Shows
InsuranceAUMEpisode 393: Filling the Gap: The Expanding Role of Direct Lenders in EuropeMark Jochims, Head of European Private Credit at Morgan Stanley Investment Management, joins the InsuranceAUM.com Podcast to explore the evolution of European private credit and the expanding role of direct lenders across the region.
Mark explains how Europe differs from the U.S. private credit market, including its more fragmented banking system, slower pace of bank disintermediation, different borrowers and jurisdictions, and distinct supply-and-demand dynamics. He discusses why Europe should not necessarily be viewed as better than the U.S., but as a potentially differentiated source of portfolio diversification for insurance investors.
The conversation also examines the structure of di...
2026-10-1932 minInsuranceAUMEpisode 390: Private Credit: Risks, Opportunities and the Evolution of CapitalDavid Ross, Managing Director and Head of Private Credit at Northleaf, joins the InsuranceAUM Podcast to discuss the current state of private credit and how investors are navigating a market shaped by volatility, elevated base rates, changing capital flows and new risks associated with artificial intelligence. He explores why underlying portfolio performance remains resilient overall, where pockets of stress are emerging and how investors should evaluate returns on a loss-adjusted basis.
David also discusses how Northleaf is assessing AI risk across individual companies and industries, why diversification and selectivity remain critical, and how periods of market dislocation can create opportunities f...
2026-10-0534 minInsuranceAUMEpisode 387: NAV Finance: From Niche to MainstreamAryeh “Ari” Landsberg, Managing Director at 17Capital, joins the InsuranceAUM.com Podcast to explore how NAV finance has evolved from a specialized private markets solution into an increasingly mainstream portfolio management tool. He explains the fundamentals of NAV financing, including how lenders provide capital against diversified portfolios of mature private equity investments rather than relying on the performance of a single company.
The conversation examines the forces driving greater adoption of NAV finance, from changing liquidity conditions and longer private equity holding periods to the need for flexible capital that can support additional investment in existing portfolio companies. Ari also walks...
2026-09-1633 minInsuranceAUMEpisode 386: Growth Equity in Insurance PortfoliosSuzanne Gauron, Managing Director and Head of Capital Solutions for Growth Equity at General Atlantic, joins the InsuranceAUM Podcast to explore the role growth equity can play in institutional and insurance portfolios. She explains how growth equity differs from venture capital and traditional buyouts, focusing on profitable, rapidly growing companies with little or no leverage and returns driven primarily by business performance.
The conversation examines how growth equity may provide insurers with exposure to return drivers that differ from the interest rate, credit spread, and leveraged equity risks already common across general accounts. Gauron also discusses where institutions are funding g...
2026-09-1424 minInsuranceAUMEpisode 384: Identifying Alpha in Private Markets: A Discussion with Ares' Quantitative Research GroupAvi Turetsky, Partner and Head of the Quantitative Research Group at Ares Management, and Bill Kieser, Principal and Co-Head of Research and Data Science at Ares Management, join the InsuranceAUM Podcast to explore how quantitative research is changing the way institutional investors evaluate private markets.
They discuss how investors can look beyond traditional measures like IRR and quartile rankings to better understand alpha, benchmarking, portfolio construction, and relative value across private equity, private credit, real estate, infrastructure, and secondaries. The conversation also examines what Ares’ research suggests about investing during periods of volatility and the potential benefits of taking a mor...
2026-09-0848 minInsuranceAUMEpisode 383: Evolution of Direct Lending: Relationship Based Lending Drives Relative ValueIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Gavin Baiera, Senior Managing Director and Head of Performing Credit at Centerbridge, and David Marks, Executive Vice President at Wells Fargo Commercial Banking, to explore the evolution of direct lending and why relationship-based lending may offer a differentiated source of relative value.
Gavin and David discuss how lending to founder and family owned businesses differs from traditional sponsor backed transactions, with a focus on leverage, covenant structures, borrower behavior, and long standing banking relationships. They also explore how pairing commercial banking relationships with private credit u...
2026-08-2444 min
InsuranceAUMEpisode 382: Portfolio Management in Action: Turning Insight Into PerformanceIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA sits down with Tom Milewski, Managing Director and Head of Portfolio Management at Deerpath Capital, to discuss why active portfolio management can be just as important as underwriting in private credit. Tom explains how managers can use monthly financials, borrower-specific KPIs, dashboards, and early warning triggers to identify developing risks, learn from portfolio trends, and make more informed investment decisions.
They also explore where outcomes begin to diverge between private credit managers, the difference between covenant-light, covenant-loose, and meaningful covenant structures, and why reacting early to signs of s...
2026-08-1330 min
InsuranceAUMEpisode 381: Demand, Dispersion, and AI: Where Credit Researchers Are Finding ConvictionIn this episode of the Insuranceaum.com podcast, host Stewart Foley, CFA, sits down with Bixby Stewart, Head of US Investment Grade Credit Research for Invesco Fixed Income, to explore where credit investors are finding conviction amid tight spreads, strong institutional demand, and a historic wave of AI-related capital investment.
Bixby explains why today’s investment-grade market may deserve its historically tight valuations, highlighting stronger credit quality, attractive yields, improved liquidity, and persistent demand from insurers, pensions, and other institutional investors. He also discusses relative value across banks, technology, utilities, energy, and private credit, while examining the risks surrounding hyperscaler iss...
