InsuranceAUM.com

Episode 156: Buying and Selling Private Secondaries with Jeff Leathers of Tap

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Jeff Leathers, Co-Founder and CEO of Tap, an electronic trading platform for private funds. Tap aims to revolutionize the secondary market for private equity, venture capital, infrastructure, and other private funds by providing an efficient, technology-driven platform for trading. Jeff discusses the evolution of the secondary markets, the key players involved, and how Tap is helping insurance asset managers navigate these markets with more ease and transparency.

Jeff also shares how the growing liquidity in private markets is allowing insurance companies and other institutional investors to confidently increase their allocations to private funds. He explains the transactional process for limited partners (LPs) and how Tap simplifies and accelerates that process through its data-driven platform. Whether you're new to private fund secondaries or looking to enhance your portfolio management strategies, this episode offers valuable insights into the future of liquidity in private markets.

Episode 155: Executive Spotlight - Christine Todd, CIO of Arch Capital Group

In this insightful episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Christine Todd, Chief Investment Officer of Arch Capital Group Limited. Known for her deep expertise and well-regarded presence in the insurance investment industry, Christine shares her perspectives on managing complex portfolios in the ever-evolving world of insurance asset management. The discussion spans the importance of understanding underwriting, the intricacies of navigating liquidity and regulatory constraints, and the nuanced balance required between strategic asset allocation and tactical flexibility.

Christine also delves into current market risks, offering her take on how mispricing, inflation, and regulatory shifts could impact portfolios. She highlights the growing importance of private markets, especially private credit and secondaries, and explains how she and her team are positioning Arch Capital's portfolios to navigate future challenges while capitalizing on opportunities in alternatives. Whether you're an insurance CIO or a student of markets, this episode is packed with insights on managing investment portfolios in today’s complex economic landscape.

Episode 154: Executive Spotlight - Peggy Gartin, CIO at AAA-The Auto Club Group

In this episode of the InsuranceAUM.com podcast, Stewart Foley, CFA, sits down with Peggy Gartin, Senior Vice President and Chief Investment Officer of AAA, The Auto Club Group. Peggy shares insights from her distinguished career in insurance asset management, discussing the unique complexities of managing assets within an insurance framework. She offers thoughtful perspectives on recruiting diverse talent, aligning investment strategies with the organization's mission, and the importance of governance.

Peggy also opens up about her own journey, from her early days in a small Ohio town to her success as a well-regarded CIO. She highlights the importance of confidence, career adaptability, and her approach to building a strong, diverse team at AAA. Whether you’re an insurance professional or someone interested in leadership and career growth, this episode is packed with valuable takeaways.

Episode 153: An intro to the inefficient world of Portfolio Debt Securities with Dan Spinner of Eagle Point Credit

In this episode, Stewart Foley sits down with Dan Spinner, Senior Principal and Portfolio Manager at Eagle Point, to explore the niche world of portfolio debt securities. Dan provides a deep dive into this specialized fixed-income strategy, offering insight into how portfolio debt securities can generate returns over 9% while maintaining investment-grade risk profiles. He explains the structure, benefits, and inefficiencies of this lesser-known asset class, making it an attractive opportunity for insurance investors and those seeking to enhance their portfolio’s yield without taking on outsized risk.

Dan also shares the origins of Eagle Point’s strategy and the growing opportunity in the post-SVB environment as banks pull back from lending. With his clear, data-driven approach, Dan outlines the rigorous process of underwriting portfolio debt securities and how they offer a defensive, compelling alternative to traditional credit investments. If you’re looking to understand the unique risks and returns of this asset class, this episode provides valuable insights from one of the leading experts in the field.

Episode 152: EM Corporates with Elisabeth Colleran of Loomis Sayles

In this insightful episode of the InsuranceAUM.com podcast, Stewart Foley, CFA, speaks with Elisabeth Colleran, Vice President at Loomis, Sayles & Company, about the dynamic world of emerging market debt. Elisabeth details the innovative tools her team developed to evaluate and construct EM portfolios, emphasizing how these tools allow them to slice and dice the market to find value across various sectors and regions. By leveraging proprietary analytics and technology, they offer bespoke solutions that cater to the unique needs of insurance clients, whether it’s managing risk, targeting specific geographies, or adhering to strict investment-grade guidelines.

Elisabeth also shares her perspective on the future of EM investing, highlighting the growth opportunities and risks, including the evolving geopolitical landscape and the growing infrastructure in emerging countries like India. She also discusses how EM corporates have matured over the years, offering strong investment-grade opportunities. With an engaging mix of strategy and insights, this episode is a must-listen for anyone looking to explore the potential of emerging markets.

