Conversation with Eldridge Ind. CEO Todd Boehly & MassMutual CEO Roger Crandall | Global Conference

Why It Matters

The dialogue reveals how insurer‑driven private capital can boost retirement returns and fund U.S. growth, but it also flags liquidity and duration risks that require vigilant oversight.

Key Takeaways

• Insurance firms use private assets to boost policyholder returns.
• Eldridge’s model emphasizes capital structure control and downside protection.
• MassMutual’s 175‑year mutual ownership aligns incentives with policyholders.
• Private credit growth creates liquidity‑duration challenges similar to REIT boom.
• Aligning risk and return requires disciplined capital allocation and regulatory oversight.

Summary

The panel featured Eldridge Industries CEO Todd Boehly and MassMutual CEO Roger Crandall discussing how insurers are leveraging private capital to enhance returns for policyholders. Both executives traced their firms' historical reliance on illiquid assets—MassMutual for 175 years and Eldridge through its security‑benefit model—to diversify portfolios beyond traditional fixed‑rate, investment‑grade debt.

Key insights highlighted the strategic use of capital‑structure engineering to capture higher yields while mitigating downside risk. Boehly cited examples such as a $100 million convertible loan to DraftKings, emphasizing control over outcomes by moving up the capital stack. Crandall underscored the mutual ownership model, noting that policyholder alignment drives a long‑term, multigenerational perspective on risk and return.

The conversation also addressed industry‑wide trends, including the surge in private credit and the liquidity‑duration mismatches reminiscent of the private REIT boom. Both speakers warned of potential stress points but argued that disciplined underwriting, strong collateral, and regulatory safeguards can sustain higher returns without compromising solvency.

Implications for the broader market are clear: insurers equipped with deep, stable balance sheets can act as a conduit for private capital, supporting economic development while delivering incremental returns to retirees. However, investors must monitor the evolving risk profile as private‑credit assets expand, ensuring that capital allocation remains prudent and aligned with policyholder interests.

Original Description

Watch all 2026 Global Conference session replays: https://milkeninstitute.org/events/global-conference-2026/program

Full Session Name: Leadership and the Future of Capital: A Conversation with Eldridge Industries CEO Todd Boehly and MassMutual CEO Roger Crandall

What does it take to build a financial enterprise that lasts? From MassMutual’s 175-year history to Eldridge Industries’ modern, opportunistic platform, this conversation brings together two CEOs with distinct perspectives on insurance, asset management, and leadership. Together, they will discuss how trust, resilience, and long-term thinking unlock opportunity across market cycles—and why insurance remains central to investing for the decades ahead.

Todd Boehly

Chairman and CEO, Eldridge Industries

Roger Crandall

Chairman, President, and CEO, MassMutual

Dani Burger

Anchor, Bloomberg