Industry Insight – The North American Insurance Asset and Capital Industry

Private markets now dominate the North American insurance investment agenda, but the question has changed. Insurers are no longer asking whether to allocate. They are asking how to define private credit, how to underwrite it, how it will be capitalised, how it is valued, and how they would exit. Regulatory change, liquidity pressure and the search for capital efficiency are shaping each of those answers.

We carried out qualitative research with 21 insurance investment professionals across North America. Respondents included life, pension risk transfer, P&C, mutual and reinsurance carriers, alongside asset managers, consultants, a ratings agency and a regulator. Each conversation followed a consistent structure covering their drivers, concerns and priority issues for the year ahead.

The resulting report covers four areas: allocation of investable assets, investment strategy design, treasury and capital management, and investment operations and regulation. Findings include:

• Asset-based finance emerging as the most-nominated destination for new allocation.Insurers repositioning ahead of the NAIC’s revision of C1 capital charges for CLOs.
• Liquidity risk in retail-facing private credit vehicles.
• A growing capability and experience gap across the industry.

The report also maps where buy-side, sell-side and consultant views agree and where they diverge.
This is essential reading for anyone operating at the intersection of insurance and investment.

Download your free copy and join the debate at Insurance Investor Live | North America 2026, 2-3 December, New York.