Fair pushback on the timing angle - US insurers have been winning market share with higher crediting rates for years now. But the Isubstrate analysis reveals something key: European insurers' reinsurance strategy is actually generating comparable net returns while maintaining liquidity optionality that US peers have essentially surrendered. Full breakdown of the capital efficiency math here: https://vianews.eu/european-insurance-strategy/european-insurers-hold-back-on-private-credit-while-us-rivals-pursue-aggressive