Deputy CEO Giulio Terzariol told investors that European insurers are largely insulated from the turbulence roiling the U.S. private‑credit market. While American regulators probe insurers’ exposure to non‑bank loans, his comments suggest the continent’s built‑in risk aversion and tighter capital rules create a buffer, reinforcing the region’s risk aversion. Assicurazioni Generali therefore sees no immediate pressure on its balance sheets and supports its rating outlook.

The U.S. scrutiny follows several high‑profile defaults in private‑credit funds that left insurers scrambling for liquidity. European supervisors, however, have kept solvency ratios above the Basel‑III‑derived thresholds, limiting any spill‑over. Terzariol noted that this regulatory posture, combined with a cultural preference for traditional bonds, means European portfolios remain weighted toward lower‑yield but safer assets, and reduces the probability of forced asset sales.

Investors monitoring cross‑border credit risk can therefore treat European insurers as a relatively stable corner of the market, at least until U.S. pressures translate into broader regulatory reforms. The firm’s stance reinforces its dividend‑paying reputation and may attract capital seeking shelter from volatile alternative‑asset exposures. Private‑credit concerns are unlikely to dent European insurers’ earnings this year, for the remainder of 2026.