Observed arrival · 2026-11-14
F&G: Capital by permission
An interactive report argues that F&G’s common equity is worth zero, tracing the case through insurer assets, capital, withdrawals, and stress scenarios.
- For
- Readers researching F&G and insurance balance-sheet risk
- Worth noticing
- The authors disclose substantial short positions in F&G common stock and parent notes, and say they may change or close them without notice.
Field notes
The report describes F&G as earning the spread between investment returns and payments to policyholders, lenders, and operating expenses, while saying Blackstone chooses most retained investments. Its risk case includes $4.84 billion across 23 investment structures at FGLIC before reinsurance, with both rated debt and junior investments. The authors disclose that they hold short positions in the stock and parent notes, so the stated financial interest is part of the evidence readers should weigh.
Observed signals
Read the marks
Editorial observations of this landing page, not a rating.
One card from the complete issue