Insurance AUM Journal

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Erin Patterson, Global Co-head of Research and Strategy at Manulife Investment Management, to explore the intersection of macroeconomic uncertainty and commercial real estate opportunity. Erin shares how Manulife is navigating ongoing volatility, from interest rate shifts to global trade disruptions, and why a resilient, globally diversified strategy remains key for insurance investors.   The conversation covers the "five Ds" shaping their investment lens demographics, deglobalization, decarbonization, digitalization, and democratization and how these trends are influencing everything from market selection to sector prioritization. Erin also dives into the evolving role of alternative real estate, the importance of demographic tracking, and how AI and infrastructure considerations are shaping CRE strategy. Whether you're focused on long-term income or adapting to short-term uncertainty, this episode offers valuable insights into institutional real estate allocation in today's complex environment.

Jeffrey Diehl, Managing Partner and Head of Investments at Adams Street Partners, joins the InsuranceAUM.com podcast to explore whether the rapid growth of private credit platforms, particularly BDCs and insurer-owned portfolios, is creating systemic risk or sustainable opportunity.   In this candid conversation with host Stewart Foley, Diehl explains how deployment pressure, the rise of PIK loans, and reduced underwriting discipline could challenge returns in an overheated segment of the market. He also unpacks the scale of capital flowing through these platforms, the structural differences between perpetual BDCs and traditional private credit funds, and what red flags insurance investors should be monitoring.   For anyone allocating to private credit, or evaluating manager selection, this episode offers timely, practical insight into how scaling may impact risk, performance, and long-term portfolio outcomes.

Mark Rose, Insurance Solutions Specialist at T. Rowe Price and former Chief Investment Officer of Argo Group, joins Stewart Foley for a candid and insightful conversation on the InsuranceAUM.com podcast.   With a background spanning equities, high yield, private credit, and more, Mark shares the lessons learned from over a decade managing insurance portfolios—including the importance of investment committee process, manager selection, and risk governance. He also discusses his transition from CIO to the asset management side, what drew him to T. Rowe Price, and how the firm is evolving its insurance solutions offering.   For insurance investors navigating today's evolving fixed income landscape, Mark's perspective offers valuable takeaways on portfolio construction, private asset allocation, and building strong institutional relationships. Whether you're in the CIO seat or partnering with insurers, this episode offers real-world insight from both sides of the table.

David Politano, Managing Director and Head of Debt Strategies for MetLife Investment Management's Real Estate group, brings more than 30 years of experience to the conversation as he joins the InsuranceAUM.com Podcast. In this episode, he explains how insurance companies' approach to commercial real estate lending differs from traditional bank and CMBS channels - focusing on long-term, cradle-to-grave loan management with an emphasis on credit quality and relationship-based underwriting.   David walks through the structural advantages of insurer-held CRE debt, performance comparisons post-COVID, and how real estate market dynamics, especially in the office sector, are evolving. He also provides perspectives on pricing trends, global opportunities like Mexico industrial, and what insurers should consider in today's competitive lending environment. Backed by deep institutional knowledge and a client-first investment philosophy, this episode offers valuable context for insurers navigating CRE debt in 2025 and beyond.

Tas Hasan, Managing Partner & COO, and Nelson Pereira, Director of Insurance Investor Partnerships at Deerpath Capital, share their perspective on the growing role of lower and middle market direct lending in insurance portfolios. With decades of experience and a long-standing focus on this segment, they explain why it's gaining traction among insurers seeking yield, diversification, and capital efficiency.   They break down the structural advantages of sponsor-backed lending, including stronger covenants, conservative leverage, and more lender-friendly deal terms. The discussion also explores how regulatory developments, such as NAIC guidance and capital treatment, are influencing insurer allocation decisions.   For insurance investors evaluating private credit strategies, this conversation offers valuable insight into manager selection, deal flow dynamics, and the key factors that set experienced lenders apart in today's market.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Frank Melaccio, CFA, CPA, FRM, Vice President, Finance and Treasurer at Horizon Blue Cross Blue Shield of New Jersey, and Jason Young, Head of U.S. Corporate Private Placements and Private Structured Credit at MetLife Investment Management (MIM). The discussion explores the evolving role of investment-grade private credit and asset-based finance (ABF) in health insurance investment portfolios. Both guests share their career journeys, personal anecdotes, and their perspectives on strategic asset allocation within the unique cash flow structures of health insurers.   Together, they dive into the diversification benefits, relative value opportunities, and liquidity considerations of IG private placements and ABF. Frank offers insights into how health insurers manage illiquidity risk while optimizing return on capital, and Jason sheds light on how the ABF market has matured with shorter durations and more investor interest. This episode is packed with expert perspectives on credit market dynamics, the future of private fixed income, and how health insurers can better position their portfolios in today's rapidly changing environment.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Carrie Mears, Chief Investment Specialist at the Iowa Department of Insurance and Financial Services. Carrie offers a rare regulatory perspective on how insurance investment oversight is evolving—touching on key topics like NAIC reforms, the restructuring of the Valuation of Securities Task Force, and the growing influence of private credit on insurer portfolios.   The conversation dives into the challenges of transparency, capital treatment, and risk assessment in today's complex investment landscape. Carrie also shares insights from her roles at both the NAIC and the IAIS, offering a global lens on regulatory frameworks and their implications for CIOs, portfolio managers, and other insurance investment professionals. It's an informative, accessible episode filled with practical insights for anyone navigating the intersection of regulation and insurance asset management.

