junkbondinvestor(@junkbondinvest):Here's how a single basketball player gets funded by insurance premiums. LeBron sets up an LLC. The LLC issues bonds backed by his non-basketball income (e.g., a lifetime Nike deal, licensing, etc). Two life insurers, managed by Guggenheim, buy $300 million of the bonds. 2049 maturity. 4.8% coupon. Another $60 million follow-on in 2022. Life insurers used to hold plain bonds matched to future claims. Now they hold this. Not saying it's bad risk/reward but this is the modern insurance balance sheet.

2026.08.25 15:56

Here's how a single basketball player gets funded by insurance premiums. LeBron sets up an LLC. The LLC issues bonds backed by his non-basketball income (e.g., a lifetime Nike deal, licensing, etc). Two life insurers, managed by Guggenheim, buy $300 million of the bonds. 2049 maturity. 4.8% coupon. Another $60 million follow-on in 2022. Life insurers used to hold plain bonds matched to future claims. Now they hold this. Not saying it's bad risk/reward but this is the modern insurance balance sheet.