InsuranceAUM.com

Episode 58: Inflation: Transitioning to Troubling from Transitory

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Mike Ashton, the Inflation Guy, to dive into the complexities of inflation in today’s economic environment. Mike reflects on his accurate predictions from a previous conversation, revisiting his memorable "popcorn" analogy to explain how inflation unfolds in an uneven, unpredictable manner. He also highlights why current inflation challenges defy traditional models, emphasizing the role of persistent price increases and the growing breadth of inflation across sectors.

With inflation reshaping the investment landscape, this conversation offers insurance investors a fresh perspective on managing inflation-sensitive liabilities and bond portfolios. Stewart and Mike discuss how insurers can prepare for potential tail risks while adapting to an economic reality where inflation appears more enduring than transitory.

Episode 57: CLOs Remain Attractive in a Difficult Market

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Jean-Marc Breaux, securitized credit analyst at T. Rowe Price, to discuss why insurance companies are increasing allocations to CLOs. They explore the relative value of CLOs, their resilience during economic downturns, and how they compare to other securitized products.

With record-high issuance, Stewart and Jean-Marc examine what’s driving supply, whether structural protections have weakened, and the potential impact of the LIBOR-to-SOFR transition. They also discuss why CLOs continue to trade at a discount and what insurance investors should know about liquidity risks in this market.

Episode 56: Diversity, Equity, Inclusion & Belonging Roundtable: The Importance of DEI&B

In this episode of the InsuranceAUM.com Podcast, Lindsay Mickles, Managing Editor of the Insurance AUM Journal, welcomes Sarah Marschok of Wellington Management and IWIN to lead a compelling discussion on advancing diversity, equity, inclusion, and belonging (DEI&B) in the insurance and asset management industries. Together with a distinguished panel of leaders and changemakers, they explore actionable steps to foster inclusive cultures and drive impactful change at both organizational and industry levels.

Panelists share their observations, personal experiences, and strategies for creating equitable opportunities, addressing unconscious bias, and embedding DEI&B into corporate cultures. From incorporating DEI metrics into compensation to challenging traditional hiring practices, the discussion offers practical insights to help insurance professionals rethink and reshape their approach to DEI&B. Tune in to learn how the industry can move from intention to impact and build a future that supports belonging and innovation.

Episode 55: Middle Market Direct Lending – A Solution to the Search for Yield?

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Tim Warrick of Principal Global Investors to explore the world of middle-market direct lending. They discuss what defines middle-market lending, the key differences between sponsored and non-sponsored transactions, and why this asset class has gained traction among insurers searching for yield.

Stewart and Tim examine the shift from banks to non-bank lenders, how middle-market lending has evolved post-COVID, and the liquidity premium investors can capture. They also break down the impact of monetary policy, passive investing trends, and the role of strong underwriting and covenants in maintaining credit discipline.

Episode 54: Commercial Mortgage Loans: the ABCs of CML

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Lynette Pineda, VP of Commercial Mortgage Investments at Securian Asset Management, to explore the world of commercial mortgage loans (CMLs). They discuss how CMLs compare to CMBS, the advantages of investing in middle-market commercial loans, and why insurance companies are increasing allocations to this asset class.

Stewart and Lynette examine the impact of COVID-19 on different property types, the role of CMLs in an insurance portfolio, and how these loans can offer an attractive risk-adjusted yield. They also cover underwriting best practices, liquidity considerations, and how Securian sources high-quality deals through its proprietary network.

Episode 53: Producing Investment Income through GP Stake Investing

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, dives into the unique world of GP stake investing with Jon Little, founder and Managing Partner of Alderwood Capital. GP stake investing, a specialized strategy in asset management, is projected to grow into a $500 billion industry and offers a compelling mix of high-income potential and diversified opportunities, particularly for insurance investors.

Jon draws on decades of experience to discuss how his team identifies opportunities in mid-sized, specialist boutiques, focusing on strategies such as succession capital, acceleration capital, and even “liberation capital” for unlocking hidden value in underappreciated firms. The conversation explores the high-yield, cash-generating potential of this strategy, the importance of partnering with the right management teams, and the role these investments can play in insurance portfolios seeking income and diversification.

Episode 52: Real estate investing re-imagined in a post pandemic world.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Max Swango, a founding partner of Invesco’s global real estate team, to discuss the evolving real estate landscape. From the impact of COVID-19 on traditional real estate sectors to the rise of specialty sectors like data centers, logistics, and life sciences, Max shares key insights on how the market has shifted and where opportunities exist today.

The conversation also covers real estate debt as a compelling investment option for insurers navigating today’s low-yield environment. With stability, strong income potential, and risk-adjusted returns, mezzanine lending is gaining traction as an alternative to core bonds. Max breaks down key considerations, including portfolio construction, risk factors, and investment structures.

Tune in to hear expert perspectives on the future of real estate and how insurers can position themselves for success in this evolving market.

Episode 51: Conning’s Paul Norris Demystifies Esoteric ABS

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Paul Norris, Head of Securitized Assets at Conning, for an in-depth discussion on esoteric ABS. With insurers seeking yield in a low-rate environment, Paul explains how these asset-backed securities, spanning collateral types like shipping containers, aircraft, railcars, and timeshares, offer compelling risk-adjusted returns.

Stewart and Paul dive into the mechanics of esoteric ABS, why these mission-critical assets remain resilient, and how post-financial crisis structural protections have strengthened the market. They also explore liquidity considerations, inflation's impact on global supply chains, and what insurers should look for in an esoteric ABS manager.

Episode 50: Outsourced Trading Explained with Meghan Siripurapu of Meraki Global Advisors

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Meghan Siripurapu, Head of Fixed Income and Credit Trading at Meraki Global Advisors, to discuss the growing trend of outsourced trading in fixed income markets. Meghan shares her expertise on how outsourced trading can help small to midsize insurance companies and asset managers address fee compression, market access challenges, and operational inefficiencies. From converting fixed costs to variable costs to leveraging deep broker relationships, Meghan outlines the key benefits and use cases of outsourcing the trading function.

The conversation delves into how outsourced trading has evolved, particularly in the wake of the COVID-19 pandemic, and the ways it can support business continuity. Meghan explains the various models of outsourced trading and highlights the importance of selecting the right partner. Whether it’s accessing overnight markets, enhancing execution efficiency, or navigating the relationship-driven nature of fixed income trading, this episode offers actionable insights for insurance investors exploring new ways to optimize their trading strategies.

Episode 49: Fixed Income ETFs: Passing the test and making more sense

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with David Stack and Bernie Ryan of DWS to discuss the increasing use of ETFs in insurance company portfolios. David, a Senior Capital Markets Specialist, and Bernie, a Senior Relationship Manager, bring their expertise to explore why ETFs are gaining traction among insurers and how these tools can support tactical, strategic, and ESG-focused allocations.

The conversation highlights key trends, including the 18% increase in ETF purchases by U.S. insurance companies in 2020, the evolving role of systematic valuation, and the appeal of ETFs for smaller and midsize insurers seeking diversification, liquidity, and efficient execution. David and Bernie also delve into real-world use cases, such as ESG allocations, tactical investments during market dislocations, and fixed income strategies. This timely discussion sheds light on how insurers are integrating ETFs into their portfolios and how the ETF market continues to grow and innovate, offering unique solutions to industry challenges.