In this insightful episode of the InsuranceAUM.com Podcast, host Stewart Foley engages in a dynamic discussion with Louis Pelosi, Managing Director of Client Solutions at SLC Management's Global Insurance Group. The conversation centers on Best Practices in Strategic Asset Allocation (SAA) in an Evolving Regulatory Environment. Louis shares his deep experience in navigating the complexities of insurance asset management, shedding light on the importance of aligning asset allocation with the liability profiles, regulatory capital concerns, and risk tolerances unique to each insurer.   The episode delves into how regulatory changes and the growing use of alternatives—such as private assets and structured securities—are shaping insurers' strategies. Louis highlights how liquidity management and understanding the business’s nuances are critical in constructing efficient portfolios for insurers. Whether you're interested in SAA trends, regulatory insights, or how to effectively manage evolving risks, this episode offers a wealth of practical knowledge for insurance investment professionals.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Jake Remley, CFA, senior portfolio manager at Income Research & Management, for a deep dive into the world of structured securities. Jake brings his 20-plus years of experience in securitization to the discussion, explaining complex concepts like "zombie securitizations" and how to identify tail risks in the evolving landscape of asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS).   Jake shares insights on avoiding potential pitfalls in structured credit investments and emphasizes the importance of bottom-up analysis in navigating complex securitizations. With real-life examples like the recent write-down of 1740 Broadway, the episode offers practical guidance for institutional investors aiming to understand securitized debt structures and optimize risk-adjusted returns. For those keen on fixed income, this episode sheds light on the nuances of structured credit and its implications for portfolio management.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Alfred Chang, Head of Residential Loan Trading at MetLife Investment Management, about the growing role of residential whole loans in insurance portfolios. As a repeat guest, Alfred shares valuable insights into why this asset class is gaining traction, particularly for life insurers seeking capital efficiency and risk-adjusted returns. He compares the benefits of investing in residential whole loans versus public RMBS, highlighting how the private market offers unique opportunities through better control and transparency. Alfred also explains how a lack of housing supply and improved credit quality have made today’s market very different from the housing crash of 2008.   Drawing on more than 10 years of experience in residential credit, Alfred discusses MetLife Investment Management’s approach to mitigating risk through careful loan selection, strong counterparty relationships, and thorough due diligence. He also delves into the operational complexities of managing large volumes of individual loans and how MIM works closely with clients to address the reporting, accounting, and liquidity challenges of this asset class. If you’re interested in how residential whole loans can fit into an insurance company’s broader investment strategy, this episode is a must-listen.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Jessica Bailey, President and CEO of Nuveen Green Capital, and Laura Parrott, Senior Managing Director and Head of Private Fixed Income at Nuveen. Together, they explore the intricacies of Commercial Property Assessed Clean Energy (C-PACE) financing, a rising asset class that offers insurance investors both strong returns and a chance to positively impact climate change. Stewart, Jessica, and Laura break down how C-PACE can be used to finance energy-efficient building projects, blending public policy with private investment to drive real change in the built environment.   Listeners will hear about Jessica and Laura’s personal career paths, the growth of C-PACE, and why it’s become an attractive option for institutional investors, especially those in insurance. From policy challenges to the role of private capital in scaling this green initiative, this episode provides valuable insights for anyone looking to balance financial goals with responsible investing.

In this insightful episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Adriano Taylor Escribano, Principal Senior Quantitative Analyst at Jennison, to discuss the complex world of Commercial Mortgage-Backed Securities (CMBS) and their role in insurance company portfolios. Adriano shares his expertise on portfolio construction and optimization, offering valuable insights for insurance companies and asset managers. He also discusses the importance of diversification and underwriting quality in CMBS investments.

In this episode of the InsuranceAUM.com podcast, Stewart Foley talks with Grady Frank, Partner and Head of Private Credit Origination at GoldenTree Asset Management, about the evolving landscape of private credit. Grady delves into how GoldenTree approaches the upper end of private credit markets, focusing on large borrowers and navigating complex refinancing solutions. He discusses key opportunities in dividend recaps, M&A activity, and private credit's role in financing large transactions, while also sharing insights on maintaining discipline in credit underwriting amidst a challenging economic environment.   Grady provides an inside look at the state of the private credit market, its growing importance for economic stability, and how firms like GoldenTree balance flexibility with a commitment to strong returns. The conversation covers how private credit has evolved, fund size implications, and the potential for M&A resurgence, making this episode essential for insurance investors looking to understand this rapidly growing asset class.

In this episode of the InsuranceAUM.com podcast, Stewart Foley sits down with Jason Walker, Co-Chief Investment Officer at Manulife CQS, as part of the CIO Spotlight series. Jason shares his insights into current market conditions, focusing on the importance of downside protection and the opportunities created by market dislocations. He emphasizes how sentiment, liquidity, and new variables are reshaping markets, offering opportunities for savvy investors. Jason also discusses the impact of higher rates on credit markets, structured credit, and how his team at Manulife CQS navigates uncertainty with a disciplined, bottom-up approach.   The conversation dives into significant risk transfer (SRT) markets, U.S. commercial real estate, and the role of flexibility in portfolio construction. Jason explains how experience and strategic risk-taking are key to capturing returns in today's markets. With a thoughtful discussion on political risk and opportunities in structured credit, this episode is packed with insights from a seasoned CIO leading through complex market conditions.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Sid Dahiya, Head of Emerging Market Corporate Debt at Aberdeen, to discuss the evolving landscape of emerging market debt and the extension strategies that can unlock value for insurance investors. Sid provides an in-depth analysis of the size and characteristics of the EM corporate debt market, comparing it to other asset classes such as U.S. high yield. He also explains how Aberdeen’s proprietary tools and bottom-up investment approach can help manage risk in this complex asset class. Sid offers insights into the unique opportunities in emerging markets, including the impact of political risks and how global trends like de-globalization are shaping investment opportunities.   Sid also delves into specific extension strategies, including buy-and-hold approaches, crossover investments, and thematic strategies designed to capitalize on long-term trends. He highlights how insurance investors can strategically diversify their portfolios while balancing risk and return, particularly in the underappreciated areas of EM corporate debt. If you’re looking to expand your understanding of EM debt and its role in insurance asset management, this is a must-listen episode.

In this episode of the InsuranceAUM.com Podcast, Stewart Foley is joined by Michael Zorich, Managing Director and Head of Investment Grade (IG) Private Credit at Principal Asset Management, for an in-depth discussion on the growing relevance of investment grade private credit in today’s market. Michael shares his expertise on how IG private credit offers investors a combination of relative value, covenants, better recoveries, and diversification, making it an attractive asset class for insurance companies and institutional investors. He explains how current economic conditions, particularly rising interest rates, have led to increased attention on the sector, especially as investors seek risk-adjusted returns in less volatile spaces compared to other areas like direct lending.   Michael also discusses the evolution of private credit markets, the role of club deals, and the various sectors, such as infrastructure and real estate, that present opportunities and risks. As an experienced leader at Principal, he highlights the firm’s 50-year history in private placements, their focus on infrastructure investments, and the extensive customizations they offer to meet client needs. This episode provides valuable insights into how insurance investors can uncover value in IG private credit while navigating today’s complex economic landscape.

In this insightful episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with Andy Blocker, Global Head of Public Policy and Strategic Partnerships at Invesco, to dissect the key political developments shaping the U.S. election. They explore the unprecedented shifts in the political landscape, including the impact of Biden's decision to step aside, Kamala Harris's rise, and the ripple effects of Trump’s ongoing legal battles. Andy provides a thorough analysis of the "path to victory" for both Harris and Trump, offering listeners a unique perspective on how each candidate’s approach to messaging, demographics, and policy could define the outcome of the 2024 election.   As the conversation deepens, Andy shares his thoughts on critical topics like the abortion debate, fiscal policy, and the implications of regulatory agendas, particularly for the financial services industry. He also touches on the growing influence of U.S.-China relations and ESG considerations in the election's aftermath. This episode offers a comprehensive overview of the potential market and investment impacts tied to the election, making it an essential listen for insurance investors who need to stay informed on the political and economic factors driving the future of their portfolios.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with Paul Benson, Head of Systematic Fixed Income at Insight Investment, to dive deep into systematic fixed income and its growing relevance in today’s investment landscape. Paul discusses the evolution of systematic strategies since Insight’s early adoption in 2001, focusing on key innovations such as credit portfolio trading and enhanced liquidity in the high-yield markets. He also touches on the growing role of ETFs and how they integrate with insurance companies' portfolio needs.   The conversation further explores the customization potential of systematic strategies to fit the unique constraints insurance companies face, such as capital charges, duration, and rating bucket optimization. Paul shares insights on how rising rates have reshaped the private credit and high-yield landscape, and why high-yield bonds are becoming increasingly attractive for income-focused insurance portfolios. This episode provides valuable lessons for insurance investment professionals interested in integrating systematic fixed income into their strategic asset allocation.

