It’s hard to understand conceptually investing in a manner that guaranties a loss. However if as Roadracer commented if this was your safest move after evaluating all the available options then it would make sense. I could see insurance companies making this move to protect their reserves. That way no matter what happens in the normal investment market they still have a certain amount to work with. The basis of this is, you can’t sell more insurance then you have reserves to pay claims. They could have millions or billions in other investments but hold these in case of a crash.