InsuranceAUM.com

Episode 294: Insurance and ABF – What’s All the Hype About?

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Keith Ashton and David Ells, CFA both Partners and Portfolio Managers in Alternative Credit at Ares Management—to explore the accelerating role of insurance capital in asset-based finance (ABF). With deep backgrounds inside insurance companies, Keith and David bring firsthand perspectives on how that experience shapes their approach to managing and structuring credit portfolios today. From defining ABF and highlighting its evolution, to offering practical lessons learned from decades in the field, this discussion is packed with valuable insights for insurance investors.

 

They also delve into the analytics required for evaluating complex structured credit, the private vs. public market dynamics, and the rise of proprietary platforms. The conversation covers key market shifts, the growing appetite from insurers for private credit exposure, and the strategic allocation decisions insurance firms face. Whether you're new to ABF or a seasoned pro, this episode delivers real-world knowledge and forward-looking strategies from two of the industry's top voices.

Episode 293: Private Equity Secondaries: Optimizing Through Portfolio Construction

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Shane Feeney, Managing Director and Global Head of Secondaries at Northleaf Capital. They explore the growing importance of private equity secondaries, how portfolio construction can optimize outcomes, and why secondaries are gaining traction with institutional and insurance investors.

 

The conversation covers the evolution of the secondaries market, risk management through diversification, and the dynamics of LP-led and GP-led transactions. Shane also shares insights into current supply-demand trends, what differentiates top-tier managers, and practical advice for insurance CIOs entering the space.

Episode 292: Private Markets Portfolio Construction for Insurers

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Toby True, Partner on the Investment Strategy and Risk Management Team at Adams Street Partners, about the complexities and evolving best practices in private market portfolio construction for insurers. Toby shares how Adams Street tailors investment strategies to align bottom-up decisions with the unique objectives, risk tolerance, and liquidity needs of insurance portfolios.

 

The conversation explores how illiquidity impacts portfolio design, why data and historical patterns are increasingly valuable in modeling private market exposure, and what current market conditions—such as slowed distributions and resilient fundamentals—mean for capital deployment. Toby also offers insights on secondary markets, private credit underwriting, and key traits he looks for when building investment teams. It's a timely and insightful discussion for insurance investment professionals navigating today’s private market environment.

Episode 291: Fund Finance: Evolution, Insights, & Opportunities

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Shelley Morrison, Head of Fund Finance at Aberdeen Investments, about the growing relevance of fund finance in insurance portfolios. Shelley breaks down the fundamentals of subscription line loans, or “sublines,” and explains how these short-duration, investment-grade assets deliver enhanced yield without excess credit risk. She also outlines how fund finance fits into the broader private credit landscape and why it's gaining traction with insurers seeking diversification and downside protection.

 

The conversation highlights Aberdeen Investments’ disciplined underwriting approach, relationship-driven sourcing, and ability to build custom portfolios tailored to insurer-specific needs. From managing sector exposures to navigating complex liability structures, Shelley offers practical insights into how insurers can integrate fund finance into their strategic allocation plans—especially as the market evolves in response to shifting capital demands.

Episode 290: An Update on the Residential Mortgage Market and Insurance Company Involvement

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Justin Mahoney, co-founder of Shelter Growth Capital, for an in-depth discussion on the residential mortgage loan (RML) market and its increasing relevance to insurance portfolios. Justin offers a data-driven look at the macro trends affecting the housing market, including supply shortages, disciplined credit underwriting, and the nuanced relationship between home price appreciation and affordability. He explains why RMLs are drawing growing interest from insurers, thanks to favorable capital treatment, risk-adjusted return potential, and access to Federal Home Loan Bank financing.

 

The conversation also covers investment structure preferences—from direct investing to SMAs and pooled funds—and how each option fits into an insurer's broader allocation strategy. Justin shares where he sees the most compelling opportunities today, including non-QM loans, agency-eligible segments, and home equity extraction. Whether you're just beginning to explore the space or scaling an existing program, this episode offers valuable insights into how insurers can navigate and benefit from this dynamic and scalable asset class.

