Summary

• Tranche thickness is moving from technical detail to strategic consideration.
• As CLO regulation evolves, structure may matter more alongside ratings.
• Insurers that prepare early may be better positioned to manage risk, capital, and manager oversight.

By Dawn Silvia, Director, Insurance Solutions

For life insurers, structured credit analysis has long relied on ratings, attachment points, manager quality, and relative value. That framework still matters, but it may no longer be enough. As the NAIC revisits life