Episode 151: Asset-Backed Lending in a Higher Rate Environment

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes back Connell Hasten, Partner at Victory Park Capital, to discuss the ever-evolving world of private credit, particularly asset-backed lending in a higher interest rate environment. Connell shares valuable insights on how private credit has grown tenfold since the Global Financial Crisis, outlining the reasons for its popularity among insurance companies today. He breaks down the different sectors of private credit, such as cashflow and asset-backed lending, highlighting the latter’s importance for mitigating risks, especially in today’s volatile economic climate.

Connell also touches on the best practices for insurance companies looking to allocate to private credit for the first time and for those more experienced in the space. He explains why defensive strategies such as floating rate loans, senior secured debt, and short-term loans are crucial for navigating the current environment. With rising rates and increasing demand for non-bank lenders, Connell’s insights provide a roadmap for insurance investors seeking to optimize their portfolios through private credit.

Episode 150: US Commercial Real Estate Equity with Invesco’s Dan Kubiak

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Dan Kubiak, Managing Director and Portfolio Manager at Invesco Real Estate US Income Strategy, to discuss the state of US commercial real estate. With questions swirling around office space and market valuations, Dan shares his insights on the challenges and opportunities in today's real estate landscape. He also addresses the impact of rising interest rates, the office market's struggles post-COVID, and whether the negative headlines reflect reality.

Dan offers a comprehensive look at how real estate investors are navigating these market conditions, highlighting the importance of focusing on sectors like residential and logistics that offer strong fundamentals. He also explains how investors can manage risk and find opportunities in this shifting environment. Dan provides timely advice for insurance companies using real estate in their portfolios, explaining how the current market could present some of the best opportunities in years.

Episode 149: Capturing Alpha in the Secondary Market through GP-Led Transactions

In this episode of the InsuranceAUM.com Podcast, Stewart Foley, CFA, hosts Paul Sanabria and Jeff Hammer, Senior Managing Directors and Global Co-Heads of Secondaries at Manulife Investment Management, to dive into the growing world of secondary market investments. With secondaries now exceeding $100 billion annually, the conversation explores the evolution of the market from its early days, focusing on the rise of GP-led transactions and the broader opportunities across asset classes like real estate, infrastructure, and private credit.

Paul and Jeff break down the core secondary strategies, highlighting their advantages, and emphasize how the market has shifted from an opportunistic environment to a robust and solution-driven one. They also share insights on the potential for insurance companies to leverage secondaries for better liquidity management, diversification, and attractive risk-adjusted returns. This episode is a must-listen for insurance investment professionals considering allocations to the secondary market and seeking to capture alpha in today's dynamic landscape.

Due Dilly Episode 1: Private Structured Credit with TJ Durkin of Angelo Gordon

In the inaugural episode of the new podcast series Due Dilly, hosts Stewart Foley and John Patin are joined by TJ Durkin, Managing Director at Angelo Gordon, to delve into the world of specialty finance and structured credit. This deep-dive discussion unpacks Angelo Gordon's structured credit strategy, exploring opportunities in both public and private markets, with a focus on asset-based finance, warehouse lending, and non-QM mortgages.

TJ explains how Angelo Gordon’s approach capitalizes on evolving opportunities in private credit, driven by regulatory shifts and the restructuring of bank balance sheets. The conversation highlights the team’s data-driven approach, risk management processes, and the ability to seize value in today’s dynamic market. Insurance professionals looking to understand the role of specialty finance within their portfolios will find this episode particularly insightful as it frames a strategy that complements both traditional private credit and public market exposure.

Episode 147: The Capital Midwest Fraud Detection podcast featuring Tod McDonald and Chris McCall from Valid8

In this episode of the InsuranceAUM.com podcast, host Stewart Foley is joined by Tod McDonald and Chris McCall, co-founders of Valid8, to discuss how advanced technology is revolutionizing fraud detection. Tod and Chris share the fascinating backstory of how Valid8 emerged from a high-profile Ponzi scheme case and explain how their platform helps professionals uncover fraud by analyzing vast amounts of financial data with speed and precision. From bank statements to complex financial transactions, Valid8 offers tools that streamline fraud investigations and provide transparency in areas where fraudsters typically thrive.

The discussion delves into the current state of fraud, particularly in the wake of economic dislocation and rising interest rates, where more cases are expected to surface. Tod and Chris also highlight the role of Valid8 in sectors such as insurance and healthcare, explaining how their technology assists in identifying fraud more quickly and accurately. With the integration of AI, big data, and innovative algorithms, Valid8 is paving the way for a new era in fraud detection, ensuring greater transparency and accountability in the financial world.