Sam Kaplan, Rates and Securitized Portfolio Manager at Jennison Associates, returns to the InsuranceAUM.com Podcast to share his perspective on today's evolving rates landscape. With the Fed cutting front-end rates while long-end yields remain elevated, Sam explores the forces reshaping the curve and what insurers need to know about duration, relative value, and term premium.   In this conversation with host Stewart Foley, Sam outlines the implications of shifting monetary policy, labor market trends, and fiscal dynamics on fixed income portfolios. He highlights how insurers can evaluate opportunities across the curve, from three- to seven-year maturities to the longer end, and why relative value considerations are changing in ways many haven't seen before.   The discussion also touches on practical considerations for insurers - whether now is the right time to extend duration, what risks lie ahead if Fed independence is challenged, and how market participants are adapting to heightened uncertainty. For anyone navigating today's fixed income environment, Sam provides timely insights and a framework for staying “ahead of the curve.”

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Milliman's Sam Nandi, Co-Lead of the Financial Risk Management Practice, and Anna Berezovskaya, Principal and Consulting Actuary in the Life Practice. Together, they explore how regulatory changes and the growing role of private credit are reshaping the way insurers approach strategic asset allocation.   Sam and Anna share perspectives on balancing regulatory requirements, liability-aware investing, and enterprise value optimization in today's complex insurance landscape. They highlight the nuances of principle-based reserving, liquidity governance, and the trade-offs insurers face as they incorporate private and alternative assets into their portfolios.   From evolving regulations to liability-informed frameworks, this conversation offers a clear view of how insurers can adapt to new challenges while pursuing long-term value creation.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Jennifer Taylor, Head of Emerging Market Debt and Senior Portfolio Manager at State Street Investment Management, for a timely and insightful discussion on the current state of EM debt. Jennifer shares her career journey from early roles in hedge funds to leading sovereign debt strategies, offering valuable perspective on how emerging markets have evolved—and why they continue to present compelling yet complex opportunities for institutional investors.   The conversation explores why State Street Investment Management takes a beta-first approach to emerging market debt, emphasizing diversification across sovereign issuers and efficient benchmark exposure. Jennifer explains the differences between sovereign and corporate EM debt, discusses the role of U.S. policy as a dominant market driver, and shares how her team helps clients customize exposures based on unique constraints and objectives. This episode is essential listening for insurance investment professionals looking to better understand one of the most dynamic areas of global fixed income.

