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Cadillac F1 owner denies sale as US insurance probe broadens
The denial comes as federal and SEC scrutiny of Mark Walter-linked insurers has already triggered a $6.5 billion asset reshuffle and negative ratings actions.
Cadillac Formula 1 owner TWG Global has moved to quell speculation that the team could be sold, saying it is not considering a sale of the Cadillac operation or any other part of TWG Motorsport, according to statements read at the Dutch Grand Prix by Adrian Atkinson of General Motors motorsports communications.
The company said TWG Motorsport, a subsidiary holding the controlling stake in Cadillac, is not being considered for sale amid growing scrutiny of billionaire Mark Walter's insurance and investment businesses. The update follows wider market attention after Walter agreed to sell the Los Angeles Lakers at a reported $12.5 billion valuation, roughly 14 months after acquiring control at a reported $10 billion valuation, with NBA approval still required.
Insurance Business reports that the broader investigation involves financial dealings tied to Walter-linked businesses and two insurers, Delaware Life Insurance Company and Clear Spring Life and Annuity Company. Prosecutors from the US Attorney's Office for the Southern District of New York and the SEC are investigating whether financial relationships were adequately disclosed as the insurers made private-credit investments connected to other parts of Walter's business network.
Separately, an inquiry involving Guggenheim Partners' asset management arm, where Walter is chief executive, remains ongoing. The Wall Street Journal reported prosecutors are focused on four businesses that acted as intermediaries, and while no criminal charges have been filed, grand jury subpoenas were issued to both insurers in February and subsequent internal reviews found errors in related-party investment disclosures, with Delaware Life later disclosing roughly $16 billion more in private-credit assets and earlier references to a $6.5 billion asset reshuffle and negative ratings actions.