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 the combination of Analogic Corporation with three Leidos businesses, but its release does not say whether insurer money is in the loan.
The loan supports the combination of Analogic with Leidos’ Security Enterprise Solutions, Ports & Borders and Industrial Automation businesses. The combined company makes imaging and detection technology for airports, ports, borders and critical infrastructure, and the transaction closed earlier this month. BXCI acted as lead lender and joint lead arranger alongside HPS, Bank of America and Wells Fargo. Brad Colman, BXCI’s global head of healthcare investing and sponsor coverage for private credit strategies, said the loan reflects the group’s ability to provide large-scale, flexible capital to market-leading platforms.
Analogic is headquartered in Salem, New Hampshire, and supplies advanced imaging, detection, automation and power technology for aviation security, ports and borders, critical infrastructure, healthcare and industrial markets. Leidos, based in Reston, Virginia, has about 50,000 employees and reported revenues of about $17.2 billion for the fiscal year ended January 2, 2026. The release’s notes on the parties also describe Altaris, a healthcare-focused investment firm that manages $10 billion of equity capital, though it does not set out Altaris’ role in the deal.
BXCI is one of the largest private credit managers serving insurance companies. According to Blackstone’s latest annual report, the unit managed $443 billion of total assets at the end of 2025. Its insurance platform manages insurers’ general accounts, building portfolios that include Blackstone-managed products and loans it originates, and Blackstone says its insurance strategies focus mainly on investment grade private credit. The release itself describes BXCI as a leading provider of investment management services for insurers, built around that capability.
Blackstone has said institutional and insurance clients make up about three-quarters of the assets on its credit platform, and 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, and the release gives no terms or pricing. Large loans of this kind are typically spread across several vehicles, and insurers generally favor investment-grade or senior secured portions over higher-yielding leveraged loans.
For life and annuity carriers, private credit has become a central part of how they generate the yield needed to back long-term policyholder liabilities, and asset managers such as Blackstone compete to originate it. A deal of this size shows how much origination capacity these platforms now have, and how much of it is tied to insurance capital. Regulators have been looking more closely at how insurers value, rate and hold private credit assets.
Advisors who sell annuities and life products are comparing carriers whose financial strength increasingly depends on assets that are less transparent than public bonds, and Insurance Business has reported that disclosure on the private credit backing annuities is thin. That puts ratings reports and the detail of carriers’ investment portfolios at the center of those comparisons.