Ross Rosenfelt, Managing Director in the Global Opportunities group at Oaktree, joins the InsuranceAUM.com Podcast to unpack the rapid rise of liability management exercises (LMEs) and their impact on today's credit markets. With over two decades of experience in restructuring—first as a bankruptcy attorney and now as an investor—Ross offers a grounded look at how LMEs are reshaping the way distressed companies and creditors interact.   He and host Stewart Foley explore how restructuring has evolved, the legal mechanics behind LMEs, and what insurance investors should know about navigating this increasingly complex environment. From creditor cooperation agreements to underwriting challenges in a post-LME world, this episode delivers timely insights from one of the industry's most experienced voices.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Kevin Egan, CPA, Managing Director, Senior Portfolio Manager, and Co-Head of Credit Research for Invesco's Global Private Credit Team. Together, they take a deep dive into senior loans—an often misunderstood but increasingly relevant market for insurers. Kevin explains the fundamentals of the asset class, including the security and recovery profile of senior loans, their relative value compared to high yield, and how they've historically performed across market cycles.   The conversation also explores current dynamics shaping the space: demand from CLOs, shifts in direct lending, and sector trends insurers should be paying attention to. Kevin shares Invesco's outlook on where opportunities lie today, what risks are emerging, and how insurers can position themselves in a market environment defined by both resilience and competition.   Whether you're looking to better understand the mechanics of senior secured loans or gain insights into how they may fit within an insurance portfolio, this discussion offers practical takeaways from one of the leading voices in private credit.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Rich Hill, Global Head of Research and Strategy at Principal Real Estate, to explore today's commercial real estate landscape and what it means for insurance investors. With over $25 trillion in value and 18 subsectors, CRE is far from monolithic. Rich explains how insurers should approach asset allocation with a four-quadrant strategy that includes public and private debt and equity.   The conversation dives into how insurers are navigating private real estate debt opportunities amid valuation resets, the growing appeal of sectors like data centers and senior housing, and why CRE may be an under-appreciated source of long-term portfolio stability. Rich also unpacks the difference between core, core plus, value-add, and opportunistic strategies plus, the risks and rewards of each in today's market cycle. Whether you're rethinking your CRE allocation or evaluating long-term trends, this episode offers actionable insights tailored to insurance asset management.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Jeff Miller, Co-Head of Fixed Income and Portfolio Manager, and Stephen “Fitz” Fitzsimmons, Executive Director of Insurance Solutions, both at Morgan Stanley Investment Management. The discussion centers on how insurers can navigate the evolving role of fixed income within multi-asset portfolios, with insights into ALM optimization, yield curve dynamics, and opportunities across public and private credit.   Miller and Fitz highlight the impact of regulatory changes, the balance between transparency and complexity in fixed income markets, and how insurers can thoughtfully integrate alternatives alongside traditional allocations. Their perspectives provide insurance CIOs and investment leaders with actionable guidance for building resilient portfolios in today's fast-changing environment.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Jon McKeown, Head of Portfolio Strategy and Analytics at Northleaf Capital Partners. Jon shares how Northleaf approaches portfolio construction in private credit by applying a risk- and analytics-driven lens, enabling investment teams to maintain strong relative value discipline and better navigate sector and geographic exposure. With over $30 billion in commitments, Northleaf brings a global, middle-market focus across private equity, infrastructure, and credit making their insights especially relevant to insurance asset managers.   Jon outlines how his team supports investment decision-making across origination, underwriting, and portfolio monitoring. He also dives into NAV-based lending, European private credit opportunities, and how his team leverages a custom “composite risk” metric to assess return per unit of risk. Listeners will appreciate Jon's perspectives on downside protection, portfolio design thinking, and how insurance investors can enhance outcomes through a strategic lens.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Dmitri Rabin, Rates and Securitized Portfolio Manager at Jennison Associates, for a deep dive into the current state of the investment-grade securitized markets. From the performance dynamics of agency MBS versus corporates to the shifting role of banks and foreign buyers, Dmitri offers a clear-eyed view of spread, convexity, and relative value through the lens of insurance portfolios. The conversation also covers asset-backed securities, subprime auto credit risk, and policy considerations around GSE privatization. Dmitri shares sector-level insights into CLOs, CMBS, and non-agency RMBS, drawing attention to structural risks and supply-demand trends shaping investor positioning. The episode closes with a candid discussion about Jenison's culture and Dmitri's career reflections offering both technical insight and human perspective for insurance investment professionals navigating today's credit markets.

Allysen Mattison, Director of Investment Risk and Vice Chair of the Investment Committee at Income Research & Management, joins the InsuranceAUM.com Podcast to deliver a deep dive into the art and science of fixed income risk management. Drawing on her experience overseeing a $122 billion portfolio, Allysen explains how her team approaches interest rate sensitivity, duration positioning, and risk decomposition to ensure that the risks taken align with high-conviction investment ideas.   In the conversation with host Stewart Foley, Allysen unpacks complex topics such as tracking error models, the importance of aligning risk metrics with portfolio construction, and the nuanced role of downside risk analysis. She emphasizes the value of relative value assessment, systematic thinking, and cross-team collaboration, offering practical strategies for balancing active risk-taking with the protection of principal.   From philosophical approaches to tactical frameworks, Allysen's perspective provides a rare inside look at how one of the industry's leading fixed-income managers evaluates, measures, and responds to risk. Whether you're an investment professional, an insurance CIO, or simply a fixed income enthusiast, this episode offers a masterclass in managing risk for long-term performance.

Anna Paglia, Executive Vice President and Chief Business Officer at State Street Investment Management, joins host Stewart Foley, CFA, for a wide-ranging discussion on innovation and disruption in asset management.   She shares her unconventional career journey from international law to leading one of the industry's largest investment platforms, offering a unique perspective on how evolving client needs, technological change, and strategic partnerships are reshaping the industry. Anna discusses State Street's $5 trillion milestone, its rebrand, and initiatives designed to democratize access to both public and private markets, including the launch of a public–private credit ETF.   The conversation covers insurer-specific solutions, the role of ETFs and cash management, the importance of team culture, and the next decade's potential for convergence, tokenization, and blockchain in portfolio management. For asset managers, insurers, and institutional investors, this episode offers valuable takeaways on how to thrive in a rapidly changing financial landscape.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Bryan Donahoe, Partner & Head of U.S. Real Estate Debt, and Brent Canada, Partner in the Infrastructure Debt Group at Ares Management, for a deep dive into the evolving role of real asset credit in insurance portfolios.   They explore the benefits of infrastructure and real estate debt — from generating durable income streams to diversifying risk and matching long-term liabilities. The conversation covers how market dislocation, rising interest rates, and the pullback from traditional lenders are creating compelling opportunities for private credit investors, particularly in sectors like logistics, housing, utilities, and digital infrastructure.   Bryan and Brent also share insights on Ares' collaborative approach, their perspectives on market resilience, and why insurance capital is poised to play an increasingly important role in real asset lending.

