Insurers facing risks in rapid private debt buildup

European life insurers’ investment teams are having to navigate a welter of concerns – from unprecedented geopolitical risks (trade war and Brexit anyone?) to macro issues such as a looming US recession, along with sky-high asset prices.  And they are doing so while enduring regulatory constraints and long-term policy guarantees set during times when returns were substantially higher. One of their most popular responses has been to pour into private markets, most notably into un…