InsuranceAUM

InsuranceAUM

By InsuranceAUMBusinessInvesting
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InsuranceAUM episodes

  • Episode 345: CLO BBs and Equity

    In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA is joined by Shiloh Bates, CFA, Partner and Chief Investment Officer of Flat Rock Global, for a deep dive into collateralized loan obligations and their role in insurance portfolios. Shiloh explains how CLOs function as structured credit vehicles, the problems they solve in the private credit market, and how different tranches offer distinct risk-return profiles for investors.

    The conversation explores current market dynamics, including elevated default rates, spread behavior, and where Shiloh sees potential opportunities across CLO equity and junior debt. Shiloh also discusses underwriting discipline, diversification benefits, rated feeder structures, and how insurers can think about CLOs relative to direct loan exposure when constructing resilient, risk-aware portfolios.

    34 min
  • Episode 344: Diversifying Within Structured Credit
    In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA sits down with Noelle “Elle” Sisco, Managing Director, Portfolio Manager, and Lead Portfolio Strategist at First Eagle Napier Park, to discuss where structured credit can offer real value for insurance investors and where caution is warranted. Elle shares her background across public and private credit markets and explains how First Eagle Napier Park approaches alternative credit within a multi-strategy investment framework.
     
    The conversation explores how insurers can evaluate structured credit through disciplined underwriting, with a focus on collateral analysis, liquidity management, and active portfolio positioning. Elle also addresses late-cycle dynamics, elevated idiosyncratic risk, emerging collateral types, and the importance of separating true underwriting skill from beta-driven returns when constructing resilient insurance portfolios.
    36 min
  • Episode 343: Navigating Economic Currents: Shaping Insurance Investment Strategies
    In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Cindy Beaulieu, Chief Investment Officer of Conning North America, and Matt Reilly, Managing Director and Head of Insurance Solutions at Conning. Together, they explore the complex economic, policy, and portfolio construction themes shaping insurance investment strategies heading into 2026. With volatility receding and consumption staying strong, Conning sees cautious optimism grounded in fundamental, long-term portfolio planning.
     
    The discussion covers key topics including the rising complexity of insurance portfolios, the expanding role of private assets, and the importance of core fixed income as a risk ballast. Cindy and Matt offer insight into how insurers are balancing liquidity needs, capital requirements, and regulatory scrutiny while adapting to a structurally different rate and policy environment. With real-world examples and a thoughtful look at long-term strategy, this episode provides valuable perspective for insurance investors navigating today’s market challenges.
    34 min
  • Episode 342: From “Known Unknowns” to Quantified Risks: Enhancing Portfolio Construction with Stress & Scenario Testing
    Tobias Gummersbach, Enterprise Capital Strategist at New England Asset Management, joins the InsuranceAUM Podcast to discuss how insurers can apply stress and scenario testing to strengthen portfolio construction. With a focus on translating complex risks into clear, actionable insights, Tobias explains how these tools can help insurers evaluate exposure, guide asset allocation decisions, and support long-term capital planning.
     
    The conversation covers how insurers can move beyond traditional risk measures to better understand the potential impact of severe but plausible events. Tobias shares practical examples of how scenario testing is being used in real-world investment strategy, helping firms assess trade-offs between risk and return, improve communication with stakeholders, and better align portfolios with enterprise risk objectives. This episode provides valuable insights for insurance investment professionals navigating an increasingly complex risk environment.
    31 min
  • Episode 341: Infrastructure Equity in Today’s Markets: Themes, Trends, Opportunities
    Infrastructure equity is no longer just about toll roads and utilities—it’s becoming a core part of insurance portfolio strategy. In this episode of the InsuranceAUM.com podcast, Gianluca Minella, Head of Research at InfraRed Capital Partners (a part of SLC Management), joins host Stewart Foley for a wide-ranging conversation on infrastructure’s growing relevance for insurers.
     
    Drawing on findings from SLC Management’s recent global insurance survey, Gianluca shares insights into how insurers are allocating across core, core-plus, and value-add strategies. The discussion covers inflation protection, regulatory treatment, digitalization, decarbonization, valuation discipline, and infrastructure’s role as both a defensive and growth-oriented asset class.
     
    Whether you’re focused on diversification, long-term returns, or navigating macro risks, this episode offers timely and practical insight into how infrastructure equity is being used by insurers to enhance portfolio resilience and performance.
    41 min
  • Episode 340: Building Resilient Portfolios for Insurers: DoubleLine’s Long-History Insights on ABS and ABF
    In this episode of the InsuranceAUM Podcast, DoubleLine’s Andrew Hsu and Fifi Wong share their insights on building resilient insurance portfolios through asset-backed securities (ABS) and asset-based finance (ABF). With more than a decade of experience in structured products and a track record of navigating shifting market conditions, they offer a detailed look at underwriting discipline, deal sourcing, and how their approach has helped avoid high-profile credit pitfalls like recent subprime auto bankruptcies.
     
