Had a spine tingling conversation today about Private Credit. Estimates of 35% of insurance company balance sheets are comprised of Private Credit in North America This private credit on insurance balance sheets is effectively financing large swaths of LONG TAIL Insurance and Reinsurance risk. (Think life insurance, liability & medical claims) This means that the SOLVENCY of traditional long-tail insurance and reinsurance is becoming INCREASINGLY correlated to the Private Credit market. If Private Credit permanently falters, solvency of the insurance market may falter. It felt like the "Why are they confessing" scene in the Big Short. If there's turbulence, Digital Credit will be ready to scoop & score. Definitely still early to Bitcoin, btw.