2026-08-1034 min
InsuranceAUMEpisode 380: Private Market Priorities for Insurance InvestorsIn this episode of the Insuranceaum.com podcast, host Stewart Foley, CFA, is joined by Sidd Chakravarty, Vice President of Investments at CoAction Global, to explore the private market priorities insurance investors should be watching as they prepare for 2027. Sidd discusses the growing role of asset-based finance, opportunities across non-agency mortgages and digital infrastructure, and the many ways insurers can gain exposure to the financing needs created by artificial intelligence.
The conversation also examines portfolio construction in a “normal for longer” interest-rate environment, spread compression, emerging risks within private credit and the importance of understanding exactly what sits beneath each inves...
2026-08-0639 min
InsuranceAUMEpisode 379: Insurance Investing in Railcar LeasingIn this episode of the insuranceaum.com podcast, host Stewart Foley, CFA, speaks with Ross Sylvester of Napier Park Global Capital and Katie Cowan of First Eagle Investments about insurance investing in railcar leasing. They explain how the asset class works, why industrial companies lease railcars and how contractual cash flows, specialized maintenance and long-lived physical assets can create a resilient investment profile.
The discussion explores how railcar leasing may support stable income, inflation sensitivity, duration alignment and diversification within insurance portfolios. Ross and Katie also share their perspectives on North American supply chains, geopolitical exposure, asset-based finance and how i...
2026-08-0434 min
InsuranceAUMEpisode 378: The Structural Shift: How Insurance, BDCs, and AI are Reshaping Private Credit and Why the Lower Middle-Market is Built to LastIn this episode of the insuranceaum.com podcast, host Stewart Foley, CFA, speaks with Trevor Clark, Founder and Managing Partner of TPG Twinbrook Capital Partners, about the structural changes reshaping private credit and the enduring role of lower middle market lending. Trevor explains why private credit should not be treated as a single, uniform asset class and discusses how manager experience, direct origination, disciplined underwriting, financial covenants and active portfolio monitoring can influence investment outcomes.
The conversation also explores how insurance capital, BDC structures, retail redemptions, longer private equity hold periods and artificial intelligence are changing the direct lending landscape. T...
2026-07-2940 min
InsuranceAUMEpisode 377: Trade Finance: The Investment Opportunity In The Real EconomyIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Maarten Offeringa of Federated Hermes to explore trade finance and the investment opportunity it creates within the real economy. Maarten explains how short-duration loans finance the production, infrastructure, and movement of physical goods through global supply chains, and why changes in global trade and bank regulation have made the asset class increasingly accessible to institutional investors.
The conversation examines trade finance’s potential benefits for insurance portfolios, including floating-rate income, low duration, self-amortizing structures, diversification, and relatively low correlation with traditional fixed-income markets. Maarten also dis...
2026-07-2726 min
InsuranceAUMEpisode 376: The Next Generation of Core Fixed Income for InsurersIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Pramila Agrawal, PhD, CFA, senior insurance portfolio manager at Loomis Sayles, about how insurers can rethink core fixed income in a changing market environment.
They discuss the expanding role of private credit, structured products and emerging market debt, along with the importance of liquidity, scale and consistent underwriting across public and private markets. Pramila also shares how technology is becoming more integrated into portfolio construction, risk management and customized solutions for insurance investors.
2026-07-2240 min
InsuranceAUMEpisode 375: Taxable Munis: The Original Infrastructure Credit and a Modern Portfolio BallastIn this episode of the insuranceaum.com podcast, host Stewart Foley, CFA, is joined by Emily Wiener, Chief Investment Officer of the TIAA General Account, and Dan Close, Head of Municipals at Nuveen, to discuss the role taxable municipal bonds can play in resilient, liability-aware insurance portfolios. They examine why municipal bonds remain a vital source of infrastructure financing and how taxable munis can provide high-quality, long-duration exposure.
The conversation explores relative value beyond headline spreads, including credit quality, default and recovery experience, downside protection, supply dynamics, and the importance of specialized research. Emily and Dan also discuss how TIAA u...
2026-07-1751 min
InsuranceAUMEpisode 374: Why Infrastructure, Why Now.Host Stewart Foley, CFA, is joined by Nick Coxon, Managing Director and Head of Americas Real Assets, and Ben Taylor, Managing Director, Private Credit, at Macquarie Asset Management. In this episode of the insuranceaum.com podcast, they discuss why infrastructure is becoming an increasingly important allocation for insurers, including the differences between infrastructure debt and equity and the role of contractual revenues, inflation linkage, hard collateral, and long-duration cash flows in liability-aware portfolios.
The conversation also explores the widening infrastructure funding gap, rising demand tied to digitalization, decarbonization, demographics, and power usage, and the growing role of private capital as b...
2026-07-1534 min
InsuranceAUMEpisode 373: Can Credit Secondaries Solve the Liquidity Puzzle for Insurance Portfolios?In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Josh Ufberg, Senior Managing Director at Blue Owl, to discuss the evolution of the credit secondaries market and why it is becoming an increasingly important part of the private credit landscape. As private credit continues to grow, Josh shares his perspective on how secondary transactions can provide liquidity solutions while creating opportunities for investors seeking attractive risk-adjusted returns.
Stewart and Josh explore how credit secondaries work, how value is created through discounted purchases, accrued cash flows, and transaction structuring, and why insurers may find the a...
2026-06-1824 min
InsuranceAUMEpisode 372: Commercial Real Estate Bridge Loans: Alpha in CRE CreditIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Jim Higgins, Head of Commercial Real Estate at Shelter Growth Capital Partners, to discuss the opportunities and risks within commercial real estate bridge lending. Jim explains how bridge loans fit within the broader CRE debt market, why they can offer attractive risk-adjusted returns, and how Shelter Growth approaches underwriting, asset management, and borrower selection. He also shares insights from more than three decades in commercial real estate credit and discusses the firm's focus on middle-market bridge loans backed by multifamily and industrial properties.
