Business & Finance
TWG Global hires former Goldman lawyer David Markowitz as chief legal officer
The hiring occurs as federal authorities investigate how insurers controlled by CEO Mark Walter categorized billions in loans to affiliated entities.
The short version
- Holding company TWG Global named former Goldman Sachs executive David Markowitz as its chief legal officer.
- Federal prosecutors in New York and the SEC are investigating how two insurers controlled by TWG CEO Mark Walter classified over $20 billion in loans to his affiliated companies.
- Walter has not been charged with any wrongdoing, and TWG recently agreed to swap up to $6.5 billion in affiliated assets held by one insurer for non-affiliated assets.
Key facts
- TWG Global hired David Markowitz, previously the global co-head of litigation and regulatory proceedings at Goldman Sachs, to serve as its chief legal officer.[CNBC]
- The U.S. Attorney's Office for the Southern District of New York and the SEC are examining how Delaware Life Insurance and Clear Spring Life and Annuity labeled approximately $20 billion in loans in regulatory filings.[CNBC]
- Mark Walter, CEO of TWG Global, has not been charged with wrongdoing in the ongoing probe.[CNBC]
- Delaware Life updated its audited 2025 financial disclosures, increasing its stated affiliated investments from 3% to roughly 42% of invested assets following grand jury subpoenas and internal reviews.[CNBC]
- TWG reached an agreement to exchange up to $6.5 billion of Delaware Life's affiliated investments for an equivalent value of non-affiliated assets.[CNBC]
What remains uncertain
- The final scope and outcome of the federal investigations by the SEC and SDNY remain undetermined.[CNBC]