The Ledger

Life insurers have tilted away from Treasuries into structured and private credit, propelled by private equity ownership and NAIC treatment. Those flows are repricing markets, consistent with inelastic markets research that small, persistent allocations move prices. Record CLO issuance shows the shift; First Brands’ bankruptcy flags underwriting risk. The next test arrives as rules tighten in 2026.

PE-linked insurers now run a four-cylinder capacity engine: asset-intensive reinsurance lowers required capital; tax positioning lifts retained earnings; evolving solvency rules reshape charges on private assets; and short-horizon balance sheet funding via funding agreements and FHLB advances converts claims-paying strength into deployable cash. Together these steps explain the post-2019 surge in insurer deployable capital.

Private credit is recasting the circuitry of the financial system. In the final part of our Summer Series, we examine how insurance affiliates, NAV lines, and offshore reinsurance transmit stress. The system does not need to break to fail. Sometimes pressure just moves faster than recognition.

Retrofitting is no longer a technical upgrade, it's a central investment decision. As regulatory pressure and ESG mandates reshape the market, traditional underwriting struggles to keep pace. This article explores how probabilistic modelling and machine learning offer investors a strategic edge, helping them navigate lease constraints, capital timing, and retrofit complexity with greater confidence.

Green leases are emerging as powerful legal tools in Europe's push to decarbonize its office buildings. From retrofit cost-sharing to enforceable ESG clauses, these contracts are reshaping asset value and regulatory risk. Discover how a quiet legal evolution is driving a green office revolution, clause by clause.

Retrofitting is no longer just about compliance. As regulation tightens and tenant demand shifts, Europe's commercial real estate market is undergoing a decisive repricing. The opportunity now lies in identifying transition-ready assets before the market catches up.

The Green Premium is real—MEES & EU EPC rules are reshaping UK & EU office rents, with inefficient assets seeing early discounts.

Stranded assets pose risks and opportunities. Explore how ESG, green retrofits, and tenant demand are reshaping CRE investments globally.

In this 2024 Year in Review, we examine how regulation, capital markets, and occupiers converged to make decarbonization a defining theme in commercial real estate. From EU directives to SEC rules, the year reset expectations across the sector, and set the stage for 2025.

New CFTC guidelines strengthen carbon markets, offering CRE firms a clearer path to credible decarbonization and investor confidence.

Renewable energy carbon credits face scrutiny, signaling a shift in carbon offset strategies for CRE investors. Discover how to adapt.

EU ETS 2 expands carbon pricing to buildings and transport, reshaping commercial real estate with rising costs and compliance risks.