Nuveen - Tue, 06/03/2025 - 14:07

Five Little-Known Facts About IG Private Credit for U.S. P&C Insurers

Investment grade private credit is a consistent top five alternative allocation for insurers, according to Nuveen’s EQuilibrium survey. While often associated with life insurers, interest among P&C insurers is growing.

We share five little-known facts about investment grade (IG) private credit that P&C insurers should consider when investing in it.

Key takeaways

Private IG has grown significantly, with annual private placement market volume estimated to be in the range of $75 to $100 billion over the last two years.
Once comprising mainly private corporates and infrastructure debt/project finance investments, the private IG asset class expanded more recently to include private asset-backed securities, credit tenant loans and C-PACE.
Spread premiums over public benchmarks have historically reflected the less liquid nature of private assets, but are increasingly driven by proprietary sourcing, providing opportunities for relative value.

The material contained on this website is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with their financial professionals.

Nuveen, LLC provides investment solutions through its investment specialists. Nuveen Securities, LLC, member FINRA and SIPC

The information on this website is intended for U.S. residents only. If you are a non-U.S. resident, please visit the Global section of our website www.nuveen.com/global. This material does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful to make such an offer.

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Nuveen

Nuveen is the asset manager for TIAA, one of the world’s most highly rated and financially stable insurance companies¹. We leverage our deep expertise in partnering with insurance clients to tailor capital-efficient solutions to meet complex portfolio construction needs. Our platform of $1.3 trillion in AUM² offers differentiated investments across private credit and private equity, real assets, fixed income, and responsible investing focused strategies. For more information, please visit www.nuveen.com/insurance.

1. TIAA is one of only three insurance groups in the United States to currently hold the highest possible rating from three of the four leading insurance company rating agencies for its stability, claims-paying ability and overall financial strength. Ratings include A.M. Best (A++ as of 7/24), Fitch (AAA as of 8/24) and Standard & Poor's (AA+ as of 5/24), and the second highest possible rating from Moody’s Investors Service (Aa1 as of 10/24). There is no guarantee that current ratings will be maintained.
2. As of 31 December 2024.

Joseph Pursley, CIMA
Head of Insurance, Americas
Joseph.Pursley@Nuveen.com
445-245-1063

www.nuveen.com

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