InsuranceAUM.com

Neda Vakilian of Actis and David Swift of General Atlantic join the InsuranceAUM.com Podcast to explore how growth equity and infrastructure equity are reshaping the opportunity set for insurance investors in the energy transition era. As electrification accelerates, AI drives non-linear power demand, and energy security becomes a strategic priority, they outline how these structural forces are creating durable, long-term investment themes.   The discussion examines the difference between traditional infrastructure debt and control-oriented equity strategies, highlighting capital-efficient growth businesses and essential, baseline infrastructure in both developed and growth markets. Neda and David detail how their teams approach risk, focusing on execution rather than technology risk, policy-agnostic business models, long-dated cash flows, and disciplined underwriting frameworks designed to support capital preservation.   They also address how sustainability outcomes can emerge from solving economic problems, aligning measurable impact with institutional-grade return expectations. For insurers navigating long-duration liabilities and evolving enterprise risk priorities, this conversation offers a practical perspective on deploying capital into a structurally changing energy landscape.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Joel Hart, Managing Director and Chief Risk Officer at Victory Park Capital, about the growing concern of fraud risk in asset-backed finance (ABF) and private credit. As insurance investors increase exposure to these sectors, Joel offers a candid look at why borrower misconduct tends to spike in late-cycle markets and outlines the types of fraud currently emerging such as double pledging, falsified collateral, and manipulated reporting.   Joel also shares how Victory Park Capital’s independent risk function, data-driven monitoring systems, and hands-on portfolio management help mitigate these risks across the investment lifecycle. From the cultural importance of being willing to walk away from deals to key due diligence questions insurers should ask ABF managers, this episode delivers timely, actionable insights for insurance allocators navigating a complex credit landscape.

Chris Gudmastad, Managing Director and Portfolio Manager of Private Credit at Loomis Sayles, returns to the podcast for a deep dive into one of the most important shifts facing institutional investors: the convergence of public and private credit. As the traditional lines between market segments continue to blur, Chris offers a practical and forward-looking view of how insurers can adapt their frameworks for liquidity, complexity, and relative value.   With more than 20 years of experience in private placements, structured credit, and insurance-focused investing, Chris walks through how capital structures are evolving, how new vehicles and secondaries are redefining liquidity, and how to apply a unified risk premium framework across asset classes. He also shares insights into organizational convergence and how teams at Loomis are collaborating across disciplines to underwrite complex, cross-market opportunities.   Whether you’re refining your private credit allocations or evaluating new structures across public and private markets, this episode offers a grounded perspective on managing risk and return in 2026 and beyond.

Peter Schenck, Head of Liquidity Distribution at Northern Trust Asset Management, joins Stewart Foley for a timely conversation on how insurers are rethinking cash management in today's evolving environment. With over $350 billion in cash and short-duration assets under management, Peter offers an inside look at how liquidity is being used not just as a defensive allocation, but as a strategic tool for flexibility, capital efficiency, and operational readiness.   The discussion covers the growth of money market funds, the mechanics behind pooled liquidity vehicles, and the role of segmentation in managing operating versus strategic cash. Peter also shares forward-looking insights on tokenization, digitalization, and the future of liquidity in a 24/7 global economy. For insurers navigating volatility, regulation, and balance sheet demands, this episode offers clear and practical takeaways.

Kerry O’Brien, Head of Insurance Asset Management and Multi-Asset Solutions at MetLife Investment Management, and Harold Myers, CFA, Portfolio Manager in MIM’s Insurance Asset Management Group, discuss how insurers thoughtfully incorporate tactical asset allocation within long-term strategic asset allocation frameworks.   They explore how strategic asset allocation sets the foundation for resilient insurance portfolios, while tactical decisions allow insurers to respond to market dislocations, credit cycles, and shifting rate environments without resorting to market timing. The discussion covers governance, analytics, capital efficiency, and the role of experience and judgment in navigating complex insurance portfolios across market cycles.   The episode also looks ahead to how tactical and relative value investing may evolve for insurers, including the growing role of customized structures, public and private market integration, and technology in supporting disciplined, client-aligned investment decisions.