Stewart and J...
2026-06-1531 min
InsuranceAUMEpisode 371: Commercial Mortgage Loans: Building Around the Insurance Balance SheetMorris Chen, Portfolio Manager and Head of CMBS & CRE Debt Investments at DoubleLine Capital, and Robert Stanbrook, Portfolio Manager for the firm's CRE Loan Platform, join Stewart Foley to explore how commercial mortgage loans can help insurers navigate today's investment landscape. Together, they discuss the differences between CMLs and CMBS, the benefits of portfolio customization, and why these strategies continue to play an important role in balancing yield, duration, and capital efficiency.
The conversation also dives into DoubleLine's underwriting philosophy, the importance of borrower quality and loan structure, and how insurers across life, annuity, P&C, and health sectors can ta...
2026-06-1437 min
InsuranceAUMEpisode 369: Finding Signal in Private Markets NoiseBob Sharma, CFA, Global Head of Insurance Client Group at AllianceBernstein, joins host Stewart Foley, CFA, to discuss how insurers are navigating today's evolving private markets landscape. From geopolitical uncertainty and inflation pressures to AI disruption and higher-for-longer interest rates, the conversation explores the macro themes shaping portfolio decisions across the insurance industry.
Bob also breaks down how insurers are thinking about private market allocations beyond the broad "private credit" label. He explains differences across direct lending, asset-based lending, and other private debt categories, while highlighting the importance of portfolio construction, regulatory considerations, and maintaining underwriting discipline in a changing m...
2026-05-2628 min
InsuranceAUMEpisode 368: From Origination to Execution: How Integrated Platforms Drive Value in ABFChris Edson, Partner and Global Head of Origination at Apollo, and Bret Leas, Partner and Head of Asset-Backed Finance, join host Stewart Foley, CFA, for a conversation on how integrated origination platforms are shaping the future of asset-backed finance and private credit. The episode explores Apollo’s “One Apollo” approach, the importance of direct origination, and how customized financing solutions are changing the relationship between borrowers and institutional capital providers.
The discussion covers the rapid growth of the asset-backed finance market, structural protections within ABF transactions, and the convergence of public and private markets. Chris and Brett explain why long-duration institu...
2026-05-2143 min
InsuranceAUMEpisode 367: Relative Value That Hasn’t Compressed: Why Commercial Mortgages Still Stand OutGreg Michaud, Head of Real Estate Finance, and Stefanie Stewart, Head of Real Estate Investments at Voya Investment Management, join Stewart Foley, CFA, to explore why commercial mortgages continue to stand out within fixed income markets despite significant changes across the broader investment landscape. They discuss how relative value opportunities remain attractive, even as spreads in many other asset classes have tightened.
The conversation examines today's commercial real estate lending environment, including property valuations, underwriting discipline, and the impact of interest rates on lending activity. Greg and Stefanie explain how market conditions have shifted from previous cycles and why stable u...
2026-05-1941 min
InsuranceAUMEpisode 366: Private Infrastructure Debt – Confidence with DisciplinePatrick Manseau, CFA, Managing Director and Head of Infrastructure Debt for the Americas and Asia Pacific at MetLife Investment Management (MIM), joins host Stewart Foley, CFA, for a conversation on the evolving infrastructure debt market and the importance of maintaining discipline in today’s competitive private credit environment.
The episode explores how infrastructure is defined within institutional portfolios, the differences between infrastructure debt and traditional corporate or middle-market private credit, and how insurers are accessing opportunities across the asset class. Patrick also discusses origination, sponsor-friendly market dynamics, underwriting standards, covenant protections, and why long-term borrower and sponsor relationships remain essential in...
2026-05-1832 min
InsuranceAUMEpisode 365: Direct Lending: Sorting Signal from NoiseRon Kantowitz, Managing Director and Head of Private Debt for Invesco’s Global Private Credit Group, joins the InsuranceAUM.com Podcast to examine the growing gap between headlines and reality in direct lending. As concerns around AI disruption, software exposure, and liquidity pressures dominate the narrative, Ron explains why many of these issues are being misinterpreted and why the broader private credit market remains fundamentally sound.
He shares how his team has approached risk differently, avoiding highly leveraged sectors like software due to structural concerns rather than market timing, and instead focusing on businesses with durable, non-discretionary demand. The discussion als...
2026-05-0434 min
InsuranceAUMEpisode 364: Fund Finance: Evolution, Opportunity, and Portfolio Construction for InsurersMichael Timms, Managing Director and Co-Head of Fund Finance at Bayview Asset Management, joins the InsuranceAUM.com podcast to explore how fund finance has evolved into a critical and rapidly expanding segment of private markets. From its origins in subscription lines to today’s broader ecosystem including NAV lending, GP financing, and structured solutions, Michael outlines how innovation and growing capital demand are reshaping the landscape.
In this episode, Michael shares where he is seeing the most compelling opportunities today, particularly as insurers increasingly play a larger role in providing capital where traditional banks have stepped back. He...
2026-04-2027 min
InsuranceAUMEpisode 363: Repricing and Resurgence: The Evolution of Real EstatePeter Braffman of GCM Grosvenor joins host Stewart Foley on the InsuranceAUM.com Podcast to explore how real estate has evolved from a traditional institutional allocation into a far broader and more sophisticated asset class. Their conversation looks at how periods of dislocation have historically created new investment opportunities, why repricing matters in the current environment, and how insurance capital continues to play a major role across the market.
