Clear Spring's affiliated line prints below $5.0B in the Q3 statement

This is the call we'd point you at first, because the coverage has the wrong company. Delaware Life is the one that drew the rating action and the front-page story, and it's at $18.251B against $48.183B of cash and invested assets, or 37.9%. Clear Spring is at $5,894,580,687 against $10,142,281,042, or 58.1%. Fifty-eight cents of every invested dollar. It also moved the wrong way. Clear Spring's affiliated investments rose $571,645,064 between December 31 and March 31, in the same quarter Delaware Life's fell $1.5B. The $90M reduction reported this month is 1.5% of Clear Spring's affiliated book and less than a sixth of the increase it posted in the most recent quarter on file. Getting under $5.0B means shedding $895M, which means reversing direction and then some, inside two quarters. 30% is us saying the parent is capable of arranging exactly that and hasn't said it will. AM Best's July 31 action covers Clear Spring Life and Annuity by name, alongside Delaware Life, Gainbridge Life and four Clear Spring property and casualty entities. Same negative outlook, same affirmed A-, same group. The rating agency is looking at it. The coverage isn't. There is no reference class behind 30%.