Scott Littman, Managing Director of Infrastructure Investments at GCM Grosvenor, joins host Stewart Foley, CFA, on the InsuranceAUM.com Podcast for a wide-ranging discussion on infrastructure as a core component of modern insurance portfolios.   The conversation explores how infrastructure is defined today, why essential assets with long-duration cash flows and inflation linkage have become increasingly important, and how insurers are approaching infrastructure across debt and equity strategies. Scott also shares insights on capital efficiency, regulatory considerations, and portfolio construction as insurers expand their allocations to real assets.   The episode concludes with a look at the current macro environment, including opportunities and risks across sectors such as energy, transportation, and data centers, and practical considerations for insurers building or refining infrastructure programs.

Michelle Creed, Partner and Co-Head of Real Estate Secondaries, and Min Zhou, Managing Director in the Ares Secondaries Group, join host Stewart Foley, CFA, on the InsuranceAUM.com Podcast for an in-depth discussion on real estate secondaries and how the market has evolved.   The conversation explores the growth of GP-led transactions and continuation vehicles, the impact of valuation resets and liquidity dynamics, and how real estate secondaries can be used as a portfolio management tool. Michelle and Min also address common misconceptions around discounts, asset quality, and the motivations behind secondary transactions.   The episode concludes with insights into portfolio construction considerations, diversification, and capital efficiency, particularly as institutional investors navigate shifting real estate and private market environments.

Private asset-based finance (ABF) is gaining prominence in insurance portfolio strategy as insurers evaluate its capital efficiency, structural protections, and yield potential. In this episode of the InsuranceAUM.com podcast, Stewart Foley is joined by John Roglieri, Managing Director in Brookfield's Strategic Credit Initiatives, and Remo Plunkett, Vice President in Brookfield’s Credit Group, to explore the evolution of ABF and its growing relevance for insurers.   The discussion covers why ABF is not just a newer version of traditional securitized assets, but a broad, flexible toolkit that includes real assets, recurring cash flows, and customized structures tailored to insurer needs. With insights on risk management, capital treatment, and relative value versus direct lending, this episode offers a timely look at how insurers can build resilient portfolios in an increasingly complex credit environment.

On this episode of the InsuranceAUM Podcast, Pete Miller, President and CEO of The Institutes, joins host Stewart Foley for a wide-ranging conversation on the newly announced affiliation and why it represents a meaningful step forward for the insurance industry. Together, they discuss how The Institutes’ more than century-long legacy in professional education complements InsuranceAUM’s focus on insurance investment knowledge, and why closing the education gap between underwriting, operations, and investing is becoming increasingly important as portfolios grow more complex.   The conversation also dives into leadership, culture, and the role of values in building organizations that last. Miller shares insights from his career at the intersection of technology and insurance, including how The Institutes evaluates partnerships, why ethics remain foundational to innovation, and what it takes to prepare professionals for jobs that are still being defined. Foley reflects on the origins of InsuranceAUM, the motivation behind expanding educational access for insurance investors, and the vision for developing the next generation of talent through structured, credible learning.   Looking ahead, the episode explores how advances in AI and data are reshaping both insurance operations and investment decision-making. Miller and Foley discuss how education can help insurers move beyond loss recovery toward risk prevention, why responsible AI adoption matters, and how continuous learning will be essential as strategic planning, risk management, and capital allocation evolve. Together, they offer a thoughtful perspective on where the industry is headed and how this partnership aims to support insurance professionals at every stage of their careers.

Aakash Doshi, Global Head of Gold for the SPDR ETF business at State Street Global Advisors, joins host Stewart Foley on the InsuranceAUM.com Podcast for an in-depth discussion on one of the most talked-about asset classes in recent years. The conversation explores the macroeconomic, geopolitical, and structural forces that have shaped gold markets since the post-pandemic period.   Aakash shares his perspective on central bank demand, ETF flows, global debt levels, and the concept of gold as an alternative fiat hedge. He also explains why gold is often viewed as a left-tail asset and how it differs from other commodities and digital assets in institutional portfolios.   The episode concludes with a practical discussion around implementation, including how institutional and insurance investors access gold exposure at scale and what risks could influence the outlook heading into 2026. This episode is for educational purposes only and does not constitute investment advice.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.