InsuranceAUM.com

Episode 48: The Compelling Story of Asia Credit

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Sheldon Chan of T. Rowe Price to discuss the evolving landscape of EM Asia credit markets. They examine the region’s risk-return profile, the impact of rising defaults, regulatory changes, and why Asia stands out from other EM fixed income markets.

Sheldon also shares insights on ESG considerations, the role of domestic investors, and how insurers can enhance portfolio yield while managing risk. If you're looking for a deep dive into Asia’s credit opportunities and their relevance to insurance portfolios, this episode is a must-listen.

Episode 47: The Long and Winding Road: Opportunities and Challenges Facing Insurance Companies

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Ruth Farrugia, Global Head of Insurance Asset Management at MetLife Investment Management (MIM), about the opportunities and challenges shaping insurance investment strategies. Ruth shares MIM’s macroeconomic outlook, discussing the uncertainties surrounding post-COVID recovery, inflation risks, and the impact of supply disruptions on various asset classes. She highlights the importance of balancing strategic and tactical allocations to navigate today’s low-rate environment, with a particular focus on the relative value found in private markets, emerging market debt, high yield, and bank loans.

Ruth also delves into the growing role of ESG in insurance portfolios, emphasizing its integration into portfolio construction and long-term risk management. Additionally, she touches on opportunities within commercial mortgage loans and infrastructure investments, highlighting their appeal for ALM-driven insurers. This episode offers actionable insights for insurance professionals seeking to optimize returns while managing risks in a rapidly evolving market landscape.

Episode 46: The Changes Happening on Schedule BA

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Danielle Natonson, Managing Director at Cardinal Investment Advisors, to discuss the shifting landscape of Schedule BA assets and what it means for insurance investors. As the hunt for yield continues, insurers are increasingly turning to private credit and other alternative investments—but not without key considerations around capital charges, risk-based capital (RBC) constraints, and regulatory oversight.

Danielle shares insights on the growing role of private credit, the trade-offs of different investment structures, and how insurers can evaluate and optimize their Schedule BA allocations. She also highlights the importance of understanding regulatory frameworks, navigating fund flows, and assessing risk premia in today’s challenging market environment. Tune in for a deep dive into one of the most dynamic areas of insurance asset management.

Episode 45: Where’s the value in Crypto?

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Paul Foley, CEO and Founder of CTEX Markets, to explore the fundamental question: where is the value in cryptocurrency? As a self-proclaimed crypto skeptic, Stewart challenges Paul to explain what gives digital assets like Bitcoin value and how they compare to traditional assets like gold and fiat currency.

Paul walks through the key characteristics that define value—scarcity, durability, safety, utility, and portability—and how they apply to crypto. He also discusses the evolving role of stablecoins, governance tokens, and NFTs, as well as the increasing institutional adoption of digital assets. With insights on liquidity, regulation, and market infrastructure, this conversation sheds light on how investors—especially those in insurance asset management—can navigate the world of cryptocurrency.

Episode 44: Spark Change with Grace Reyes of The Investment Diversity Exchange

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Grace Reyes, CEO of The Investment Diversity Exchange (TIDE), to discuss the growing focus on diversity and inclusion in the investment industry. With deep connections across asset owners and fund managers, she shares how TIDE fosters collaboration across underrepresented groups to drive meaningful change.

Grace also highlights key investment trends, including the increasing shift toward private markets and the rising interest in private credit. She dispels common misconceptions about diversity initiatives and offers practical advice on building long-term relationships with institutional investors. Plus, learn more about TIDE Spark, the organization’s marquee event that helps investment professionals gain visibility and make valuable connections.

Episode 43: Meet Michael Ashton - The Inflation Guy

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Michael Ashton, Managing Principal at Enduring Investments, to break down the complexities of inflation and its impact on insurance companies. From rising liabilities to declining bond values, inflation presents a unique challenge for insurers, making it critical to understand how to measure, manage, and hedge against it.

Michael shares insights on how inflation is calculated, common misconceptions about its true levels, and why recent price spikes may not be as temporary as some believe. He also discusses the implications of monetary and fiscal stimulus, the role of inflation-linked securities, and potential strategies insurers can use to mitigate inflation risk. If you're looking to better understand inflation’s role in insurance asset management, this episode is packed with valuable insights.

Episode 42: Exploring opportunities in IG Private Credit with Chris Gudmastad

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Chris Gudmastad, head of Private Credit at Securian Asset Management, to discuss the growing role of investment-grade private credit in insurance portfolios. As insurers continue to face a low-yield environment, this asset class offers an attractive illiquidity premium, downside protection, and strong covenant structures that differentiate it from public bonds.

Chris shares insights on sourcing deals, structuring covenants, and how Securian’s long-standing expertise in private credit helps insurers optimize risk-adjusted returns. The conversation also covers market trends, sector preferences, and how investors can navigate the evolving private credit landscape. Tune in for a deep dive into this compelling investment opportunity.

 

Episode 41: ACORD President and CEO Bill Pieroni Discusses ACORD’s US P&C Value Creation Study

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Bill Pieroni, CEO of Acord, to discuss the organization's role as the global standard-setting body for the insurance industry and its impact on efficiency, data, and technology.

Bill also shares insights from Acord’s 2021 U.S. P&C Value Creation Study, examining how insurers create value through underwriting, investments, and operational efficiency. From analyzing investment portfolios to identifying key trends in sustainable value creation, Bill highlights the strategies that separate top-performing insurers from the rest. If you’re interested in understanding what drives long-term success in the insurance industry, this episode is packed with valuable insights.

Episode 40: CIO Spotlight: Joseph Eppers from Selective Insurance

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with the CIO of Selective Insurance to discuss the evolving investment landscape for insurance companies. With historically low interest rates and tight credit spreads, insurers are rethinking their approach to fixed income and exploring new ways to generate yield.

We examine the trade-offs between duration, credit, and liquidity risk, as well as the growing role of private markets in insurance portfolios. How can insurers balance risk and return while maintaining strong governance and capital discipline? Tune in for insights on the challenges and opportunities shaping insurance asset management today.

Episode 39: CIO Spotlight: Nick Martowski of MagMutual: What to do about equities in insurance company portfolios

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Nick Martowski, CIO of Mag Mutual, to discuss equities in insurance portfolios. With so many options available—growth vs. value, domestic vs. international, active vs. passive—what’s the right approach for insurers today?

Nick shares his perspective on why international equities may not be worth the risk, how dividend strategies stack up against other asset classes, and the evolving role of technology stocks. He also weighs in on whether traditional valuation metrics still apply in today’s markets and how rebalancing can serve as a built-in risk management tool.

From navigating volatility to ensuring long-term capital efficiency, this conversation covers key considerations for insurance CIOs allocating to equities.