Peter also shares how his experience at Zurich shaped his perspective as an investor, particularly in understanding real estate not just as a collection of assets, but as a business driven b...
2026-04-1344 min
InsuranceAUMEpisode 362: What Now? Private Market Implications in Tumultuous TimesDrew Schardt, Co-Head of Direct Equity Investments at Hamilton Lane, joins the InsuranceAUM.com podcast to discuss how investors should be thinking about private markets in today’s uncertain environment. From the firm’s “Pandora’s Box” outlook to the broader macro backdrop, Drew breaks down the key forces shaping private equity, private credit, and portfolio construction.
Drew Schardt also explores the disconnect between headlines and underlying fundamentals, particularly in private credit, and why diversification, structure, and long-term positioning remain critical. The conversation touches on liquidity trends, secondaries, and the growing role of new investment structures as investors adapt to a more comp...
2026-04-0633 min
InsuranceAUMEpisode 361: Blurring the Lines: How AI Is Redefining Fixed Income BoundariesRachel Campbell, Portfolio Manager and Director of Securitized at Income Research and Management, and Kristoff Nelson, CFA, Director of Credit Research at Income Research and Management, join the InsuranceAUM.com podcast to explore how AI is changing the fixed income landscape. The conversation looks at the scale of the data center buildout, where capital is flowing, and how investors are evaluating opportunities across corporate and securitized markets.
They also discuss the implications for credit quality, utilities, infrastructure, and portfolio construction as the lines between traditional fixed income sectors continue to blur. From bottom-up security selection to evolving...
2026-04-0235 min
InsuranceAUMEpisode 360: Global Fixed Income and Insurance PortfoliosBrendan Murphy and Jim Kaniclides of Insight Investment join the InsuranceAUM.com podcast to explore how global fixed income can play a larger role in insurance portfolios. In the conversation with host Stewart Foley, they explain the size and structure of the global bond market, why U.S. insurers remain heavily concentrated in domestic fixed income, and how currency hedging can potentially turn global diversification into a source of additional yield rather than added cost.
They also discuss how insurers can access global fixed income through familiar portfolio structures, where relative value may exist across developed markets, and what risks c...
2026-03-2431 min
InsuranceAUMEpisode 359: Going Beyond Core: How Allocators are Tapping New CRE Debt OpportunitiesIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Justin Pinckney, Head of Private Debt at AEW, to explore how investors are going beyond core commercial real estate (CRE) debt to uncover new sources of yield and diversification. The discussion begins with a market overview of real estate credit, highlighting the impact of higher interest rates, improving liquidity, and shifting risk-return dynamics across the CRE landscape.
Stewart and Justin then dive into where AEW is finding the most compelling opportunities today, including alternative sectors like senior housing, while also outlining key...
2026-03-1832 min
InsuranceAUMEpisode 358: High Yield Real Estate Lending: 2026 OutlookBill Maclay, Portfolio Manager in Fidelity’s High Income and Alternatives Division, joins Stewart Foley for a timely conversation on high yield real estate lending and how insurers are positioning in this evolving segment of the market. With banks retrenching, capital structures shifting, and construction volumes slowing, Bill shares how Fidelity is identifying opportunity while managing credit and structural risk across the real estate debt landscape.
Drawing on more than two decades of experience across real estate equity and debt markets, Bill walks through key market dynamics, including the role of construction lending, geographic supply-demand imbalances, and where insurers can ali...
2026-02-2634 min
InsuranceAUMEpisode 357: Lessons from the Tranches: How to Pick Good Bonds in Securitized CreditNoah Funderburk, Portfolio Manager and Director of Securitized Credit at Pioneer Investments, joins the InsuranceAUM.com Podcast for a deep dive into the mechanics that matter most in structured credit.
In this episode, he explores why risk and discomfort are often the source of return, how credit risk and interest rate convexity can compound drawdowns, and why sponsor incentives should never be overlooked. The conversation moves beyond headline yield to focus on tranche-level analysis, correlation risk, asset obsolescence, and securitization structures that delever over time.
For insurance investors allocating to ABS, RMBS, CMBS, and multi-sector portfolios, this discussion offers a pr...
2026-02-2326 min
InsuranceAUMEpisode 356: Power Plays: How Insurers Can Invest in the Energy TransitionNeda Vakilian of Actis and David Swift of General Atlantic join the InsuranceAUM.com Podcast to explore how growth equity and infrastructure equity are reshaping the opportunity set for insurance investors in the energy transition era. As electrification accelerates, AI drives non-linear power demand, and energy security becomes a strategic priority, they outline how these structural forces are creating durable, long-term investment themes.
The discussion examines the difference between traditional infrastructure debt and control-oriented equity strategies, highlighting capital-efficient growth businesses and essential, baseline infrastructure in both developed and growth markets. Neda and David detail how their teams approach risk, focusing o...
2026-02-1934 min
InsuranceAUMEpisode 355: Fraud Prevention in Private Asset-Backed FinanceIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Joel Hart, Managing Director and Chief Risk Officer at Victory Park Capital, about the growing concern of fraud risk in asset-backed finance (ABF) and private credit. As insurance investors increase exposure to these sectors, Joel offers a candid look at why borrower misconduct tends to spike in late-cycle markets and outlines the types of fraud currently emerging such as double pledging, falsified collateral, and manipulated reporting.
Joel also shares how Victory Park Capital’s independent risk function, data-driven monitoring systems, and hands-on portfolio management help mitigate these...
