InsuranceAUM.com

Episode 100: Executive Spotlight: Aaron Diefanthaler, Chief Investment Officer & Treasurer of RLI Corp

oin host Stewart Foley, CFA, and Aaron Diefenthaler, CIO of RLI, for this episode of the CIO Spotlight series. Aaron shares his insights on building resilient insurance portfolios, discussing the renewed role of Treasuries as “ballast” in the investment landscape and how strategic duration management can create flexibility for insurers.

The conversation delves into alternatives, where Aaron reflects on their growing role in insurance portfolios and whether the operational complexities are justified by the potential returns. They also explore the war for talent in the insurance industry, highlighting the importance of attracting the next generation of professionals to this dynamic and often misunderstood field.

Whether it’s navigating ESG challenges or leveraging partnerships for operational support, Aaron offers thoughtful perspectives for today’s insurance asset managers.

Episode 99: What Really Drives Inflation with Mike Ashton, The Inflation Guy

Join host Stewart Foley, CFA, as he sits down with Mike Ashton, "The Inflation Guy" from Enduring Investments, for another insightful episode on the InsuranceAUM.com podcast. Known for his expertise in inflation dynamics, Mike shares his candid perspectives on the Fed's policy moves, inflation's trajectory, and the impact of money supply on price levels.

The conversation delves into the complexities of the yield curve, the Fed’s approach to interest rates versus money supply, and the implications for both institutional and individual investors. Mike also highlights under-discussed metrics like core services excluding rents and explains how they might signal deeper inflationary pressures. With his signature clarity, Mike tackles common misconceptions about inflation, growth, and recession while offering a clear-eyed outlook for the months ahead.

Whether you’re a fixed-income enthusiast, an insurance asset manager, or just curious about macroeconomic trends, this episode provides valuable insights to help you navigate today’s volatile markets.

Episode 98: Benchmark Snapping with Erik Troutman, Senior Insurance Strategist at Loomis Sayles

Join host Stewart Foley on the InsuranceAUM.com Podcast as he delves into the complexities of insurance benchmarking with Erik Troutman, Senior Insurance Strategist at Loomis Sayles. Erik brings over 25 years of experience in insurance asset management to the discussion, sharing insights into the challenges insurers face when evaluating performance through traditional benchmarks.

In this episode, Erik explains the concept of "benchmark snapping," a method that captures an investable universe at a specific point in time, offering insurers a more accurate way to measure manager performance. Learn how this innovative approach aligns with insurance-specific constraints like regulatory requirements, ALM, and credit quality considerations. Erik also reflects on his career journey, the evolving insurance landscape, and why networking is just as crucial as education for career success.

Episode 97: An In-Depth Guide to Maritime Finance with EnTrust Global’s Svein Engh

Explore maritime finance with host Stewart Foley, CFA and Svein Engh, Senior Managing Director at EnTrust Global, on this insightful episode of the InsuranceAUM.com Podcast. Svein shares his expertise in asset-backed lending and the role maritime finance plays in the global economy, where 85–90% of trade is seaborne. Learn how the Blue Ocean strategy capitalizes on underbanked opportunities in maritime lending, offering secure, cash-flow-rich investments tailored for insurance portfolios.

Svein discusses the importance of disciplined, counter-cyclical lending practices, robust asset selection, and navigating the challenges of volatility in this critical industry. He also highlights how EnTrust Global has designed strategies specifically for insurers, emphasizing structured solutions and attractive capital charges. Discover how maritime finance continues to evolve and the growth potential for Blue Ocean in adjacent markets like renewable energy and infrastructure.

Episode 96: Why Impact Investing Goes Beyond Green Bonds

Join host Stewart Foley as he welcomes Matt Lawton, Portfolio Manager at T. Rowe Price, to the InsuranceAUM.com Podcast for an in-depth exploration of impact investing in public fixed income. Matt shares how impact strategies align financial returns with measurable environmental and social outcomes, highlighting the distinctions between impact investing and ESG.

