Insurance AUM Journal

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.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Champ Raju, Managing Partner and Head of Private Equity at PPM America Capital Partners, to discuss the evolving private equity landscape and the investment strategies gaining traction in today's market. They explore the current fundraising environment, M&A activity, and the increasing role of co-investments and GP-led secondary deals in institutional portfolios.   Champ explains how co-investments offer institutional investors, including insurance companies, an opportunity to reduce fees and gain direct exposure to private equity deals. He also breaks down single-asset GP-led secondary transactions, highlighting their benefits and why they are becoming a preferred investment structure. The conversation provides insights into how these strategies can enhance portfolio diversification, optimize capital deployment, and improve overall returns.   With decades of experience in private equity, Champ shares his perspective on how investors can navigate these complex structures, assess risk, and take advantage of emerging opportunities. Whether you are an experienced private equity investor or looking to deepen your understanding of alternative investments, this episode offers valuable insights into the shifting dynamics of the private equity market.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Nate Walton, Partner and Head of Private Equity Secondaries at Ares Management, about the evolving role of secondaries in private markets. They discuss how GP-led transactions, liquidity solutions, and structured investments are transforming private equity.   Nate shares insights on why secondaries are becoming a key strategy for institutional investors, how they provide downside protection, and what trends to watch in 2025. Whether you're looking to optimize your private equity allocations or better understand the secondary market, this episode offers valuable insights.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Fabian Korzendorfer, Partner with StepStone's Private Debt research team, for an in-depth discussion on Evergreen Funds: A Compelling Tool for Private Markets. Fabian joins from Switzerland to share his expertise on how evergreen funds provide flexibility, liquidity, and efficiency, making them an increasingly attractive option for both institutional and individual investors. Together, they explore the structural advantages of evergreen funds over traditional drawdown models, their impact on portfolio diversification, and why private debt is particularly well-suited for this investment vehicle.   Stewart and Fabian also dive into how evergreen funds manage liquidity, their role in mitigating the J-curve effect, and their growing appeal to insurance investors navigating capital efficiency and regulatory considerations. Fabian offers insights into the operational and reporting benefits of these funds, along with career advice for finance professionals looking to navigate the evolving landscape of private markets. Tune in for a thought-provoking conversation that unpacks the rising prominence of evergreen funds and their potential to reshape private market investing.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Aaron Fink, Senior Managing Director at Centerbridge, to explore the evolution of asset finance and opportunistic credit. Aaron shares insights on how Centerbridge's cycle-agnostic approach allows them to dynamically allocate capital across private equity, credit, and real estate, ensuring they capitalize on opportunities regardless of market conditions. From his early career in asset finance trading to leading Centerbridge's asset finance efforts, Aaron discusses the firm's unique investment philosophy and its ability to pivot between public and private markets to generate returns.   The conversation dives into key market trends for 2025, including opportunities in consumer credit, housing, and specialty finance, and how persistent high interest rates are shaping investment strategies. Aaron also provides a deep dive into the risks and rewards of private credit, the impact of market cycles on opportunistic investing, and the importance of adaptability in sourcing new asset classes. Whether you're an institutional investor or simply interested in how market dynamics influence asset allocation, this episode offers invaluable perspectives on the future of asset finance.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Anthony Giambrone and Stephen West, both Managing Directors on the Venture Capital and Growth team at StepStone, to explore an asset class that isn't traditionally front and center for insurance portfolios: venture capital. They discuss why insurers may want to consider VC exposure, how the asset class has evolved over the years, and what strategies can help insurance investors navigate this space.   With insurance investment portfolios becoming more diversified, Anthony and Stephen share insights on why venture capital has gained traction among institutional investors, how secondaries and emerging managers fit into the equation, and why consistency is key when allocating to VC. They also touch on the impact of AI, changing IPO dynamics, and the role of data in investment decision-making. Don't miss this deep dive into an asset class that could reshape insurance investing.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Barbara Arnold and Scott Kurland of SS&C Technologies to explore the latest developments in NAIC statutory reporting. With growing portfolio complexity and evolving regulatory requirements, insurers are facing increasing challenges in maintaining compliance while ensuring accuracy and efficiency in reporting.   