Stifflear, Portfolio Manager and Head of Investment Grade Private Credit at PPM. Luke brings over 30 years of experience at PPM, providing deep insights into the world of investment grade private credit. He explains how this asset class, typically dominated by insurance companies, differs from the more commonly discussed high-yield private credit. Luke sheds light on the benefits of investment grade private credit, including enhanced covenant protection, better spread premiums, and diversification opportunities that make it a compelling alternative to public bonds. He also discusses the evolution of this market, particularly in the context of bank pullbacks and the growing interest from institutional investors.   The conversation further explores the state of market liquidity, deal flow dynamics, and how PPM's long-standing presence in the industry offers unique advantages in accessing off-the-run tenors and securing favorable deals. Luke also shares his views on the importance of relative value decisions between public and private markets, emphasizing how consistent capital deployment and strong market relationships have helped PPM maintain a competitive edge. This episode is packed with valuable takeaways for anyone interested in the strategic aspects of investment grade private credit and its role in diversified portfolios.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Aaron Sack, Head of Morgan Stanley Capital Partners, for an in-depth conversation about the world of private equity. Aaron shares his journey from a liberal arts background to leading one of the most respected private equity teams at Morgan Stanley. The discussion covers Aaron's early experiences, the evolution of private equity, and the unique aspects of middle-market buyout strategies. Aaron provides insights into how private equity has grown from a niche industry into a major force in global finance, and he reflects on the lessons learned from the 2008 financial crisis, which continue to shape his investment approach today.   The conversation also explores the importance of team building and culture in private equity, emphasizing the need for alignment, respect, and shared values in a successful investment team. Aaron's approach to leadership and his perspective on the value of liberal arts in finance offer a unique and refreshing take on what it means to succeed in the private equity space. This episode is packed with valuable insights for anyone interested in the inner workings of private equity and the future of this dynamic asset class.

In this episode of the InsuranceAUM.com podcast, Stewart Foley, CFA, explores the growing demand and opportunities within the infrastructure debt market with two key experts from Brookfield Asset Management: Hadley Peer Marshall, Managing Director, Co-Head of Infrastructure Debt and Structured Solutions Strategies, and CFO, and Eric Wittleder, Managing Director of Infrastructure. The discussion delves into the major trends driving the infrastructure sector, particularly the significant capital required for global transition initiatives such as net-zero carbon emissions, and how these trends present unique opportunities for institutional investors like insurance companies.   Hadley and Eric also highlight the characteristics of an optimized infrastructure debt portfolio, emphasizing the essential, non-cyclical nature of the assets and their ability to provide material downside protection. They share insights on how Brookfield aligns its infrastructure investments with sustainability goals without compromising on returns, and discuss the impact of regulatory changes on the market. This episode offers valuable perspectives on how insurers can effectively leverage infrastructure debt within their portfolios while contributing to environmental sustainability.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the future of private credit with Ashwin Krishnan, Managing Director, Co-Head of North American Private Credit, and Head of Opportunistic Credit, and Jeff Levin, Managing Director, Portfolio Manager, and Head of Direct Lending, both at Morgan Stanley Investment Management. They explore the evolution of private credit and its growing relevance in today's financial landscape, particularly for insurance investors. Ashwin and Jeff discuss the parallels between the current state of private credit and the rise of private equity 25 years ago, highlighting how the asset class has moved from niche to mainstream. They emphasize the importance of flexibility in capital solutions and the ability to navigate various points across the capital structure to generate the best risk-adjusted returns.   The discussion also touches on the impact of rising interest rates on leverage ratios and how Morgan Stanley Investment Management's approach sets them apart from competitors. By leveraging the firm's vast resources and global reach, they are able to provide unique capital solutions that cater to the needs of private issuers across North America. Whether it's accessing a broader deal flow or offering value-added services like M&A advice, their platform is designed to deliver comprehensive solutions to clients. The conversation wraps up with insights into the scalability of private credit and the importance of a long-term investment perspective in this ever-evolving market.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Sam Gaynor, Managing Director at Altamont Capital Partners, to explore the dynamic world of private equity with a focus on long-term control investments in the middle market. Sam shares insights into Altamont’s investment strategies, including their successful de novo incubation ventures and the critical role of partnering with strong management teams. The discussion delves into the innovative approaches Altamont has taken in the financial services sector, highlighting key success stories like Kuvare and Accelerant.   Sam also offers his perspective on the future of private equity, the evolving landscape of insurance investments, and the impact of market consolidation. With valuable takeaways for investors and industry professionals alike, this episode provides a comprehensive look at how Altamont is navigating and shaping the future of middle-market investments.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley is joined by Scott Kurland, Managing Director at SS&C Technologies, for an insightful discussion on a new concept they call "negative yield." They delve into how insurers can avoid this negative yield by adopting a flexible co-sourcing investment operating model. Scott explains how co-sourcing allows insurance companies to maintain control over core operations while outsourcing specific investment accounting and administrative tasks to a trusted partner like SS&C.   They explore the growing trend toward private credit and structured investments, and how these asset classes can be cumbersome to manage internally. Scott details how co-sourcing can help insurers efficiently handle complex investment portfolios, such as residential whole loans, without overwhelming internal teams. By leveraging cloud-based technology and specialized expertise, insurers can optimize their investment returns and maintain a competitive edge.   The conversation also touches on the importance of transparency, the use of AI in investment accounting, and how co-sourcing can be tailored to meet the specific needs of different insurers. Whether you're a CIO or a CRO considering co-sourcing, this episode offers valuable insights into how this model can enhance your investment operations.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with Karan Chabba, Principal and Head of Regulatory Capital Relief (RCR) and Specialty Finance at Eagle Point Credit Management. They dive deep into the evolving landscape of regulatory capital relief and synthetic risk transfer (SRT) transactions. Karan shares insights into why Eagle Point has ventured into this niche area, explaining the appeal of these structures for banks seeking to manage their capital requirements efficiently.   Karan also elaborates on how Eagle Point leverages its expertise across multiple credit sectors, including CLOs and structured finance, to identify and seize opportunities in both the RCR and specialty finance spaces. This episode offers a comprehensive understanding of how Eagle Point navigates the complexities of these markets, providing valuable takeaways for investors interested in exploring these unique and growing investment areas.   Tune in to learn more about how Eagle Point Credit Management is setting itself apart in the world of specialty finance and RCR, and why this area is gaining more attention from banks and investors alike.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley is joined by Adam Reisler, a partner at StepStone in the infrastructure and real assets team, connecting from Australia. Together, they delve into the dynamic world of private infrastructure investment, a sector that has experienced exponential growth from $100 billion in 2009 to $1.3 trillion today.   Adam shares his expertise on why infrastructure is increasingly becoming a vital asset class for institutional investors, especially insurance companies with long-dated liabilities. They discuss key trends driving the infrastructure boom, such as energy transition, digital infrastructure, and the rising influence of AI. Adam also highlights the various investment strategies and structures available for those looking to enter the infrastructure space.   Tune in to gain valuable insights on the current and future landscape of infrastructure investing, and hear Adam's personal career journey and advice for young professionals.

In this special episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with Erik Troutman, co-head of the Institutional Advisory Group at Loomis Sayles, and Dave Adams, Chief Investment Officer at Independent Life. Recorded live from the University of Chicago's Gleacher Center just before our annual symposium, this episode marks a unique setting where all participants are in the same room, fostering a dynamic and interactive discussion.   The conversation explores the complexities and innovations of technology implementation within life companies, with a focus on structured settlement annuities. Dave Adams shares his experiences at Independent Life, highlighting the challenges faced and the pivotal role Loomis Sayles played in integrating advanced tech solutions. Erik Troutman provides insights into how Loomis Sayles’ technology helps streamline asset and liability management, offering a clearer picture of investment strategies and risk metrics.   Gain valuable perspectives on managing these intricate financial instruments and learn how cutting-edge technology can enhance performance and operational efficiency in the insurance industry. 

