Insurance companies shed CMBS, shift to direct lending

US skyscraper
By Max Adams
22 Dec 2016

Holdings of US CMBS at the largest life insurance companies have dropped in recent years, as firms shift their focus more to originating and holding commercial real estate (CRE) loans, according to research from JP Morgan.

A December research note from the bank said that, while CMBS has historically been a small part of insurance company bond portfolios, that amount has fallen considerably in the years since the financial crisis. CMBS comprised about 4.8% of the 10 largest insurance company bond portfolios at the ...

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