Insurance Credit: archive
Every Insurance Credit story in Insurance, newest first. 38 stories
1 story
AM Best affirms Legal & General ratings with stable outlook
AM Best estimated adjusted financial leverage at 52.2% excluding the contractual service margin at year-end 2025, or 15.3% including it.
1 story
August ABS issuance falls to $27.2B; office CMBS delinquencies hit 12%
August ABS volume ran about 20% below the prior four months' pace; year-to-date issuance of $256.5 billion is on pace to surpass 2024 and 2025.
1 story
Insurance AUM Journal: private credit sector mix mirrors leveraged loans in Fed sample
Technology and business services took 33% of private credit issuance in the Fed sample, against 27% in leveraged loans; healthcare added another 13%.
1 story
Boothe and Heidenberger tie One Big Beautiful Bill Act to profit gains and duration risk
In Insurance AUM Journal, they write that earnings improved on capex rather than cost-cutting and that private markets must absorb more duration supply.
1 story
Morgan Stanley's Jochims is guest on InsuranceAUM.com European direct lending podcast
Host Stewart Foley says growth alone is not a reason for insurers to allocate; the test is diversification and relative value.
1 story
Invesco Real Estate says 2026 CRE loan originations reached $5bn so far
The manager says it wrote $4bn last year and that bridge, mezzanine and other structured credit can extend insurer general accounts beyond investment-grade mortgages.
1 story
Barings says first two infrastructure CLOs drew 100-plus investor meetings
Ilena Coyle, Barings' head of North American insurance and intermediary, says insurers participated across both transactions.
1 story
Blackstone Credit & Insurance leads $1 billion loan for Analogic merger
Blackstone Credit & Insurance was lead lender and joint lead arranger with HPS, Bank of America and Wells Fargo on a transaction that closed earlier this month.
1 story
Bermuda guarantor Verdant Rock gets A financial strength rating from Morningstar DBRS
The Bermuda-based guarantor was founded in 2025 and also holds a BBB+ financial strength rating from Fitch.
1 story
Fitch upgrades Beazley Insurance's financial strength rating to AA after Zurich deal
The agency also raised Beazley plc and its Dublin subsidiary to AA- and expects the combined specialty platform to generate business volumes of around $15 billion.
1 story
AM Best flags unrated reinsurance behind $30 billion of fronting premium
Conning's August 2026 study found fronting programs' initial loss ratios developed adversely in each of the past seven accident years.
1 story
AM Best turns positive on Palms as the A stays put
A positive outlook without a notch is good for the issuer's funding cost, mildly awkward for the book that owns it, and arrives on the agency's schedule, not the credit committee's.
2 stories
First Eagle's ABL pitch is a manager decision
A head of asset-based loans argues that collateral and control are what a lender is paid for when capital turns conditional.
Samsung's China unit keeps its A as the group buys control
The affirmation is continuity on a small China unit. The credit question is how Samsung funds the Canopius control stake.
2 stories
In direct lending, the call list is the asset
A lender's place on a sponsor's call list belongs in the diligence file, and the argument for why consolidation erodes it comes from the lenders themselves.
Private equity is selling insurers the exit it cannot find
Tranched fund stakes and sliced NAV loans hand the general account a new asset class — and a wager on an exit calendar it does not control.
1 story
AM Best takes private-credit risk to the NAIC's own stage
A rating-agency agenda slot previews how the industry's quietest big allocation gets graded—and it moves faster than a capital formula.
1 story
NAV Finance's Insurance Pitch Meets the RBC Rewrite
A fund-finance firm makes the allocation case to insurers in the language of yield, while the capital charge that settles it is still being written.
2 stories
Voya pitches fund finance as the general account's J-curve fix
Voya's private credit ABF desk argues that lending to funds delivers similar returns with less ramp than an LP stake, leaving insurers to underwrite the risk claim themselves.
Private credit's "one corner" defense reaches the insurance channel
Principal is asking insurance general accounts to accept a distinction the published version of its argument doesn't yet draw.
1 story
Q2 credit rally brings yield, not diversification
Public and private credit can hide a single refinancing risk even as spreads retrace, an Insurance AUM Journal review warns.
2 stories
AM Best Affirms Adamjee at B (Fair)
A quiet rating action that leaves Adamjee’s credit standing exactly where it was, with the next review the only real test.
NEWGT Re exits AM Best; collateral becomes the rating
A Bermudian reinsurer walks away from AM Best after an A- affirmation, subtracting one public comparison from an offshore market whose real test was always collateral.
1 story
AM Best keeps Inpex captive at A, stable
The Bermuda energy captive's below-30% combined ratio matters less than the surplus scheduled to leave for Japan.
1 story
Private credit is no diversifier, First Eagle warns
Sisco says private credit carries public credit's risk, and dispersion is the threat.
1 story
AM Best holds Athene at A+ as the asset test looms
The rating keeps Athene's liabilities quiet; the private allocations that pay annuity bills are the open question.
2 stories
Insurers are the quiet capital behind private credit's next leg
Private credit is moving beyond direct lending into asset-based finance, where insurance general accounts are the balance sheets best positioned to fund it.
Retail evergreen reversal hands insurers direct-lending leverage
Global private-debt fundraising is strong, but retail redemptions are shifting the balance of power to institutional balance sheets.
1 story
Relationship-based lending is the direct-lending edge
Centerbridge and Wells Fargo built Overland Advantage on bank-sourced origination, a structure that changes the due-diligence question for insurance credit desks.
1 story
Private credit outcomes hinge on portfolio management, podcast argues
A new Insurance AUM Journal episode makes the case that portfolio management, not underwriting, separates private credit outcomes.
7 stories
AI debt crosses 15% of investment grade — a threshold insurers can't ignore
Voya counts AI-related issuance at more than 15% of investment-grade bonds, with several $10 billion private placements tied to the same build-out — a concentration test for the general account.
Apollo points insurers to $2.5 trillion sports financing gap
A trade-press piece frames team and venue lending as a scalable asset class for allocators.
T. Rowe Price urges insurers to look past tight high-yield spreads
Tight spreads alone are no reason for general accounts to skip global high yield, a new T. Rowe Price-backed analysis says.
T. Rowe Price essay maps the case for global high yield
The four reasons stay paywalled. The definitions are where the case is built.
Private credit guide draws a line for insurance general accounts
Voya's investment-grade private credit guide focuses its sharpest analysis on risk, arriving just as insurance money floods the broader asset class.
Specialty finance takes a fifth of private credit fundraising
Insurance AUM Journal argues that specialized managers will be rewarded in the next layer of private credit, while direct lending remains a core general-account allocation.
Locked-in owners and aging homes keep residential credit in demand
Napier Park's Agarwal argues the slow resale market is a durable opening for specialized residential real estate lenders.
1 story
Borrowers keep pricing power while sponsors wait out the valuation gap
Insurance AUM Journal's mid-year credit survey finds borrowers with pricing power, sponsors waiting for valuations to move, and AI sharpening underwriting.