TWG Global Appoints Legal Whiz Amid Federal Scrutiny of Insurance Practices

TWG Global appoints David Markowitz, a former Goldman Sachs attorney, as chief legal officer amid ongoing federal investigations into certain insurance practices connected to Mark Walter's business interests.

David Markowitz, notable for his significant contributions in the settlement of the 1MDB corruption case while at Goldman Sachs, now steps into a pivotal role at TWG Global. This move comes as the company navigates scrutiny from the U.S. Attorney’s Office for the Southern District of New York and the SEC. These investigations primarily focus on the reclassification of approximately $20 billion in loaned assets by Delaware Life Insurance and its affiliate, Clear Spring Life and Annuity, within their regulatory reports.

Understanding the Investigations

The federal investigations question the management of investment classifications by these insurers. Initially reporting only 3% of assets as affiliated, this figure soared to 42% in updated 2025 financial disclosures. While legally permissible, such lending to affiliates must adhere to stringent regulatory compliance. Consequently, TWG Global is proactively working to replace up to $6.5 billion of Delaware Life Insurance's affiliated investments with non-affiliated assets.

Markowitz’s Strategic Contribution

Bringing vast legal expertise from his prior roles at Goldman Sachs, the SEC, and the New York Attorney General’s Office, Markowitz is poised to strengthen TWG Global’s legal framework. Mark Walter, the company's owner and a prominent figure in the sports industry, has high expectations for Markowitz in bolstering TWG Global’s strategy while navigating the ongoing investigations.

Market and Industry Implications

Mark Walter’s business moves continue to captivate the insurance and business sectors, particularly following his recent partial divestment in the Los Angeles Lakers valued at $12.5 billion. This decision, alongside the appointment of Markowitz, highlights Walter's focus on refining his business ventures amidst intensified legal scrutiny. For insurance professionals, this development underscores the criticality of robust compliance and strategic legal oversight in managing affiliated investments.