InsuranceAUM.com

Episode 272: The Art of Credit Underwriting: Lessons from OHA and Missouri Teachers

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Victor Debenedetti, principal at OHA, and Anthony Vikhter, senior investment analyst at Missouri Teachers, for an in-depth discussion on best practices in underwriting private credit. As private credit continues to expand, investors must understand the nuances of due diligence, risk assessment, and structuring deals to ensure long-term success.

 

Victor and Anthony share their perspectives on credit monitoring, distressed situations, and the importance of aligning private credit strategies with institutional objectives. They also discuss how private credit differs from private equity and why this asset class has seen such significant growth. Whether you’re investing in private credit or looking to refine your approach, this episode offers key insights for insurance and pension investors alike.

Episode 271: Direct Lending Decoded: Macquarie's Strategic Approach to Middle Market Investing

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Brian Van Elslander, Head of MAM Direct Lending Portfolio Management, Americas, and Bill Eckmann, Head of Macquarie Principal Finance, Americas, to discuss the evolving landscape of direct lending. With private credit playing an increasingly significant role in institutional portfolios, Brian and Bill share insights on the growth of Macquarie’s direct lending platform, the firm’s approach to alignment and risk management, and key considerations for insurance investors exploring this asset class.

 

They also examine current market dynamics, sector opportunities, and best practices for insurers looking to allocate to private credit. Whether you’re already investing in direct lending or evaluating its strategic fit, this conversation offers valuable perspectives on navigating the space.

Episode 270: Asset-Based Finance Public Versus Private, A Guide to Adult Swimming

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Alessandro Pagani, portfolio manager and head of the mortgage and structured finance team at Loomis Sayles, to explore the complexities of asset-based finance. They discuss the key differences between public and private ABS, the growing role of private credit, and how insurers should approach this evolving space. With rising interest rates and changing bank capital requirements, the demand for private asset-backed lending has surged—creating both opportunities and risks for investors.

 

Alessandro shares his insights on liquidity considerations, risk assessment, and the importance of due diligence in this market. He also reflects on the evolution of asset-based finance since the late 1990s, highlighting lessons learned from past cycles and how investors can avoid common pitfalls. If you're looking to better understand the nuances of this asset class, this episode offers an in-depth discussion on navigating what truly is an "adult swim" in investing.

Episode 269: Asset-Based Finance (ABF): Building Resilient Portfolios for Insurers

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, explores the growing market of private structured credit, also known as private ABF, with Poorvi Dholakia and Paul Carroll of MetLife Investment Management. They discuss how this asset class stands out through customized structures, enhanced covenants, and attractive yield premiums, making it an increasingly valuable component of insurance portfolios.

 

The conversation delves into the key factors driving the growth of private ABF since the 2008 financial crisis, the role of regulatory changes, and how scale and underwriting expertise create a competitive edge in this space. Risk considerations, such as credit, liquidity, and prepayment risk, are also examined, alongside the diversification benefits private ABF can bring to insurance investors.

 

Whether you're seeking a foundational understanding or advanced insights into private ABF, this episode offers a detailed look at its evolving role in meeting insurers' long-term objectives in today’s dynamic investment landscape.

Episode 268: The Power of Patient Capital: Navigating Private Credit Through Market Cycles

In this episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with Michael King, Senior Managing Director and Co-Head of Senior Credit at Manulife Investment Management, to take a deep dive into the world of direct lending and sponsored finance. Michael shares his journey from carpentry to credit, discusses the unique dynamics of middle market private equity firms, and unpacks Manulife’s patient, deliberate approach to growing its private credit platform.

 

Discover how Manulife’s focus on consistent underwriting, strong sponsor relationships, and market access has fueled success through various economic cycles, and hear Michael’s thoughts on private credit’s evolving landscape in 2025. From industry insights to advice for future professionals, this episode offers something for everyone in the insurance asset management space.

