InsuranceAUM.com

Episode 90: Senior Secured Middle Market Lending - A Credit-Focused Approach for Insurers

Stewart Foley sits down with Kevin Marchetti, founding partner and chief risk officer of Varagon Capital Partners, to explore the nuances of private debt and sponsor-backed middle market lending. Kevin shares how Varagon focuses on senior secured loans to recession-resilient businesses in sectors like healthcare, critical services, and consumer staples.

The conversation covers the appeal of private debt for insurance portfolios, the benefits of sponsor-backed lending, and strategies for managing risk in volatile markets. Kevin also highlights the importance of lead lender status, capital efficiency strategies for insurers, and Varagon’s disciplined credit approach that aligns with insurers’ risk appetites. A must-listen for insurance investment professionals navigating the shift toward private assets.

Episode 89: IG Private Credit: Managing through Change

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the growing role of investment-grade private credit with insights from Securian Asset Management. With over 50 years of experience managing private credit portfolios, Securian offers a time-tested approach to sourcing, structuring, and managing deals to meet the needs of insurance investors.

The conversation highlights how private credit can provide attractive yield premiums, downside protection through covenants, and diversification benefits compared to public fixed income. The discussion also explores how Securian tailors allocations to meet the unique needs of life and P&C insurers, including duration matching and credit customization. The team explains how consistent deal flow, disciplined underwriting, and deep relationships with issuers and brokers create opportunities in both syndicated and club deals.

Episode 88: A Bank Loan Approach to Insurance Mandates

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Paul Massaro, Head of Global High Yield and Lead Portfolio Manager for Floating-Rate Strategies at T. Rowe Price, to discuss the evolving opportunities in floating-rate bank loans and high-yield credit. With real bond yields rising for the first time in years, Paul shares his insights on the differences between the bank loan and high-yield markets, emphasizing risk-adjusted returns, sector diversification, and the resilience of these asset classes in volatile market conditions.

The conversation highlights the strategic value of floating-rate bank loans in insurance portfolios, including their defensive positioning, higher recovery rates, and their role as a diversifier within fixed-income allocations. Paul also discusses where his team is finding value in today’s environment, such as shorter maturities, sectors like leisure and travel, and selective opportunities in new issuances. Backed by T. Rowe Price’s rigorous research process, Paul’s perspective provides insurance investment professionals with valuable insights into navigating the challenges of rising rates and heightened economic uncertainty.

Episode 87: Opportunities and challenges in the Asian insurance market

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Max Davies, CFA, Insurance Strategist in the Client Group at Wellington Management, to explore the dynamic and diverse Asian insurance market. Based in Hong Kong, Max shares his insights into the region’s rapid growth, regulatory evolution, and investment trends, highlighting the unique challenges and opportunities insurers face compared to their counterparts in Europe and the US.

The discussion dives into topics such as the adoption of risk-based capital regimes that resemble Solvency II, the implications of limited domestic capital markets, and the growing demand for offshore investments. Max also explores the region's increasing interest in private assets, driven by yield-seeking strategies, and how insurers are balancing ESG considerations with the economic realities of their local markets. With Asia poised for significant change and growth, this episode offers insurance investment professionals a comprehensive look into one of the industry’s most dynamic regions.

Episode 86: Asset-backed Lending Masterclass with Victory Park Capital

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Connell Haston, partner and head of the Insurance Services Platform at Victory Park Capital, for a masterclass on asset-backed lending. Connell explains how this private credit strategy differs from traditional cash flow lending and why it’s increasingly attractive to insurance investors in today’s market.

The discussion covers the structure of asset-backed loans, including their focus on collateral, dynamic borrowing bases, and risk management through covenants and operational controls. Connell also highlights the key characteristics of these loans—floating-rate coupons, senior secured positioning, and monthly interest payments—that align well with insurance company balance sheets. As insurers navigate rising rates, inflation, and increased macroeconomic uncertainty, Connell shares why asset-backed lending offers a defensive and capital-efficient option for diversifying portfolios while enhancing risk-adjusted returns. This episode is packed with insights for insurance professionals seeking to understand the growing role of private credit in their investment strategies.

