InsuranceAUM.com

Isaiah Toback, Partner and Deputy Co-CIO at Castlelake, specializes in asset-based private credit and shares his insights on the growth of this sector. He discusses key factors like regulatory changes and the rise of non-bank lenders that are reshaping the investment landscape. Isaiah highlights Castlelake's unique strategies in portfolio construction and risk management tailored for insurance investors. He also emphasizes the importance of a low ego team culture and diverse perspectives for success in navigating complex financial environments.

In this episode of the insuranceaum.com podcast, host Stewart Foley, CFA sits down with Matt Jones, Co-Managing Partner of TPG’s North American and European secondaries business, to explore the evolution and growing significance of GP-led secondaries. With over two decades of experience in private markets, Matt brings deep expertise to a complex and rapidly expanding space. He breaks down how GP-led transactions emerged post-financial crisis, why they’ve become more attractive over time, and how they now serve as strategic tools for high-quality fund managers to retain and build value in their best-performing assets.   The conversation covers key structural features of continuation vehicles, the risk-return advantages of single-asset secondaries, and what makes this market so compelling for investors today. Matt also explains how macroeconomic volatility is shaping pricing and deal flow, and what traits distinguish the most successful players entering this space. For institutional investors, asset managers, and anyone tracking private equity innovation, this discussion offers a practical and insightful look at one of the most dynamic segments in the alternatives landscape.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Seth Rosenthal, CFA, Chief Investment Officer of Academy Asset Management. Seth shares insights from his transition from managing a $100 billion portfolio at Northern Trust to building a mission-driven investment firm focused on public fixed income and veteran employment. He discusses the origins and strategic direction of Academy Asset Management and its deep-rooted commitment to mentoring, hiring, and training military veterans.   The conversation explores how Academy Asset Management leverages both Wall Street expertise and geostrategic insight from a team of over 30 retired admirals and generals to inform investment decisions—particularly in today’s volatile geopolitical environment. Seth also explains why Academy Asset Management is leaning into mortgage-backed securities (MBS), how prepayment risk is evolving, and what makes the Veteran Impact ETF (VETZ) a compelling option for insurance investors. From market strategy to team culture, Seth offers a unique perspective on leading with purpose in asset management—while delivering competitive performance. Whether you're an allocator, an insurance investor, or an advocate for veteran employment, this is an episode worth hearing.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Kamesh Chilukuri, Managing Director and Head of Derivatives at Symetra Investment Management, for a deep dive into the practical applications of derivatives in insurance investing. With experience that spans from Monte Carlo simulations at MIT to leading derivatives strategy at a major insurer, Kamesh brings a unique perspective on how these instruments can enhance portfolio construction and efficiency.   The discussion spans both linear and nonlinear derivatives, their relevance to products like fixed and indexed annuities, and how insurers can use them to transform cash flows, hedge risk, and access markets more efficiently. Kamesh also offers insight into operational considerations, regulatory frameworks, and how derivatives can support relative value analysis across asset classes. Whether you're new to derivatives or looking to scale your strategy, this episode offers valuable guidance tailored to the insurance investment community.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Mark Hughes and Kevin Ritter, CFA charterholders and Co-Heads of Emerging Market Debt at PPM America. Together, they explore the evolving opportunity in investment grade emerging market debt and its growing relevance for insurance general account portfolios. Drawing on decades of experience, Mark and Kevin address common misconceptions, highlight the risk-return profile of EM credit, and explain why the asset class may offer compelling value compared to traditional U.S. investment grade allocations.   The conversation also delves into how insurers can think about portfolio integration, private vs. public EM debt, sovereign vs. corporate exposures, and how geopolitical shifts and trade policy are influencing asset allocation decisions. With practical insights tailored specifically for insurance investors, this episode provides a timely look at a segment of the market often misunderstood but increasingly important in today's global fixed income landscape.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Fred Pollock, Chief Investment Officer, and Steve McMillan, Head of Credit Research at GCM Grosvenor, for a timely discussion on private credit secondaries. As insurers continue to expand their allocations to private credit, Fred and Steve outline where secondaries fit into the broader $21 trillion private credit market and why they believe this corner of the asset class is poised for long-term growth. They discuss how liquidity, diversification, and discounted entry points can make secondaries particularly attractive especially in today’s uncertain macro environment.   The conversation also highlights GCM Grosvenor’s differentiated approach, from deep underwriting discipline to leveraging its multi-asset platform for deal flow and risk evaluation. Fred and Steve explain why understanding the entire private credit landscape not just direct lending is essential for delivering alpha and managing downside risk. Whether you're an insurer evaluating secondary strategies or simply seeking market perspective, this episode offers insight into one of the most complex and compelling areas of institutional investing today.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Connell Hasten of Victory Park Capital and Sukh Grewal of Janus Henderson for a deep dive into the evolving dynamics of public and private asset-backed markets. From their unique career paths to the strategic partnership between their firms, Connell and Sukh explore how collaboration across public and private markets is enhancing investment opportunities for insurance asset managers.   Listeners will gain valuable insights into the symbiotic relationship between ETFs and private ABL investments, and how insurers are leveraging both to manage liquidity, diversify portfolios, and improve yield in today’s market. The discussion also tackles macro trends driving interest in asset-backed lending, emerging collateral types, and what characteristics these seasoned professionals look for in the next generation of investment talent. Whether you're rethinking your asset allocation or simply looking to stay ahead of industry shifts, this episode delivers actionable perspectives tailored for insurance investors.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with David Lehman, Managing Director and Head of Real Estate Strategies at HPS Investment Partners, to explore commercial real estate (CRE) debt, market evolution, and capital efficiency. Lehman shares his unique career journey—from New Jersey diner waiter to state government leadership and now overseeing real estate at HPS—offering listeners a rare perspective on adaptability and leadership in finance.   Together, they unpack how the CRE landscape has shifted, highlighting changes in the traditional “four food groups” of real estate and the emergence of sectors like data centers and senior housing. They also examine the long-term impact of higher interest rates, evolving bank and non-bank lending roles, and how insurers can gain capital efficiency through real estate debt investments. With historical insights, current trends, and a forward-looking view, this episode is a must-listen for insurance investment professionals navigating today’s CRE market.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Ken Johnson, CFA, CAIA, FRM, Senior Managing Director and Chief Ratings Officer at AM Best. Together, they unpack AM Best’s latest outlooks on the property & casualty and life insurance sectors—covering everything from macroeconomic uncertainty to the rise of private credit, offshore reinsurance, and how ratings methodology is adapting to today’s dynamic insurance investment landscape.   Ken shares his take on the growing role of asset manager-owned insurers, the shift toward more complex ownership structures, and the increased reliance on less transparent asset classes. He also discusses AM Best’s internal working groups and how they aim to strike a balance between robust capital modeling and fair treatment for insurers with evolving portfolio strategies. Whether you're a CIO, portfolio manager, or regulator, this discussion sheds light on how risk, regulation, and ratings intersect in today’s market.

Matt Brill, Head of North America Investment Grade Credit at Invesco, shares his remarkable journey from mailroom to managing $100 billion in assets. He discusses how insurance companies can thrive amidst public market volatility and uncovers investment-grade credit opportunities. Listen in as he navigates macroeconomic and political influences, spotlighting banks and utilities while cautioning about energy credits. Matt emphasizes the importance of timing and conviction in strategy amid policy uncertainty, providing valuable insights for investors.