InsuranceAUM.com

Due Dilly Episode 2: CLO Perspectives Explored - Insights from Industry Expert Thomas Majewski of Eagle Point Credit

In this episode of the "Due Dilly" podcast, host Stewart Foley, CFA, dives into the world of CLOs with Joe Eppers, Executive Vice President and Chief Investment Officer at Selective Insurance Group, and Tom Majewski, Founder and Managing Partner of Eagle Point Credit Management. As part of our series bringing insurance CIOs and asset class experts together, this conversation explores the current state of the credit market, the intricacies of CLO investments, and how insurance companies can navigate this complex landscape.

Joe and Tom discuss the relative value across the CLO capital structure, the impact of rising interest rates, and the potential regulatory changes that could reshape the industry. With a focus on both the granular details and the broader market dynamics, this episode provides a wealth of knowledge for anyone interested in understanding the nuances of CLOs and their role in insurance portfolios.

Episode 182: Deep dive into institutional ETFs with Invesco’s Emily McKinley

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Emily McKinley, Head of Institutional ETFs and Models at Invesco, to explore the growing use of ETFs by insurance companies. Emily provides an in-depth look at how ETFs have evolved over the past 30 years and discusses the significant role they play in insurance portfolios today. From enhancing liquidity and operational efficiency to offering access to harder-to-reach markets, ETFs have become indispensable tools for insurers navigating complex market environments.

Emily also shares her insights on the regulatory advancements that have shaped the ETF landscape, particularly for insurers, and explains how ETFs can help insurance CIOs manage portfolio challenges. This conversation sheds light on the intricacies of ETF trading, the advantages of fixed income ETFs, and the exciting future of ETF usage in the institutional space. Whether you're new to ETFs or looking to deepen your understanding, this episode offers valuable knowledge and practical takeaways.

Episode 181: Executive Spotlight: Brian Roelke, President & Chief Investment Officer, Kuvare Asset Management

In this Executive Spotlight episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Brian Roelke, President and Chief Investment Officer of Kuvare Asset Management (KAM). Brian shares his journey from growing up in Montclair, New Jersey, to his early days as a caddy, and ultimately to leading a rapidly growing investment management firm. He discusses the unique path that led him from TIAA to Kuvare, the importance of a strong investment culture, and the exciting challenges of building an investment team during the pandemic.

Brian provides insight into KAM's strategy, focusing on investment-grade private credit and the innovative approach they’ve taken in managing their clients' portfolios. He also touches on the changes in the market since he joined KAM in 2020, particularly in light of rising interest rates, and highlights new opportunities in areas like sports investments and the launch of a broadly syndicated loan management platform. Whether you’re interested in private credit, investment strategy, or leadership in asset management, this episode offers a deep dive into the factors driving success at KAM.

Episode 180: Net Lease: The Intersection of Credit and Real Estate

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, delves into the world of net lease investments with Sharon Kilmer, Managing Director on TPG Angelo Gordon’s Net Lease Real Estate team. Sharon, who brings deep experience in both credit management and fixed income portfolio management, provides an insightful overview of net lease assets and their growing significance in the real estate market. She explains the nuances of net leases, emphasizing why industrial properties, particularly mission-critical ones, make attractive investments for insurance companies seeking stable, long-term cash flows. Sharon also discusses the benefits of net lease investments as a bond substitute, highlighting their role as a volatility dampener in a portfolio.

Whether you're looking to understand the fundamentals of net leases or seeking strategies to align long-duration assets with insurance liabilities, this episode offers valuable perspectives on the evolving landscape of real estate investing.

Episode 179: Don’t Make Taxes a Drag - Capturing After-Tax Alpha with Custom Equity Solutions

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Mary Lukic, Head of Tax-Advantaged Equity at Northern Trust Asset Management. Mary provides an in-depth overview of tax-advantaged equity (TAE) strategies, explaining how these approaches offer insurance companies a valuable tool for managing gains and losses while maximizing after-tax returns. With over 35 years of experience in running tax-managed strategies, Northern Trust has become a leader in customizing portfolios to meet the specific tax objectives of insurers. Mary highlights the flexibility and customization available through TAE, how it performs in volatile markets, and its role in creating tax alpha. Whether you're an insurance professional looking to optimize your equity investments or simply curious about tax strategies, this episode delivers actionable insights and valuable knowledge.