2026-02-1226 min
InsuranceAUMEpisode 354: Convergence: Navigating the Blurred Lines Between Public and Private CreditChris Gudmastad, Managing Director and Portfolio Manager of Private Credit at Loomis Sayles, returns to the podcast for a deep dive into one of the most important shifts facing institutional investors: the convergence of public and private credit. As the traditional lines between market segments continue to blur, Chris offers a practical and forward-looking view of how insurers can adapt their frameworks for liquidity, complexity, and relative value.
With more than 20 years of experience in private placements, structured credit, and insurance-focused investing, Chris walks through how capital structures are evolving, how new vehicles and secondaries are redefining liquidity, and how t...
2026-02-0929 min
InsuranceAUMEpisode 353: Building Resilience Through Liquidity OptimizationPeter Schenck, Head of Liquidity Distribution at Northern Trust Asset Management, joins Stewart Foley for a timely conversation on how insurers are rethinking cash management in today's evolving environment. With over $350 billion in cash and short-duration assets under management, Peter offers an inside look at how liquidity is being used not just as a defensive allocation, but as a strategic tool for flexibility, capital efficiency, and operational readiness.
The discussion covers the growth of money market funds, the mechanics behind pooled liquidity vehicles, and the role of segmentation in managing operating versus strategic cash. Peter also shares forward-looking insights on t...
2026-02-0522 min
InsuranceAUMEpisode 352: Incorporating Tactical Asset Allocation into your Strategic Asset AllocationKerry O’Brien, Head of Insurance Asset Management and Multi-Asset Solutions at MetLife Investment Management, and Harold Myers, CFA, Portfolio Manager in MIM’s Insurance Asset Management Group, discuss how insurers thoughtfully incorporate tactical asset allocation within long-term strategic asset allocation frameworks.
They explore how strategic asset allocation sets the foundation for resilient insurance portfolios, while tactical decisions allow insurers to respond to market dislocations, credit cycles, and shifting rate environments without resorting to market timing. The discussion covers governance, analytics, capital efficiency, and the role of experience and judgment in navigating complex insurance portfolios across market cycles.
The episode also l...
2026-01-2830 min
InsuranceAUMEpisode 350: Real Assets, Real Impact: Infrastructure in Modern Insurance InvestingScott Littman, Managing Director of Infrastructure Investments at GCM Grosvenor, joins host Stewart Foley, CFA, on the InsuranceAUM.com Podcast for a wide-ranging discussion on infrastructure as a core component of modern insurance portfolios.
The conversation explores how infrastructure is defined today, why essential assets with long-duration cash flows and inflation linkage have become increasingly important, and how insurers are approaching infrastructure across debt and equity strategies. Scott also shares insights on capital efficiency, regulatory considerations, and portfolio construction as insurers expand their allocations to real assets.
The episode concludes with a look at the current macro environment, including opportunities an...
2026-01-1535 min
InsuranceAUMEpisode 349: Real Estate Secondaries: Opportunities for Insurers in Evolving MarketsMichelle Creed, Partner and Co-Head of Real Estate Secondaries, and Min Zhou, Managing Director in the Ares Secondaries Group, join host Stewart Foley, CFA, on the InsuranceAUM.com Podcast for an in-depth discussion on real estate secondaries and how the market has evolved.
The conversation explores the growth of GP-led transactions and continuation vehicles, the impact of valuation resets and liquidity dynamics, and how real estate secondaries can be used as a portfolio management tool. Michelle and Min also address common misconceptions around discounts, asset quality, and the motivations behind secondary transactions.
The episode concludes with insights into portfolio construction co...
2026-01-1237 min
InsuranceAUMEpisode 348: Beyond Direct Lending: A New Era for Asset-Based FinancePrivate asset-based finance (ABF) is gaining prominence in insurance portfolio strategy as insurers evaluate its capital efficiency, structural protections, and yield potential. In this episode of the InsuranceAUM.com podcast, Stewart Foley is joined by John Roglieri, Managing Director in Brookfield's Strategic Credit Initiatives, and Remo Plunkett, Vice President in Brookfield’s Credit Group, to explore the evolution of ABF and its growing relevance for insurers.
The discussion covers why ABF is not just a newer version of traditional securitized assets, but a broad, flexible toolkit that includes real assets, recurring cash flows, and customized structures tailored to insurer needs. Wit...
2026-01-0732 min
InsuranceAUMEpisode 347: Executive Spotlight: Meet The Institutes & Their CEO - Pete MillerOn this episode of the InsuranceAUM Podcast, Pete Miller, President and CEO of The Institutes, joins host Stewart Foley for a wide-ranging conversation on the newly announced affiliation and why it represents a meaningful step forward for the insurance industry. Together, they discuss how The Institutes’ more than century-long legacy in professional education complements InsuranceAUM’s focus on insurance investment knowledge, and why closing the education gap between underwriting, operations, and investing is becoming increasingly important as portfolios grow more complex.
The conversation also dives into leadership, culture, and the role of values in building organizations that last. Miller shares insights...
2026-01-0548 min
InsuranceAUMEpisode 346: Gold's Enduring Tailwinds with Aakash DoshiAakash Doshi, Global Head of Gold for the SPDR ETF business at State Street Global Advisors, joins host Stewart Foley on the InsuranceAUM.com Podcast for an in-depth discussion on one of the most talked-about asset classes in recent years. The conversation explores the macroeconomic, geopolitical, and structural forces that have shaped gold markets since the post-pandemic period.
Aakash shares his perspective on central bank demand, ETF flows, global debt levels, and the concept of gold as an alternative fiat hedge. He also explains why gold is often viewed as a left-tail asset and how it differs from other commodities a...
