In this special edition of the InsuranceAUM.com Podcast, host Stewart Foley welcomes back Tim Antonelli, Managing Director, Insurance Multi-Asset Strategist, and Portfolio Manager at Wellington Management, for his fourth appearance. In this episode, they dive into the 2024 Insurance Outlook, where Tim introduces groundbreaking finance theories and strategies for positioning portfolios for the unexpected. They explore unconventional approaches to risk, including a fresh take on diversification and how insurance companies can better prepare for the evolving market dynamics. Tim shares his insights on doubling down on diversification, but not in the traditional sense. Instead, he discusses cross-asset class, intra-asset class, and implementation diversification, emphasizing the importance of a more nuanced and intentional approach to portfolio management. The conversation also covers the increasing relevance of geopolitical risks and the need for insurers to incorporate these factors into their investment strategies to remain resilient in a rapidly changing world. As always, Tim's perspective is both thought-provoking and informative, making this episode a must-listen for insurance investment professionals looking to stay ahead of the curve in 2024.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley is joined by a panel of experts to discuss tips for ensuring a smooth year-end filing process. The episode features Sam Jones, Senior Director of Statutory Reporting at SS&C Technologies, Amnon Levy, Founder and CEO of Bridgeway Analytics, and Scott Kurland, Managing Director and Head of SS&C’s Insurance Solutions Group. Together, they cover the essentials of data management, filing best practices, and key regulatory considerations to help insurance companies navigate the complexities of year-end reporting. The discussion kicks off with Scott Kurland emphasizing the importance of data integrity and control in managing today’s diverse and complex investment portfolios. Sam Jones then offers practical advice on the filing process, including crucial tips for avoiding common pitfalls. Finally, Amnon Levy delves into the evolving regulatory landscape, highlighting the implications of new guidelines and how insurance companies can stay ahead of the curve. With a focus on providing actionable insights and strategies, this episode is packed with valuable information for insurance professionals preparing for the year-end reporting season. Plus, listeners are invited to join a follow-up live Q&A session for any further questions.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley discusses infrastructure equity with John Anderson, Global Head of Corporate Finance and Infrastructure at Manulife Investment Management and John Hancock Life Insurance. John shares his unique perspective, having experience on both the asset management and operating sides of the insurance business. Together, they explore the role of infrastructure equity in insurance portfolios, highlighting its potential for resilient returns and low volatility, especially during economic downturns. John delves into the different ways to invest in infrastructure equity, offering insights into regional versus global strategies and the varying risk-return profiles within the asset class. He also addresses the challenges posed by high capital charges and explains how Manulife’s Infrastructure Investment Program has evolved over the years to meet these challenges while delivering value to both the general account and third-party investors. Listeners will gain an understanding of how infrastructure equity can provide diversification and stable cash flows within insurance portfolios, as well as the impact of the Inflation Reduction Act on renewable energy investments. John’s thoughtful reflections on the industry and his career provide valuable takeaways for anyone interested in insurance asset management.

