InsuranceAUM.com

Episode 325: The Regulation Recap

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Carrie Mears, Chief Investment Specialist at the Iowa Department of Insurance and Financial Services. Carrie offers a rare regulatory perspective on how insurance investment oversight is evolving—touching on key topics like NAIC reforms, the restructuring of the Valuation of Securities Task Force, and the growing influence of private credit on insurer portfolios.

 

The conversation dives into the challenges of transparency, capital treatment, and risk assessment in today’s complex investment landscape. Carrie also shares insights from her roles at both the NAIC and the IAIS, offering a global lens on regulatory frameworks and their implications for CIOs, portfolio managers, and other insurance investment professionals. It’s an informative, accessible episode filled with practical insights for anyone navigating the intersection of regulation and insurance asset management.

Episode 324: Ahead Of The Curve

Sam Kaplan, Rates and Securitized Portfolio Manager at Jennison Associates, returns to the InsuranceAUM.com Podcast to share his perspective on today’s evolving rates landscape. With the Fed cutting front-end rates while long-end yields remain elevated, Sam explores the forces reshaping the curve and what insurers need to know about duration, relative value, and term premium.

 

In this conversation with host Stewart Foley, Sam outlines the implications of shifting monetary policy, labor market trends, and fiscal dynamics on fixed income portfolios. He highlights how insurers can evaluate opportunities across the curve, from three- to seven-year maturities to the longer end, and why relative value considerations are changing in ways many haven’t seen before.

 

The discussion also touches on practical considerations for insurers - whether now is the right time to extend duration, what risks lie ahead if Fed independence is challenged, and how market participants are adapting to heightened uncertainty. For anyone navigating today’s fixed income environment, Sam provides timely insights and a framework for staying “ahead of the curve.”

Episode 323: Beyond Yield: Private Credit, PBR & the Need for Enhanced SAA

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Milliman’s Sam Nandi, Co-Lead of the Financial Risk Management Practice, and Anna Berezovskaya, Principal and Consulting Actuary in the Life Practice. Together, they explore how regulatory changes and the growing role of private credit are reshaping the way insurers approach strategic asset allocation.

 

Sam and Anna share perspectives on balancing regulatory requirements, liability-aware investing, and enterprise value optimization in today’s complex insurance landscape. They highlight the nuances of principle-based reserving, liquidity governance, and the trade-offs insurers face as they incorporate private and alternative assets into their portfolios.

 

From evolving regulations to liability-informed frameworks, this conversation offers a clear view of how insurers can adapt to new challenges while pursuing long-term value creation.

Episode 322: The Changing Landscape in Emerging Market Investing

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Jennifer Taylor, Head of Emerging Market Debt and Senior Portfolio Manager at State Street Investment Management, for a timely and insightful discussion on the current state of EM debt. Jennifer shares her career journey from early roles in hedge funds to leading sovereign debt strategies, offering valuable perspective on how emerging markets have evolved—and why they continue to present compelling yet complex opportunities for institutional investors.

 

The conversation explores why State Street Investment Management takes a beta-first approach to emerging market debt, emphasizing diversification across sovereign issuers and efficient benchmark exposure. Jennifer explains the differences between sovereign and corporate EM debt, discusses the role of U.S. policy as a dominant market driver, and shares how her team helps clients customize exposures based on unique constraints and objectives. This episode is essential listening for insurance investment professionals looking to better understand one of the most dynamic areas of global fixed income.

Episode 321: The Rise of Liability Management Exercises: The Changing Face of Restructurings with Oaktree’s Ross Rosenfelt

Ross Rosenfelt, Managing Director in the Global Opportunities group at Oaktree, joins the InsuranceAUM.com Podcast to unpack the rapid rise of liability management exercises (LMEs) and their impact on today’s credit markets. With over two decades of experience in restructuring—first as a bankruptcy attorney and now as an investor—Ross offers a grounded look at how LMEs are reshaping the way distressed companies and creditors interact.

 

He and host Stewart Foley explore how restructuring has evolved, the legal mechanics behind LMEs, and what insurance investors should know about navigating this increasingly complex environment. From creditor cooperation agreements to underwriting challenges in a post-LME world, this episode delivers timely insights from one of the industry's most experienced voices.

