Blackstone Credit & Insurance (BXCI), the unit that manages Blackstone's credit strategies and investment portfolios for insurance companies, is leading a $1 billion financing for a newly combined security imaging and detection business.
The loan supports the merger of Analogic Corporation with three businesses previously owned by Leidos: Security Enterprise Solutions, Ports & Borders, and Industrial Automation. The combined company makes screening and detection technology for airports, ports, borders and critical infrastructure. The transaction closed earlier this month.
BXCI acted as lead lender and joint lead arranger alongside HPS, Bank of America and Wells Fargo.
“This transaction reflects our ability to provide large-scale, flexible capital to market-leading platforms,” said Brad Colman, global head of healthcare investing and sponsor coverage for private credit strategies at BXCI.
BXCI is one of the largest private credit managers serving insurance companies. According to Blackstone’s latest annual report, the unit managed $443 billion in total assets at the end of 2025. Its insurance platform provides investment management for insurers’ general accounts, building portfolios that include Blackstone-managed products and loans it originates. Blackstone says its insurance strategies focus mainly on investment grade private credit.
Blackstone has said institutional and insurance clients make up about three-quarters of the assets on its credit platform. That group has kept committing money to private credit, even as some retail-focused vehicles have seen withdrawals.
Blackstone did not say which BXCI funds or client accounts are providing the Analogic loan, or whether insurance general accounts are taking part. Large sponsor-backed loans like this one are typically spread across several vehicles. Insurers are usually more interested in investment-grade or senior secured portions than in higher-yielding leveraged loans.
For life and annuity carriers in particular, private credit has become a central part of how they generate the yield needed to back long-term policyholder liabilities. Asset managers such as Blackstone compete to originate that credit. Deals like the Analogic loan show how much origination capacity these platforms now have, and how much of it is tied to insurance capital.
The trend has drawn closer attention from regulators, who have been looking more carefully at how insurers value, rate and hold private credit assets in their portfolios.
For brokers and advisors who sell annuities and life products, it is a reminder that carriers’ financial strength increasingly depends on asset classes that are less transparent than traditional public bonds. That’s worth bearing in mind when comparing carriers’ ratings and investment portfolios.
