Delaware Life Insurance Company revised its 2025 annual filing to show roughly $17 billion of investments classified as related-party holdings, about 39% of invested assets, up from an earlier reported figure of roughly $1.4 billion, or 3%.
Clear Spring Life and Annuity Company made a separate correction of about $4.6 billion, bringing the combined revisions across companies connected to financier Mark Walter above $20 billion.
Transactions with related entities are permitted under state insurance oversight, and the corrected labels do not, by themselves, indicate anything conclusive about loan quality. The corrections do, however, expose the scale of related-party exposure within insurance business models built around private assets and affiliated management structures.