Patrick O'Sullivan, PhD, Head of International Insurance Solutions at Barings, brings a global perspective to this episode of the InsuranceAUM.com Podcast. Drawing from his background in financial economics and extensive experience at leading asset management firms, Patrick explores how private and alternative investment-grade strategies can help insurers enhance returns, diversify portfolios, and address evolving liability needs.   Hosted by Stewart Foley, CFA, this conversation dives into the appeal of structured credit, CLOs, and private placements for insurers navigating today's market. Patrick shares insights on key considerations such as capital treatment, interest rate risk management, and the growing demand for private IG driven by demographic and regulatory shifts worldwide. For insurers looking to expand their toolkit and capture new opportunities, this episode offers practical insights and strategic takeaways.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Tim Gill, Portfolio Manager, and Juan Tavarez, Research Analyst, from Fidelity Investments' High Income and Alternatives team to explore the evolving landscape of emerging market corporate debt. With decades of combined experience, Tim and Juan provide a deep dive into how they identify resilient, dollar-denominated credits in complex geographies—and why a bottom-up, credit-focused approach is essential in today's environment.   The conversation covers everything from navigating country-level macro risk and assessing restructurings, to uncovering “hidden castles” in misunderstood sectors. The duo emphasizes the value of sovereign overlays, disciplined portfolio construction, and the role of diversification in managing volatility for insurance investors. Whether you're seeking long-term yield, capital-efficient allocation, or simply a better understanding of EM corporates, this episode offers highly actionable insights grounded in experience.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Dane Graham, Managing Director at 17Capital, for an insightful conversation about the growth and evolution of NAV finance. Dane breaks down what NAV finance is, how it works, and why it's increasingly being considered as a strategic tool for insurers looking to access liquidity while maintaining exposure to private assets. He shares how 17Capital has positioned itself in this space and how NAV-based lending has matured into a more accepted part of the capital stack.   The conversation explores how NAV finance can complement an insurer's investment toolkit—especially in today's environment where flexibility and downside protection are crucial. Dane also discusses the growing demand from institutional investors, the risk considerations, and how insurers can assess whether this approach aligns with their long-term goals. Whether you're new to NAV finance or looking to refine your understanding, this episode offers valuable insights into an innovative and expanding segment of private credit.

In this episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with Charlie Rose, Managing Director and Global Head of Debt at Invesco Real Estate, for a comprehensive conversation on the state of real estate credit markets and what insurers need to know right now. With nearly $10 billion in CRE debt AUM and a global mandate, Charlie shares insights on how Invesco is navigating a market still recovering from a historic value correction.   He explains the fundamentals of bridge lending, the firm's “credit over yield” approach, and how they integrate equity and credit insights to drive disciplined underwriting. Charlie also compares market dynamics in the U.S. and Europe, highlights where he sees relative value opportunities, and outlines what may lie ahead over the next 12–18 months. The episode closes with a thoughtful take on hiring, diversity, and the traits Invesco values in its team. It's a high-level, yet grounded discussion for institutional investors exploring real estate credit today.

Direct lending has grown at a staggering pace—more than tripling in just six years. But what are the consequences of that kind of scale? In this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Audie Apple, Head of Equity Capital Formation at Fidelity Direct Lending, to dive deep into the risks, innovations, and structural shifts shaping private credit today.   Together, they unpack how loan documentation, leverage, and covenant structures have evolved in a rapidly expanding asset class. Audie offers valuable insight into pricing dynamics, sponsor versus non-sponsor deals, and how direct lenders are navigating today's tighter spreads and changing risk profiles. If you're an institutional investor evaluating direct lending strategies, this conversation offers key takeaways—especially around the importance of current toolkit strength over historical track record. From PIK toggles to dispersion metrics, this episode brings clarity to the forces reshaping private credit.