Barbara and Scott discuss the major trends shaping the industry, including the growing role of alternative investments, the shift to multi-manager models, and changes in asset classifications that impact reporting requirements. They also highlight the rising adoption of outsourcing and co-sourcing solutions, helping insurers streamline processes while maintaining compliance. As reporting deadlines tighten and staffing challenges persist, having a clear strategy for data integrity and workflow optimization is more critical than ever.   This conversation provides expert insights and practical solutions for insurance investment professionals looking to navigate today's complex NAIC reporting environment. From best practices in statutory reporting to strategies for staying ahead of regulatory changes, this episode offers valuable perspectives for insurers aiming to enhance their reporting processes. Listen now to gain a deeper understanding of how insurers can optimize their reporting workflows and ensure compliance in an increasingly demanding landscape.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Michael Acton, Managing Director and Head of Research and Strategy at AEW, to explore the evolving landscape of commercial real estate investing. As the industry navigates a post-pandemic world, rising interest rates, and a wave of loan maturities, Acton shares insights on how investors can return to first principles to identify opportunities amid uncertainty. He discusses the hybrid nature of real estate as an asset class, its role in portfolio diversification, and the impact of economic shifts on valuations.   Acton also provides a deep dive into key market trends, including the challenges facing office space, the resurgence of senior housing, and the opportunities arising from peak loan maturities. With a career spanning 35 years in real estate research and strategy, he offers a seasoned perspective on how investors—particularly insurance asset managers—can position themselves for success in today's dynamic environment. Whether you're a seasoned investor or new to the space, this episode delivers a valuable roadmap for navigating the complexities of commercial real estate.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Victor Debenedetti, principal at OHA, and Anthony Vikhter, senior investment analyst at Missouri Teachers, for an in-depth discussion on best practices in underwriting private credit. As private credit continues to expand, investors must understand the nuances of due diligence, risk assessment, and structuring deals to ensure long-term success.   Victor and Anthony share their perspectives on credit monitoring, distressed situations, and the importance of aligning private credit strategies with institutional objectives. They also discuss how private credit differs from private equity and why this asset class has seen such significant growth. Whether you're investing in private credit or looking to refine your approach, this episode offers key insights for insurance and pension investors alike.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Brian Van Elslander, Head of MAM Direct Lending Portfolio Management, Americas, and Bill Eckmann, Head of Macquarie Principal Finance, Americas, to discuss the evolving landscape of direct lending. With private credit playing an increasingly significant role in institutional portfolios, Brian and Bill share insights on the growth of Macquarie's direct lending platform, the firm's approach to alignment and risk management, and key considerations for insurance investors exploring this asset class.   They also examine current market dynamics, sector opportunities, and best practices for insurers looking to allocate to private credit. Whether you're already investing in direct lending or evaluating its strategic fit, this conversation offers valuable perspectives on navigating the space.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Alessandro Pagani, portfolio manager and head of the mortgage and structured finance team at Loomis Sayles, to explore the complexities of asset-based finance. They discuss the key differences between public and private ABS, the growing role of private credit, and how insurers should approach this evolving space. With rising interest rates and changing bank capital requirements, the demand for private asset-backed lending has surged—creating both opportunities and risks for investors.   Alessandro shares his insights on liquidity considerations, risk assessment, and the importance of due diligence in this market. He also reflects on the evolution of asset-based finance since the late 1990s, highlighting lessons learned from past cycles and how investors can avoid common pitfalls. If you're looking to better understand the nuances of this asset class, this episode offers an in-depth discussion on navigating what truly is an "adult swim" in investing.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, explores the growing market of private structured credit, also known as private ABF, with Poorvi Dholakia and Paul Carroll of MetLife Investment Management. They discuss how this asset class stands out through customized structures, enhanced covenants, and attractive yield premiums, making it an increasingly valuable component of insurance portfolios.   The conversation delves into the key factors driving the growth of private ABF since the 2008 financial crisis, the role of regulatory changes, and how scale and underwriting expertise create a competitive edge in this space. Risk considerations, such as credit, liquidity, and prepayment risk, are also examined, alongside the diversification benefits private ABF can bring to insurance investors.   Whether you're seeking a foundational understanding or advanced insights into private ABF, this episode offers a detailed look at its evolving role in meeting insurers' long-term objectives in today's dynamic investment landscape.

