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Tune in to the InsuranceAUM.com Podcast, hosted by our Managing Partner, Stewart Foley, CFA. Our podcast features insightful conversations with CIOs, asset managers, and other distinguished professionals in the insurance asset management industry. Each episode delves into the latest trends, challenges, and opportunities, providing listeners with valuable perspectives and practical advice. Don’t miss out on these engaging discussions that are essential for insurance investors and asset managers.
325 Episodes
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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 in the Global Opportunities group at Oaktree, joins the InsuranceAUM.com Podcast to unpack the rapid rise of liability management exercises (LMEs) and their impact on today’s credit markets. With over two decades of experience in restructuring—first as a bankruptcy attorney and now as an investor—Ross offers a grounded look at how LMEs are reshaping the way distressed companies and creditors interact.
He and host Stewart Foley explore how restructuring has evolved, the legal mechanics behind LMEs, and what insurance investors should know about navigating this increasingly complex environment. From creditor cooperation agreements to underwriting challenges in a post-LME world, this episode delivers timely insights from one of the industry's most experienced voices.
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.
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Rich Hill, Global Head of Research and Strategy at Principal Real Estate, to explore today’s commercial real estate landscape and what it means for insurance investors. With over $25 trillion in value and 18 subsectors, CRE is far from monolithic. Rich explains how insurers should approach asset allocation with a four-quadrant strategy that includes public and private debt and equity.
The conversation dives into how insurers are navigating private real estate debt opportunities amid valuation resets, the growing appeal of sectors like data centers and senior housing, and why CRE may be an under-appreciated source of long-term portfolio stability. Rich also unpacks the difference between core, core plus, value-add, and opportunistic strategies plus, the risks and rewards of each in today's market cycle. Whether you're rethinking your CRE allocation or evaluating long-term trends, this episode offers actionable insights tailored to insurance asset management.
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Jeff Miller, Co-Head of Fixed Income and Portfolio Manager, and Stephen “Fitz” Fitzsimmons, Executive Director of Insurance Solutions, both at Morgan Stanley Investment Management. The discussion centers on how insurers can navigate the evolving role of fixed income within multi-asset portfolios, with insights into ALM optimization, yield curve dynamics, and opportunities across public and private credit.
Miller and Fitz highlight the impact of regulatory changes, the balance between transparency and complexity in fixed income markets, and how insurers can thoughtfully integrate alternatives alongside traditional allocations. Their perspectives provide insurance CIOs and investment leaders with actionable guidance for building resilient portfolios in today’s fast-changing environment.
In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Jon McKeown, Head of Portfolio Strategy and Analytics at Northleaf Capital Partners. Jon shares how Northleaf approaches portfolio construction in private credit by applying a risk- and analytics-driven lens, enabling investment teams to maintain strong relative value discipline and better navigate sector and geographic exposure. With over $30 billion in commitments, Northleaf brings a global, middle-market focus across private equity, infrastructure, and credit making their insights especially relevant to insurance asset managers.
Jon outlines how his team supports investment decision-making across origination, underwriting, and portfolio monitoring. He also dives into NAV-based lending, European private credit opportunities, and how his team leverages a custom “composite risk” metric to assess return per unit of risk. Listeners will appreciate Jon’s perspectives on downside protection, portfolio design thinking, and how insurance investors can enhance outcomes through a strategic lens.
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Dmitri Rabin, Rates and Securitized Portfolio Manager at Jennison Associates, for a deep dive into the current state of the investment-grade securitized markets. From the performance dynamics of agency MBS versus corporates to the shifting role of banks and foreign buyers, Dmitri offers a clear-eyed view of spread, convexity, and relative value through the lens of insurance portfolios.
The conversation also covers asset-backed securities, subprime auto credit risk, and policy considerations around GSE privatization. Dmitri shares sector-level insights into CLOs, CMBS, and non-agency RMBS, drawing attention to structural risks and supply-demand trends shaping investor positioning. The episode closes with a candid discussion about Jenison’s culture and Dmitri’s career reflections offering both technical insight and human perspective for insurance investment professionals navigating today’s credit markets.
Allysen Mattison, Director of Investment Risk and Vice Chair of the Investment Committee at Income Research & Management, joins the InsuranceAUM.com Podcast to deliver a deep dive into the art and science of fixed income risk management. Drawing on her experience overseeing a $122 billion portfolio, Allysen explains how her team approaches interest rate sensitivity, duration positioning, and risk decomposition to ensure that the risks taken align with high-conviction investment ideas.