In an era dominated by private credit headlines, is public credit being unfairly overlooked?   In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with John Sherman, lead portfolio manager at Polen Capital, to explore the often misunderstood world of public credit. With nearly two decades of experience, John brings a nuanced view of the high-yield landscape—unpacking how today's market dynamics differ from the past and why public credit might offer better liquidity, lower fees, and fewer structural risks than private credit.   From the shifting credit quality of high-yield indices to the limitations of passive investing in this space, this episode is packed with actionable insights for institutional allocators. You'll also hear why John views high-yield as a “Goldilocks” asset class and how Polen Capital partners with NEAM to bring their credit expertise to the insurance industry.   Whether you're weighing your credit allocations or curious about the evolution of private markets, this conversation offers valuable perspective.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Siddharth Chakravarty, Director of Investments at Coaction Specialty, for an in-depth executive spotlight. Sid shares his unique journey from engineering and neuroscience research to managing a multi-billion-dollar insurance portfolio, offering a distinctive lens on the future of insurance investing. Together, they explore emerging opportunities in alternatives, with a focus on real asset infrastructure and secondaries, and examine the implications of regulatory developments, private credit benchmarking, and liquidity management. Sid also dives into the evolving role of AI in investment operations, the importance of data governance, and how small teams can gain scale through strategic automation. This thoughtful, wide-ranging conversation is a must-listen for insurance professionals seeking to build resilient, future-ready portfolios.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Isaiah Toback, Partner and Deputy Co-CIO at Castlelake, for an in-depth conversation on asset-based private credit. Isaiah shares his journey from structured finance to Castlelake, offering unique insight into how the firm has built its strategy from the ground up as a pure-play asset-based investor.   Together, they explore the structural shifts driving the growth of private credit, including regulatory changes, the rise of non-bank lenders, and the growing need for alternative funding sources. Isaiah breaks down how Castlelake approaches portfolio construction, risk management, and customization—particularly for insurance investors with specific liability and duration targets. This episode is a must-listen for insurance professionals looking to understand the future of asset-based finance and what makes this sector both complex and compelling.