In this episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with Michael King, Senior Managing Director and Co-Head of Senior Credit at Manulife Investment Management, to take a deep dive into the world of direct lending and sponsored finance. Michael shares his journey from carpentry to credit, discusses the unique dynamics of middle market private equity firms, and unpacks Manulife's patient, deliberate approach to growing its private credit platform.   Discover how Manulife's focus on consistent underwriting, strong sponsor relationships, and market access has fueled success through various economic cycles, and hear Michael's thoughts on private credit's evolving landscape in 2025. From industry insights to advice for future professionals, this episode offers something for everyone in the insurance asset management space.

Join host Stewart Foley, CFA on the InsuranceAUM.com Podcast as we explore private real estate debt with experts Will Pattison, Head of Research and Strategy Real Estate, and Clint Culp, Regional Head of Real Estate Debt Production, both from MetLife Investment Management. Together, they provide valuable insights into current market dynamics, including shifts in commercial real estate lending, the impact of rising construction costs, and how migration trends are shaping the future of real estate investments.   Gain an understanding of how MIM leverages decades of data to inform investment strategies and manage risk, while uncovering opportunities in today's market environment. This episode is packed with practical takeaways for insurance investors navigating the evolving real estate landscape.

Join host Stewart Foley on the InsuranceAUM.com Podcast as he sits down with Tim Antonelli, head of Insurance Multi-Asset Strategy and portfolio manager at Wellington Management. In this episode, Tim shares his 2025 outlook for insurers, focusing on themes like locking in structural income, optimizing surplus portfolios, and navigating regulatory changes.   With insights drawn from over 150 meetings with insurers worldwide, Tim discusses how the industry is evolving, the importance of fighting recency bias, and the growing role of asset-based finance. From managing surplus assets with a Swiss Army knife approach to uncovering yield opportunities in hybrid securities and private placement debt, this episode offers a deep dive into strategies for the year ahead.   Tune in for expert advice on positioning insurance portfolios in a more dynamic, volatile market environment.

Join host Stewart Foley, CFA, on the InsuranceAUM.com Podcast as he explores the dynamic world of commercial real estate debt with Jack Gay, Global Head of Commercial Real Estate Debt, and Jason Hernandez, Head of Real Estate Debt in the Americas at Nuveen Real Estate. In this engaging conversation, Jack and Jason share their unique perspectives on the evolving CRE debt market, highlighting areas of opportunity and caution in today's economic landscape. From the surging demand for housing and logistics to the ongoing challenges in the office sector, they unpack the factors driving investment decisions and risk management strategies.   The discussion delves into the importance of relative value across core, core-plus, and value-add strategies, emphasizing how investors can capitalize on current market conditions. Jack and Jason also provide a thoughtful analysis of the role insurance companies play in CRE lending, offering actionable insights for institutional investors looking to expand their allocations. Whether you're navigating portfolio diversification or assessing the impact of macroeconomic trends, this episode delivers valuable takeaways for navigating today's real estate environment.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Maggie Coleman, Chief Investment Officer for North America Real Estate Equity at Manulife Investment Management, for a timely discussion on real estate investing. Maggie shares her insights on the current macroeconomic environment, the challenges and opportunities in today's market, and the long-term trends shaping the real estate landscape.   They dive into themes such as affordability, industrial growth, and the emerging sectors driven by demographic and technological shifts. Maggie also provides a candid perspective on office real estate, risk management strategies, and the importance of ESG considerations in portfolio construction. This conversation offers valuable insights for investors looking to navigate the complexities of real estate during a market reset.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Blerina Uruci, Chief US Economist in the Fixed Income Division of T. Rowe Price, for an in-depth conversation on the critical macroeconomic trends shaping the investment landscape. From the impact of US elections to the Fed's rate policy and the rising influence of productivity growth, Blerina offers expert perspectives on how these developments could influence investor sentiment and economic performance.   With a unique global perspective, Blerina shares her take on trade policies, fiscal uncertainties, and the evolving role of inflation in a higher-for-longer interest rate environment. Don't miss this engaging conversation packed with actionable insights for navigating the complexities of today's economy.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Jeff Akers, head of private equity secondaries at Adam Street Partners, to discuss the growing importance of private equity secondaries in insurance portfolios. Jeff shares his expertise on how this asset class helps investors avoid the J-curve, provides a shorter duration investment with predictable cash flows, and delivers fixed-income-like characteristics with equity-level upside.   From the basics of private equity secondaries to their strategic fit for insurers prioritizing stable returns, this conversation dives deep into the advantages of investing in a market that has grown from $10 billion to $150 billion over the past 18 years. Learn why this undercapitalized market offers insurers opportunities for diversification, lower risk, and potentially enhanced portfolio performance.