2025-12-2929 min
InsuranceAUMEpisode 345: CLO BBs and EquityIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA is joined by Shiloh Bates, CFA, Partner and Chief Investment Officer of Flat Rock Global, for a deep dive into collateralized loan obligations and their role in insurance portfolios. Shiloh explains how CLOs function as structured credit vehicles, the problems they solve in the private credit market, and how different tranches offer distinct risk-return profiles for investors.
The conversation explores current market dynamics, including elevated default rates, spread behavior, and where Shiloh sees potential opportunities across CLO equity and junior debt. Shiloh also discusses underwriting...
2025-12-1733 min
InsuranceAUMEpisode 344: Diversifying Within Structured CreditIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA sits down with Noelle “Elle” Sisco, Managing Director, Portfolio Manager, and Lead Portfolio Strategist at First Eagle Napier Park, to discuss where structured credit can offer real value for insurance investors and where caution is warranted. Elle shares her background across public and private credit markets and explains how First Eagle Napier Park approaches alternative credit within a multi-strategy investment framework.
The conversation explores how insurers can evaluate structured credit through disciplined underwriting, with a focus on collateral analysis, liquidity management, and active portfolio positioning. Elle also addresses late...
2025-12-1535 minInsuranceAUMEpisode 343: Navigating Economic Currents: Shaping Insurance Investment StrategiesIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Cindy Beaulieu, Chief Investment Officer of Conning North America, and Matt Reilly, Managing Director and Head of Insurance Solutions at Conning. Together, they explore the complex economic, policy, and portfolio construction themes shaping insurance investment strategies heading into 2026. With volatility receding and consumption staying strong, Conning sees cautious optimism grounded in fundamental, long-term portfolio planning.
The discussion covers key topics including the rising complexity of insurance portfolios, the expanding role of private assets, and the importance of core fixed income as a risk ballast. Cindy and...
2025-12-1233 min
InsuranceAUMEpisode 342: From “Known Unknowns” to Quantified Risks: Enhancing Portfolio Construction with Stress & Scenario TestingTobias Gummersbach, Enterprise Capital Strategist at New England Asset Management, joins the InsuranceAUM Podcast to discuss how insurers can apply stress and scenario testing to strengthen portfolio construction. With a focus on translating complex risks into clear, actionable insights, Tobias explains how these tools can help insurers evaluate exposure, guide asset allocation decisions, and support long-term capital planning.
The conversation covers how insurers can move beyond traditional risk measures to better understand the potential impact of severe but plausible events. Tobias shares practical examples of how scenario testing is being used in real-world investment strategy, helping firms assess trade-offs between r...
2025-12-0930 min
InsuranceAUMEpisode 341: Infrastructure Equity in Today’s Markets: Themes, Trends, OpportunitiesInfrastructure equity is no longer just about toll roads and utilities—it’s becoming a core part of insurance portfolio strategy. In this episode of the InsuranceAUM.com podcast, Gianluca Minella, Head of Research at InfraRed Capital Partners (a part of SLC Management), joins host Stewart Foley for a wide-ranging conversation on infrastructure’s growing relevance for insurers.
Drawing on findings from SLC Management’s recent global insurance survey, Gianluca shares insights into how insurers are allocating across core, core-plus, and value-add strategies. The discussion covers inflation protection, regulatory treatment, digitalization, decarbonization, valuation discipline, and infrastructure’s role as both a defensive...
2025-12-0440 min
InsuranceAUMEpisode 340: Building Resilient Portfolios for Insurers: DoubleLine’s Long-History Insights on ABS and ABFIn this episode of the InsuranceAUM Podcast, DoubleLine’s Andrew Hsu and Fifi Wong share their insights on building resilient insurance portfolios through asset-backed securities (ABS) and asset-based finance (ABF). With more than a decade of experience in structured products and a track record of navigating shifting market conditions, they offer a detailed look at underwriting discipline, deal sourcing, and how their approach has helped avoid high-profile credit pitfalls like recent subprime auto bankruptcies.
From the early days of FinTech-backed student loans to today’s more complex private ABF opportunities in sectors like aviation and energy infrastructure, this episode explores how D...
2025-12-0122 min
InsuranceAUMEpisode 339: Emerging Markets Debt - Investing in Stability Amongst an Ever-Changing LandscapeIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Siddharth Dahiya, Global Head of Emerging Market Debt at Aberdeen Investments, to unpack one of the most dynamic and evolving areas of institutional fixed income—emerging market debt (EMD). With decades of experience in global markets and deep roots in insurance investing, Siddharth provides a clear and comprehensive breakdown of the EMD universe—from hard currency sovereigns and corporates to local currency bonds and frontier markets.
The discussion covers the structural advantages of EMD, including improving fundamentals, increasing credit rating upgrades, and attractive spreads versus similarly rated d...
2025-11-2426 min
InsuranceAUMEpisode 338: Beyond the Bubble: Data Centers, Demand and the Rise of AI InfrastructureIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Alexey Teplukhin, Managing Director at Blue Owl Capital, to explore the often-overlooked but critical role of data centers and digital infrastructure in the global economy. Alexey offers expert insights into how these assets are enabling everything from everyday digital activity to the exponential rise of artificial intelligence. The conversation begins with the basics what a data center actually is and quickly dives into what makes them such a compelling, long-term real asset investment.
The discussion also covers how demand for data infrastructure...
2025-11-2132 min
InsuranceAUMEpisode 337: Backstage with Ares: Private Credit, Platforms & PeopleIn this episode, Stewart Foley welcomes Ryan Brauns of Ares US Direct Lending for a deep dive into the mechanics and momentum behind one of the industry’s most influential private credit platforms. Ryan explains how Ares has scaled its direct lending business, the role of underwriting discipline, and why duration alignment remains one of the most important considerations for insurers entering the asset class.
