InsuranceAUM.com

Episode 79: Why private real estate debt can benefit insurance investors

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the world of private and public real estate debt, exploring how insurance investors can benefit from this asset class. With insights from experienced portfolio managers, the discussion covers everything from commercial mortgage-backed securities (CMBS) to private real estate debt, highlighting the yield enhancement, diversification, and inflation protection these investments can offer.

The conversation delves into current market dynamics, including rising interest rates, inflationary pressures, and how these forces are shaping real estate debt opportunities. Topics include underwriting discipline, sector selection, and the importance of equity cushions and debt service coverage ratios in navigating today’s environment. The episode also discusses how real estate debt complements other asset classes, offers attractive capital treatment, and serves as an alternative to traditional corporate bonds.

Whether you’re looking to enhance yield or protect against inflation, this episode provides valuable insights into how real estate debt can play a strategic role in insurance investment portfolios.

Episode 78: New Option for Trading Options: An interview An Interview with Watershed Technologies’ Gavin Rowe

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Gavin Rowe, CEO of Watershed Technologies, to explore the fast-evolving world of options trading. With 40 million options contracts traded daily—double the volume from just two years ago—the options market has become a critical tool for risk management. Gavin shares his deep expertise, breaking down how options function as term risk instruments and how they help gauge the market's economic risk appetite. He also explains the nuances of order volume, bid-ask spreads, and the critical role of market makers in maintaining liquidity.

The conversation dives into the impact of electronic trading, the shift from open outcry markets to high-speed digital execution, and the importance of reputation in the trading industry. Gavin also introduces Watershed Technologies and its mission to improve options pricing through a technology-driven auction process. Whether you're a seasoned options trader or just getting started, this episode provides a fascinating look into how the options market works—and how technology is shaping its future.

Episode 77: Inflation and the Fallacy of Composition, an Interview with Mike Ashton, The Inflation Guy

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes back Mike Ashton, CEO of Enduring Investments—better known as "The Inflation Guy." With inflation dominating headlines and recession fears looming, Mike provides expert insights on the current economic landscape. He breaks down the effects of inflation on interest rates, housing prices, and labor markets, while also tackling the misconceptions surrounding "peak inflation" and the real impact of government stimulus.

The conversation dives into the mechanics of inflation, its long-term implications, and why a recession is likely unavoidable. Mike explains how inflation affects investment strategies, debunks the myth that equities are an inflation hedge, and discusses the Fed’s role in shaping market conditions. Whether you're an insurance investor navigating today’s uncertain environment or simply looking for a clearer understanding of inflation, this episode delivers expert analysis in an engaging and insightful discussion.

 

Episode 76: The future of net zero energy in real estate and why insurers should consider single family rentals

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, explores the growing asset class of single-family rentals and their potential benefits for insurance investors. He’s joined by Anthony Cazazian, Managing Director and Head of US Residential Real Estate for Man Group, to discuss the investment opportunities in single-family rentals, their role in portfolio diversification, and their potential as an inflation hedge.

The conversation covers the supply-demand dynamics in the US housing market, the increasing institutional interest in single-family rentals, and how build-to-rent communities are evolving. Caz also highlights Man Group’s innovative approach to net zero energy homes and the ESG advantages of sustainable housing investments. With recent regulatory changes making real estate more attractive for insurers, this episode provides key insights into why single-family rentals are gaining traction in institutional portfolios.

Episode 74: Climate change tops insurers’ agenda

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Ed Collinge of Robeco, a leader in sustainable investing. Together, they discuss the findings of Robeco's 2022 Global Climate Survey, revealing how insurance companies are accelerating their adoption of ESG strategies. With climate change now central to investment policies for 75% of insurance companies surveyed—up from just 34% two years ago—the shift toward sustainability is undeniable. Ed shares how Robeco has been helping insurers integrate ESG criteria since 2010 and explains why data and analytics are critical to achieving net-zero commitments.

They also explore biodiversity as a growing investment theme, the challenges of incorporating carbon data into portfolio management, and the role of active engagement in transforming high-carbon industries. If you're curious about how insurance companies are aligning their portfolios with sustainability goals while managing risk and maintaining returns, this episode offers valuable insights.