In this episode of the insuranceaum.com podcast, host Stewart Foley, CFA sits down with Matt Jones, Co-Managing Partner of TPG's North American and European secondaries business, to explore the evolution and growing significance of GP-led secondaries. With over two decades of experience in private markets, Matt brings deep expertise to a complex and rapidly expanding space. He breaks down how GP-led transactions emerged post-financial crisis, why they've become more attractive over time, and how they now serve as strategic tools for high-quality fund managers to retain and build value in their best-performing assets.   The conversation covers key structural features of continuation vehicles, the risk-return advantages of single-asset secondaries, and what makes this market so compelling for investors today. Matt also explains how macroeconomic volatility is shaping pricing and deal flow, and what traits distinguish the most successful players entering this space. For institutional investors, asset managers, and anyone tracking private equity innovation, this discussion offers a practical and insightful look at one of the most dynamic segments in the alternatives landscape.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Seth Rosenthal, CFA, Chief Investment Officer of Academy Asset Management. Seth shares insights from his transition from managing a $100 billion portfolio at Northern Trust to building a mission-driven investment firm focused on public fixed income and veteran employment. He discusses the origins and strategic direction of Academy Asset Management and its deep-rooted commitment to mentoring, hiring, and training military veterans.   The conversation explores how Academy Asset Management leverages both Wall Street expertise and geostrategic insight from a team of over 30 retired admirals and generals to inform investment decisions—particularly in today's volatile geopolitical environment. Seth also explains why Academy Asset Management is leaning into mortgage-backed securities (MBS), how prepayment risk is evolving, and what makes the Veteran Impact ETF (VETZ) a compelling option for insurance investors. From market strategy to team culture, Seth offers a unique perspective on leading with purpose in asset management—while delivering competitive performance. Whether you're an allocator, an insurance investor, or an advocate for veteran employment, this is an episode worth hearing.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Kamesh Chilukuri, Managing Director and Head of Derivatives at Symetra Investment Management, for a deep dive into the practical applications of derivatives in insurance investing. With experience that spans from Monte Carlo simulations at MIT to leading derivatives strategy at a major insurer, Kamesh brings a unique perspective on how these instruments can enhance portfolio construction and efficiency.   The discussion spans both linear and nonlinear derivatives, their relevance to products like fixed and indexed annuities, and how insurers can use them to transform cash flows, hedge risk, and access markets more efficiently. Kamesh also offers insight into operational considerations, regulatory frameworks, and how derivatives can support relative value analysis across asset classes. Whether you're new to derivatives or looking to scale your strategy, this episode offers valuable guidance tailored to the insurance investment community.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Mark Hughes and Kevin Ritter, CFA charterholders and Co-Heads of Emerging Market Debt at PPM America. Together, they explore the evolving opportunity in investment grade emerging market debt and its growing relevance for insurance general account portfolios. Drawing on decades of experience, Mark and Kevin address common misconceptions, highlight the risk-return profile of EM credit, and explain why the asset class may offer compelling value compared to traditional U.S. investment grade allocations.   The conversation also delves into how insurers can think about portfolio integration, private vs. public EM debt, sovereign vs. corporate exposures, and how geopolitical shifts and trade policy are influencing asset allocation decisions. With practical insights tailored specifically for insurance investors, this episode provides a timely look at a segment of the market often misunderstood but increasingly important in today's global fixed income landscape.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Fred Pollock, Chief Investment Officer, and Steve McMillan, Head of Credit Research at GCM Grosvenor, for a timely discussion on private credit secondaries. As insurers continue to expand their allocations to private credit, Fred and Steve outline where secondaries fit into the broader $21 trillion private credit market and why they believe this corner of the asset class is poised for long-term growth. They discuss how liquidity, diversification, and discounted entry points can make secondaries particularly attractive especially in today's uncertain macro environment.   The conversation also highlights GCM Grosvenor's differentiated approach, from deep underwriting discipline to leveraging its multi-asset platform for deal flow and risk evaluation. Fred and Steve explain why understanding the entire private credit landscape not just direct lending is essential for delivering alpha and managing downside risk. Whether you're an insurer evaluating secondary strategies or simply seeking market perspective, this episode offers insight into one of the most complex and compelling areas of institutional investing today.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Connell Hasten of Victory Park Capital and Sukh Grewal of Janus Henderson for a deep dive into the evolving dynamics of public and private asset-backed markets. From their unique career paths to the strategic partnership between their firms, Connell and Sukh explore how collaboration across public and private markets is enhancing investment opportunities for insurance asset managers.   Listeners will gain valuable insights into the symbiotic relationship between ETFs and private ABL investments, and how insurers are leveraging both to manage liquidity, diversify portfolios, and improve yield in today's market. The discussion also tackles macro trends driving interest in asset-backed lending, emerging collateral types, and what characteristics these seasoned professionals look for in the next generation of investment talent. Whether you're rethinking your asset allocation or simply looking to stay ahead of industry shifts, this episode delivers actionable perspectives tailored for insurance investors.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with David Lehman, Managing Director and Head of Real Estate Strategies at HPS Investment Partners, to explore commercial real estate (CRE) debt, market evolution, and capital efficiency. Lehman shares his unique career journey—from New Jersey diner waiter to state government leadership and now overseeing real estate at HPS—offering listeners a rare perspective on adaptability and leadership in finance.   Together, they unpack how the CRE landscape has shifted, highlighting changes in the traditional “four food groups” of real estate and the emergence of sectors like data centers and senior housing. They also examine the long-term impact of higher interest rates, evolving bank and non-bank lending roles, and how insurers can gain capital efficiency through real estate debt investments. With historical insights, current trends, and a forward-looking view, this episode is a must-listen for insurance investment professionals navigating today's CRE market.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Ken Johnson, CFA, CAIA, FRM, Senior Managing Director and Chief Ratings Officer at AM Best. Together, they unpack AM Best's latest outlooks on the property & casualty and life insurance sectors—covering everything from macroeconomic uncertainty to the rise of private credit, offshore reinsurance, and how ratings methodology is adapting to today's dynamic insurance investment landscape.   Ken shares his take on the growing role of asset manager-owned insurers, the shift toward more complex ownership structures, and the increased reliance on less transparent asset classes. He also discusses AM Best's internal working groups and how they aim to strike a balance between robust capital modeling and fair treatment for insurers with evolving portfolio strategies. Whether you're a CIO, portfolio manager, or regulator, this discussion sheds light on how risk, regulation, and ratings intersect in today's market.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Matt Brill, Head of North America Investment Grade Credit at Invesco. Together, they discuss a wide range of timely topics, including how insurers can navigate volatility in public markets, what relative value opportunities exist within investment grade credit, and how macroeconomic and political developments—particularly tariffs—are influencing fixed income strategies today.   Matt shares his personal journey from the mail room to managing $100 billion in assets and offers deep insight into how Invesco approaches portfolio construction for insurance clients. He outlines current sector views, including opportunities in banks and utilities, concerns around energy credits, and why now may be the time to selectively take on risk. The conversation also covers credit quality trends, the evolution of core plus strategies, and the importance of timing and conviction in a market shaped by policy uncertainty. This episode offers a practical and insightful look into credit markets from one of the industry's most respected voices.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Keith Ashton and David Ells, CFA both Partners and Portfolio Managers in Alternative Credit at Ares Management—to explore the accelerating role of insurance capital in asset-based finance (ABF). With deep backgrounds inside insurance companies, Keith and David bring firsthand perspectives on how that experience shapes their approach to managing and structuring credit portfolios today. From defining ABF and highlighting its evolution, to offering practical lessons learned from decades in the field, this discussion is packed with valuable insights for insurance investors.   They also delve into the analytics required for evaluating complex structured credit, the private vs. public market dynamics, and the rise of proprietary platforms. The conversation covers key market shifts, the growing appetite from insurers for private credit exposure, and the strategic allocation decisions insurance firms face. Whether you're new to ABF or a seasoned pro, this episode delivers real-world knowledge and forward-looking strategies from two of the industry's top voices.