Insurance companies (life, property and casualty, medical and reinsurance) have long been a mainstay among many credit managers’ investor bases. In recent years, we’ve seen a stream of announcements of more formal partnerships between insurers and credit managers. Credit managers are investing in, or even forming, insurance companies. Insurance companies are awarding credit sponsors with expansive advisory mandates that far exceed even an anchor fund commitment. As insurance companies seek alternative yield sources and capital-efficient strategies, and as credit managers seek durable new sources of capital, fund finance offers compelling opportunities. Subscription lines, net asset value (NAV) facilities and rated-note feeder structures let insurance companies deploy balance-sheet capital into private markets while managing regulatory capital, credit and liquidity risks.