Host Stewart Foley, CFA, sits down with Tim Lyne, CEO and founding partner of Antares Capital. Tim shares his journey from growing up in Chicago to founding a leading direct lending firm. He reflects on the early days of Antares Capital, the challenges and rewards of starting a financial firm, and the evolution of the direct lending market.   Tim discusses the complexities of insurance asset management, highlighting the importance of navigating asset allocation, regulatory environments, and capital relief. He also shares his thoughts on why insurance asset management is the most sophisticated field in finance and provides valuable insights into building strategic partnerships with insurance companies.   Stewart and Tim explore the current trends in M&A, the growing acceptance of private credit by insurance companies, and Antares’ approach to building its insurance business. Listeners will gain a deeper understanding of the direct lending market, the role of insurance capital, and the importance of reliability and long-term relationships in the industry.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Sara Bonesteel, the recently retired Chief Investment Officer of Prudential Insurance International. Sara shares her fascinating career journey, starting from her first job in her family's furniture business in Michigan to her leadership role in international insurance investments.   Sara delves into her diverse experiences in finance, discussing her time at Bear Stearns in structured securities, her transition to asset management at PGIM, and her tenure as CIO. She offers insights into the complexities of different financial roles, the critical skills required to succeed, and the evolving landscape of insurance asset management.   Stewart and Sara also explore the challenges and rewards of being a woman in finance. Sara provides valuable advice on career development, the importance of lateral moves, and the need for diversity and inclusion in the industry. Whether you're an aspiring finance professional or a seasoned investor, this episode offers a wealth of knowledge and inspiration from one of the industry's respected leaders.

Join host Stewart Foley on the InsuranceAUM.com podcast as we dive into the world of private fixed income and alternatives with Chris Lyons, head of private fixed income and alternatives at Voya Investment Management. Chris shares his journey from humble beginnings to his current leadership role, providing valuable insights into the dynamics of private credit markets and their post-crisis adaptation.   This episode explores the strategic approaches to managing private credit assets in a fluctuating economic environment, addressing the challenges and opportunities within the sector. Chris discusses current interest rate trends, market liquidity, and the evolving landscape of private credit. He also offers invaluable advice for young professionals navigating their careers in finance, emphasizing the importance of mentorship and seizing opportunities.   Tune in for an engaging and informative conversation that sheds light on the intricacies of private fixed income and alternatives, offering practical insights for insurance investment professionals.

Dive into the complexities of the real estate market in this informative episode of the InsuranceAUM.com podcast. Host Stewart Foley, CFA, sits down with Bert Crouch, Head of North America at Invesco Real Estate, to explore current trends and challenges in the industry.   Bert shares his extensive knowledge on the state of real estate transactions, valuation trends, and sector-specific insights. Discover how market dislocation creates unique opportunities for non-bank lenders like Invesco and get a comparative view of global real estate markets, including Europe, the UK, and Asia.   Learn about the outperforming retail and single-family rental sectors, the challenges facing office spaces, and the growth of alternative sectors such as data centers. Bert also discusses managing risks and investment strategies, emphasizing the importance of embracing market cycles.   This episode is a must-listen for anyone seeking to understand the real estate market's current landscape and future opportunities!

Dive into the world of renewable energy investments in this episode of the InsuranceAUM.com podcast. Host Stewart Foley, CFA is joined by Brian Jones, managing partner and founder of Windmill Capital Management, who shares his deep insights into the burgeoning field of clean energy projects. Discover how renewable energy investments seek to align with the insurance industry’s objectives, and may offer financial returns and a way to mitigate climate-related risks.   In this discussion, learn about the potential of distributed energy resources (DERs) for commercial projects, such as powering supermarkets independently to ensure community support during power outages. Brian explains how these projects can provide stable, cost-effective energy solutions while also benefiting the environment. The conversation also explores the broader impacts of renewable energy on the insurance sector, highlighting innovative financing mechanisms like C-PACE (Commercial Property Assessed Clean Energy) that enable significant advancements in energy efficiency and sustainability.

Join Stewart Foley, CFA on the InsuranceAUM.com podcast as he hosts Bill Sacher and Fred Chung from Adam Street Partners, exploring innovative strategies for building resilience in private credit portfolios tailored for insurance companies. Bill, partner and head of private credit, and Fred, head of credit underwriting, share their extensive experience and insights on navigating the evolving landscape of private credit investments.   In this episode, delve into the unique challenges and opportunities that private credit offers to the insurance industry, particularly in a market environment characterized by higher interest rates and potential economic shifts.

In this episode of the InsuranceAUM.com podcast, Join host Stewart Foley, CFA and guest James Parsons, partner and senior portfolio manager from PAG, for an enlightening dive into the world of insurance investments and synthetic risk transfer strategies.   This episode unpacks the complex landscape of regulatory capital, the growth of synthetic risk transfer (SRT) markets, and how these strategies are shaping the future of banking and insurance investments. Gain unique perspectives on the challenges and opportunities within the insurance sector, learn about the intricacies of SRT, and discover how innovative financial instruments can optimize capital and enhance returns.

Join us in this insightful episode as Stewart Foley, CFA dives into the fascinating world of insurance asset management with a unique focus on how robust data strategies can transform front office capabilities. Stewart is joined by industry veterans Matt Biver, Co-founder and CEO of Grandview Analytics, and Ken Musick, Deputy Chief Investment Officer at EquiTrust Life Insurance Company, share their experiences and insights on the importance of having a single source of truth in data management and the dramatic enhancements it brings to investment decision-making and reporting accuracy.

Welcome to the latest edition of the InsuranceAUM.com Podcast! In this episode, host Stewart Foley, CFA delves into the intricate world of asset-based finance, also known as private structure, with special guest Deva Mishra, CEO of Prosperity Asset Management.   Deva shares his career journey starting in computer science, transitioning into pivotal roles at Goldman Sachs and Global Atlantic, all leading to his executive leadership of a successful asset management firm focused exclusively on insurance assets. Deva offers a unique perspective on the evolution and current state of the private credit and ABF market.

Welcome to another episode of the InsuranceAUM.com podcast with your host, Stewart Foley, CFA. In this insightful discussion, we dive into the world of high-yield bonds and their role as a liquid complement to alternatives portfolios.   Our guests, Tim Leary, Senior Portfolio Manager at BlueBay, RBC, and Stephen Fitzsimmons, Institutional Portfolio Manager at RBC, share their expertise and experiences as they provide an in-depth analysis of the current state of high-yield bonds, touching on key metrics like OAS, spreads, and yields, and explain why they feel this asset class in is strong in today's market.

In this episode of the InsuranceAUM.com podcast, Stewart Foley, CFA sits down with Bob O'Leary, Portfolio Manager of Oaktree Opportunities Funds and co-CEO of Oaktree Capital Management. Bob shares his journey from Oregon to Oaktree, offering insights into Oaktree's ‘sea change’ narrative and the evolving landscape of credit investing. He explores the structural shifts in private credit, from disintermediation to the rise of rescue financings, and discusses what he thinks are the opportunities and challenges for insurers in today's market.

In this episode, Stewart Foley, CFA engages in an insightful conversation with Chuck Levine and Eric Viliott, both Vice Presidents and Senior Portfolio Managers at State Street Global Advisors. Their discussion delves deep into public equities, shedding light on tax-advantaged equity strategies, a topic often overlooked in the investment discourse. Chuck and Eric provide valuable insights into the nuances of tax-aware investing, drawing from their extensive experience and expertise in the field.

On today’s episode of the InsuranceAUM.com podcast, Stewart Foley. CFA sits down with Craig Husting, CIO at The Public School and Education Employee Retirement Systems of Missouri, also known as Missouri Teachers. Craig shares his mission and critical priorities for managing the pension benefits for Missouri Teachers, and dives deep into public asset management.

This week on the InsuranceAUM.com podcast, Stewart Foley talks to Tony Monopoly, Executive Vice President, Chief Investment Officer at the Knights of Columbus. Tony shares the history of the Knights of Columbus, ably takes on his “math professor for a day” status to unpack concepts and terms like convexity and its impact on portfolio modeling.  And Tony reminds us of the people behind the powerful mission at Knights of Columbus. Prepare to be educated and inspired! Find Anthony Monopoly on LinkedIn: https://www.linkedin.com/in/david-ross-a632a637/?originalSubdomain=uk Find Stewart Foley on LinkedIn: https://www.linkedin.com/in/stewartfoley/ Find more thought leadership from the smartest minds in Insurance Asset Management at InsuranceAUM.com and https://www.linkedin.com/company/insurance-aum-journal/mycompany/

Today on the InsuranceAUM.com podcast, Stewart Foley sits down with Michael Goosay, CIO and Global Head of Fixed Income, and a Portfolio Manager at Principal Asset Management. Michael shares his journey from a paperboy in Clark Summit, PA, to a key player in the world of finance. Tune in to hear how that early, character-building experience translates to the managing risks in the world of fixed income investing.  Find Michael Goosay on LinkedIn: https://www.linkedin.com/in/michael-goosay-412b043/  Find Stewart Foley on LinkedIn: https://www.linkedin.com/in/stewartfoley/  Find more thought leadership from the smartest minds in Insurance Asset Management at InsuranceAUM.com and https://www.linkedin.com/company/insurance-aum-journal/mycompany/   

Today on the InsuranceAUM.com podcast, Stewart Foley speaks with Jean-Marc Breaux, Sector Portfolio Manager Fixed Income Division at T. Rowe Price. Stewart and Jean-Marc take a deep dive into the current state of securitized credit as Jean-Marc shares his unique perspective on this asset class.

