David Markowitz, a senior Goldman Sachs lawyer, has been appointed chief legal officer at TWG Global, billionaire Mark Walter’s holding company. Federal investigators are scrutinizing how Delaware Life Insurance and Clear Spring Life and Annuity, two Walter-controlled insurers, classified approximately $20 billion in loans to companies within his empire. Following subpoenas and internal reviews, these insurers reclassified billions of dollars as affiliated-party transactions, raising the proportion of affiliated investments from 3% to 42% of invested assets. TWG has agreed to exchange up to $6.5 billion of affiliated investments for non-affiliated assets.
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