InsuranceAUM.com

Episode 340: Building Resilient Portfolios for Insurers: DoubleLine’s Long-History Insights on ABS and ABF

In 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 DoubleLine evaluates new collateral types, maintains portfolio quality, and partners with insurance investors for long-term success.

 

Hosted by Stewart Foley, this discussion is a must-listen for insurance asset managers, CIOs, and anyone interested in how structured credit strategies are evolving in today's uncertain environment.

 

Listen now and subscribe to stay current on trends in insurance asset management.

Episode 339: Emerging Markets Debt - Investing in Stability Amongst an Ever-Changing Landscape

In 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 developed market debt. Siddharth also dives into how private credit within emerging markets is gaining traction with insurance portfolios, offering enhanced yields and structural protections. For insurance investors seeking diversification, real yield, and capital efficiency, this episode offers actionable insights into a sector that's once again demanding attention.

 

Whether you're seeking a defensive allocation or exploring yield-enhancing strategies, Siddharth shares why now may be the right time to give EMD a second look.

Episode 338: Beyond the Bubble: Data Centers, Demand and the Rise of AI Infrastructure

In 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 is accelerating, what risks exist around technological disruption, and why Blue Owl focuses on the physical backbone of the digital world rather than trying to bet on the next software winner. With analogies ranging from toll roads to airports, this episode delivers a clear, engaging look at the intersection of AI, infrastructure, and investment strategy making it a must-listen for institutional investors navigating a rapidly evolving digital landscape.

Episode 337: Backstage with Ares: Private Credit, Platforms & People

In 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 participation, and how insurers, large and small, are thinking about private credit in their strategic asset allocations.

 

Whether you’re new to private credit or want a deeper look behind the scenes of one of the space’s leading managers, this episode offers valuable clarity and perspective for insurance investment professionals.

Episode 336: How Insurers Can Unlock Alpha Through Residential Whole Loans

Nancy 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 risks that come with layered credit and valuation gaps. Nancy outlines how Bayview’s platform approaches sourcing and portfolio construction at scale, and why residential loans can provide diversification and long-term value when approached with a careful, insurer-aligned strategy.

Episode 335: The Low Rate Environment Could Impact Products and Investment Portfolio Mix

In 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 in response, and why duration mismatches and spread compression are becoming top concerns. The discussion also highlights how the interplay between product structures and investment strategy is shifting, especially in an era of increased competition and regulatory complexity.

 

Whether you're managing risk, building product, or allocating capital, this episode offers key takeaways for navigating volatility and staying ahead in a changing rate cycle.

Episode 334: Key Themes for 2025 – Affordability, Land-light Models, and Demographics

In 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 policy and interest rate volatility. Bob also discusses how Domain partners with homebuilders to manage risk and unlock capital efficiency in an increasingly complex housing market.

 

Whether you're focused on credit, real assets, or portfolio construction, this episode offers valuable perspective on the intersection of real estate fundamentals and investment opportunity in today’s market.

Episode 333: The Future of Infrastructure: AI, Innovation, & Insurance Portfolio Strategy

In 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 into how insurance companies can access these opportunities through both SMAs and fund vehicles, while navigating regulatory and capital efficiency considerations.

 

With decades of combined experience, the guests share their views on risk, essentiality, and how infrastructure investments have performed under stress. Whether you're new to the space or deep in portfolio construction, this episode offers timely insights into one of the fastest-growing segments of insurance investing.

Episode 332: Private Market's Death: Myths & Realities

In 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 asking, the importance of asset allocation over market timing, and how culture and discipline have driven Hamilton Lane’s enduring success.

Episode 331: Navigating the Future Macroeconomic Challenges and Commercial Real Estate Opportunities

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Erin Patterson, Global Co-head of Research and Strategy at Manulife Investment Management, to explore the intersection of macroeconomic uncertainty and commercial real estate opportunity. Erin shares how Manulife is navigating ongoing volatility, from interest rate shifts to global trade disruptions, and why a resilient, globally diversified strategy remains key for insurance investors.

 

The conversation covers the "five Ds" shaping their investment lens demographics, deglobalization, decarbonization, digitalization, and democratization and how these trends are influencing everything from market selection to sector prioritization. Erin also dives into the evolving role of alternative real estate, the importance of demographic tracking, and how AI and infrastructure considerations are shaping CRE strategy. Whether you're focused on long-term income or adapting to short-term uncertainty, this episode offers valuable insights into institutional real estate allocation in today’s complex environment.