Zurich Sees No Decline in $10 Billion Private Credit Portfolio

(Bloomberg) — Zurich Insurance Group AG said it sees “no signs of impairment or declines in quality” in its private credit investments, which amount to roughly $10 billion invested across senior corporate lending, mid-market loans and infrastructure debt.

Zurich is “not concerned” about its position but is also “not seeking to increase it,” Chief Financial Officer Claudia Cordioli said in a call with media Wednesday. Roughly 5% of the insurer’s portfolio is invested in private credit, she said, describing the firm’s exposure as “stable and well diversified across geographies and sectors.”

The $1.8 trillion private credit market, which surged in the wake of the 2008 financial crisis, has been facing fund redemptions and negative sentiment due in part to concerns about overspending on artificial intelligence, the technology’s disruptive power and lending standards more broadly.

On Tuesday Munich Re said it has investments of as much as €2.5 billion ($2.9 billion) in the asset class, about 1% of the group’s asset portfolio.

Hannover Rueck SE, another German reinsurer, said Monday that its exposure to private credit funds is around 1% of its assets under management. When including direct infrastructure debt and highly rated CLOs, it’s ranging in the low single-digit billion euros, the company said.

Allianz SE has disclosed €141 billion in exposure, of which 17%, or about €24 billion, was in areas such as middle market lending at the end of last year.

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