On this episode of the InsuranceAUM.com podcast, Stewart Foley talks to David Ross, Managing Director and head of private credit at Northleaf Capital. Get ready to dive deep into a specialty component of private credit -- asset-backed specialty finance -- and to unpack the correlation between private credit and the broader fixed income market. David shares unique insights on the intersection between diversifications and the Music Modernization Act and makes it clear what’s so cool about Insurance Asset Management. Find David Ross on LinkedIn: https://www.linkedin.com/in/david-ross-a632a637/?originalSubdomain=uk Find Stewart Foley on LinkedIn: https://www.linkedin.com/in/stewartfoley/ Find more thought leadership from the coolest minds in Insurance Asset Management at InsuranceAUM.com and https://www.linkedin.com/company/insurance-aum-journal/mycompany/

Welcome to another edition of the InsuranceAUM.com podcast. We are joined today by Elisabeth Colleran, portfolio manager for Emerging Market Debt Portfolios at Loomis Sayles. 

Welcome to another edition of the InsuranceAUM.com Podcast. We are insurance asset management nerds here, me and our guest today. We're talking about insurance asset management with Jeffrey Hobbs CFA, head of Insurance Portfolio Management at Voya. 

Here's part of the conversation between Karissa, Sarah, and Stewart: Karissa: It's truly bespoke. If a lender has extremely long duration needs, we can find that for them. Right now, it's really hard to find that because of what's going on in the market with interest rates, everybody wants short. However, if a lender needs three- to five-year duration, that's available as well. Stewart: That's cool. And so just so everyone's aware, Aegon Asset Management is part of Aegon, which is a massive insurance company. And Transamerica here in the US is part of that as well. Can you remind me and our listeners of the relationship between Aegon Asset Management and Transamerica on the commercial mortgage loan side? And just kind of set the stage for the rest of the podcast in terms of how you work together. Karissa: Sure. We began investing for them about 40 years ago, and we currently have a portfolio of about $11 billion on our general account. We also manage assets for third party investors, and we have about a $3 billion that we're managing for them.1 Typical loan sizes are around $15 million with a range of 3 to 50 million depending on the size of the insurer. We invest across all major sectors, primary, secondary, and tertiary markets. We're headquartered in Cedar Rapids, Iowa so we understand the nuances that are outside the top 100s. We've historically and continued to be an active investor in those markets when opportunities present themselves. Stewart: Yeah, it's funny, I had a friend who covered your shop in Cedar Rapids from Chicago years and years ago. I have fond memories of that area. So Karissa, a lot has changed in the market environment in the last two years in this space. You just referred to it a moment ago. And for all asset classes, but in particular, how has CML origination and allocation been affected?

Welcome to another edition of the InsuranceAUM.com podcast. To the home of the smartest investors on Earth, the insurance investment community. I'm very happy to be joined today by Kris Kraus, Portfolio Manager and Co-head of Specialty Finance at PIMCO, and today we're going to be talking about asset-backed lending and specialty finance.

Welcome to another edition of the InsuranceAUM.com podcast. We're going to be talking about insurance regulation. We are joined by none other than the regulatory savant Mr. Amnon Levy, who is the founder and CEO of Bridgeway Analytics, and we are joined today by Commissioner Nathan Houdek.

Today's topic is straight-up fixed income and yield curve and Fed policy and implications. I couldn't be happier to be joined by Sam Kaplan, CFA, managing director and portfolio manager at Jennison Associates.

We're joined today by Martin Barnwell, who's the investment director on the commercial real estate lending team at abrdn

I am really excited about this podcast with a really good friend, longtime friend TC Wilson, who's the Chief Investment Officer of The Doctors Company, as everyone knows. But today we're going to be talking about the COIN, which is the California Organized Investment Network.

Welcome back and thanks for joining us. Today's topic is direct lending, and we're joined by David Gaito, head of direct lending at Fidelity Investments.

Today we have sort of a dual podcast. We're going to be talking about the evolution of insurance asset management, and we're going to be talking about esoteric ABS in particular as an asset class. And we're joined by Kerry O'Brien, head of Insurance Portfolio Management at Insight Investment, and Richard Talmage, CFA, portfolio manager at Insight Investments.

Today's topic is strategic asset allocation for insurance companies with Pete Miller. Pete is the Head of Insurance Solutions, Multi-Asset Strategies with Invesco.

I'm really excited for today's podcast. I think it's a very unique format for a discussion around residential credit. And we're joined by two special guests, Justin Mahoney, co-founder and senior portfolio manager of Shelter Growth Capital Partners, and Bryan Lentz, director of public and private structured securities at the Mutual of Omaha Insurance Companies.

Welcome back. It's so nice to have you and thanks for joining us. Today's topic is CMLs in 2024: A Repriced Market with Attractive Opportunities? And that's being posed by Greg Michaud, who's the head of real estate finance at Voya. This information is proprietary and cannot be reproduced or distributed. Certain information may be received from sources Voya Investment Management considers reliable; Voya Investment Management does not represent that such information is accurate or complete. Certain statements contained herein may constitute "projections," "forecasts" and other "forward-looking statements" which do not reflect actual results and are based primarily upon applying retroactively a hypothetical set of assumptions to certain historical financial data. Any opinions, projections, forecasts and forward looking statements presented herein are valid only as of the date of this document and are subject to change. Voya Investment Management is not soliciting or recommending any action based on any information in this document.

Today's topic is a good one, challenges and opportunities in the current PE market. And we're joined by Matt Shafer, Managing Director, Head of Capital Solutions & US Private Equity at Northleaf Capital Partners.

A multi-decade opportunity for Insurance Investment Portfolios Today's topic is sustainable infrastructure credit. The time is now a multi-decade opportunity for insurance investment portfolios, according to our guest, Jorge Camiña, partner, head of Denham Sustainable Infrastructure Credit.  

Today's topic is emerging markets debt, and we're joined by Jeff Grills, CFA, head of US cross markets and emerging markets debt at Aegon Asset Management.

We have got a phenomenal podcast for you today. A four-time guest, four times, Tim Antonelli, Managing Director Insurance Multi-asset Strategist and Portfolio Manager at Wellington.

A lot of you are going to really enjoy this podcast because it provides tips for ensuring a smooth year-end filing process. Our panelists include Sam Jones, who is a senior director of statutory reporting at SS&C Technologies; Amnon Levy, who is the founder and CEO of Bridgeway Analytics; and Scott Kurland, who's the managing director and head of SS&C's Insurance Solutions Group.

Today's topic is infrastructure equity and we're joined by John Anderson, Global Head of Corporate Finance and Infrastructure at Manulife Investment Management, and at John Hancock Life Insurance.

Today's topic is a good one. It's Residential Debt: A Diversified Income Stream to Write Home About, which I love the title. And we're joined by Eric Atlas, Head of US Residential Debt, Man GPM.

We've got a terrific executive spotlight for you today. A repeat guest, someone who needs not much of an introduction. Bill Pieroni, CEO of ACORD.

Today's topic is called Filling the Gap, the case for non-sponsored direct lending. And we're joined by Chris Rust, who's the co-head of European Credit Opportunities with 25 years in the industry with Ninety One.

Today's topic is what insurers need to know about CECL. And we're joined today by Theresa Meawad, senior director and head of Solutions Consulting at SS&C EVOLV.

Today's topic you're really going to like. It's private credit secondaries, and we're joined by John Bohill, partner, private debt, at the StepStone Group.

Today's topic is CRE, and that is on a lot of people's minds right now we're joined by two and I'm happy to say Chicago-based experts in the field. Doug Lyons, managing principal of Pearlmark, responsible for the firm's capital markets and debt investment activities. And we're joined by Steve Quazzo, co-founder, CEO, and chair of the firm's Management Committee, and the PEP II Investment Committee.

Today's topic is the next five years in direct lending, and it's become increasingly clear that the next five years in direct lending won't be the same as the last. And today, we're talking with Kevin Marchetti of Man Varagon to see what he's seeing in markets and what he thinks that the three to five years is going to look like.

Today's topic is convertible bonds and we're joined by Bill O'Neill, principal senior portfolio manager and member of the Investment Committee at Income Research and Management.

We are joined today by Kevin Farley, Managing Director, Structured Credit Portfolio Manager at Post Advisory Group, a subsidiary of Principal Financial Group.

Today's topic is timberland and impact investing. We're joined today by Eric Cooperstrom, Managing Director of Impact Investing in Natural Climate Solutions at Manulife Investment Management.

