InsuranceAUM

In this episode of the InsuranceAUM.com podcast, Stewart Foley, CFA, delves into the world of private distressed credit and special situations with Paul Triggiani, Managing Director and Head of Distressed Credit and Special Situations at Invesco Private Credit. Paul shares his insights on the definition of distressed debt, the types of distressed assets his team specializes in, and how they approach the management of these investments. He highlights the differences between trading distressed debt and pursuing debt for control, explaining that his team focuses on acquiring majority positions in distressed debt to eventually convert it into equity ownership. Paul also discusses the broader macroeconomic environment, emphasizing how the growth of the leveraged credit market, particularly in Europe, has expanded the opportunity set for distressed investors.

In this engaging episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Margot DeMore and Milena Humplik, the co-founders and managing partners of Broad Street Consulting Group, a firm specializing in insurance asset management search. Referred to as the "godmothers of insurance asset management search," Margot and Milena share their unique journeys into the industry, with Milena recounting her family's escape from Czechoslovakia and eventual success in the U.S., and Margot discussing her formative experiences at Boston Latin School that fueled her passion for diversity and inclusion.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley is joined by Steve Liberatore, Senior Managing Director and Head of ESG Impact Investing Global Fixed Income at Nuveen, and Joe Pursley, Head of Insurance the Americas at Nuveen, to debunk myths within the fixed income universe. The conversation dives deep into the evolution of impact investing, particularly in fixed income, challenging the misconception that impact investing is limited to equity strategies. Steve highlights how impact investing in fixed income not only drives positive environmental and social outcomes but also enhances financial performance, emphasizing that responsible investing doesn’t mean sacrificing returns.

In this episode of the InsuranceAUM.com Podcast, Stewart Foley is joined by Drew Schardt, Vice Chairman and Head of Investment Strategy at Hamilton Lane. With over 30 years of experience in private markets, Drew delves into the evolution of private credit, explaining its role in today’s economic landscape and its appeal to insurance companies. He discusses the key factors driving the expansion of private credit, including the pullback of traditional banks and the increasing demand for private debt solutions. Drew also highlights Hamilton Lane’s unique approach to private equity, offering insights into the firm’s strategic focus on information access and advanced technology solutions to enhance investment decisions.

*figures are as of 6/30/23

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley is joined by Matt Addesa, Private Market Specialist at DWS, to explore the world of real assets and private debt. Matt delves into the current landscape of real estate and infrastructure debt, explaining where these asset classes fit within the broader private credit space. He highlights the growing opportunities in alternative real estate financing due to stress in regional banks and provides insight into how institutional investors can capitalize on these shifts. Matt also touches on the performance history and fundamentals of real asset debt, offering a detailed breakdown of the relative value opportunities across different sectors.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Dean Dulchinos, Head of Debt Portfolio Management, and Justin Pinckney, Head of Private Debt at AEW, to discuss the compelling opportunities in the commercial real estate (CRE) debt space. Dean and Justin provide an in-depth analysis of the current market environment, highlighting the impact of macroeconomic headwinds and the secular shift in office demand. They explain why the CRE debt market is leading the cycle in terms of value adjustments and how private capital can capitalize on the banks pulling out of CRE lending. The conversation touches on the structural advantages of CRE debt, including better collateralization, lower loan-to-value ratios, and attractive yield premiums in a high-rate environment.

In this compelling episode, Stewart Foley interviews Juliette Kayyem, a senior national security analyst for CNN and a Pulitzer Prize finalist. Juliette shares her unique insights on two of the most pressing issues of our time: the Israeli-Hamas conflict and the impact of climate change on the insurance industry. Drawing on her experience in government, academia, and media, she explains the broader "threat environment," shedding light on Israel’s intelligence and response failures, the evolving geopolitical risks, and the delicate balance required to prevent escalation.

In this episode of the InsuranceAUM.com podcast, Stewart Foley sits down with Paul Massaro, Head of Global High Yield Franchise at T. Rowe Price, to discuss the leveraged credit market and how the current economic landscape impacts high-yield bonds. Paul offers a deep dive into the structure and evolution of the $1.4 trillion high-yield bond market, emphasizing its growing quality and resilience. They discuss the surprising outperformance of leveraged credit in 2023, despite ongoing macroeconomic challenges, and how high-yield bonds offer unique diversification benefits to insurance portfolios.

In this episode of the InsuranceAUM.com podcast, Stewart Foley speaks with Pramol Dhawan, Managing Director and Head of the EM Portfolio Management Team at PIMCO, about the opportunities and considerations for insurance companies investing in emerging markets. Pramol breaks down the key reasons why EM offers compelling value to insurance portfolios, including diversification, yield enhancement, and access to high-quality, long-duration assets. He highlights the evolving definition of EM, debunks outdated perceptions, and offers insights into how geopolitical and political risks are priced and managed.

In this episode, we dive deep into the securitized markets with Dmitri Rabin, Head of Securitized at Jennison Associates. Dmitri provides an insightful overview of how the agency MBS market has performed year to date following a tough 2022, discussing how rising interest rates, extension risk, and volatility have impacted the market. He highlights the current opportunities within the mortgage market, where valuations and spreads offer potential for investors—particularly in the extended, lower-coupon bonds. Dmitri also shares his perspective on key sectors like ABS and why Jennison favors high-quality, liquid securities that still offer attractive spreads. His analysis is grounded in long-term investment principles that fit well with insurance companies' needs for both yield and liquidity.