Episode 289: The Dividend Edge: Balancing Yield & Risk in Insurance Portfolios

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Michael Hunstad, Deputy CIO and CIO of Global Equities, and Jeff Sampson, Senior Portfolio Manager for Global Equities at Northern Trust Asset Management. They discuss the evolving landscape of dividend strategies, equity allocations, and risk-aware portfolio construction for insurers navigating today’s market complexity.

 

From balancing income and capital appreciation to mitigating concentration risk and factoring in tax efficiency, Hunstad and Sampson share actionable insights tailored to insurance investors. With dividend-paying equities becoming more diversified and relevant in a normalized rate environment, this episode offers practical guidance for aligning public equity strategies with enterprise risk and return goals.

Episode 288: Executive Spotlight: Eric Partlan, CFA, CAIA, Chief Investment Officer at MassMutual

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Eric Partlan, Chief Investment Officer at MassMutual, for an engaging installment of the CIO Spotlight series. With MassMutual’s $285 billion general account and deep legacy as a mutual insurer, Eric shares insights into how the firm’s long-term orientation, mutual structure, and strategic partnerships drive its investment approach—particularly in private credit, structured products, and ALM strategies.

 

Eric also reflects on his unique career journey from aerospace engineering to the CIO role, offering a candid look into his philosophy on leadership, team building, and fostering intellectual curiosity. From cultivating a collaborative team culture to leveraging Barings and other long-term partnerships, this episode delivers thoughtful perspectives on navigating evolving markets while remaining rooted in purpose-driven investment strategies. Whether you're new to insurance asset management or a seasoned pro, this is a must-listen conversation on where the industry is headed.

Episode 287: The Next 10 Years: Key Trends Influencing Insurers' Asset Allocation Decisions

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Anwiti Bahuguna, PhD, Chief Investment Officer of Global Asset Allocation at Northern Trust Asset Management. The conversation explores Northern Trust’s latest long-term capital market assumptions and the macroeconomic forces likely to shape insurer portfolios over the next decade—from AI-enabled productivity and energy transition to evolving patterns of globalization.

 

Anwiti shares how her team blends quantitative modeling with insights from asset class specialists to create actionable 10-year outlooks for insurance investors. The discussion spans implications for fixed income and equity allocations, real assets as inflation hedges, and the growing relevance of private markets—particularly private credit. With practical insights on capital formation, macro themes, and manager selection, this episode offers a roadmap for insurance CIOs and investment teams navigating the complexities of a shifting global landscape.

Episode 285: Plugging into the Energy Transition Opportunity

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Edward Levin, Managing Director and Co-Head of Direct Infrastructure at Voya Investment Management, to explore the evolving landscape of renewable energy finance. With over 20 years of experience in energy transition projects, Edward shares insights into how the sector has matured, the increasing demand for power driven by AI and manufacturing onshoring, and the evolving financing structures supporting renewable infrastructure.

 

Edward also breaks down the impact of federal policies like the Inflation Reduction Act, the role of tax credits, and how bipartisan support continues to drive investment in renewable energy—even in traditionally fossil-fuel-heavy states. Whether you're an institutional investor, an energy market enthusiast, or just curious about the future of sustainable finance, this conversation offers a valuable look into one of the fastest-growing asset classes today.

Episode 284: Bonds, Benchmarks, and Beyond: An Insider's Perspective on Fixed Income Investing

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Christine Thorpe, Institutional Portfolio Manager at Fidelity Investments, to discuss the critical role of core fixed income in insurance portfolios. Despite being the largest allocation for most insurers, core fixed income often takes a backseat to higher-yielding asset classes. Christine shares insights on sector positioning, duration management, and Fidelity’s preference for rates over spreads in today’s evolving market.

 

With Fidelity managing approximately $2 trillion in fixed income strategies, Christine also highlights the firm’s team-based investment culture and how it helps drive consistent performance. She discusses how insurers can navigate shifting economic conditions, the importance of patience and diversification, and why thoughtful risk management is essential for long-term success. Whether you’re deep in the fixed income space or looking to refine your approach, this episode is packed with valuable insights.