Today's topic is the impact of higher rates and increased volatility on insurance investors. And we're joined today by Cindy Beaulieu, CIO of Conning's North American operations.

We have got a phenomenal podcast today. This is the second in our Due Dilly series where we bring an insurance CIO on to do a deep dive on an asset class. Today, we're joined by Joe Eppers, the Executive Vice President and Chief Investment Officer of Selective Insurance Group and Tom Majewski, Founder and Managing Partner of Eagle Point Credit Management.

Today's topic is institutional use of ETFs by insurance companies, and we're joined by Emily McKinley, Head of Institutional ETFs and Models at Invesco.

We have an executive spotlight, today, and we're very excited to have Brian Roelke, President and Chief Investment Officer of Kuvare Asset Management on with us.

Today's topic is net lease investments, and we're joined today by Sharon Kilmer, a managing director on TPG Angelo Gordon’s Net Lease Real Estate team. 

Today's topic is tax-advantaged equity and we're joined by Mary Lukic, Head of Tax-Advantaged Equity at Northern Trust Asset Management.

Today's topic is investment opportunities driven by US bank disruption, and we're joined today by Matthew Bass, head of private alternatives at AllianceBernstein.

Today's topic is investing in today's data center sector with Jeff Menz and Casey Miller, both Managing Directors of Portfolio Management at Principal Real Estate Investors.

Betsy Ziegler can see the future. That's what I learned the first time we met when she was the keynote speaker at CFA Society Chicago. And I ran up to you like an excited kid and started talking with you, and you were kind enough to join us on our first podcast. And so I am thrilled to have Betsy Ziegler, who's the CEO of 1871, join us.

Today's topic is private distressed credit and special situations, and we're joined today by Paul Triggiani, Managing Director and Head of Distressed Credit and Special Situations at Invesco Private Credit.

Welcome back. It's so nice to have you. And we are joined by two really special guests today known as the godmothers of insurance asset management search, none other than Margot DeMore and Milena Humplik of Broad Street Consulting Group.

Welcome back. It's so nice to have you. Today's theme is myth busting within the fixed income universe, and I love this. This is going to be a great podcast and we're joined by Steve Liberatore, who is a senior managing director, Head of ESG Impact Investing Global Fixed Income at Nuveen. And we are also joined also by my good friend Joe Pursley, who is the head of Insurance the Americas at Nuveen.

Today's topic is best opportunities in private markets. And we're joined by Drew Schardt, vice chairman, head of investment strategy, and head of direct private equity, as well as being a member of the investment and executive committees at Hamilton Lane. *figures are as of 6/30/23

Today's topic is real assets, private debt, and we're joined today by Matt Addesa, Private Market Specialist at DWS.

Today's topic is CRE debt and our guest says that the opportunity set for CRE debt is among the most compelling that they've seen. And we're joined today by Dean Dulchinos, Head of Debt Portfolio Management, and Justin Pinckney, Head of PrivateDebt at AEW.

We've got a really special guest for you today. By far, the most famous person we've ever had on this podcast, Juliette Kayyem. So just to give everyone an idea, Juliette, you are an on-air personality, CNN senior national security analyst, Pulitzer Prize finalist and contributing writer for The Atlantic and Boston's local NPR station. You have worked in government, you've been in the Obama administration. The accolades go on. You are also a professor at Harvard. You went to Harvard undergrad and grad, and you serve as the faculty chair of the Homeland Security and Security and Global Health Projects at Harvard's Kennedy School of Government.

As you all know, bond yields have surged dramatically over the past year, and we're here to talk about leveraged credit, specifically the high yield bond market with Paul Massaro, head of Global High Yield Franchise, and a member of the senior management asset allocation committee at T. Rowe Price.

Today's topic is a good one. It's why emerging markets for insurance companies and we're joined by Pramol Dhawan, managing director and head of the EM portfolio management team and member of the investment committee at PIMCO.

Today's topic is securitized markets. And I'm thrilled about this because I've got a background here, and halfway, I think I might be able to hold my own for a minute. So we're joined today by Dmitri Rabin, who is the Head of Securitized at Jennison Associates.

Our guest today says passive bond investing does not exist. That would be Steve Booth, Head of Global Investment grade with T. Rowe Price.

Today's topic is energy transition pathway, investment risks, rewards, and unintended consequences. And we're joined today by Stu Porter, who's the founder of Denham Capital.

Welcome back. This podcast is an executive spotlight and it's brought to you by PGIM Fixed Income. Thanks for joining us, and today's guest is a good friend from a long time ago, Randy Brown, who is the Chief Investment Officer for Sun Life and the Head of Insurance Asset Management at SLC Management.

Today's topic is private equity secondaries and we're joined today by Adam Freda, managing director at 50 South Capital.

Welcome back. We're very happy to have you. And today's topic is the EMification of DM and we're joined by Pete Kent who's a Portfolio Manager and Co-head of Emerging Market Fixed Income at Ninety One.

Today's topic is private structured finance and in parallel, demystifying the relationship and collaboration between Aegon Asset Management and Transamerica Life. I'm glad we're going to do that because it's going to help me understand it better too. We are joined by two very accomplished insurance professionals, Ryan Patterson, who is the head of investment strategy at Transamerica and has been with Transamerica since 2012. And Jim Baskin, head of private structured finance at Aegon Asset Management and has been with the firm since 1996

Thanks for joining us. And today's topic is private placement fixed income, and we're joined by Alex Alston, whose division director and co-head of private placements at Macquarie Asset Management.

We've got a good one for you today, the heavyweight edition. Today we're going to be talking about the role of sustainable infrastructure in private credit. And in particular, how it applies in an insurance framework. And we're joined by a serious panel here. We've got Brad Dyslin, who is the executive vice president and global chief investment officer, and also president of Aflac Asset Management. And we're also joined by the person who was in the seat prior to you, we've got Eric Kirsch, who is the former executive vice president, global chief investment officer, and president of Aflac Asset Management. And last but certainly not least, we're joined by Justin DeAngelis, who is the partner and co-head of sustainable infrastructure at Denham Capital. 

Today's topic is Emerging Market Fixed Income, and we're joined today by Polina Kurdyavko, who is the head of emerging market debt and BlueBay senior portfolio manager at RBC Global Asset Management.

Today's topic is buying and selling private funds in secondary markets. We're joined by Jeff Leathers, who is the co-founder and CEO of Tap. Tap is an electronic trading platform for private funds.

My name's Stewart Foley. I'll be your host. I was born and raised in Missouri, and I saw an antique Mark Twain cigar box, and the slogan was, "Known to everyone, liked by all." And that is very appropriate for our guest today. We are joined by Christine Todd, who's the Chief Investment Officer of the Arch Capital Group.

This is the InsuranceAUM.com podcast, where we're having as much fun with insurance asset management as our flimsy BCAR scorer will allow. Today, we have a very special guest. We have a CIO spotlight with our good friend, Peggy Gartin.

Today we welcome Dan Skinner of Eagle Point Credit, who is a Senior Principal and Portfolio Manager and is responsible for the firm's defensive income strategy that invests in portfolio debt securities. 

We're joined today by Elisabeth Colleran, who's a vice president of Loomis Sayles and a portfolio manager for the emerging market debt portfolios. So that is today's topic, EMD and EM corporates in particular.

There's been a steady march to private assets by insurance companies for sure, and asset backed lending is certainly a part of that. Now, we're in a little bit of a higher interest rate environment and we've got a repeat guest today, Connell Hasten, partner at Victory Park Capital is here to talk about asset backed lending in a higher rate environment.

We are talking today about US commercial real estate, which is a fantastic topic and super important right now as we're seeing questions abound, particularly around office real estate. We're joined by Dan Kubiak, who's the managing director and portfolio manager at Invesco Real Estate US Income Strategy, a role he has had since 2013.

Welcome back. Lots of people are talking about secondaries these days and that there's value there, and I'm very happy to be talking about that exact topic today called ‘Capturing Alpha in the Secondary Market Through GP-Led Transactions’.

Welcome to another edition of the InsuranceAUM.com Podcast. This one is a little different because it is the first of a new podcast series called Due Dilly. And as most of you know, due dilly is slang for due diligence, which is defined as the research and analysis of a company organization done in preparation for a business transaction such as a merger or purchase of securities. We're joined by John Patin, who will be talking with Angelo Gordon's TJ Durkin on Private Structured Credit.

I'm Stewart Foley. I'll be your host. In the immortal words of Monty Python, "And now for something completely different." Today, we're going to talk about fraud and how you catch it using very advanced, high-tech software. We're joined today by Tod McDonald and Chris McCall from Valid8.

Welcome to another edition of the InsuranceAUM.com podcast. I'm Stewart Foley. I'll be your host. We're very happy to be joined today by Ken McCullum, Executive Vice President and Chief Risk Officer of the Principal Financial Group. 