The conversation explores everything from the structure of Ares’ capital pools to how leverage, covenants, and loan-to-value ratios fit into today’s market realities. Ryan also shares insights on spread dynamics, the rise of retail partici...
2025-11-1937 min
InsuranceAUMEpisode 336: How Insurers Can Unlock Alpha Through Residential Whole LoansNancy Mueller Handal, Chief Investment Officer of Insurance Asset Management at Bayview Asset Management, shares her insights on how insurers can pursue alpha through residential loans and asset-based finance. With extensive experience in structured credit, Nancy explains why residential whole loans can be a strong fit for insurance portfolios when managed with discipline and precision. She discusses the capital efficiency of the asset class, the appeal of agency-eligible and non-QM loans, and the role of thoughtful underwriting in mitigating risk.
The discussion also covers the evolution of the residential credit market, the importance of robust data and infrastructure, and the r...
2025-11-1731 min
InsuranceAUMEpisode 335: The Low Rate Environment Could Impact Products and Investment Portfolio MixIn this episode of the InsuranceAUM.com podcast, Bob Huang, Executive Director of Equity Research for the Property & Casualty and Life Insurance Group at Morgan Stanley, sits down with Stewart Foley for a timely and insightful conversation on the implications of a declining interest rate environment. Drawing on one of the broadest insurance company coverages on Wall Street, Bob shares how rate cuts could influence earnings, asset allocations, product design, and underwriting dynamics across both life and P&C insurers.
Bob explains why falling short-end rates may pressure floating-rate-heavy portfolios, how product offerings like fixed and indexed annuities could evolve i...
2025-11-1330 min
InsuranceAUMEpisode 334: Key Themes for 2025 – Affordability, Land-light Models, and DemographicsIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes back Robert Clark, Chief Investment Officer and Founding Partner of Domain Real Estate Partners, for a timely discussion on the state of U.S. residential real estate. With affordability continuing to challenge buyers and mortgage rates remaining elevated, Bob offers a deep dive into how homebuilders are adapting their models in 2025, from navigating margin pressure and shifting demographics to embracing land-light strategies.
The conversation explores the growing role of insurance capital in financing residential development and how institutional investors are responding to macroeconomic forces such as immigration p...
2025-11-0633 min
InsuranceAUMEpisode 333: The Future of Infrastructure: AI, Innovation, & Insurance Portfolio StrategyIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Mansi Patel and Jeff Matthews of Principal Asset Management to explore how infrastructure debt is evolving—and how those changes are influencing insurance investment strategy. From AI-driven demand for data centers to the energy transition and shifting demographics, the conversation unpacks the current state and future outlook of infrastructure investing.
Mansi and Jeff also explain key trends shaping the asset class: the rise of digital infrastructure, the role of power and natural gas in supporting AI growth, and the importance of geographic diversification. They provide insights i...
2025-11-0430 min
InsuranceAUMEpisode 332: Private Market's Death: Myths & RealitiesIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Mario Giannini, Executive Co-Chairman and longtime leader of Hamilton Lane, for a candid discussion on the evolving landscape of private markets. Giannini challenges the notion that private equity is “dead,” explaining why fundamentals remain resilient despite recent underperformance and how the long-term value proposition continues to attract institutional investors.
The conversation explores key themes shaping portfolios today including secondaries, infrastructure, and the rise of private credit as well as how artificial intelligence is transforming the private markets ecosystem. Giannini also offers perspective on what insurance investors are aski...
2025-10-2930 min
InsuranceAUMEpisode 331: Navigating the Future Macroeconomic Challenges and Commercial Real Estate OpportunitiesIn 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...
2025-10-2731 min
InsuranceAUMEpisode 330: Are Private Credit Hyperscalers a Ticking Time Bomb?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 b...
2025-10-2434 min
InsuranceAUMEpisode 329: Lessons Learned from a Reformed Insurance CIOMark 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 evol...
2025-10-2235 min
InsuranceAUMEpisode 328: Beyond the Bank: The Insurance Approach to CRE LoansDavid 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 pri...
2025-10-2031 min
InsuranceAUMEpisode 327: Opportunities and Benefits of Lower Middle Market Direct LendingTas 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 pr...
2025-10-1636 min
InsuranceAUMEpisode 326: Exploring IG Private Asset-Based Finance and Strategic Allocation in Health InsuranceIn 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 diver...
2025-10-1430 min
InsuranceAUMEpisode 325: The Regulation RecapIn 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, offer...
2025-10-0732 min
InsuranceAUMEpisode 324: Ahead Of The CurveSam 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...
2025-09-3034 min
InsuranceAUMEpisode 323: Beyond Yield: Private Credit, PBR & the Need for Enhanced SAAIn 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 asset...
2025-09-2633 min
InsuranceAUMEpisode 322: The Changing Landscape in Emerging Market InvestingIn 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 issuer...
2025-09-2328 min
InsuranceAUMEpisode 321: The Rise of Liability Management Exercises: The Changing Face of Restructurings with Oaktree’s Ross RosenfeltRoss 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 unde...
2025-09-1826 min
InsuranceAUMEpisode 320: Senior Loans: A Closer Look For InsurersIn 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 sec...
2025-09-1629 min
InsuranceAUMEpisode 319: Inside Real Estate: CRE Strategies for Insurance InvestorsIn 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 housi...
2025-09-1129 min
InsuranceAUMEpisode 318: The Evolving Role of Fixed Income in Insurance Investment Portfolios – Opportunities and Use-Cases in an Increasingly Multi-Asset WorldIn 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 persp...