Episode 85: Crypto and UST: What Happened?

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, dives into the recent collapse of UST and Luna, exploring the mechanics of algorithmic stablecoins and what went wrong. Learn how the failure of UST triggered a death spiral for its ecosystem and caused ripple effects across the broader cryptocurrency market.

The conversation examines the differences between fiat-backed, crypto-backed, and algorithmic stablecoins, highlighting the unique risks of each approach. Stewart and his guest also discuss how events like this influence regulatory conversations, investor sentiment, and market opportunities. Whether you’re navigating crypto for the first time or watching from the sidelines, this episode sheds light on the complexities and lessons of this high-profile crypto disruption.

Episode 84: Infrastructure for Insurers - A Deep Dive with Macquarie Asset Management

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the critical role of dividend strategies in today’s equity markets. With a focus on high dividend yield and growth, the conversation explores how dividends contribute significantly to total return, provide risk management, and offer a hedge against inflation—key considerations for insurance investors.

Discover insights on identifying quality companies with sustainable and growing dividends, breaking down the metrics that matter, such as profitability, payout ratios, and historical growth. The discussion also highlights a unique approach to sector diversification, targeting opportunities in non-traditional sectors like technology and healthcare, while maintaining a strong emphasis on quality and customization.

For insurance CIOs, the episode covers tailoring dividend strategies to meet specific constraints, including tax planning, gain/loss management, and sector weightings. Tune in for an engaging discussion packed with actionable insights for enhancing income and stability in equity portfolios.

Episode 83: CIO Spotlight: Leena Punjabi, CIO at F&G Annuities & Life

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Leena Punjabi, CIO of F&G Annuities & Life, to explore her inspiring career journey and her role as a leader in the insurance industry. Leena shares how she transitioned from consulting to becoming the sole CIO of a $38 billion life insurance company, emphasizing the importance of adaptability, mentorship, and fostering diverse perspectives.

The conversation highlights F&G’s authentic commitment to diversity, equity, and inclusion, as well as how the company is building an inclusive culture through intentional leadership programs and mentorship opportunities. Leena also discusses the shifting landscape of insurance investments, the rise of new technologies, and why the insurance industry is ripe for fresh talent and innovation. This episode offers valuable insights for professionals seeking to thrive in the evolving world of insurance and asset management.

Episode 82: Kids These Days: Perspectives From New Graduates

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, dives into the career paths of two recent University of Missouri graduates who are navigating the transition from college to careers in insurance and investment banking. The discussion explores how initiative, networking, and campus involvement paved their way to success, offering lessons for students and professionals alike.

The conversation also highlights how taking risks, exploring diverse opportunities, and embracing challenges can shape a rewarding career. Whether you’re entering the job market, seeking to grow professionally, or mentoring the next generation, this episode offers practical insights and inspiration for building a successful career in the financial and insurance industries.

Episode 81: The Evolution of Direct Lending with Invesco’s Ronald Kantowitz

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Ronald Kantowitz, Managing Director and Head of Private Debt at Invesco, to discuss the evolution of direct lending and its growing role in private debt markets. Over the last 15 years, direct lending has become a trillion-dollar asset class, offering insurance investors floating-rate income, attractive yields, and diversification potential in an increasingly uncertain economic environment. Ronald shares his perspective on why the demand for direct lending continues to grow and how private equity partnerships are helping to drive this market.

Ronald also highlights the importance of disciplined asset selection in today’s environment of rising rates, inflation, and market volatility. From structuring loans for middle-market companies to adapting to post-COVID challenges like supply chain disruptions, he explains why this defensive, senior-secured asset class remains resilient. This episode provides valuable insights for insurance investors seeking to navigate the complexities of private debt while managing risk effectively.