In 2022, insurance company holdings in Exchange Traded Funds experienced a significant drop of over 23% or $11 billion. That is the first drop of its kind since insurers began investing in ETFs in 2004. And that's what we're going to talk about today: insurance companies and their use of ETFs. We're joined by Ben Woloshin who is the head of SPDR Insurance at SSGA and Raghu Ramachandran, who is the Head of US Insurance Asset Channel at S&P Dow Jones Indices.

Welcome back. We're so happy to have you. Today we're going to be talking about preferred stocks. And we're joined today by Rohan Reddy, director of research for Global X ETFs.

Welcome to another edition of the InsuranceAUM.com podcast. I'm Stewart Foley. I'll be your host. Today's topic is a very good one for almost any insurance company, municipal bonds. Municipal bonds make up about 10% of all insurance holdings, but significantly higher for P&C. And we're joined today by Karel Citroen, Managing Director and Head of Municipal Credit Research at Conning.

Welcome to another edition of the InsuranceAUM.com podcast. My name's Stewart Foley, I'll be your host. We've got a great podcast for you today on private credit, and we're joined by the president of Golub Capital, David Golub.

All right, welcome back. Thanks for joining us. We've got a great podcast for you today, talking about energy in cleantech and how it impacts the insurance industry. And we are joined by the co-founders of Energy Foundry, Sara Chamberlain and Jason Blumberg.

Welcome back, we've got a great one for you today, insurance-linked securities. That's a class that I don't really know well and I'm looking forward to learning all about it from Steve Evans who's the owner and Editor-in-Chief of Artemis and Reinsurance News.

Today, we have a very, very good topic. We are going to be talking about global private markets and we're joined today by Nalaka De Silva, Head of Private Market Solutions at abrdn.

Welcome back to another edition of the InsuranceAUM.com podcast. Today's topic is a good one, global fixed income, huge allocation by most any insurance company. We are joined today by Arif Husain, head of international fixed income and CIO at T. Rowe Price. For standard performance and other important information, please click here:  Dynamic Global Bond Strategy Highlight Returns based on Dynamic Global Bond (USD Hedged) Composite. The Global Unconstrained Bond Strategy/Composite is advertised and marketed under the Dynamic Global Bond Strategy/Composite designation outside of Canada, but should be referred to as the Global Unconstrained Bond Strategy/Composite in Canada.

My name's Stewart Foley, and I'll be your host. Today we are joined by a repeat guest, a special guest, Mike Ashton of Enduring Investments, otherwise known as The Inflation Guy.

Welcome to another edition of the InsuranceAUM.com Podcast. My name's Stewart Foley, and I'll be your host. Today we're going to talk about CRE and CRE distressed investing. Our guests are Tony Crooks of AEW, Jack Gay of Nuveen, and Reid Liffmann of Angelo Gordon.

Welcome to another edition of the InsuranceAUM.com Podcast. My name's Stewart Foley, I'll be your host. We're very happy to have you. Today's topic is CMBS and commercial real estate. We're joined today by Jim Gubitosi, co-CIO of Income Research and Management.

My name's Stewart Foley, I'll be your host. We are talking about private markets today with Tom Keck, partner and head of research and portfolio management at the StepStone Group.

Welcome to another edition of the insuranceaum.com Podcast. My name's Stewart Foley. I'll be your host. I'm back with you on an asset class that is near and dear to my heart. We are talking about municipal securities with Jim Jackson, Co-CIO of Victory Income Investors.

We have a great podcast today, talking about the evolution of technology in the institutional asset management arena. And we're joined by John Gidman, who's the COO of Loomis, Sayles & Company. 

My name's Stewart Foley. I'll be your host. Investment grade fixed income is overwhelmingly the largest asset class held by most insurance companies, and it's a topic that's always front and center for our listeners. And today we're going to be talking about public credit with Jake Gaul, CIO of Jennison Fixed Income.

Welcome to another edition of the insuranceaum.com podcast. My name's Stewart Foley, I'll be your host. Welcome back to another executive spotlight. We have got a good one for you today. Shawn Robinson, partner at Apollo who works within private IG and corporate solutions.

Welcome to another edition of the InsuranceAUM.com podcast. My name's Stewart Foley, I'll be your host. Welcome back. Today's topic is preferred and capital securities. And we're joined by Phil Jacoby, Executive Director and Chief Investment Officer of Spectrum, a wholly-owned subsidiary of Principal.

Welcome to another edition of the InsuranceAUM.com Podcast. Our host Stewart Foley is joined in this episode by Trevor Clark – head of Angelo Gordon’s middle market direct lending business, Twin Brook Capital Partners – to discuss the world of direct lending.

My name's Stewart Foley, I'll be your host. Today's topic is senior secured loans and we're joined by Kevin Egan, Senior Portfolio Manager and Co-Head of Credit Research at Invesco.

Welcome to another edition of the InsuranceAUM.com podcast. I am Stewart Foley, I'll be your host. Everybody's been asking us to have a regulator on, and we finally have one. Today I'm thrilled to be bringing you a very good topic, and a great panel on our podcast. The topic of conversation is ‘trends in US insurers' ownership structure, in the evolving regulatory landscape.’

Welcome to another edition of the InsuranceAUM.com podcast. My name's Stewart Foley and I'll be your host. Today's topic is a very good one. How is the macro environment impacting middle market lending? And we are joined today by Kevin Marchetti, Partner and Chief Risk Officer of Varagon.

Welcome to another edition of the InsuranceAUM.com podcast. My name's Stewart Foley, and I'll be your host. Today, we're talking about investing across the credit spectrum with Bryan Krug, Managing Director and Portfolio Manager on the Artisan Partners Credit Team.

We have got a great podcast for you today, a guest that many of you're going to know, very smart money in the room. Phil Titolo, who's the head of Direct Private Investments at MassMutual.

Welcome to another edition of the InsuranceAUM.com podcast. My name's Stewart Foley and I'll be your host. We've got a good one for you today. We're talking about gold, an asset class that's often misunderstood, with Max Gold, the head of Gold Strategies at State Street Global Advisors.

Welcome to another edition of the InsuranceAUM.com Podcast. My name's Stewart Foley; I'll be your host. And today we're talking about climate and energy transition in emerging markets with Matt Christ, Managing Principle and Head of the Transition Debt Strategy for Ninety One.

Welcome to another edition of The InsuranceAUM.com Podcast. My name's Stewart Foley and I'll be your host. There's a lot of smart money in the insurance asset management industry, but none smarter than Liberty Mutual Investments. And we are joined today by Patrizio Urciuoli, who is the Head of Strategy and Asset Allocation at Liberty Mutual Investments.

Warren Buffet famously said, "You can't tell who's swimming naked, until the tide goes out." My interpretation of that comment was he was referring to liquidity. Liquidity has become a major topic in this week's news. We've had the failure of Silicon Valley Bank, we've had Credit Suisse in significant distress, First Republic, and many others. And we have a very, very stacked panel today to talk about liquidity and how it impacts insurance companies.

Welcome to another edition of the InsuranceAUM.com Podcast. This is the Ice Bowl edition. We've just gotten our power back on after an ice storm last night in Chicago, and we are joined today by Steve Katznelson, the founder and CIO of Radcliffe Capital Management.

Thanks for joining us for another edition of the InsuranceAUM.com podcast. Today's topic is a very important one to insurance companies, and that is technology. And how it can improve things dramatically in the investment operation of an insurance company. We are joined today by Scott Kurland, Managing Director of SS&C Technologies' Insurance Solutions Group. I have learned so much about SS&C and look forward to learning some more.

Welcome to another edition of the InsuranceAUM.com podcast. We have got a good one for you today. We are joined by a very well-regarded academic who has written a great deal on insurance asset management. Today, our guest is Nicos Scordis, Professor and the John R. Cox Ace Limited Chair of Risk and Insurance in the St. John's University Greenberg School of Risk, Insurance, and Actuarial Science.

Welcome to another edition of the InsuranceAUM.com podcast. We are very happy to have Tom Smith back from MetLife Investment Management. Tom is a repeat guest on the show. You're here to talk about emerging market debt.

Welcome to another edition of the InsuranceAUM.com Podcast. We're thrilled to have you back and this is a good one today. We are talking about private credit with Bill Bohnsack, President of Oak Hill Advisors.

Welcome back. Thanks for listening. We are talking about a very important Risk Management Survey today that's been done by Conning. And we're joined by Matt Riley and Scott Hawkins.

Welcome, welcome, welcome to another edition of the insuranceaum.com podcast. I'm joined today by Mike Ashton, the Inflation Guy.

Welcome to another edition of the InsuranceAUM.com podcast. My name's Stewart Foley, I'll be your host, and I'm joined today by Tim Antonelli, Insurance Strategist and Portfolio Manager, and Managing Director at Wellington Management.

