Are foreign investors (still) divesting from US assets? Checking in on trends for non-US insurers

Earlier this year, we published a research report on investment trends for non-US insurers on Clearwater’s platform. In the wake of trade and tax policy shifts from Washington, we sought to investigate the “sell America” narrative pervading the 2025 news cycle. At the time of publication, we corroborated headlines: Year-to-date Clearwater data through June (from a sample of 50 non-US insurers with $100B+ in combined assets) revealed a clear decline in transactions and holdings of US assets—despite total portfolio assets growing over that timespan.

As market indicators and news sentiment for the US appear to have rebounded, we thought to revisit those same 50 firms: Are they still “selling America”?

This report provides a glimpse into the two months following our initial investigation. What we found:

• The trend of divestment appears to have vanished. YTD declines in US holdings through June have reversed over the last two months;
• Net daily purchases of US assets have rebounded 60% since their trough; and,
• European holdings remain up for the year, suggesting US sentiment is not an “either/or” but a “both/and” calculus for foreign investors.

Download the full report

If you are interested in the details of this analysis and additional insight, download our Are foreign investors (still) divesting from US assets? | Checking in on trends for non-US insurers.