Join host Stewart Foley as he sits down with Doug Bouquard, Partner and Head of Real Estate Credit at TPG, to explore the evolving landscape of real estate debt. Doug shares his journey into the industry and highlights the current shifts in the market, including the retreat of banks from traditional lending and the growing role of private credit. He discusses how these changes create new opportunities for insurers to fill the gap and capitalize on asset-backed lending that aligns with their long-term liabilities.   The conversation dives into key trends driving real estate credit, from dislocations in specific sectors like office to opportunities in housing and industrial properties. Doug explains how scalable strategies in real estate debt can be customized to meet insurers' unique needs, offering attractive risk-adjusted returns and downside protection. With insights into market dynamics, borrower relationships, and the growing institutionalization of newer asset classes like build-to-rent, this episode delivers actionable perspectives for insurance investors.

In this episode of the InsuranceAUM.com Podcast, our host Stewart Foley, CFA, dives into the fascinating world of quantitative methods in insurance asset management with experts from Principal Asset Management, StepStone Group, and Fidelity Investments. Together, they explore how data-driven strategies are transforming portfolio construction, risk assessment, and liquidity management in private markets. From understanding how quants develop models to navigating the unique challenges of private markets, this episode delivers actionable insights for institutional investors.   Learn how quantitative approaches help identify opportunities, mitigate risks, and drive smarter investment decisions. Whether you're curious about how quants build tailored solutions or the latest trends in private real estate and equity, this conversation is packed with expert perspectives and practical knowledge for today's insurance asset managers.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Nailah Flake, Managing Partner and Head of Real Estate Debt at Brookfield. Nailah shares her unique career journey, from teaching dance to leading real estate credit at one of the largest asset managers globally.   Together, they discuss the vast and diverse real estate market, touching on compelling sectors like industrial, housing, and alternative asset classes. Nailah provides insights into the mechanics of real estate credit, its differences from corporate credit, and the evolving landscape amid rising interest rates, market volatility, and bank retrenchment. She also highlights Brookfield's approach to lending, leveraging its extensive expertise and global footprint.   In addition to offering a masterclass on real estate debt, Nailah shares career advice for young professionals, emphasizing adaptability and resilience in navigating a changing industry. Tune in for an inspiring conversation filled with actionable insights.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley welcomes Nelson Correa, Head of Private Placements at NEAM. Nelson discusses what makes private placements an attractive asset class for insurers, offering higher spreads than public bonds while maintaining strong covenant protections. He addresses liquidity misconceptions, explains how private placements are structured, and highlights their role in helping insurers achieve long-term investment goals.   Nelson also shares insights into NEAM's enhanced private placement capabilities following his team's addition and provides a market outlook, identifying opportunities in infrastructure and family-owned companies. Tune in to learn how private placements can offer insurers a compelling mix of yield, security, and diversification.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Bill McClay, CFA, portfolio manager at Fidelity Investments, to explore the evolving landscape of high-yield real estate lending. With banks pulling back and a significant volume of commercial real estate debt maturing over the next three years, Bill shares how private lenders are stepping up to fill the gap. He provides an in-depth look at Fidelity's real estate platform, their approach to navigating current market challenges, and the opportunities for investors in middle-market lending.   From bridge loans to construction financing and gap funding, Bill explains how Fidelity has positioned itself to address a supply-demand imbalance in commercial real estate debt. This episode offers valuable insights into the dynamics of property types, regional bank exposure, and the role of private capital in shaping the future of high-yield real estate lending.

Join host Stewart Foley on the InsuranceAUM.com Podcast as we dive into the intricacies of private asset portfolio construction with insights from Bryan Jenkins and Eric Solfisburg of Hamilton Lane. This episode explores how a strategic approach to portfolio construction—focusing on factors like asset allocation, investment pacing, and liquidity management—can enhance outcomes for insurance investors. With over three decades in private markets, Hamilton Lane shares its expertise on balancing return and risk while managing the challenges of data and transparency that are unique to this asset class.   The conversation also covers the vital considerations around data and analytics, industry exposure, and the often-overlooked factor of asset location for insurers. Jenkins and Solfisburg emphasize the importance of a consistent, disciplined approach to private asset allocation, discussing tools and techniques Hamilton Lane uses to support sophisticated portfolio strategies. For insurers navigating private markets, this episode offers a valuable guide to constructing resilient, well-diversified portfolios that align with insurance-specific risk management needs.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Ian Gilbertson, CLO Portfolio Manager and Co-Head of U.S. CLOs at Invesco, for a deep dive into the world of Collateralized Loan Obligations (CLOs) and their role in insurance investment portfolios. Ian provides a primer on CLOs, explaining their structure, the types of assets they hold, and why this asset class has shown such resilience and stability.   They discuss the growth of CLOs in insurance company portfolios, their historical performance, and why they continue to attract insurers even amid changing regulatory requirements. Ian also shares his insights on current opportunities in the loan market, the evolving credit cycle, and the outlook for CLOs in 2025, especially in a declining rate environment. Ian brings extensive expertise to the conversation, offering both high-level context and practical insights into the risks and rewards of this asset class for insurers.

