Insurers secure private-asset access as government yields ease

Euro yields fall further than gilts

The UK 10-year gilt spot yield fell 3bp to 5.35% between 25 September and 2 October. Euro AAA yields at the same maturity declined 15bp to 3.46%, widening the UK premium to 189bp. US investment-grade corporate spreads rose 4bp to 85bp, while the ECB reference rate for sterling fell 0.38% to $1.3201.

ONS revisions raised second-quarter UK growth to 0.5% from 0.4%. For insurers buying government bonds, the week ended with lower yields available on new investments; the wider US credit spread offered more compensation above Treasury yields.

Insurers build access to mortgage and infrastructure assets

New York Life Investment Management agreed to buy a majority stake in Invictus, with closing expected in early 2027. NYLIM says the deal will give its general account a new source of residential mortgage assets, supported by Invictus's loan-sourcing and securitisation capabilities.

Liberty Mutual Investments gained an option to deploy up to $750m with Orion Infrastructure Capital. The firms reported $240m jointly committed. Both announcements emphasise access to assets through specialist managers. The amounts and transaction stages differ: Liberty's ceiling is optional, while NYLIM's acquisition remains subject to approvals.

Private-asset risk enters the 2027 supervisory programme

EIOPA's priorities published on 30 September call for supervisors to examine whether insurers' Own Risk and Solvency Assessments capture private-asset and cyber risks in 2027. They also focus on macroeconomic and actuarial assumptions, particularly for long-boundary contracts. The change establishes supervisory priorities; it does not itself change an asset's capital charge.

The figures

• UK 10-year gilt

  Nominal spot yield

  5.35%

  −3 bp vs 25 Sep 2026

  As at 2 Oct 2026 · Bank of England

• Euro AAA 10-year

  AAA government spot yield

  3.46%

  −15 bp vs 25 Sep 2026

  As at 2 Oct 2026 · European Central Bank

• US IG credit spread

  ICE BofA US Corporate OAS

  85 bp

  +4 bp vs 25 Sep 2026

  As at 2 Oct 2026 · ICE BofA via FRED

• GBP/USD

  ECB reference, dollars per pound

  1.3201

  −0.38% vs 25 Sep 2026

  As at 2 Oct 2026 · ECB reference rates via Frankfurter

IAN reporting cited

• Liberty Mutual Investments gains option to deploy up to $750m with Orion Infrastructure Capital 1 October 2026
• EIOPA to check whether insurers' ORSAs capture private-assets and cyber risks in 2027 30 September 2026
• NYLIM agrees to buy majority stake in US residential-credit manager Invictus 28 September 2026