mr. seitz, you run the office that oversees insurance products. i want to ask you about the safety of these americans' pensions. when someone report -- retires from a company like jcpenney and alcoa and their pension was transferred over to apollo's insurance arm, you say that the retiree's pension is just as financially secure now that it is managed by a private equity owner-ensure, as it was before? mr. seitz: thank you, senator, for that question. we share your view on the importance of this issue and recognize the importance of pensions to millions of americans relying on those for their retirement, and a dignified retirement. we are working closely with regulatory considerations as they look at their framework and how to best address not only changes in the pe sector, more broadly in the life insurance sector with regard to their investment and liquidity. sen. warren: i appreciate you care about these issues, but that is not the question i asked. once there has been a transfer to apollo's

mr. seitz, you run the office that oversees insurance products. i want to ask you about the safety of these americans' pensions. when someone report -- retires from a company like jcpenney and alcoa and their pension was transferred over to apollo's insurance arm, you say that the retiree's pension is just as financially secure now that it is managed by a private equity owner-ensure, as it was before? mr. seitz: thank you, senator, for that question. we share your view on the importance of this issue and recognize the importance of pensions to millions of americans relying on those for their retirement, and a dignified retirement. we are working closely with regulatory considerations as they look at their framework and how to best address not only changes in the pe sector, more broadly in the life insurance sector with regard to their investment and liquidity. sen. warren: i appreciate you care about these issues, but that is not the question i asked. once there has been a transfer to apollo's

mr. seitz020 when the covid pandemic first began, my office got calls from business owners who had insurance. they chose policies that included business interruption insurance and they paid their premiums. then, when the pandemic hit, they had to close down due to a risk of contamination, obviously. but they were not covered. so, i guess my question to both of you is, and you talked a little bit about, it is there -- is a feasible for insurance companies to provide pandemic insurance? that's one. but then to, when it comes to private equity, miss birrane, let me ask you this. because you talked about, in particular, the transfer of ownership, risk, from private equity to insurance companies. one of the things you identified was that there are certain types of risk that are too large and too volatile for the market to absorb them. but you don't feel that way about private equity. as they come in and purchase so many of them -- unfortunately, insurance companies have so many assets. i know i'm co