InsuranceAUM.com

Episode 113: Inflation, Labor Markets, and the Fed featuring Mike Ashton, the Inflation Guy

In this engaging episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes back Mike Ashton, aka “The Inflation Guy,” to discuss the Federal Reserve’s current stance on inflation, the effectiveness of monetary policy, and what the future might hold for the economy. Mike shares his thoughts on how the Fed’s strategy has changed, shifting focus from managing money supply to interest rates—a tool that he argues has its limitations and potential risks. He underscores the complexities of using interest rates to manage inflation without precise knowledge of the demand curve, noting that the Fed's approach may yield unexpected outcomes.

Mike and Stewart also explore the role of inflation in managing public debt, debunking the notion that high inflation will ease the U.S. debt burden. They touch on how structural changes, such as near-shoring and labor shortages, may reshape the economy, ultimately empowering labor over capital—a trend that could impact corporate earnings. Lastly, Mike provides his forecast for interest rates and his thoughts on AI's potential effects on the labor market.

Episode 112: 2023 Insurance Outlook with Wellington Management’s Tim Antonelli

In this insightful episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with Tim Antonelli, Managing Director, Insurance Strategist, and Portfolio Manager at Wellington Management, to explore the unique market dynamics shaping insurance investing in 2023. With Tim’s recently published paper, 2023 Insurance Outlook: Resolve to Solve with a Restocked Toolkit, as a guide, the discussion delves into the shifts in yield dynamics following the volatile 2022, which brought elevated yields and a reshaped market landscape.

Tim emphasizes the need for insurers to adopt a solutions-oriented mindset, examining governance, flexibility, and responsiveness within portfolios to capitalize on swift, dislocated market opportunities. The conversation also touches on adapting to an evolving capital market environment, fine-tuning illiquid allocations, and assessing the credit quality of portfolios amidst potential recession risks. Additionally, Tim discusses why insurers should pivot equity strategies from growth to value, and he highlights the importance of evolving ESG integration, what he calls “ESG 2.0,” which includes forward-looking metrics such as science-based targets and implied temperature rise.

This episode provides timely insights for insurers aiming to enhance portfolio resilience, respond to elevated interest rates, and manage risks in a transformed market.

Episode 111: Executive Spotlight: Lale Topcuoglu, Managing Director, Head of Credit for Swiss Re Management

In this insightful episode of the InsuranceAUM.com podcast, Stewart Foley sits down with Lale Topcuoglu, Managing Director and Head of Credit at Swiss Re, for an honest and wide-ranging conversation. They discuss the economic landscape of 2023, with Lale sharing her thoughts on "gray swan" risks—the predictable yet often overlooked challenges in credit markets—and the potential fallout from companies over-leveraged in a liquidity-heavy, low-interest rate era. She also explains her approach to fundamental credit analysis in an environment where many investors focus more on macro trends than on balance sheets and cash flow.

In addition to market insights, Lale speaks candidly about the role of networking, her involvement with the Insurance Women's Investment Network (IWIN), and the importance of mentorship in financial services. Lale and Stewart also delve into topics of personal resilience and mental health in the workplace, shedding light on the importance of asking for help and seeking balance in a high-pressure industry.

Episode 116: Private Structured Credit Masterclass with TJ Durkin of Angelo Gordon

Join host Stewart Foley on the InsuranceAUM.com Podcast as he speaks with TJ Durkin, Managing Director and Head of Structured Credit at Angelo Gordon, to unpack the intricacies of structured credit for insurance investors. From ABS to private credit and residential mortgages, TJ shares insights into the evolving opportunities and challenges in today’s markets. Discover how Angelo Gordon’s expertise in both public and private markets enables them to deliver value across structured credit and specialty finance asset classes.

TJ delves into the current state of public and private credit, offering perspectives on how recent market volatility and changing technicals are reshaping investment opportunities. With a focus on housing, specialty finance, and the impacts of macroeconomic trends, this episode provides a comprehensive look at structured credit strategies for insurance investors. If you're looking to understand how insurers can position portfolios in this dynamic environment, this conversation offers actionable insights.

Episode 115: Maura Cunningham, CEO and Founder of Rock The Street, Wall Street

In this episode, Stewart Foley sits down with Maura Cunningham, CEO and Founder of Rock The Street, Wall Street, a nonprofit focused on empowering high school girls with financial literacy and inspiring them to pursue careers in finance. Maura shares her journey from the Bronx to Wall Street and how her firsthand experiences with gender and racial disparities in the finance industry fueled her mission to close these gaps.