Episode 320: Senior Loans: A Closer Look For Insurers

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Kevin Egan, CPA, Managing Director, Senior Portfolio Manager, and Co-Head of Credit Research for Invesco’s Global Private Credit Team. Together, they take a deep dive into senior loans—an often misunderstood but increasingly relevant market for insurers. Kevin explains the fundamentals of the asset class, including the security and recovery profile of senior loans, their relative value compared to high yield, and how they’ve historically performed across market cycles.

 

The conversation also explores current dynamics shaping the space: demand from CLOs, shifts in direct lending, and sector trends insurers should be paying attention to. Kevin shares Invesco’s outlook on where opportunities lie today, what risks are emerging, and how insurers can position themselves in a market environment defined by both resilience and competition.

 

Whether you’re looking to better understand the mechanics of senior secured loans or gain insights into how they may fit within an insurance portfolio, this discussion offers practical takeaways from one of the leading voices in private credit.

Episode 319: Inside Real Estate: CRE Strategies for Insurance Investors

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Rich Hill, Global Head of Research and Strategy at Principal Real Estate, to explore today’s commercial real estate landscape and what it means for insurance investors. With over $25 trillion in value and 18 subsectors, CRE is far from monolithic. Rich explains how insurers should approach asset allocation with a four-quadrant strategy that includes public and private debt and equity.

 

The conversation dives into how insurers are navigating private real estate debt opportunities amid valuation resets, the growing appeal of sectors like data centers and senior housing, and why CRE may be an under-appreciated source of long-term portfolio stability. Rich also unpacks the difference between core, core plus, value-add, and opportunistic strategies plus, the risks and rewards of each in today's market cycle. Whether you're rethinking your CRE allocation or evaluating long-term trends, this episode offers actionable insights tailored to insurance asset management.

Episode 318: The Evolving Role of Fixed Income in Insurance Investment Portfolios – Opportunities and Use-Cases in an Increasingly Multi-Asset World

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Jeff Miller, Co-Head of Fixed Income and Portfolio Manager, and Stephen “Fitz” Fitzsimmons, Executive Director of Insurance Solutions, both at Morgan Stanley Investment Management. The discussion centers on how insurers can navigate the evolving role of fixed income within multi-asset portfolios, with insights into ALM optimization, yield curve dynamics, and opportunities across public and private credit.

 

Miller and Fitz highlight the impact of regulatory changes, the balance between transparency and complexity in fixed income markets, and how insurers can thoughtfully integrate alternatives alongside traditional allocations. Their perspectives provide insurance CIOs and investment leaders with actionable guidance for building resilient portfolios in today’s fast-changing environment.

Episode 317: Bringing a Portfolio Perspective to Improve Private Credit Outcomes

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Jon McKeown, Head of Portfolio Strategy and Analytics at Northleaf Capital Partners. Jon shares how Northleaf approaches portfolio construction in private credit by applying a risk- and analytics-driven lens, enabling investment teams to maintain strong relative value discipline and better navigate sector and geographic exposure. With over $30 billion in commitments, Northleaf brings a global, middle-market focus across private equity, infrastructure, and credit making their insights especially relevant to insurance asset managers.

 

Jon outlines how his team supports investment decision-making across origination, underwriting, and portfolio monitoring. He also dives into NAV-based lending, European private credit opportunities, and how his team leverages a custom “composite risk” metric to assess return per unit of risk. Listeners will appreciate Jon’s perspectives on downside protection, portfolio design thinking, and how insurance investors can enhance outcomes through a strategic lens.

Episode 316: Investment Grade Securitized Market Update

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Dmitri Rabin, Rates and Securitized Portfolio Manager at Jennison Associates, for a deep dive into the current state of the investment-grade securitized markets. From the performance dynamics of agency MBS versus corporates to the shifting role of banks and foreign buyers, Dmitri offers a clear-eyed view of spread, convexity, and relative value through the lens of insurance portfolios.

The conversation also covers asset-backed securities, subprime auto credit risk, and policy considerations around GSE privatization. Dmitri shares sector-level insights into CLOs, CMBS, and non-agency RMBS, drawing attention to structural risks and supply-demand trends shaping investor positioning. The episode closes with a candid discussion about Jenison’s culture and Dmitri’s career reflections offering both technical insight and human perspective for insurance investment professionals navigating today’s credit markets.