This episode delves into green bonds, the pitfalls of greenwashing, and how insurers can navigate the growing universe of labeled and non-labeled impact bonds. With a focus on tailoring strategies to insurers' specific needs, Matt explains how impact investing complements traditional investment-grade fixed-income allocations while addressing critical climate and sustainability challenges.

Episode 95: Best Practices for IMA’s with Ed Toy

Join host Stewart Foley as he welcomes Ed Toy, Senior Manager and Investment Specialist at Risk & Regulatory Consulting, for a deep dive into the often-overlooked yet essential topic of Investment Management Agreements (IMAs) in the insurance industry. With years of regulatory expertise and a unique perspective from overseeing financial examinations, Ed sheds light on the complexities and regulatory significance of IMAs, from fiduciary responsibilities to reporting requirements and conflict-of-interest provisions.

This insightful discussion explores how evolving markets, increased outsourcing, and regulatory scrutiny are reshaping the role of IMAs in insurance asset management. Ed offers practical insights into what regulators look for, the importance of clearly defined investment guidelines, and how insurers can navigate red flags, such as inappropriate trading practices or insufficient termination provisions. Don’t miss this informative episode tailored to insurance professionals navigating today’s complex investment landscape.

Episode 94: Dividend income: Customizing and thinking tactically

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the benefits of dividend strategies and how they can serve as an essential component of insurance investment portfolios. Dividend-paying stocks have historically contributed nearly 40% of the S&P 500’s total returns, making them a cornerstone for income generation and long-term growth.

The discussion covers the advantages of dividends in today’s rising interest rate and inflationary environment, highlighting their role in providing income stability, drawdown protection, and a hedge against inflation. Lance Humphrey of Victory Capital outlines key factors for identifying companies capable of sustaining and growing dividends over time, such as profitability, financial stability, and dividend growth. The conversation also explores how customized solutions can align dividend strategies with insurance company needs, including gain-loss management and sector allocation constraints.

Tune in to discover how dividend strategies can enhance income, manage risk, and support insurance portfolios in a dynamic market environment.

Episode 93: Pending Changes for the Capital Treatment of CLOs

In this special edition of the InsuranceAUM.com Podcast, host Stewart Foley is joined by Amnon Levy, CEO of Bridgeway Analytics, and Kevin Croft, professor of practice at Drake University and director of the Kelley Institute for Insurance Innovation. Together, they dive into the timely and critical topic of potential changes in the capital charge treatment for CLOs.

Amnon and Kevin provide expert insights into the regulatory framework, the nuances of CLO structures, and the challenges faced by the NAIC as they consider updating their approach. From the impact of modeling and scenarios to the implications for insurers and the broader capital markets, this conversation offers a comprehensive look at one of the most significant issues facing insurance investors today. Don’t miss this essential discussion for staying informed on the evolving landscape of insurance regulation and investment strategy.

Episode 92: CIO Spotlight: Cameron Black, CFA, CAIA, CFP of BCBS Arizona

On this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Cameron Black, chief investment officer and treasurer of Blue Cross Blue Shield of Arizona, for a deep dive into today’s challenging investment environment. Cameron shares insights into managing portfolios amid rising interest rates, inflation, and policy uncertainties while balancing liquidity and long-term opportunities.

From healthcare cost inflation to public and private asset allocation, Cameron explains how his team strategically positions their portfolio in an evolving landscape. He also reflects on the importance of disciplined decision-making, risk management, and the need for clarity in a time of market volatility. Tune in for a thoughtful discussion on navigating the complexities of insurance asset management today.

Episode 91: The Regulatory Savant - An Interview With Amnon Levy of Bridgeway Analytics

Stewart Foley welcomes Amnon Levy of Bridgeway Analytics to the InsuranceAUM.com Podcast for a deep dive into the complexities of insurance investment regulation. Amnon shares his extensive experience, from working with the Federal Reserve on Basel II to helping design the C1 bond factors, and explains how regulation impacts the strategies and solvency of insurers.

This episode explores the evolving regulatory landscape, including NAIC guidelines, state-level differences, and challenges posed by private equity ownership of insurers. Amnon also discusses the role of technology and innovation in simplifying compliance and fostering efficiency in the industry. A must-listen for those navigating the ever-changing world of insurance asset management.