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Insurance investing

Five little-known facts about IG private credit for U.S. P&C insurers

Laura Parrott
Senior Managing Director, Head of Private Fixed Income
30 May 2025  
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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.

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2025 Global institutional investor survey
EQuilibrium insurance edition

About the author

Laura

Laura Parrott

Senior Managing Director, Head of Private Fixed Income
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