Dodgers' Owner Mark Walter Buys $6.5 Billion in Assets from Troubled Insurer
Mark Walter, owner of the Los Angeles Dodgers, is acquiring up to $6.5 billion in assets through his holding company TWG Global from Delaware Life Insurance Co., a troubled insurer at the center of an ongoing federal investigation. The move aims to reduce related-party risk after internal reviews revealed over $16 billion in loans that needed reclassification as affiliated or related-party transactions, which now constitute 40% of invested assets for Delaware Life. The purchase is part of a broader remediation plan by the insurer and its sister company Clear Spring Life and Annuity Co., both controlled through TWG. Credit rating agencies have downgraded their outlooks but still maintain high financial ratings. The transaction requires approval from the Delaware Department of Insurance, which has declined to comment on sensitive matters. The investigation into these transactions is also scrutinizing Walter personally, with authorities having seized his devices in September. While TWG claims it and Walter acted in good faith, the situation has raised questions about its recent $12.5 billion sale of a majority stake in the Lakers.
Topics: asset purchase insurance investigation related-party transactions