Tas Hasan, Managing Partner & COO, and Nelson Pereira, Director of Insurance Investor Partnerships at Deerpath Capital, share their perspective on the growing role of lower and middle market direct lending in insurance portfolios. With decades of experience and a long-standing focus on this segment, they explain why it's gaining traction among insurers seeking yield, diversification, and capital efficiency.   They break down the structural advantages of sponsor-backed lending, including stronger covenants, conservative leverage, and more lender-friendly deal terms. The discussion also explores how regulatory developments, such as NAIC guidance and capital treatment, are influencing insurer allocation decisions.   For insurance investors evaluating private credit strategies, this conversation offers valuable insight into manager selection, deal flow dynamics, and the key factors that set experienced lenders apart in today’s market.