 

Episode 73: Focus on the Fish Tank, Not Just the Fish - An Interview with VSECU’s Robert Miller

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Robert Miller, President and CEO of Vermont State Employees Credit Union (VSECU). Drawing on his unique background in financial services and public service, Rob shares how VSECU is fostering a culture of diversity, equity, inclusion, and belonging (DEIB). He explains how workforce diversity parallels investment diversification: just as diverse portfolios reduce risk and enhance returns, diverse perspectives improve organizational decision-making.

Rob reflects on the intentional steps his organization has taken to create an inclusive environment, from embracing tension as a source of innovation to challenging hierarchical norms. He shares the lessons learned following the murder of George Floyd, a pivotal moment that inspired VSECU to deepen its commitment to DEIB. Rob emphasizes that progress requires ongoing reflection, adaptability, and purpose-driven leadership. For financial services professionals and leaders seeking to build more inclusive workplaces, this episode offers valuable strategies and insights.

Episode 72: Rising Rates Pushing Investors Back to Core Bonds

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Wesley Pate of Income Research and Management (IR&M) to explore the evolving role of core fixed income in insurance portfolios. As inflation hits a 40-year high and rates rise, Wesley explains why this environment may not be as challenging for insurers as it seems, thanks to the long-term benefits of reinvesting at higher yields.

They discuss the importance of duration-neutral strategies, the return of core bonds as a favored allocation, and how insurers are adapting to regulatory changes like the new NAIC RBC rules and S&P’s proposed capital model. Wesley also highlights the resurgence of municipal bonds, attractive opportunities in securitized assets, and the growing relevance of ESG as part of insurers' investment strategies. Whether you’re a fixed income geek or simply interested in understanding the dynamics of today’s bond market, this episode offers valuable perspectives for navigating the complexities of core fixed income investing.

Episode 71: Former NAMIC CEO Chuck Chamness Reflects on Nearly 30 Years of Serving the Mutual Insurance Industry and Speaks on His New Role at Bain Capital Insurance

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Chuck Chamness, recently retired CEO of NAMIC and now Senior Advisor at Bain Capital Insurance, and Matt Popoli, Managing Director and Global Head of Bain Capital Insurance. Together, they discuss the unique challenges and opportunities facing mutual insurance companies, particularly in raising capital and evolving their business strategies in a competitive and changing landscape.

This engaging conversation sheds light on the challenges of balancing regulatory requirements, investment opportunities, and operational growth in an increasingly complex environment. Whether you're an industry veteran or new to the insurance space, this episode offers valuable perspectives on the evolving role of mutual insurance companies and the capital strategies shaping the future of the industry.

Episode 70: Diversity: By Revelation or Revolution

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Dion Woods, co-founder of the DIME Program (Diversity Investment Management Engagement), to explore how the program is building a pipeline of diverse talent for the investment management industry. Dion explains the program’s mission to equip high school students from underrepresented groups with the skills, knowledge, and mentorship needed to succeed in finance while also introducing wealth-building concepts to their communities.

Dion shares how the DIME Program is bridging systemic gaps in opportunity through its innovative 3T Model—time, talent, and treasury—and discusses the broader implications of diversity, equity, inclusion, and belonging for businesses and society. With a focus on pragmatic solutions, this conversation highlights the importance of investment, collaboration, and long-term commitment to fostering meaningful change.

Episode 69: Exploring Inflation Drivers Today with Mike Ashton, The Inflation Guy

In this timely episode of the InsuranceAUM.com Podcast, Stewart Foley is joined by Mike Ashton, the "Inflation Guy" and founder of Enduring Investments, for an in-depth discussion on inflation’s wide-ranging effects. They examine the current drivers of CPI, including housing and energy prices, and explore why inflation is now more broad-based.

The conversation dives into real interest rates, Fed policy, and the long-term implications of today’s inflationary pressures, offering critical insights for insurance investors. They also address geopolitical risks, supply chain disruptions, and the value of inflation hedging strategies in navigating these challenging times.