2025-09-0930 min
InsuranceAUMEpisode 317: Bringing a Portfolio Perspective to Improve Private Credit OutcomesIn 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 a...
2025-08-2529 min
InsuranceAUMEpisode 316: Investment Grade Securitized Market UpdateIn 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 no...
2025-08-2136 min
InsuranceAUMEpisode 315: Investment Risk: Ex-Ante Influence for Ex-Post ImpactAllysen 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 d...
2025-08-1833 min
InsuranceAUMEpisode 314: Innovation in Asset ManagementAnna 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...
2025-08-1433 min
InsuranceAUMEpisode 313: Real Asset Credit: Opportunities for Insurers in Real Estate and Infrastructure Debt InvestingIn 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, hou...
2025-08-1135 min
InsuranceAUMEpisode 312: Enhancing Insurance Portfolios Through Private and Alternative IGPatrick 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 p...
2025-08-0432 minInsuranceAUMEpisode 310: Opportunities in Emerging Market Corporates with Fidelity's EM Debt TeamIn 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 overl...
2025-07-2841 minInsuranceAUMEpisode 309: NAV Finance: Differentiated Capital Efficiencies for InsurersIn 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 toolk...
2025-07-2326 minInsuranceAUMEpisode 308: Real Estate Credit: Cutting Through the NoiseIn 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...
2025-07-2134 minInsuranceAUMEpisode 307: Growth Has Consequences: Direct Lending at ScaleDirect 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 sprea...
2025-07-1839 minInsuranceAUMEpisode 306: The Death of Public Credit Has Been Highly ExaggeratedIn 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 invest...
2025-07-1626 minInsuranceAUMEpisode 305: Executive Spotlight: Siddharth Chakravarty – Director of Investments at Coaction SpecialtyIn 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...
2025-07-1439 minInsuranceAUMEpisode 304: Current Asset-Based Private Credit InsightsIn 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 ins...
2025-07-1030 minInsuranceAUMEpisode 303: The State of GP-Led Secondaries with Matt Jones, Co-Managing Partner of TPG GP SolutionsIn 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 structura...
2025-07-0738 minInsuranceAUMEpisode 302: Executive Spotlight: Seth D. Rosenthal, CFA - Chief Investment Officer at Academy Asset ManagementIn 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 info...
2025-06-2523 minInsuranceAUMEpisode 301: Derivatives Applications in Investment ManagementIn 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, h...
2025-06-2326 minInsuranceAUMEpisode 300: Overlooked Opportunities: IG Emerging Markets DebtIn 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, p...
2025-06-1635 minInsuranceAUMEpisode 299: Private Credit Secondaries: Unlocking Opportunities for InsurersIn 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 als...
2025-06-0437 min
InsuranceAUMEpisode 298: Public and Private Asset-Backed Markets: A Symbiotic RelationshipIn 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 y...
2025-05-2928 minInsuranceAUMEpisode 297: CRE Debt: Insights, Trends & Capital EfficiencyIn 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 cent...
2025-05-1527 minInsuranceAUMEpisode 296: AM Best’s Insurance Industry Outlooks and Potential Impact on Investment RiskIn 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 d...
2025-05-1222 minInsuranceAUMEpisode 295: Opportunities in Public Markets: Finding Relative Value in Fixed IncomeIn 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 oppor...
2025-05-0727 minInsuranceAUMEpisode 294: Insurance and ABF – What’s All the Hype About?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 int...
2025-05-0536 minInsuranceAUMEpisode 293: Private Equity Secondaries: Optimizing Through Portfolio ConstructionIn 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.
2025-04-2935 minInsuranceAUMEpisode 292: Private Markets Portfolio Construction for InsurersIn 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 fo...
2025-04-2134 minInsuranceAUMEpisode 291: Fund Finance: Evolution, Insights, & OpportunitiesIn 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 insu...
2025-04-1721 minInsuranceAUMEpisode 290: An Update on the Residential Mortgage Market and Insurance Company InvolvementIn 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 s...
2025-04-0925 minInsuranceAUMEpisode 289: The Dividend Edge: Balancing Yield & Risk in Insurance PortfoliosIn 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 prac...
2025-04-0732 min
AM Best AudioInsuranceAUM’s Foley: Podcast Explores Insurance Asset ManagementStewart Foley, host of the InsuranceAUM podcast, discusses how he delves into the latest trends, challenges and opportunities to provide listeners with perspectives and practical advice in the world of insurance asset management.
2024-11-0410 min
AM Best Audio PodcastInsuranceAUM’s Foley: Podcast Explores Insurance Asset ManagementStewart Foley, host of the InsuranceAUM podcast, discusses how he delves into the latest trends, challenges and opportunities to provide listeners with perspectives and practical advice in the world of insurance asset management.
2024-11-0410 min
Research Insights, a Society of Actuaries PodcastSOA Research Institute Research Insights/InsuranceAUM.com joint podcast - Impact of Investment Market Conditions on Actuarial Assumptions for Modeling Insurers' Liabilities in Q4 Don't miss our latest episode of the Research Insights Podcast straight to you from the Research Institute at the Society of Actuaries! Listen to guest Stewart Foley, Founder and Managing Partner at InsuranceAUM.com, and Dr. Andrew Aziz, Chief Strategy Officer & Head of Product at SS&C Algorithmics, discuss current trends in the insurance asset management industry with host Dale Hall, Managing Director of Research at the Society of Actuaries Research Institute. InsuranceAUM.com landing page: https://insuranceaum.com/ SOA Research Institute: https://www.soa.org/research/research-institute/
2023-09-0117 min