Insurers shopping for better ratings on their private credit assets are creating a “looming systemic risk” to global finance, the chair of UBS has warned.
Speaking at the Hong Kong Monetary Authority’s Global Financial Leaders’ Investment Summit on Tuesday, Colm Kelleher said the insurance industry, especially in the US, was engaging in “ratings arbitrage” akin to actions taken by banks and other institutions with subprime loans before the 2008 financial crisis.
Kelleher joins a growing chorus of voices pointing to risks in the multitrillion dollar insurance industry, including its holdings of illiquid private credit loans and opaque disclosures.
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