The Rise in the Insurer Exposure to Collateralized Loan Obligations

by Jennifer Johnson and Jean-Baptiste Carelus of the NAIC Captial Markets Special Report

"As of year-end 2019, U.S. insurers had about $158 billion in book/adjusted carrying value (BACV) of collateralized loan obligation (CLO) investments, up 23% from year-end 2018. The majority were high credit quality, with approximately 80% rated BBB or higher; although, there was a slight decline in credit quality."

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The Rise in the Insurer Exposure to Collateralized Loan Obligations

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