InsuranceAUM.com

Mark Rose, Insurance Solutions Specialist at T. Rowe Price and former Chief Investment Officer of Argo Group, joins Stewart Foley for a candid and insightful conversation on the InsuranceAUM.com podcast.   With a background spanning equities, high yield, private credit, and more, Mark shares the lessons learned from over a decade managing insurance portfolios—including the importance of investment committee process, manager selection, and risk governance. He also discusses his transition from CIO to the asset management side, what drew him to T. Rowe Price, and how the firm is evolving its insurance solutions offering.   For insurance investors navigating today’s evolving fixed income landscape, Mark’s perspective offers valuable takeaways on portfolio construction, private asset allocation, and building strong institutional relationships. Whether you’re in the CIO seat or partnering with insurers, this episode offers real-world insight from both sides of the table.

David Politano, Managing Director and Head of Debt Strategies for MetLife Investment Management’s Real Estate group, brings more than 30 years of experience to the conversation as he joins the InsuranceAUM.com Podcast. In this episode, he explains how insurance companies’ approach to commercial real estate lending differs from traditional bank and CMBS channels - focusing on long-term, cradle-to-grave loan management with an emphasis on credit quality and relationship-based underwriting.   David walks through the structural advantages of insurer-held CRE debt, performance comparisons post-COVID, and how real estate market dynamics, especially in the office sector, are evolving. He also provides perspectives on pricing trends, global opportunities like Mexico industrial, and what insurers should consider in today's competitive lending environment. Backed by deep institutional knowledge and a client-first investment philosophy, this episode offers valuable context for insurers navigating CRE debt in 2025 and beyond.

Tas Hasan, Managing Partner & COO, and Nelson Pereira, Director of Insurance Investor Partnerships at Deerpath Capital, share their perspective on the growing role of lower and middle market direct lending in insurance portfolios. With decades of experience and a long-standing focus on this segment, they explain why it's gaining traction among insurers seeking yield, diversification, and capital efficiency.   They break down the structural advantages of sponsor-backed lending, including stronger covenants, conservative leverage, and more lender-friendly deal terms. The discussion also explores how regulatory developments, such as NAIC guidance and capital treatment, are influencing insurer allocation decisions.   For insurance investors evaluating private credit strategies, this conversation offers valuable insight into manager selection, deal flow dynamics, and the key factors that set experienced lenders apart in today’s market.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Frank Melaccio, CFA, CPA, FRM, Vice President, Finance and Treasurer at Horizon Blue Cross Blue Shield of New Jersey, and Jason Young, Head of U.S. Corporate Private Placements and Private Structured Credit at MetLife Investment Management (MIM). The discussion explores the evolving role of investment-grade private credit and asset-based finance (ABF) in health insurance investment portfolios. Both guests share their career journeys, personal anecdotes, and their perspectives on strategic asset allocation within the unique cash flow structures of health insurers.   Together, they dive into the diversification benefits, relative value opportunities, and liquidity considerations of IG private placements and ABF. Frank offers insights into how health insurers manage illiquidity risk while optimizing return on capital, and Jason sheds light on how the ABF market has matured with shorter durations and more investor interest. This episode is packed with expert perspectives on credit market dynamics, the future of private fixed income, and how health insurers can better position their portfolios in today's rapidly changing environment.

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.

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.”

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.

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.

Ross Rosenfelt, Managing Director at Oaktree, dives into the evolution of liability management exercises (LMEs) and their game-changing effects on credit markets. With a solid background in restructuring, Ross explains how LMEs have shifted the dynamics between distressed companies and creditors. He shares insights on the mechanics of LMEs, the rise in their prevalence due to market conditions, and the challenges they pose for underwriting. Plus, he highlights the importance of culture and relationships in the investing landscape.

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.