Don’t forget those private equities buying up life insurance companies that are being used for dumping grounds for bad loans that’ll be bailed out through state-based guaranty funds instead of passing through bankruptcy. In other words, these private equities are using life insurance subsidiaries to offload the risk of bad loans (mostly AI-related) to taxpayers when those life insurance companies become insolvent.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7152239