Welcome to another edition of the InsuranceAUM.com podcast. My name is Stewart Foley, I'll be your host. And I am joined today by a very special guest, Lale Topcuoglu, Head of Credit, Managing Director at Swiss Re.

Welcome to another edition of the InsuranceAUM.com Podcast. My name's Stewart Foley and I'll be your host. We're talking about ABS, mortgages, and specialty finance with TJ Durkin of Angelo Gordon. TJ, welcome.

Welcome to another edition of the InsuranceAUM.com Podcast. My name's Stewart Foley, I'll be your host. And today's topic is financial literacy for young women in high schools across the United States, and we're joined by the founder and CEO, Maura Cunningham from Rock The Street, Wall Street.

Mortgages make up about 30% of the core bond market. It is a massive holding for most any insurance company, and we are going to have a very in-depth conversation today about the mortgage market. My name's Stewart Foley, I'll be your host, and this is the InsuranceAUM.com Podcast. I'm joined today by Jake Remley, Senior Portfolio Manager and Principal at Income Research and Management.

Welcome to another edition of the InsuranceAUM.com Podcast. My name is Stewart Foley. I'm your host. I'm going to be joined today by Phil Dauer of Grandview Analytics, and we are going to be talking about five investment data challenges for insurers.

Welcome to another edition of the insuranceaum.com podcast. My name's Stewart Foley, I'll be your host. And today we have a CIO spotlight with a very special guest, Waymond Harris, Senior Vice President, and Treasurer of Blue Cross Blue Shield of Michigan.

Welcome to another edition of the InsuranceAUM.com podcast. Today we are on a CIO spotlight with T.C. Wilson of The Doctors Company.

Welcome to another edition of the InsuranceAUM.com Podcast. My name is Stewart Foley, I'll be your host. And today we're talking about the compelling opportunities in the corporate credit market and we're joined by Jamie Weinstein, managing director, portfolio manager, and head of corporate special situations at PIMCO.

Welcome to another edition of the InsuranceAUM.com podcast. My name is Stewart Foley, I'll be your host. And today we're talking about the pending changes the NAIC is proposing for the capital treatment of CLOs. We're joined by two experts today from MetLife Investment Management - Angela Best, director of CLO Research, and Francisco Paez, head of structured products research at MetLife Investment Management.

Insurance companies are using ETFs more than ever before, and that's our topic today. Thanks for joining us, my name's Stewart Foley, I'm your host of the InsuranceAUM.com podcast, and I'm joined by Ben Woloshin and Brad Kotler, of State Street Global Advisors.

Welcome to another edition of the InsuranceAUM.com podcast. Today's topic is liquidity and volatility conditions in the bond market. And we are joined today by Shilpa Lakhani, Head of Fixed Income Portfolio Solutions in the Americas for DWS

Investment grade corporate credit, that's the topic of the day. My name's Stewart Foley, I'll be your host. This is the InsuranceAUM.com podcast and I'm joined today by Matt Daly at Conning, Head of Corporate and Municipal Teams.

Welcome to another edition of the InsuranceAUM.com podcast. My name's Stewart Foley, I'll be your host. And today we're talking about private credit with Bob Morgan, managing director and chairman of the investment committee at 50 South Capital, part of Northern Trust.

Welcome to another edition of the InsuranceAUM.com podcast, the home of insurance asset management with Nazar Alobaidat, Chief Investment Officer of Enstar.

Welcome to another edition of the InsuranceAUM.com podcast. My name’s Stewart Foley. I’m your host and today we have a very special guest, the soon-to-retire CIO at Aegis, Rip Reeves. So this, Rip, is going to be a podcast. This is your life. 

Welcome to another edition of the InsuranceAUM.com Podcast. My name is Stewart Foley, I'm your host, and today's topic is Emerging Market Corporate Debt with Vic Harling, the Head of Emerging Market Corporate Debt at Ninety One.

Welcome to another edition of the InsuranceAUM.com Podcast. My name is Stewart Foley. I'm your host, joined today by Jelani Fenton, founder and CEO of Safari.

Welcome to another edition of the CIO Spotlight. My name's Stewart Foley, I'm your host. This is the InsuranceAUM.com podcast and we are joined by a very good friend, Aaron Diefenthaler of RLI.

Welcome to another edition of the InsuranceAUM.com podcast. I am joined today by Mike Ashton, the inflation guy of Enduring Investments.

Benchmarking for insurance companies has been a problem for many, many years. And today we're going to talk about something called benchmark snapping with Erik Troutman, Senior Insurance Strategist at Loomis Sayles.

Maritime finance is the topic of the day. Asset-backed lending is the strategy. We're joined by Svein Engh, Senior Managing director, and portfolio manager at EnTrust Global.

Impact investing is certainly a hot topic with insurers these days, but what does impact investing mean? We're joined by Matt Lawton, portfolio manager in the Fixed Income Division at T. Rowe Price. He manages Global Impact Credit Strategy and co-manages the US Investment Grade Corporate Bond Strategy. Matt, you're a vice president and member of the Investment Advisory Committee for the Corporate Income, New Income, and Ultra Short-Term Bond Funds, and you're also a vice president of the Short Term Bond Fund. Welcome and thanks for being on.

Every insurance asset management outsourcing involves an IMA an Investment Management Agreement, or it's supposed to. I've been in this business a long time and I've never spent more than a second thinking about that document. But I had a recent conversation with our guest who told me there's quite a bit of interesting things that happen in an IMA. And so I said, "Man, that would be a great podcast. How about coming on?" So I'm very happy to welcome our guest Ed Toy, senior manager, investment specialist at Risk and Regulatory Consulting.

We're here to talk about dividend strategies today, with Lance Humphrey of Victory Capital, Lance is a senior portfolio manager there.

Welcome to a special edition of the InsuranceAUM.com podcast. Today's topic is very timely. It is the potential changes in capital charge treatment for CLOs, and we're joined by two experts today that are going to help us understand the issues at hand. Amnon Levy, CEO of Bridgeway Analytics, led the revision of the C1 factors with both the NAIC and ACLI, and Kevin Croft, professor of practice at Drake University and director of the Kelley Institute for Insurance Innovation. 

We always have a great time on the CIO Spotlight. We're very happy to be joined by Cameron Black, chief investment officer and treasurer of Blue Cross Blue Shield of Arizona.

If you know anything about insurance asset management, you know that regulation is a major factor in everything insurance investment professionals do. We are joined by a true expert in insurance asset management regulation, and we're going to learn a lot today. So, Amnon Levy of Bridgeway Analytics, welcome.

The flow of funds to private assets is undeniable in the insurance space. We are talking today about private debt, and more specifically, senior secured sponsored middle market lending. And we're joined by Kevin Marchetti, founding partner and chief risk officer at Varagon Capital.

Everybody knows that there's a big flow of funds to private assets. Eight months ago, everybody was talking about maximizing yield and eight months later, everybody's talking about risk management. So today we have a very good podcast for you on investment-grade private credit, and we're joined by Sara McCrady and Michael Kelleher from Securian Asset Management.

Real bond yields are on the rise for the first time in ages, and we're here to talk about leveraged credits, specifically floating-rate bank loans with Paul Massaro, head of Global High Yield and lead portfolio manager for Floating-Rate Strategies at T. Rowe Price.

The Asian insurance market is one that has always fascinated me. One that is growing rapidly. One that is very different than the US insurance marketplace. That's our topic today. We're very fortunate to be joined by Max Davies, CFA, insurance strategist at The Client Group at Wellington Management.

Insurance companies are buying private assets like never before, and asset-backed lending is one of those areas. We're joined today by Connell Haston, partner and head of the Insurance Services Platform at Victory Park Capital.

Cryptocurrency. That's the topic today with a repeat guest, Paul Foley. There's a lot going on, a lot of talk in crypto land, and the first question is, I think the hardest, which is UST - What is it? And then, what happened?

Thank you for joining another edition of the InsuranceAUM.com Podcast. My name's Stewart Foley. I'm your host. And today, we're going to be talking about infrastructure in insurers with Nick Coxon, Tom Danielsen, and Marc Mercurio from Macquarie.

Welcome to another edition of the Insurance AUM Podcast, and today we're going to be talking with the newly appointed sole CIO of F&G Life, Leena Punjabi.

Kids these days. As a 57 year old adult, every time I hear that, I stop listening. Because as a professor, I have found this following generation to be simply outstanding. And I am proud to be joined today by two fellow University of Missouri alumni, Trey Lucas, and Truman Webb.

Today, we're talking about private debt and specifically direct lending. It's an area where a lot of funds are flowing and we're joined by Invesco's Ron Kantowitz, who's a managing director and head of private debt.

