InsuranceAUM.com

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.

Episode 38: Opportunities across the private credit spectrum

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Andrew Kleeman (SLC Management), Chris Wright (Crescent Capital), and John Bowman (Crescent Capital) for a deep dive into private credit across the investment-grade and below-investment-grade spectrum.

They discuss key trends, including the growing demand for private credit among insurers, liquidity trade-offs, risk-adjusted returns, and how private credit complements public market investments. The conversation also covers origination, covenant structures, capital charges, and how insurers can optimize their allocations in today’s low-yield environment.

If you’re looking to understand how private credit fits into an insurance portfolio and how it can enhance returns, this episode is packed with valuable insights.

Episode 37: Loomis Sayles Multi-Asset Credit Portfolio: Global Diversification Across Credit-Focused Sectors

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Andrea DiCenso of Loomis Sayles to discuss the ongoing search for yield in insurance portfolios. With rates at historic lows and central bank activity distorting markets, insurers are looking beyond traditional fixed income to generate attractive risk-adjusted returns.

Andrea shares insights on how a multi-asset credit approach can help insurers navigate global credit markets, taking into account factors like credit cycles, liquidity premiums, and relative value opportunities. She also discusses the role of market fragility indicators, how risk management tools can enhance portfolio positioning, and whether insurers are shifting away from sleeve-based mandates toward more dynamic, opportunistic strategies.

Episode 36: How the Principles for Responsible Investment (PRI) helps insurers get started and make progress in ESG integration

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Chris Fowle, Director of the Americas for Signatory Relations at PRI, to discuss how insurers are integrating ESG factors into their investment strategies. With growing regulatory focus and stakeholder pressure, insurers are rethinking how ESG considerations impact both their assets and liabilities. Chris explains what it means to be a PRI signatory, how ESG factors influence investment decisions, and why responsible investing is becoming a priority in the insurance industry.

The conversation also covers common misconceptions about ESG investing, the challenges of ESG data and ratings, and recent signatories like Liberty Mutual and MassMutual. Chris shares insights on PRI’s reporting framework and how insurers can take a leadership role in sustainable investing while maintaining strong financial performance.

Episode 35: Compensation in the Asset Management Industry

In this episode, host Stewart Foley, CFA, sits down with Samy Muaddi, EM Debt Portfolio Manager at T. Rowe Price, to explore the complexities and opportunities within emerging market debt. With real bond yields at all-time lows, investors are searching for alternatives, and EM debt offers a compelling risk-return profile. Samy breaks down the landscape, covering sovereign and corporate debt, the role of credit quality, and why insurers are increasingly allocating to this asset class.

They discuss key considerations for insurance investors, including managing capital charges, local vs. hard currency exposure, and how EM debt compares to traditional U.S. high yield and bank loans. Samy also shares insights on inflation, populism in Latin America, and why understanding market access is critical for sovereign risk assessment. Finally, he offers career advice for young professionals looking to break into investment management, sharing lessons from his own journey in the industry.

Episode 34: EMD: An overlooked potential source of yield for insurance investors

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Damien Buchet of Finisterre Capital and Nick Varcoe of Principal Global Investors to discuss emerging market debt (EMD) and its potential for insurance investors.

They explore how the EMD market has evolved, the diversification benefits it offers, and how insurers can navigate risks, including currency exposure and volatility. The conversation also delves into ESG considerations, sovereign vs. corporate debt, and strategies for optimizing risk-adjusted returns. Whether you're considering EMD for the first time or looking to refine your approach, this episode delivers key insights into how insurance investors can unlock its potential.