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Shane Feeney, Managing Director and Global Head of Secondaries at Northleaf Capital. They explore the growing importance of private equity secondaries, how portfolio construction can optimize outcomes, and why secondaries are gaining traction with institutional and insurance investors.   The conversation covers the evolution of the secondaries market, risk management through diversification, and the dynamics of LP-led and GP-led transactions. Shane also shares insights into current supply-demand trends, what differentiates top-tier managers, and practical advice for insurance CIOs entering the space.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Toby True, Partner on the Investment Strategy and Risk Management Team at Adams Street Partners, about the complexities and evolving best practices in private market portfolio construction for insurers. Toby shares how Adams Street tailors investment strategies to align bottom-up decisions with the unique objectives, risk tolerance, and liquidity needs of insurance portfolios.   The conversation explores how illiquidity impacts portfolio design, why data and historical patterns are increasingly valuable in modeling private market exposure, and what current market conditions—such as slowed distributions and resilient fundamentals—mean for capital deployment. Toby also offers insights on secondary markets, private credit underwriting, and key traits he looks for when building investment teams. It's a timely and insightful discussion for insurance investment professionals navigating today's private market environment.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Shelley Morrison, Head of Fund Finance at Aberdeen Investments, about the growing relevance of fund finance in insurance portfolios. Shelley breaks down the fundamentals of subscription line loans, or “sublines,” and explains how these short-duration, investment-grade assets deliver enhanced yield without excess credit risk. She also outlines how fund finance fits into the broader private credit landscape and why it's gaining traction with insurers seeking diversification and downside protection.   The conversation highlights Aberdeen Investments' disciplined underwriting approach, relationship-driven sourcing, and ability to build custom portfolios tailored to insurer-specific needs. From managing sector exposures to navigating complex liability structures, Shelley offers practical insights into how insurers can integrate fund finance into their strategic allocation plans—especially as the market evolves in response to shifting capital demands.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Justin Mahoney, co-founder of Shelter Growth Capital, for an in-depth discussion on the residential mortgage loan (RML) market and its increasing relevance to insurance portfolios. Justin offers a data-driven look at the macro trends affecting the housing market, including supply shortages, disciplined credit underwriting, and the nuanced relationship between home price appreciation and affordability. He explains why RMLs are drawing growing interest from insurers, thanks to favorable capital treatment, risk-adjusted return potential, and access to Federal Home Loan Bank financing.   The conversation also covers investment structure preferences—from direct investing to SMAs and pooled funds—and how each option fits into an insurer's broader allocation strategy. Justin shares where he sees the most compelling opportunities today, including non-QM loans, agency-eligible segments, and home equity extraction. Whether you're just beginning to explore the space or scaling an existing program, this episode offers valuable insights into how insurers can navigate and benefit from this dynamic and scalable asset class.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Michael Hunstad, Deputy CIO and CIO of Global Equities, and Jeff Sampson, Senior Portfolio Manager for Global Equities at Northern Trust Asset Management. They discuss the evolving landscape of dividend strategies, equity allocations, and risk-aware portfolio construction for insurers navigating today's market complexity.   From balancing income and capital appreciation to mitigating concentration risk and factoring in tax efficiency, Hunstad and Sampson share actionable insights tailored to insurance investors. With dividend-paying equities becoming more diversified and relevant in a normalized rate environment, this episode offers practical guidance for aligning public equity strategies with enterprise risk and return goals.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Eric Partlan, Chief Investment Officer at MassMutual, for an engaging installment of the CIO Spotlight series. With MassMutual's $285 billion general account and deep legacy as a mutual insurer, Eric shares insights into how the firm's long-term orientation, mutual structure, and strategic partnerships drive its investment approach—particularly in private credit, structured products, and ALM strategies.   Eric also reflects on his unique career journey from aerospace engineering to the CIO role, offering a candid look into his philosophy on leadership, team building, and fostering intellectual curiosity. From cultivating a collaborative team culture to leveraging Barings and other long-term partnerships, this episode delivers thoughtful perspectives on navigating evolving markets while remaining rooted in purpose-driven investment strategies. Whether you're new to insurance asset management or a seasoned pro, this is a must-listen conversation on where the industry is headed.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Anwiti Bahuguna, PhD, Chief Investment Officer of Global Asset Allocation at Northern Trust Asset Management. The conversation explores Northern Trust's latest long-term capital market assumptions and the macroeconomic forces likely to shape insurer portfolios over the next decade—from AI-enabled productivity and energy transition to evolving patterns of globalization.   Anwiti shares how her team blends quantitative modeling with insights from asset class specialists to create actionable 10-year outlooks for insurance investors. The discussion spans implications for fixed income and equity allocations, real assets as inflation hedges, and the growing relevance of private markets—particularly private credit. With practical insights on capital formation, macro themes, and manager selection, this episode offers a roadmap for insurance CIOs and investment teams navigating the complexities of a shifting global landscape.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Dan Palone, Managing Director of Global Loan Operations at SS&C Technologies, to discuss the latest trends in the residential mortgage market. With rising interest rates, limited housing supply, and increasing investor interest, how are insurers positioning themselves in this evolving landscape?   Dan shares insights into the advantages of residential mortgage loans (RMLs) over traditional mortgage-backed securities, key operational considerations for insurers looking to scale in this asset class, and the impact of automation on mortgage investing. Tune in to learn how insurance investors can navigate the complexities of the Resi market and optimize their portfolios.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Edward Levin, Managing Director and Co-Head of Direct Infrastructure at Voya Investment Management, to explore the evolving landscape of renewable energy finance. With over 20 years of experience in energy transition projects, Edward shares insights into how the sector has matured, the increasing demand for power driven by AI and manufacturing onshoring, and the evolving financing structures supporting renewable infrastructure.   Edward also breaks down the impact of federal policies like the Inflation Reduction Act, the role of tax credits, and how bipartisan support continues to drive investment in renewable energy—even in traditionally fossil-fuel-heavy states. Whether you're an institutional investor, an energy market enthusiast, or just curious about the future of sustainable finance, this conversation offers a valuable look into one of the fastest-growing asset classes today.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Christine Thorpe, Institutional Portfolio Manager at Fidelity Investments, to discuss the critical role of core fixed income in insurance portfolios. Despite being the largest allocation for most insurers, core fixed income often takes a backseat to higher-yielding asset classes. Christine shares insights on sector positioning, duration management, and Fidelity's preference for rates over spreads in today's evolving market.   With Fidelity managing approximately $2 trillion in fixed income strategies, Christine also highlights the firm's team-based investment culture and how it helps drive consistent performance. She discusses how insurers can navigate shifting economic conditions, the importance of patience and diversification, and why thoughtful risk management is essential for long-term success. Whether you're deep in the fixed income space or looking to refine your approach, this episode is packed with valuable insights.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Milena Humplik and Margot DeMore, co-founders of Broad Street, to discuss career management from both sides of the desk. They share insights into hiring trends in insurance asset management, the skill sets in demand, and how leadership plays a crucial role in talent retention.   Milena and Margot also offer guidance on navigating career transitions, the evolving return-to-office landscape, and what makes a truly great leader in today's industry. Whether you're an employer looking to build a strong team or a professional considering your next move, this episode delivers valuable takeaways. Tune in for expert perspectives on managing your career and team in the competitive world of insurance asset management.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Jim Kaniclides, Head of U.S. Insurance, and Jeff Burger, CFA, Senior Portfolio Manager of Municipal Bonds at Insight Investment. Together, they discuss the evolving landscape of municipal bonds, offering insights into how insurers can balance yield, liquidity, and safety in today's fixed-income markets.   Jim and Jeff break down the shift from tax-exempt to taxable municipal bonds, their role in insurance portfolios, and the diversification benefits they provide compared to corporate bonds. They also highlight how municipals align with ESG and impact investing trends while maintaining historically low default rates. Tune in for an in-depth discussion on why municipal bonds remain a compelling asset class for insurers seeking quality and stability.  

