Dodgers owner Mark Walter's insurer slashing up to $6.5B in investments as fraud probes intensify
New York Post • • business
Key Points:
- Mark Walter’s holding company, TWG Global, plans to reduce up to $6.5 billion in related-party investments held by Delaware Life Insurance by swapping them for independent assets amid regulatory scrutiny.
- Federal prosecutors and the SEC are investigating Walter’s business dealings over allegations of potentially fraudulent concealment of financial connections in borrowing from insurers he controls.
- Delaware Life and Clear Spring Life and Annuity received grand jury subpoenas in February related to the investigation, focusing on whether certain private credit investments were misclassified as unaffiliated.
- Following an internal review, Delaware Life found errors in reporting related-party investments, prompting S&P Global to downgrade its outlook on the insurer to negative.
- Despite these issues, TWG Global stated that the capital positions and liquidity of Group 1001 insurance companies remain strong and committed to resolving regulatory concerns.
