Martha Leiper, Head of Insurance Advisory at Nuveen, shares her perspective on three themes from the insurance edition of Nuveen’s EQuilibrium survey.
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Discover the latest quarterly real estate market trends in our quarterly research report. Dive deeper into regional market and sector conditions to find out the tactics we incorporate into our investment decisions.
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As AI drives unprecedented demand for data center infrastructure, environmental risks have become core financial considerations for investors. This joint whitepaper by Nuveen and the Environmental Defense Fund provides a practical due diligence framework covering energy use, water consumption, community impacts, and governance across the full AI value chain — from hyperscalers and utilities to semiconductor manufacturers and real estate developers. Includes over 75 investor engagement questions tailored by sector and asset class.
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Nuveen's Head of Insurance Advisory, Martha Leiper, shares key takeaways from the NAIC Spring 2026 Meeting. The packed regulatory agenda covered developments with meaningful implications for insurance capital requirements and portfolio positioning, including CLO C1 factor modeling, RBC framework reforms, collateral loan treatment, ALM derivative accounting, and Economic Scenario Generator implementation — with many items still open for industry comment.
Read More Martha Leiper, Head of Insurance Advisory at Nuveen, shares her perspective on three themes from the insurance edition of Nuveen’s EQuilibrium survey.
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Energy infrastructure credit applies proven private credit discipline to essential assets, offering shorter-duration, floating-rate exposure, and enhanced capital efficiency.
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TIAA Institute, working with Nuveen, explores the structural forces reshaping long-term portfolios. Nuveen CIO Saira Malik shares her perspective on what these trends mean for institutional investors.
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As markets are increasingly influenced by geopolitics, economic uncertainty and evolving credit markets, opportunity lies beyond borders. Alternative credit continues to offer resilient income potential, but successful outcomes depend on thoughtful diversification and disciplined risk management. By pairing global reach with local insights, investors can build portfolios designed to withstand volatility, capture durable yield and support long-term objectives.
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After a challenging few years of rising interest rates and valuation corrections, private real estate is poised for a meaningful recovery in 2026, with values stabilizing and total returns turning positive for six consecutive quarters.
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As 2025 draws to a close, some of the same questions and issues are likely to linger into the new year: Is economic growth slowing? Are inflation concerns lessening? Will the Federal Reserve and other central banks continue easing policy? How will geopolitical risks, the AI revolution and other factors shape markets?
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The private credit market has experienced remarkable growth in recent years, with significant increases in capital inflows from both institutional and retail channels. Its success and expansion has naturally attracted scrutiny, with some observers questioning the sustainability of the asset class.
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Highlights from the National Association of Insurance Commissioners (NAIC) Summer Meeting, held in Minneapolis on August 10-14, 2025.
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The alternative credit market has seen significant growth since the Global Financial Crisis (GFC), and the increasing appetite for asset classes beyond direct lending demonstrates investors looking for similar growth stories in other markets.
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Almost 95% of institutional investors now hold private credit in their portfolios and that investment shows no sign of slowing. At the same time, investors have been reengaging with public fixed income markets, according to Nuveen’s EQuilibrium survey.
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Growing private credit allocations, volatile macroeconomic conditions, dry powder and slowing private equity deal activity are fueling concerns about the private credit market. Will private credit’s virtuous cycle continue or are we approaching the peak?
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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.
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The energy infrastructure sector continues to benefit from structural tailwinds, most notably the megatrend of sharply increasing U.S. electricity consumption. Historic demand growth was initially catalyzed by the push for electrification, in pursuit of decarbonation goals and net-zero commitments.
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Fewer insurers are making significant changes to asset allocations, according to our fifth annual EQuilibrium global institutional investor survey. But our headline finding obscures a more nuanced picture when we look into the data.
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Our forward-looking survey asked 235 insurance companies globally (along with 565 other institutional investors) about their views on the macro environment, where they are moving assets and how they are tracking and measuring the non-financial impact of their investments.
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Alternative credit is not a new phenomenon, however, up until the 2008 Global Financial Crisis (GFC), it was largely overlooked by investors. The crash was a catalyst for the market.
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From a policy standpoint, C-PACE is a state and locally legislated program which has received support from both Republican and Democratic controlled states, and has been passed under all presidential administrations since its inception in 2008.
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Private capital stands primed to capitalize on what looks set to be a favorable environment for generating returns and income as the macroeconomic fog clears, financing costs ease and improved liquidity sets the market moving in a virtuous cycle.
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The painful reset of private real estate seems to be in the rearview mirror, and we expect 2025 to be a good vintage for real estate investment.
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Insurance companies globally, whether or not they have net zero commitments, are eager to align with and prepare for the energy transition. Understanding the pace of the transition has far-reaching consequences for investment portfolios.
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At the start of the year, the consensus was that rate cuts were the name of the game in 2024. To put it mildly, that has changed significantly.
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Increasing duration was the most popular course of action in Nuveen’s 2024 EQuilibrium survey of institutional investors.
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Over 220 insurance companies globally (along with nearly 580 other institutional investors) share their views in Nuveen’s latest annual EQuilibrium institutional investor survey.
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Commercial Property Assessed Clean Energy (C-PACE) has become increasingly popular with U.S. insurers due to the impact opportunities it can offer, as well as access to clean energy investments and the potential for attractive and stable risk-adjusted returns.
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Understanding the non-financial impact of their investments is an increasing concern for institutional investors. Almost three-quarters (74%) consider or plan to consider the environmental and societal impact of their investment decisions, according to Nuveen’s 2023 EQuilibrium survey of institutional investors around the world. This number is even higher (82%) for insurers.
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Nuveen is excited to release the global insurance edition of their 2023 institutional investor survey, EQuilibrium. Learn more about strategic and tactical allocation trends, where insurers are finding opportunity in private markets, and impact investing with balance sheet assets.
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Join host Stewart Foley on the InsuranceAUM.com Podcast as we explore opportunities, risks, and strategies in the dynamic commercial real estate debt market.
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Jessica Bailey is the President and CEO of Nuveen Green Capital.
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Steve Liberatore is the Senior Managing Director at Nuveen.
Read More1. 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.
3. As of 31 Dec 2024.
4. Insurance assets managed on behalf of TIAA. TIAA acquired Nuveen in 2014, and shortly thereafter TIAA’s asset management business was combined with Nuveen. Statements regarding Nuveen’s history include TIAA’s history.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with their financial advisors. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.
Important information on risk
Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved. See the applicable product literature for details.
Nuveen, LLC provides investment solutions through its investment specialists.
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