This could be the 2026 version of the subprime crisis in 2008: I have been tracking private credit for several years and it is becoming a very serious problem. The US Treasury is meeting with domestic and international insurance regulators over the risks in private credit. Bear in mind this is a multi trillion dollar market. The insurance sector is heavily invested in private capital sector. This market is lacking transparency, is highly illiquid and highly complex in terms of the private credit products on offer. This includes securitised products similar to what we saw in 2008 with subprime. Many US insurers also have offshore reinsurance affiliates located in Bermuda and the Cayman Islands. Enough said.