Welcome to a special edition of the insuranceaum.com podcast. My name's Stewart Foley, and I'm your host. And I'm joined by a good friend named Amy Kartheiser.

Insurance companies need yield. That is not a news flash. Private real estate debt offers a good alternative to significant yield enhancement. Here to talk about both private and public real estate debt is Kirloes Gerges, Managing Director, Portfolio Manager, Principal Real Estate Debt and Scott Carson, Director, Portfolio Manager, Principal Real Estate Investors. Welcome guys. Thanks for being on the show.

40 million. That's the number of options contracts that are traded every day. That number has doubled from just two years ago. The options market is a very effective means of risk management and it is going crazy. I am so happy to be joined by Gavin Rowe, CEO of Watershed Technologies, who's going to give us a dissertation on options, and options trading. 

Now a day goes by that we're not hearing about inflation in the headlines, and that's why we've gotten Mike Ashton, the inflation guy back on with us. Mike, thanks for being on.  

In this episode of the Insurance AUM Podcast, we speak with Anthony Cazazian, of the Man Group, about single family rentals and the future of net zero energy in real estate. “We particularly have been focused on single-family rentals as it has been a newer asset class from an institutional investment perspective. And, we believe that allows us to utilize some of our expertise and skillsets in a different way and allows us to deliver outsized returns to our investors.”

Changes in the regulatory environment for insurance companies have massive implications. We are here to talk about the most recent changes with Tim Antonelli of Wellington Management.

"We've seen a real acceleration in the last two years of insurance companies looking to embrace sustainability."  

"So the same is true in the area of diversity, equity and inclusion is that you really need to focus on the fish tank, the culture of your organization and the environment that you want to foster and cultivate so that you can create a welcoming and inclusive environment for a number of different perspectives in your organization, which will make your organization stronger over time."

"...what we're seeing in the way we're positioning those portfolios is core bonds are back in. They're back incrementally more in favor. And so that is certainly advantageous because you're not having to stretch quite as much today to get the exact same yields that you were just only a year or two ago."

“The great news about the insurance industry is almost any skillset can be utilized successfully with a good long career in the industry. If you're a financial type, there are a ton of roles in that area, dealing with the kinds of things you talk about in your podcast and your listeners do every day. If you are an underwriter or you're analytical, if you're a claims person who likes to deal with people and help solve problems, deal with the system, the judicial system, where some things are resolved, a lot of opportunities there.”

"...But, to the industry's credit, we're also seeing change happen now by revelation, because now the industry is recognizing, okay, this is not just the right thing to do, but this is actually a beneficial thing to do. We can actually improve outcomes for clients, for our firm, for the folks that we work with, by being more inclusive and intentional in our decision-making. So we got here by way of revolution, but where we're going to go, it has to be because of revelation."

In this episode of the Insurance AUM Podcast, we speak with Michael Ashton, the Inflation Guy, about inflation drivers in today's market.

“Real estate investments can offer insurance companies portfolio diversification benefits and a hedge against inflation. Recently, lower risk based capital requirements should also allow for an increase in insurance companies’ allocations to real estate investments”. -Sara Queen, Head of Real Estate Equity Strategies

Leverage cash reserved for tax payments to attain your company’s ESG goals

Everybody is talking about DEI&B and how this fits into the insurance asset management industry. Sarah Marshock (Wellington Management) facilitates today's discussion of DEI&B with Margaret Milkint (Diversified Search Group), Grace Reyes (TIDE), Laura Beebe (Farm Bureau Financial Services), and Gia Clarke (Insurance AUM Journal).

Producing Investment Income through GP Stake Investing

Real estate investing re-imagined in a post-pandemic world.

Conning’s Paul Norris Demystifies Esoteric ABS

Outsourced Trading Explained with Meghan Siripurapu of Meraki Global Advisors

Fixed Income ETFs: Passing the test and making more sense 

The Compelling Story of Asia Credit

The Long and Winding Road: Opportunities and Challenges Facing Insurance Companies

The Changes Happening on Schedule BA

Where’s the value in Crypto?

Spark Change with Grace Reyes of The Investment Diversity Exchange

Meet Michael Ashton - The Inflation Guy

Exploring opportunities in IG Private Credit with Chris Gudmastad  

ACORD President and CEO Bill Pieroni Discusses ACORD’s US P&C Value Creation Study

CIO Spotlight: Joseph Eppers from Selective Insurance

CIO Spotlight: Nick Martowski of MagMutual: What to do about equities in insurance company portfolios

Listen to three seasoned professionals cover the entire spectrum of the private credit markets and why they are a good fit for insurers looking to pick up yield.

Return of the MAC - perspectives on multi-asset credit with Andrea DiCenso of Loomis Sayles

How the Principles for Responsible Investment (PRI) helps insurers get started and make progress in ESG integration

Keith Robinson has spent decades helping asset managers design compensation programs.  He talks about the key components of best-in-class compensation, or “rewards” plans in the industry.

EMD: An overlooked potential source of yield for insurance investors

Meet Mitch He, CIO of Chesapeake Employers Insurance

A company called “The Helper Bees” doesn’t exactly ring “insuretech” but Dr. Hu’s company is disrupting the long-term care industry and creating winners all around.

Karyn Williams thinks that we need to talk about risk differently.  More simply — in terms we all understand.  She has built a world-class, independent risk platform and turned traditional mean-variance approaches on their head.  This is Part 1 of a series on risk management.  Meet Karyn Williams, the Queen of Risk.

Real estate is one of the asset class most obviously impacted by the COVID-19 Pandemic.  David Roth, Partner and Head of Real Estate Private Equity at Ares Management, separates winners from losers and gives a compelling vision for real estate’s road ahead.  Disclaimer These materials are neither an offer to sell, nor the solicitation of an offer to purchase, any security, the offer and/or sale of which can only be made by definitive offering documentation. 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Future results are subject to any number of risks and factors, many of which are beyond the control of Ares. In addition, an investment in one Ares Fund will be discrete from an investment in any other Ares Fund and will not be an investment in Ares Corp. As such, neither the realized returns nor the unrealized values attributable to one Ares Fund are directly applicable to an investment in any other Ares Fund. An investment in an Ares Fund (other than in publicly traded securities) is illiquid and its value is volatile and can suffer from adverse or unexpected market moves or other adverse events. Funds may engage in speculative investment practices such as leverage, short-selling, arbitrage, hedging, derivatives, and other strategies that may increase investment loss.  Investors may suffer the loss of their entire investment. 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The impact of COVID-19 has led to significant volatility and declines in the global public equity markets and it is uncertain how long this volatility will continue.  As COVID-19 continues to spread, the potential impacts, including a global, regional or other economic recession, are increasingly uncertain and difficult to assess. Any public health emergency, including any outbreak of COVID-19 or other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on the Fund, the pricing and fair value of its investments and real estate assets and its subsidiaries, and could adversely affect the Fund’s ability to fulfill its investment objectives. The extent of the impact of any public health emergency on the Fund’s and its subsidiaries’ operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted.  The effects of a public health emergency may materially and adversely impact (i) the value and performance of the Fund and its investments, (ii) the ability of the Fund and/or its subsidiaries to continue to meet loan covenants or repay loans on a timely basis or at all, (iii) the ability of the Fund and/or its subsidiaries to repay their debt obligations, on a timely basis or at all or (iv) the Fund’s ability to source, manage and divest investments and the Fund’s ability to achieve its investment objectives, all of which could result in significant losses to the Fund.  All unrealized performance information, investment strategy, and targeted returns presented throughout this presentation were prepared as of the dates indicated.  Such information was prepared at such times in good faith based on a number of fundamental assumptions as of such dates, including assumptions relating to the broader economy, macro and applicable micro economic conditions, the geopolitical landscape, interest rates, availability and pricing of credit, liquidity and depth of transactional markets, health, population, and the environment, etc.  With the unprecedented (and to date uncurable) advancement of COVID-19, most of those assumptions at the current time appear to be materially off or in a state of suspension.  Consequently, all unrealized performance information, the portions of the investment strategy which related to targeted returns, and valuations of current investments held within or warehoused for the Fund are at the time of this writing indeterminate, but presumed to be materially lower than those last presented.  While in the medium to longer term the Manager believes the Fund should see attractive opportunities consistent with its larger investment themes and strategy, it will likely take some time for the markets to recover. In addition, the operations of the Fund, its subsidiaries and investments, the General Partner and the Manager may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any such entity’s personnel. REF: RE-01551

Bill and Peter talk about markets in a post-COVID-19 world including the likely impact from all the monetary and fiscal stimuli put in place to soften the pandemic’s economic blows.  They also bring some very interesting perspectives on the insurance industry, both life and P&C, and how COVID-19 may impact their respective industry’s going forward.