Strong underwriting results have given U.S. P&C insurers greater balance-sheet flexibility, but headline industry data may not tell the full story. This article looks at risk capacity, adjusted risk-asset exposure, private market activity and fixed income trends shaping how insurers are evaluating portfolio opportunities.
Learn More Strong underwriting results have given U.S. P&C insurers greater balance-sheet flexibility, but headline industry data may not tell the full story. This article looks at risk capacity, adjusted risk-asset exposure, private market activity and fixed income trends shaping how insurers are evaluating portfolio opportunities.
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SLC Management’s Q2 2026 Investment Grade Private Credit update explores private placement market trends, including issuance activity, spread dynamics, investor demand and sector developments. The article highlights how infrastructure debt, market volatility and evolving macroeconomic conditions are influencing the investment grade private credit landscape for institutional investors.
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U.S. supply chains are being reconfigured, creating infrastructure opportunities across logistics, ports, rail and trade networks.
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SLC Management reviews the Q1 2026 investment grade private credit market, where issuance remained strong despite geopolitical volatility, rising energy prices and increased scrutiny of private credit. The article highlights how liquidity conditions, sector-specific pressures, secondary market activity, and AI-related trends are shaping opportunities and risks across the investment grade private placement market.
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Commercial real estate (CRE) debt, particularly value-add lending, represents an underutilized yet compelling alternative asset class for insurance portfolios. With a defensive profile, strong income potential from floating-rate loans with floors, and high capital efficiency, CRE lending appeals to insurers. As traditional banks retreat from the space, alternative managers capture increased market share. Post-2022 valuations offer attractive entry points, and value-add strategies' blend of income and capital preservation enhances portfolio risk-adjusted returns while reducing volatility.
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2026 Global Investment Outlook from SLC Management examines the key forces shaping markets in the year ahead. Drawing on insights across public and private fixed income, private credit, real estate, infrastructure and insurance asset management, the report explores how resilience following 2025’s uncertainty may give rise to new opportunities and risks. It offers an institutional perspective on macroeconomic conditions, asset class fundamentals and evolving themes influencing global investment decision‑making in 2026.
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SLC Management’s Q4 2025 Investment Grade Private Credit update reviews market conditions and issuance trends amid an uncertain macro backdrop. It notes that placement volumes remained healthy, supported by strong investor demand, while recent high-profile defaults in riskier parts of private credit highlight the need to distinguish between asset types and underwriting quality. The piece aims to “tune out the noise” by focusing on fundamentals, relative risk, and how investors can evaluate investment-grade private credit opportunities.
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For our 2025 SLC Management Insurance Asset Management Survey, we conducted quantitative and qualitative interviews with 250 insurer decisionmakers on their investment positioning and the results are in.
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Robust issuance continued into Q3, reflecting solid supply–demand dynamics. As the IG private credit market grows, however, we take a closer look at the diverse array of origination channels in this investment universe, discussing the potential benefits, drawbacks and possible misconceptions surrounding these sources of deal flow.
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Issuance activity overcame a slower start to the quarter to end at volumes exceeding Q1. Also, the continued uncertainties over global trade, inflation and fiscal policies highlight the potential benefits of IG private credit against this backdrop.
Read More Historically, from an attribution analysis perspective, after hedging currency risk, sector and strategy have been more important in determining infrastructure portfolio performance than geographic exposure across mature markets.
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We built a new machine-learning model based on principles of behavioral economics in order to ascertain the most likely path forward for US trade policy. Again, since these policy decisions aren’t really economic in nature, they call for a somewhat different approach to forecasting. We took the conclusions from the behavioral machine-learning model and then mapped those conclusions onto the most similar case from our scenario model.
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The lower-middle market has fewer market participants and therefore is less competitive than the upper market segments. With this backdrop, we believe that a sector focus on financial services that has been built through decades of experience is both a competitive differentiator and a valuable offering to private equity sponsors that are active in this segment.
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Over the past six months, there’s a clear sense that we’ve entered a new phase in the geopolitical and policy landscape — one that brings a fresh layer of uncertainty but also opens the door to new infrastructure opportunities.
Read More The CLO market continues to perform as expected – offering notably low defaults, stable ratings, best in class yields and returns, and consistently strong relative value. Backed by a deep and growing global investor base – the CLO market has something for a wide range of investors; offering opportunities across a variety of risk, return and ratings profiles that are easy to access and transact in.
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Credit markets reported considerable year-over-year deal activity, with investor demand a principal driver. Meanwhile, continued development, expansion and innovation in the asset-backed finance (ABF) space requires a renewed perspective into the possible benefits and risks of these investments.
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The global economy finds itself in an unusual situation in the second quarter. For the first time in roughly 100 years, and for the first time since the advent of the modern, integrated global economy, significant changes in trade policy have created ripples throughout the world. To date, the situation remains highly variable, creating significant uncertainty. Therefore, these unusual times call for somewhat unusual analyses. In that spirit, this quarterly global outlook will take a somewhat different approach versus the previous quarterly outlooks. We have used our proprietary global econometric model to produce three broad scenarios: a base case, an upside case, and a downside case. Each scenario includes a discussion of the underlying assumptions, the current analysis and outlook, and the broad implications for the global commercial real estate (CRE) market. This economic outlook will be closely followed by the initial publication of our quarterly global CRE outlook, which will provide a more in-depth analysis of the global CRE market.
Read More In recent years, there has been a clear shift in deal activity towards energy and digital infrastructure. These sectors have experienced significant transaction activity, driven by the secular tailwinds of the energy transition and digitalisation. We believe they represent compelling opportunities, but this focus has inadvertently led to a relative reduction in deal volumes for transportation.
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IG private credit markets closed out 2024 with a record volume of US$125 billion in 2024, according to Private Placement Monitor, exceeding the previous record set in 2021.
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The year ahead could be one of macro uncertainty, but also of potential opportunities, investment ideas and renewal in certain asset classes. Check out insights from our investment specialists from SLC Management, BGO, InfraRed and Crescent Capital.
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End 2024 by looking back on the trends, events, and milestones that defined the insurance industry. Check out 2024 Insurance Wrapped.
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In the first half of 2024, we saw signs that the global macroeconomic environment, along with policies, markets and investor sentiment, may be undergoing a major shift. Check out what our investment specialists from SLC Management, BGO, InfraRed and Crescent Capital see for the rest of the year and beyond.
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Welcome to SLC Management’s investment outlook for 2024. In this report, our investment teams and solutions providers discuss public and private fixed income, real estate, infrastructure, insurance asset management and retirement plans.
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Hear insights from SLC Management and BGO on private real estate lending for insurers, including portfolio fit, capital considerations and market opportunities.
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Gianluca Minella of InfraRed Capital Partners joins Stewart Foley to discuss how insurers are increasing allocations to infrastructure equity and why the asset class is gaining momentum.
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In a year already marked by tariff uncertainty, market volatility and macro-level changes, what’s next for the rest of 2025? In our newest podcast series, Checking In, Looking Ahead, our investment team provides insights and outlook on what’s to come.
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Louis Pelosi is Managing Director of Client Solutions at SLC Management’s Global Insurance Group.
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