Episode 267: Real Estate Debt Markets: Finding Value in Market Dislocations

Join host Stewart Foley, CFA on the InsuranceAUM.com Podcast as we explore private real estate debt with experts Will Pattison, Head of Research and Strategy Real Estate, and Clint Culp, Regional Head of Real Estate Debt Production, both from MetLife Investment Management. Together, they provide valuable insights into current market dynamics, including shifts in commercial real estate lending, the impact of rising construction costs, and how migration trends are shaping the future of real estate investments.

 

Gain an understanding of how MIM leverages decades of data to inform investment strategies and manage risk, while uncovering opportunities in today’s market environment. This episode is packed with practical takeaways for insurance investors navigating the evolving real estate landscape.

Episode 266: Wellington Management’s 2025 Insurance Outlook

Join host Stewart Foley on the InsuranceAUM.com Podcast as he sits down with Tim Antonelli, head of Insurance Multi-Asset Strategy and portfolio manager at Wellington Management. In this episode, Tim shares his 2025 outlook for insurers, focusing on themes like locking in structural income, optimizing surplus portfolios, and navigating regulatory changes.

 

With insights drawn from over 150 meetings with insurers worldwide, Tim discusses how the industry is evolving, the importance of fighting recency bias, and the growing role of asset-based finance. From managing surplus assets with a Swiss Army knife approach to uncovering yield opportunities in hybrid securities and private placement debt, this episode offers a deep dive into strategies for the year ahead.

 

Tune in for expert advice on positioning insurance portfolios in a more dynamic, volatile market environment.

Episode 265: The Cyclical Nature of Real Estate Debt

Join host Stewart Foley, CFA, on the InsuranceAUM.com Podcast as he explores the dynamic world of commercial real estate debt with Jack Gay, Global Head of Commercial Real Estate Debt, and Jason Hernandez, Head of Real Estate Debt in the Americas at Nuveen Real Estate. In this engaging conversation, Jack and Jason share their unique perspectives on the evolving CRE debt market, highlighting areas of opportunity and caution in today’s economic landscape. From the surging demand for housing and logistics to the ongoing challenges in the office sector, they unpack the factors driving investment decisions and risk management strategies.

 

The discussion delves into the importance of relative value across core, core-plus, and value-add strategies, emphasizing how investors can capitalize on current market conditions. Jack and Jason also provide a thoughtful analysis of the role insurance companies play in CRE lending, offering actionable insights for institutional investors looking to expand their allocations. Whether you’re navigating portfolio diversification or assessing the impact of macroeconomic trends, this episode delivers valuable takeaways for navigating today’s real estate environment.

Episode 264: The Future of Real Estate: Trends and Strategies with Maggie Coleman

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Maggie Coleman, Chief Investment Officer for North America Real Estate Equity at Manulife Investment Management, for a timely discussion on real estate investing. Maggie shares her insights on the current macroeconomic environment, the challenges and opportunities in today’s market, and the long-term trends shaping the real estate landscape.

 

They dive into themes such as affordability, industrial growth, and the emerging sectors driven by demographic and technological shifts. Maggie also provides a candid perspective on office real estate, risk management strategies, and the importance of ESG considerations in portfolio construction. This conversation offers valuable insights for investors looking to navigate the complexities of real estate during a market reset.

Episode 263: Navigating the Economic Landscape: Tariffs, Productivity, and the Future of US Growth

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Blerina Uruci, Chief US Economist in the Fixed Income Division of T. Rowe Price, for an in-depth conversation on the critical macroeconomic trends shaping the investment landscape. From the impact of US elections to the Fed's rate policy and the rising influence of productivity growth, Blerina offers expert perspectives on how these developments could influence investor sentiment and economic performance.

 

With a unique global perspective, Blerina shares her take on trade policies, fiscal uncertainties, and the evolving role of inflation in a higher-for-longer interest rate environment. Don’t miss this engaging conversation packed with actionable insights for navigating the complexities of today’s economy.