InsuranceAUM.com

Episode 63: Crypto Assets - The Emergence of a New Asset Class

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, explores the rapidly evolving world of cryptocurrency with experts Mannik Dhillon and Scott Kefer from Victory Capital. With over 8,000 cryptocurrencies in existence, crypto is an increasingly hot topic—but what does it mean for institutional investors, particularly insurance companies?

Mannik and Scott break down the fundamentals of blockchain technology, the security concerns around crypto, and its potential to disrupt traditional financial systems. They also discuss key investment considerations, including how to conduct fundamental analysis, the role of crypto as a portfolio diversifier, and the impact of volatility. Additionally, the conversation highlights the NASDAQ Crypto Index (NCI) and how it offers institutional investors a structured way to gain exposure to digital assets. If you’re looking to understand the risks, opportunities, and future of crypto investing, this episode is a must-listen.

Episode 62: A New Perspective on ESG

In this episode of the InsuranceAUM Podcast, host Stewart Foley is joined by the head of ESG and sustainability at Academy Securities, a veteran- and minority-owned investment bank, for a compelling discussion on ESG and its critical role in today’s markets.

The conversation explores sustainability as a measurable framework, the implications of water stress, the intersection of climate risk and insurance portfolios, and the rising importance of cybersecurity as an ESG priority. With actionable insights for insurance investment professionals, this episode sheds light on the challenges and opportunities of aligning investments with long-term sustainability goals.

Episode 61: Sorting through the income opportunity among private, junior capital credits DWS and Northwestern Mutual Capital

In this episode of the InsuranceAUM Podcast, host Stewart Foley is joined by experts to explore private credit and junior capital as compelling alternatives for insurance investors seeking yield in today’s low-rate environment.

The conversation covers the appeal of junior capital versus public credit options, the importance of longstanding relationships and deal flow in private markets, and how diversification mitigates risk. The discussion also addresses trends shaping private credit, such as unitranche structures and high valuations, and examines the relative advantages of junior capital portfolios compared to leveraged senior debt. For insurance professionals navigating private markets, this episode provides actionable insights and strategies to optimize portfolio returns.

Episode 60: EM Constitutions: Vital to Developing Ideas

Compensation is always a hot topic, but is it just about the money? In this episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with an expert to explore what makes a rewards system truly effective. The conversation dives into why cash alone isn’t always enough to retain top talent, the importance of transparency, fairness, and simplicity in compensation plans, and how intrinsic rewards like culture, autonomy, and purpose play a vital role.

They also discuss how investment firms can design compensation structures that align with company culture and strategy, common pitfalls in rewards programs, and why recognizing employees’ contributions can be one of the most powerful (and cost-free) motivators. Plus, hear some great career advice on finding your passion and long-term success.

If you’re an investment professional, leader, or anyone curious about how rewards can drive engagement and performance, this episode is for you!

Episode 59: Driving Change for Women in Insurance

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with two inspiring leaders dedicated to advancing diversity, equity, inclusion, and belonging in the insurance industry. Margaret Milkint, Chair of the Women in Insurance Initiative for Million Women Mentors STEMconnector and Managing Director of Diversified Search Group, and Barbara Ingraham, Managing Director of Excess and Surplus at Verisk, share their work on the "Driving Change" data study.

This initiative, now in its second wave, seeks to uncover actionable insights about representation and advancement in the insurance industry. Margaret and Barbara highlight the critical role data plays in identifying challenges, measuring progress, and shaping strategies for a more inclusive future. They also discuss the industry’s ongoing struggle to attract and retain STEM talent, with a focus on breaking down barriers and changing perceptions about careers in insurance.

Tune in to learn how this data-driven effort is shedding light on the state of diversity and inclusion in insurance, why it matters, and how companies and individuals can get involved to make a lasting impact.

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.