diff --git a/com.unity.render-pipelines.universal/CHANGELOG.md b/com.unity.render-pipelines.universal/CHANGELOG.md
index e939738f22c..7147c9fc47a 100644
--- a/com.unity.render-pipelines.universal/CHANGELOG.md
+++ b/com.unity.render-pipelines.universal/CHANGELOG.md
@@ -12,6 +12,7 @@ and this project adheres to [Semantic Versioning](http://semver.org/spec/v2.0.0.
 ### Fixed
 - Fixed a Universal Targets in ShaderGraph not rendering correctly in game view [1352225]
 - MaterialReimporter.ReimportAllMaterials and MaterialReimporter.ReimportAllHDShaderGraphs now batch the asset database changes to improve performance.
+- Fix for rendering thumbnails. [case 1348209](https://issuetracker.unity3d.com/issues/preview-of-assets-do-not-show-in-the-project-window)
 
 ## [12.0.0] - 2021-01-11
 ### Added
diff --git a/com.unity.render-pipelines.universal/Runtime/UniversalRenderPipeline.cs b/com.unity.render-pipelines.universal/Runtime/UniversalRenderPipeline.cs
index 32222f9be1e..66a9e9521dc 100644
--- a/com.unity.render-pipelines.universal/Runtime/UniversalRenderPipeline.cs
+++ b/com.unity.render-pipelines.universal/Runtime/UniversalRenderPipeline.cs
@@ -247,7 +247,7 @@ protected override void Render(ScriptableRenderContext renderContext, Camera[] c
             if (m_GlobalSettings == null || UniversalRenderPipelineGlobalSettings.instance == null)
             {
                 m_GlobalSettings = UniversalRenderPipelineGlobalSettings.Ensure();
-                return;
+                if(m_GlobalSettings == null) return;
             }
 #endif