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Michael Occi, President of Morgan Stanley Private Credit's BDC platform, to explore how insurance investors can leverage BDCs to gain deeper insights into the direct lending market. They discuss how BDCs provide transparency into asset quality, credit conditions, and portfolio performance, offering valuable data that insurance investors can use to assess risk and optimize their strategies. Michael explains the evolution of BDC structures, the growing role of non-traded BDCs, and how these vehicles fit into the broader private credit landscape.   The conversation also covers the regulatory and structural differences between BDCs and traditional direct lending funds, highlighting key factors insurance companies should consider when allocating capital. Michael shares his perspective on the importance of transparency in investment decisions and how BDC disclosures can serve as a useful tool for both new and experienced investors.   Beyond the financial insights, Michael and Stewart discuss career development in asset management, what qualities make a strong team member, and even a bit about Michael's passion for golf. Whether you're an institutional investor looking to deepen your understanding of BDCs or simply interested in the intersection of private credit and insurance investing, this episode is packed with valuable takeaways.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Vlad Liberzon, partner and portfolio manager at GoldenTree Asset Management, to discuss the evolving landscape of emerging market debt (EMD) and how insurers can approach the asset class strategically. With over 20 years of experience in EMD investing, Vlad shares insights into the asset class's transformation, from its early days of high correlation and commodity reliance to today's diverse and uncorrelated opportunities across 90 countries. He breaks down the factors driving EMD's growth, the risks insurers often associate with the asset class, and why many may be overlooking key opportunities.   The conversation delves into portfolio construction, exploring the benefits of a hard currency-focused approach, active management strategies, and the importance of risk discipline. Vlad also offers a market outlook for 2025, highlighting potential opportunities in sovereign and corporate debt, idiosyncratic investments, and the impact of macroeconomic themes like U.S. interest rates, dollar strength, and China exposure. Whether you're new to emerging market debt or looking to refine your investment strategy, this episode provides valuable perspectives on navigating this dynamic and growing asset class.   Listen now to gain expert insights into the right way to invest in emerging market debt and how insurers can position their portfolios effectively.