Infrastructure debt has become the leading private market priority for European insurers, with 58% planning to increase allocations, according to Novantigo’s latest annual study of the European insurance asset management market.
The research found that direct lending is also expected to experience strong growth, with 46% of insurers intending to increase exposure, while 38% plan to allocate more to private placements.
European insurers are increasing allocations to private markets, with infrastructure debt becoming the top investment priority as changes to Solvency II improve capital efficiency.
- 58% of European insurers plan to increase infrastructure debt allocations, making it the most popular private market strategy.
- 46% intend to expand direct lending exposure, while 38% plan to increase investments in private placements.
- The survey covered 143 insurance investment professionals overseeing €4.1 tn in assets across five European markets.
- Solvency II reforms could release €70-90 bn of capital across the European insurance sector.
- Structured credit now represents nearly 40% of all new private market mandates and fund investments planned for 2026.
- 47% of non-life insurers plan to increase structured credit allocations, compared with 36% of life insurers.
- European insurers are expected to award 385 new investment mandates in 2026, down from 524 in 2025, with private markets accounting for 31% of the pipeline.
- External managers oversee 48% of insurers’ private asset portfolios, the highest share among all asset classes.
- 72% of new mandates are expected to go to incumbent asset managers, up around 9 percentage points from last year.
- Italy remains the most accessible market for new managers, with 32% of mandates expected to be awarded to new providers.
- Blackstone ranked as insurers’ preferred private asset manager, selected by 73% of respondents, followed by Apollo (62%), BlackRock and CVC (51% each), PIMCO (45%), and J.P. Morgan Asset Management (43%).
Novantigo’s findings are based on a survey of 143 insurance investment professionals responsible for €4.1 tn in assets. Conducted during the second quarter of 2026, the research covers insurers across the UK, France, Germany, Italy and Switzerland, alongside 25 executive interviews.
The study also maps 200 segregated mandates and 148 fund investments expected within the 2026 pipeline.