Episode 178: Opportunities from Bank Dislocation with Matt Bass, Head of Private Alternatives at AllianceBernstein

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Matthew Bass, Head of Private Alternatives at AllianceBernstein, to explore the investment opportunities emerging from recent disruptions in the U.S. banking sector. Matthew shares his expert insights into the ongoing trend of bank disintermediation, which has been accelerated by events like the Silicon Valley Bank collapse. He explains how these changes are shifting the financial landscape, particularly in private credit and non-bank lending, creating unique opportunities for insurance companies to step in as key players.

Matthew also discusses the importance of strategic partnerships between banks and asset managers, highlighting how insurers are well-positioned to benefit from these collaborations. With their long-term investment horizons and stable capital, insurers can provide the diversified funding that banks increasingly need. This episode offers valuable perspectives for insurance investment professionals looking to navigate and capitalize on the evolving private markets amid banking sector challenges.

Episode 177: Data centers: What is driving the surge in demand and how can insurance investors benefit?

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Jeff Menz and Casey Miller, both Managing Directors of Portfolio Management at Principal Real Estate Investors, to delve into the fast-growing data center sector. They discuss what constitutes a modern data center, the key drivers behind its rising demand—such as AI, 5G technology, and the Internet of Things—and the types of tenants typically involved, including hyperscale users like Amazon and Google. Jeff and Casey also highlight important considerations for insurance investors, such as infrastructure needs, the long-term nature of data center leases, and how these investments can provide stable, bond-like returns. They emphasize the sector's resilience and continued growth potential, making it a compelling opportunity for insurance asset managers.

Episode 176: Executive Spotlight: Betsy Ziegler, CEO of 1871

In this episode, Stewart Foley, CFA, sits down with Betsy Ziegler, CEO of 1871, to explore the groundbreaking launch of 1871's first-ever Insurance Innovation Lab. Betsy, who has a deep background in the insurance industry, discusses the lab's focus on key themes such as litigation, claims, subrogation, back-office productivity, and preparing for volatility. She explains how the lab aims to bring together growth companies, established corporates, and industry experts to drive meaningful innovation in the insurance sector.

Betsy also shares insights into 1871's broader mission as a non-profit innovation hub, supporting companies at every stage of their development. With nearly 500 early-stage companies under its wing and a proven track record of fostering growth and creating jobs, 1871 continues to be a major force in the tech and innovation landscape. Tune in to hear how the Insurance Innovation Lab is set to impact the future of the industry and why 1871 is at the forefront of this exciting initiative.

Episode 175: Distressed Credit and Special Situations with Paul Triggiani of Invesco

In this episode of the InsuranceAUM.com podcast, Stewart Foley, CFA, delves into the world of private distressed credit and special situations with Paul Triggiani, Managing Director and Head of Distressed Credit and Special Situations at Invesco Private Credit. Paul shares his insights on the definition of distressed debt, the types of distressed assets his team specializes in, and how they approach the management of these investments. He highlights the differences between trading distressed debt and pursuing debt for control, explaining that his team focuses on acquiring majority positions in distressed debt to eventually convert it into equity ownership. Paul also discusses the broader macroeconomic environment, emphasizing how the growth of the leveraged credit market, particularly in Europe, has expanded the opportunity set for distressed investors.

Paul further explores how Invesco assesses credit risk, the importance of buying assets at a discount to their intrinsic value, and the firm's focus on mitigating downside risk. He explains how rising interest rates have impacted small-cap borrowers and how these challenges have influenced Invesco’s strategies. Additionally, Paul highlights the increasing role of special situations transactions, such as rescue financings, as private equity firms proactively address liquidity needs. The episode concludes with a discussion on the attractive features of distressed debt for insurance companies, emphasizing its potential for generating equity-like returns with credit protection.

Episode 174: Broad Street Consulting – The Godmothers of Insurance Asset Management Search

In this engaging episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Margot DeMore and Milena Humplik, the co-founders and managing partners of Broad Street Consulting Group, a firm specializing in insurance asset management search. Referred to as the "godmothers of insurance asset management search," Margot and Milena share their unique journeys into the industry, with Milena recounting her family's escape from Czechoslovakia and eventual success in the U.S., and Margot discussing her formative experiences at Boston Latin School that fueled her passion for diversity and inclusion.

The discussion dives deep into the current landscape of insurance asset management, exploring the significant demand for talent in the sector. They emphasize the importance of firms having a long-term commitment to building their insurance business and the challenges of attracting and retaining top talent. Margot and Milena also offer valuable advice for both distribution leaders looking to break into the insurance space and insurance asset allocators facing attrition. The episode wraps up with insights on the future of the insurance asset management industry and the importance of maintaining a strong professional network and brand.