InsuranceAUM.com

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.

Episode 262: Secondaries Offer Liquidity Opportunity for Well-Informed Investors With Competitive Edge

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Jeff Akers, head of private equity secondaries at Adam Street Partners, to discuss the growing importance of private equity secondaries in insurance portfolios. Jeff shares his expertise on how this asset class helps investors avoid the J-curve, provides a shorter duration investment with predictable cash flows, and delivers fixed-income-like characteristics with equity-level upside.

 

From the basics of private equity secondaries to their strategic fit for insurers prioritizing stable returns, this conversation dives deep into the advantages of investing in a market that has grown from $10 billion to $150 billion over the past 18 years. Learn why this undercapitalized market offers insurers opportunities for diversification, lower risk, and potentially enhanced portfolio performance.

Episode 261: The Future of Real Estate Debt: Uncovering Hidden Investment Opportunities

Join host Stewart Foley as he sits down with Doug Bouquard, Partner and Head of Real Estate Credit at TPG, to explore the evolving landscape of real estate debt. Doug shares his journey into the industry and highlights the current shifts in the market, including the retreat of banks from traditional lending and the growing role of private credit. He discusses how these changes create new opportunities for insurers to fill the gap and capitalize on asset-backed lending that aligns with their long-term liabilities.

 

The conversation dives into key trends driving real estate credit, from dislocations in specific sectors like office to opportunities in housing and industrial properties. Doug explains how scalable strategies in real estate debt can be customized to meet insurers’ unique needs, offering attractive risk-adjusted returns and downside protection. With insights into market dynamics, borrower relationships, and the growing institutionalization of newer asset classes like build-to-rent, this episode delivers actionable perspectives for insurance investors.

Episode 260: Behind the Numbers: Insights from Quant Experts at Principal Asset Management, StepStone Group, and Fidelity Investments

In this episode of the InsuranceAUM.com Podcast, our host Stewart Foley, CFA, dives into the fascinating world of quantitative methods in insurance asset management with experts from Principal Asset Management, StepStone Group, and Fidelity Investments. Together, they explore how data-driven strategies are transforming portfolio construction, risk assessment, and liquidity management in private markets. From understanding how quants develop models to navigating the unique challenges of private markets, this episode delivers actionable insights for institutional investors.

 

Learn how quantitative approaches help identify opportunities, mitigate risks, and drive smarter investment decisions. Whether you’re curious about how quants build tailored solutions or the latest trends in private real estate and equity, this conversation is packed with expert perspectives and practical knowledge for today’s insurance asset managers.