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Walter’s $6.5B Move Amid Insurance Scrutiny | Business and Finance News
Description
Mark Walter’s empire is under fire as he steps in to buy $6.5 billion in assets from his own insurer, Delaware Life, amid a federal probe into its ballooning $16 billion in related-party loans—now making up 40% of its portfolio. Executives allegedly didn’t know these risky deals were happening, sparking scrutiny over whether they were funneled through third parties. Both Delaware Life and another Walter-controlled insurer, Clear Spring, face downgrades after restating billions in affiliated assets, while rumors swirl that the Lakers sale was partly fueled by the need to raise cash to clean up the mess.
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