In this episode of the InsuranceAUM.com podcast, Stewart Foley hosts Olaolu Aganga, U.S. Chief Investment Officer at Mercer, and Stephanie Thomas, Senior Investment Consultant at Mercer, to discuss the evolving role of OCIO (Outsourced Chief Investment Officer) services for insurance companies. They explore how Mercer's model uniquely integrates support for clients by combining Marsh McLennan's insurance expertise with Mercer's deep investment consulting resources. Olaolu and Stephanie clarify how OCIO can function either as a full or partial extension of an insurance company's in-house team, offering a range of services from research support to full discretionary management.   With the growing complexity in private credit, asset-backed finance (ABF), and investment-grade alternatives, Stephanie explains how OCIO services can support insurers in navigating these emerging asset classes, providing an adaptable, client-specific approach. Olaolu highlights the partnership aspect of Mercer's model, emphasizing that OCIO clients retain control over strategy while benefiting from Mercer's extensive resources and industry insights.

In this episode of the InsuranceAUM.com podcast, Stewart Foley hosts Armen Panossian, co-CEO and Head of Performing Credit at Oaktree Capital, for a deep dive into insurers' role in alternative investing, especially in private credit. Armen shares insights on the evolving sentiment in today's markets, where economic fundamentals, regulatory influences, and the effects of recent rate hikes are shaping debt and equity strategies. He details how technical and regulatory shifts, like the implementation of Basel III in the U.S., are creating new avenues for insurers to capitalize on asset-backed finance while banks retreat from specific lending areas. Armen emphasizes that private credit remains a valuable asset class for insurers, especially given the long-term growth and diversification opportunities it provides alongside efficient rating structures.   Looking ahead, Armen sees opportunity in sectors where expertise drives returns, such as specialty finance and asset-backed lending. He also highlights the unique value of rescue lending as more companies face refinancing challenges due to high interest rates. For insurers, he advises considering the distinct advantages of rated feeder note structures to optimize capital efficiency in corporate credit and exploring asset-backed finance for diversification.

In this episode of the InsuranceAUM.com podcast, Stewart Foley welcomes Brett Hickey, Founder and CEO of Star Mountain Capital, for an engaging look at investment in the U.S. lower middle market. Brett shares his unique journey from a small-town upbringing in Canada to founding a prominent private credit firm. Drawing from his early experiences, Brett discusses how Star Mountain Capital builds on core values of community and collaboration, focusing on lending to smaller, often family-owned businesses with strong fundamentals. He explains the firm's strategic emphasis on these investments, citing the sector's limited competition and inherent value as an uncorrelated asset class. Brett also highlights the opportunity to add alpha to portfolios through Star Mountain's private credit and secondary offerings.   Brett explains why lower middle market companies offer significant upside potential, especially given demographic trends and limited access to traditional financing sources. He describes how Star Mountain's data-driven risk management processes and community-focused investment approach help mitigate risk while positioning companies for growth and long-term success.  

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the evolving landscape of real estate finance with Bob Clark, Founding Partner of DW Partners and Chief Investment Officer at Domain Real Estate Partners. The discussion focuses on homebuilder finance, a niche yet critical area within the broader real estate market. Bob shares his journey from a math enthusiast with family ties in the pizza business to becoming a key player in the homebuilding finance industry, explaining how Domain provides crucial funding to homebuilders for land acquisition and development.   Bob elaborates on the unique capital needs of the homebuilding industry, the growing trend of homebuilders moving towards asset-light models, and the role of project finance in facilitating land and land development. The conversation also touches on the impact of mortgage rates, Fed policy, and the complex relationship between affordability and supply in the US housing market. Bob's insights provide a clear understanding of how insurance companies can become more involved in financing these specialized areas, highlighting opportunities for insurers to capitalize on resilient and well-structured credit investments.   This episode is perfect for anyone interested in the intersection of real estate finance, homebuilding, and insurance capital, offering a thoughtful analysis of the long-term trends shaping the market.

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.