In this engaging discussion, Eric Atlas, Head of US Residential Debt at Man GPM, delves into residential debt as a crucial income stream. He highlights the significance of mortgage securities for insurers, explaining the differences between direct mortgages and pass-through securities. Atlas navigates the shifting landscape of agency versus non-agency mortgages and the implications for credit risks. The conversation also touches on the importance of collaboration in private market financing, finished off with a light-hearted banter about sports rivalries.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes back Bill Pieroni, CEO of ACORD, for an engaging Executive Spotlight. Known for his high energy and deep insights into the insurance industry, Bill delves into a range of critical topics including ACORD’s global role in setting industry standards, the unique and extensive research studies conducted by ACORD, and the evolving landscape of insurance technology and M&A. Bill shares insights from ACORD’s groundbreaking studies, such as the Global Insurance Stock Index and the characteristics of consistent value creators in the P&C sector. He also discusses the dynamics of mergers and acquisitions in the insurance industry, emphasizing the importance of strategic alignment and the pitfalls that can lead to value destruction. The conversation covers the current state and future of InsurTech, highlighting the challenges and opportunities for insurance companies in keeping up with technological advancements. Bill’s perspectives are both thought-provoking and practical, offering valuable takeaways for insurance professionals and investors alike.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Chris Rust, Co-Head of European Credit Opportunities at Ninety One, to explore the dynamic world of insurance asset management and private credit. With over 25 years of industry experience, Chris offers a deep dive into the European mid-market, specifically focusing on non-sponsored borrowers and asset-backed lending strategies. Chris shares insights on why the European mid-market presents unique opportunities for insurers looking to diversify their portfolios, address a significant funding gap, and achieve attractive risk-adjusted returns. He also discusses the appeal of lending to sponsorless borrowers, how to successfully originate and structure these deals, and the importance of downside protection through asset-backed loans. Listeners will gain a comprehensive understanding of the European private credit landscape, the potential benefits of adding this asset class to a global portfolio, and the keys to success in navigating this less crowded, yet highly lucrative, market.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the intricacies of CECL (Current Expected Credit Loss) with Theresa Meawad, Senior Director and Head of Solutions Consulting at SS&C EVOLV. Theresa explains the key aspects of CECL, a crucial accounting standard that impacts insurers' financial reporting, and how it differs fundamentally from previous models. Theresa discusses the types of data insurers need to track to comply with CECL, the challenges they face during adoption, and the importance of selecting the right CECL model and provider. She also sheds light on how SS&C EVOLV helps insurers navigate the complexities of CECL with end-to-end solutions that seamlessly integrate with other SS&C platforms like Singularity and Precision LM. Listeners will gain valuable insights into the evolving landscape of insurance accounting and how to manage the transition to CECL effectively.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley explores the rapidly evolving world of private credit secondaries with John Bohill, Partner of Private Debt at the StepStone Group. John provides a detailed overview of the private credit secondaries market, explaining why it's generating so much buzz and why it's a crucial area for insurance companies to consider. John discusses the supply and demand dynamics, the sources of volume, and the key considerations for CIOs interested in private credit secondaries. He also touches on the importance of looking at credit and collateral rather than focusing solely on whether an asset was acquired in the primary or secondary market. The conversation highlights how private credit secondaries can offer tactical flexibility and enhance portfolio liquidity, making them a valuable tool in today’s complex investment landscape.

In this episode of the InsuranceAUM.com podcast, Stewart Foley, CFA, sits down with Doug Lyons and Steve Quazzo, two Chicago-based experts in commercial real estate (CRE) from Pearlmark. Doug, Managing Principal responsible for capital markets and debt investment activities, and Steve, Co-Founder and CEO, share their extensive experience in the real estate sector, including their time working with the legendary Sam Zell. The conversation delves into the challenges and opportunities in today's CRE market, particularly focusing on the office sector's struggles, the impact of rising interest rates, and the broader implications for different real estate asset classes. Doug and Steve also discuss their recent transaction with Conning, highlighting the natural fit between insurance companies and real estate investments. They provide valuable insights into how insurers can navigate the current CRE landscape, whether they're seeking stable current income or looking to be opportunistic in a market ripe with potential. This episode offers a deep dive into the strategic considerations for investing in CRE during these uncertain times.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes back Kevin Marchetti of Man Varagon for a deep dive into the evolving landscape of direct lending. With rising interest rates and an uncertain economic environment, Kevin provides valuable insights on how the next five years in direct lending are poised to differ significantly from the past decade. He discusses the critical importance of stress testing portfolios, especially in the context of increased borrowing costs for middle market companies. Kevin also highlights the need for insurance investors to focus on key performance indicators, such as interest coverage ratios and the presence of PIK (Payment-in-Kind) interest, to identify early signs of financial stress within portfolios. These indicators, Kevin argues, are essential in navigating the current market dynamics and ensuring robust credit selection. Additionally, Kevin updates listeners on the recent acquisition of Varagon by Man Group and the strategic benefits this partnership brings. He explains how this merger enhances their origination capabilities and strengthens their ability to deliver flexible financing solutions, all while maintaining a disciplined credit selection process. With a focus on investing in recession-resilient sectors and maintaining strong relationships with private equity sponsors, Kevin outlines why Man Varagon is well-positioned to continue delivering consistent returns despite market challenges. This episode is a must-listen for insurance investors seeking to understand the intricacies of direct lending and how to effectively manage risk in a rapidly changing economic landscape.