    From the early days of FinTech-backed student loans to today’s more complex private ABF opportunities in sectors like aviation and energy infrastructure, this episode explores how DoubleLine evaluates new collateral types, maintains portfolio quality, and partners with insurance investors for long-term success.
     
    Hosted by Stewart Foley, this discussion is a must-listen for insurance asset managers, CIOs, and anyone interested in how structured credit strategies are evolving in today's uncertain environment.
     
    Listen now and subscribe to stay current on trends in insurance asset management.
    23 min
  • Episode 339: Emerging Markets Debt - Investing in Stability Amongst an Ever-Changing Landscape
    In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Siddharth Dahiya, Global Head of Emerging Market Debt at Aberdeen Investments, to unpack one of the most dynamic and evolving areas of institutional fixed income—emerging market debt (EMD). With decades of experience in global markets and deep roots in insurance investing, Siddharth provides a clear and comprehensive breakdown of the EMD universe—from hard currency sovereigns and corporates to local currency bonds and frontier markets.
     
    The discussion covers the structural advantages of EMD, including improving fundamentals, increasing credit rating upgrades, and attractive spreads versus similarly rated developed market debt. Siddharth also dives into how private credit within emerging markets is gaining traction with insurance portfolios, offering enhanced yields and structural protections. For insurance investors seeking diversification, real yield, and capital efficiency, this episode offers actionable insights into a sector that's once again demanding attention.
     
    Whether you're seeking a defensive allocation or exploring yield-enhancing strategies, Siddharth shares why now may be the right time to give EMD a second look.
    27 min
  • Episode 338: Beyond the Bubble: Data Centers, Demand and the Rise of AI Infrastructure

    In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Alexey Teplukhin, Managing Director at Blue Owl Capital, to explore the often-overlooked but critical role of data centers and digital infrastructure in the global economy. Alexey offers expert insights into how these assets are enabling everything from everyday digital activity to the exponential rise of artificial intelligence. The conversation begins with the basics what a data center actually is and quickly dives into what makes them such a compelling, long-term real asset investment.

    The discussion also covers how demand for data infrastructure is accelerating, what risks exist around technological disruption, and why Blue Owl focuses on the physical backbone of the digital world rather than trying to bet on the next software winner. With analogies ranging from toll roads to airports, this episode delivers a clear, engaging look at the intersection of AI, infrastructure, and investment strategy making it a must-listen for institutional investors navigating a rapidly evolving digital landscape.

    33 min
  • Episode 337: Backstage with Ares: Private Credit, Platforms & People
    In this episode, Stewart Foley welcomes Ryan Brauns of Ares US Direct Lending for a deep dive into the mechanics and momentum behind one of the industry’s most influential private credit platforms. Ryan explains how Ares has scaled its direct lending business, the role of underwriting discipline, and why duration alignment remains one of the most important considerations for insurers entering the asset class.
     
    The conversation explores everything from the structure of Ares’ capital pools to how leverage, covenants, and loan-to-value ratios fit into today’s market realities. Ryan also shares insights on spread dynamics, the rise of retail participation, and how insurers, large and small, are thinking about private credit in their strategic asset allocations.
     
    Whether you’re new to private credit or want a deeper look behind the scenes of one of the space’s leading managers, this episode offers valuable clarity and perspective for insurance investment professionals.
    38 min
  • Episode 336: How Insurers Can Unlock Alpha Through Residential Whole Loans
    Nancy Mueller Handal, Chief Investment Officer of Insurance Asset Management at Bayview Asset Management, shares her insights on how insurers can pursue alpha through residential loans and asset-based finance. With extensive experience in structured credit, Nancy explains why residential whole loans can be a strong fit for insurance portfolios when managed with discipline and precision. She discusses the capital efficiency of the asset class, the appeal of agency-eligible and non-QM loans, and the role of thoughtful underwriting in mitigating risk.
     
    The discussion also covers the evolution of the residential credit market, the importance of robust data and infrastructure, and the risks that come with layered credit and valuation gaps. Nancy outlines how Bayview’s platform approaches sourcing and portfolio construction at scale, and why residential loans can provide diversification and long-term value when approached with a careful, insurer-aligned strategy.
    32 min

About InsuranceAUM

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Tune in to the InsuranceAUM Podcast, which features insightful conversations with CIOs, asset managers, and other distinguished professionals in the insurance asset management industry. Each…

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