The conversation explores the cultural factors behind girls’ early disengagement from math and how Rock The Street, Wall Street combats this trend by connecting students with female financial professionals. Maura discusses the organization's rapid growth, future plans, and its impact on creating a more diverse and inclusive pipeline for the finance industry. Don’t miss this insightful dialogue on driving equity and opportunity in financial markets.

Episode 114: Talking MBS, Govies, and Agencies with Jake Remley of IR&M

In this episode, Stewart Foley speaks with Jake Remley, Principal and Senior Portfolio Manager at Income Research and Management, about the dynamic mortgage market and its impact on insurance portfolios. Jake shares insights on how agency MBS has evolved in response to rising interest rates, the extension of mortgage durations, and shifting prepayment behaviors.

They also discuss the broader US government bond market, the role of analytics in assessing mortgage-backed securities, and where Jake sees opportunities for insurers in today’s complex fixed-income landscape. Whether you’re navigating convexity, looking for value in govies, or curious about the state of agency arms, this conversation provides actionable insights for institutional investors.

Episode 113: The 5 Investment Data Challenges with Phil Dauer of Grandview Analytics

In this episode, Stewart Foley sits down with Phil Dauer, Senior Director at Grandview Analytics, to delve into the five key investment data challenges facing insurance companies today. From reconciling data across investment and accounting books (IBOR vs. ABOR) to the complexities of integrating alternative investments and external manager data, Phil shares actionable insights and solutions to these pressing issues.

They also discuss the challenges of asset-liability integration, ensuring compliance validation, and adapting to the evolving landscape of investment oversight. Whether you’re grappling with the intricacies of regulatory requirements or seeking ways to streamline data management, this episode provides valuable perspectives for insurance investment professionals navigating today’s complex market environment.

Episode 112: Executive Spotlight: Waymond Harris, Senior Vice President and Treasurer of Blue Cross Blue Shield of Michigan and President of Bricktown Capital

In this Executive Spotlight episode, Stewart Foley speaks with Waymond Harris, Senior Vice President and Treasurer of Blue Cross Blue Shield of Michigan and President of Bricktown Capital. Waymond shares his approach to navigating volatile markets, emphasizing preparation and diversification to weather uncertainty. He also details the innovative creation of Bricktown Capital, a registered investment advisory subsidiary, which institutionalized compliance and controls to support Blue Cross Blue Shield’s growing enterprise.

Discover how Waymond and his team have built a robust alternatives program, implemented factor-based equity strategies, and fostered a diverse and mission-driven workforce. Waymond also reflects on his West Point roots, the importance of flexibility in planning, and the unique challenges and rewards of managing assets for a not-for-profit mutual company. This conversation is a masterclass in leadership, innovation, and strategic thinking in insurance asset management.

Episode 111: Executive Spotlight: TC Wilson of The Doctors Company

In this Executive Spotlight episode, Stewart Foley speaks with T.C. Wilson, Chief Investment Officer of The Doctors Company, the nation’s largest physician-owned medical malpractice insurer. With $6.5 billion in assets, T.C. shares his strategic approach to managing investments in a challenging market, highlighting the importance of stress testing and proactive risk management to protect liabilities and seize opportunities.

T.C. discusses his career transition from investment consulting to CIO, the benefits of building an internal team, and his pivot towards booked income and infrastructure investments. He also reflects on sustainable investing, collaborating with regulators, and the evolving landscape of investment management fees. Wrapping up, T.C. offers sage advice to his 21-year-old self, shaped by lessons learned on and off the football field. This episode is rich with insights for anyone navigating the complexities of insurance asset management.

Episode 110: Unlocking Value in Corporate Special Situations with Jamie Weinstein, Portfolio Manager and Head of Corporate Special Situations at PIMCO

In this episode of the InsuranceAUM.com Podcast, we explore the dynamic world of corporate special situations and private credit opportunities with Jamie Weinstein, Managing Director, Portfolio Manager, and Head of Corporate Special Situations at PIMCO. Jamie sheds light on how today’s sharp interest rate hikes, inflationary pressures, and shifting liquidity dynamics are creating unique challenges—and opportunities—in the corporate credit landscape.

Jamie offers a deep dive into flexible capital solutions, the current repricing in private markets, and how managers like PIMCO are leveraging their resources to navigate distressed and special situations. From rising default rates to shifts in consumer behavior and supply chain disruptions, Jamie shares actionable insights for insurance investors looking to unlock value in this complex environment. With over $500 billion in credit assets under management, PIMCO’s approach to tailoring capital solutions is a compelling lesson in navigating today’s volatile credit markets.