Nuveen -Tue, 03/24/2026 - 21:16

Energy Infrastructure Credit: A Natural Extension of Private Credit for U.S. P&C Insurers

Don Dimitrievich - Senior Managing Director, Portfolio Manager, Energy Infrastructure Credit, Nuveen
Jessica Bailey - Global Head of Infrastructure, Nuveen

While insurers have embraced corporate direct lending, a parallel evolution is underway in energy infrastructure. Rising electricity demand and system complexity are creating financing needs that traditional models can't efficiently address—and opening an opportunity for insurers to deploy private credit strategies into asset-backed infrastructure investments.

Energy infrastructure credit uniquely aligns with U.S. P&C portfolio priorities, offering shorter weighted average lives, both fixed and floating-rate structures, strong structural protections, and capital efficiency that can reduce RBC charges by approximately 70%.

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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 $1.4 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. For its stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) is one of only three insurers in the United States to currently hold the highest rating available to U.S. insurers from three of the four leading insurance company rating agencies: A.M. Best (A++ as of July 2025), Fitch (AAA as of August 2025), Standard & Poor’s (AA+ as of November 2025), and the second highest possible rating from Moody’s Investors Service (Aa1 rating affirmed as of February 12, 2026). There is no guarantee that current ratings will be maintained. The financial strength ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities or any other product or service not fully backed by TIAA’s claims-paying ability. The ratings also do not apply to the safety or the performance of the variable accounts, which will fluctuate in value.

2. Assets under management as of 31 Dec 2025. Nuveen assets under management (AUM) is inclusive of underlying investment specialists. Totals may not equal 100 % due to rounding.

Joseph Pursley, CIMA
Head of Insurance, Americas
Joseph.Pursley@Nuveen.com
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