(Reuters) -U.S. life insurers moved nearly $800 billion in reserves to offshore affiliates between 2019 and 2024, as the growth of private credit has transformed the sector and presented several risks along with it, according to a new Moody's Ratings report. As interest rates fell to near-zero between 2015 and early 2020, public life insurers took multiple approaches to maximize returns and stay competitive with their growing private credit counterparts, Moody's analysts said in a report published on Monday. These included partnering and merging with private equity firms, or alternative asset managers, in a trend that has continued in spite of now higher interest rates.