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European insurers plan to boost infrastructure debt and structured credit
Research by Novantigo projects 58% of insurers plan to increase infrastructure debt exposure, while structured credit is expected to account for nearly 40% of new private market mandates and investments in 2026.
Infrastructure debt is set to become the top private market allocation priority for European insurers, with new research from Novantigo finding that 58% of insurance investment professionals plan to increase exposure.
The same study expects strong growth in other private credit strategies, including direct lending, where 46% intend to raise allocations, and private placements, where 38% plan to add exposure. Novantigo based its findings on a survey of 143 insurance investment professionals overseeing €4.1 trillion in assets, conducted in the second quarter of 2026, across the UK, France, Germany, Italy, and Switzerland.
Novantigo also points to regulatory change as a key driver of shifting capital deployment. Amendments to the Solvency II Delegated Regulation took effect on 10 March 2026 and become fully applicable on 30 January 2027, and the firm says industry research suggests the update could release between €70 billion and €90 billion of capital across the European insurance sector.
Against that backdrop, Novantigo reports that structured credit is emerging as a significant opportunity, with structured products expected to represent almost 40% of all new private market mandates and fund investments identified for 2026. The firm attributes renewed interest largely to improved Solvency II capital treatment for high-quality Simple, Transparent and Standardised securitisations and selected CLO exposures, which it says can help insurers seek stronger returns while using capital more efficiently.