duration liabilities, such as annuities and whole-life policies. To match those obligations, they need long-duration assets that generate predictable cash flows. Private credit can serve that role.
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Private Credit and Life-Insurer Solvency: Evidence for a Calibrated Regulatory Approach

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By Lawrence Powell, Julian Morris, Kristian Stout
ICLE White Paper Executive Summary This paper tests whether life insurers’ private-credit holdings are associated with greater financial weakness or insolvency risk. Using National Association of Insurance Commissioners (NAIC) annual-statement data, we define private credit as privately placed debt securities classified as direct loans and non-mortgage structured-finance instruments with private-letter ratings.
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