Scott Daniels, head of investment advisory at Conning & Co., said a hypothetical portfolio with 20% allocated toward alternative assets instead of equities or bonds was more valuable to insurers over a five-year period. (Image: Shutterstock)

(Bloomberg) — Insurers that have been supporting portfolios with credit risk to counter low interest rates should consider diversifying with alternatives such as private equity, asset manager Conning & Co. said.

“We’re getting toward the end of the credit cycle, getting to an area where you have a lot of risk, then adding more,” Scott Daniels, head of investment advisory at the Hartford, Connecticut-based company, said in a phone interview Wednesday. “We don’t think that’s the best plan.”

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