In the conversation with host Stewart Foley, Allysen unpacks complex topics such as tracking error models, the importance of aligning risk metrics with portfolio construction, and the nuanced role of downside risk analysis. She emphasizes the value of relative value assessment, systematic thinking, and cross-team collaboration, offering practical strategies for balancing active risk-taking with the protection of principal.
From philosophical approaches to tactical frameworks, Allysen’s perspective provides a rare inside look at how one of the industry’s leading fixed-income managers evaluates, measures, and responds to risk. Whether you’re an investment professional, an insurance CIO, or simply a fixed income enthusiast, this episode offers a masterclass in managing risk for long-term performance.
Anna Paglia, Executive Vice President and Chief Business Officer at State Street Investment Management, joins host Stewart Foley, CFA, for a wide-ranging discussion on innovation and disruption in asset management.
She shares her unconventional career journey from international law to leading one of the industry’s largest investment platforms, offering a unique perspective on how evolving client needs, technological change, and strategic partnerships are reshaping the industry. Anna discusses State Street’s $5 trillion milestone, its rebrand, and initiatives designed to democratize access to both public and private markets, including the launch of a public–private credit ETF.
The conversation covers insurer-specific solutions, the role of ETFs and cash management, the importance of team culture, and the next decade’s potential for convergence, tokenization, and blockchain in portfolio management. For asset managers, insurers, and institutional investors, this episode offers valuable takeaways on how to thrive in a rapidly changing financial landscape.
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Bryan Donahoe, Partner & Head of U.S. Real Estate Debt, and Brent Canada, Partner in the Infrastructure Debt Group at Ares Management, for a deep dive into the evolving role of real asset credit in insurance portfolios.
They explore the benefits of infrastructure and real estate debt — from generating durable income streams to diversifying risk and matching long-term liabilities. The conversation covers how market dislocation, rising interest rates, and the pullback from traditional lenders are creating compelling opportunities for private credit investors, particularly in sectors like logistics, housing, utilities, and digital infrastructure.
Bryan and Brent also share insights on Ares’ collaborative approach, their perspectives on market resilience, and why insurance capital is poised to play an increasingly important role in real asset lending.
Patrick O’Sullivan, PhD, Head of International Insurance Solutions at Barings, brings a global perspective to this episode of the InsuranceAUM.com Podcast. Drawing from his background in financial economics and extensive experience at leading asset management firms, Patrick explores how private and alternative investment-grade strategies can help insurers enhance returns, diversify portfolios, and address evolving liability needs.
Hosted by Stewart Foley, CFA, this conversation dives into the appeal of structured credit, CLOs, and private placements for insurers navigating today’s market. Patrick shares insights on key considerations such as capital treatment, interest rate risk management, and the growing demand for private IG driven by demographic and regulatory shifts worldwide. For insurers looking to expand their toolkit and capture new opportunities, this episode offers practical insights and strategic takeaways.
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Tim Gill, Portfolio Manager, and Juan Tavarez, Research Analyst, from Fidelity Investments’ High Income and Alternatives team to explore the evolving landscape of emerging market corporate debt. With decades of combined experience, Tim and Juan provide a deep dive into how they identify resilient, dollar-denominated credits in complex geographies—and why a bottom-up, credit-focused approach is essential in today’s environment.
The conversation covers everything from navigating country-level macro risk and assessing restructurings, to uncovering “hidden castles” in misunderstood sectors. The duo emphasizes the value of sovereign overlays, disciplined portfolio construction, and the role of diversification in managing volatility for insurance investors. Whether you’re seeking long-term yield, capital-efficient allocation, or simply a better understanding of EM corporates, this episode offers highly actionable insights grounded in experience.
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Dane Graham, Managing Director at 17Capital, for an insightful conversation about the growth and evolution of NAV finance. Dane breaks down what NAV finance is, how it works, and why it’s increasingly being considered as a strategic tool for insurers looking to access liquidity while maintaining exposure to private assets. He shares how 17Capital has positioned itself in this space and how NAV-based lending has matured into a more accepted part of the capital stack.
The conversation explores how NAV finance can complement an insurer’s investment toolkit—especially in today’s environment where flexibility and downside protection are crucial. Dane also discusses the growing demand from institutional investors, the risk considerations, and how insurers can assess whether this approach aligns with their long-term goals. Whether you’re new to NAV finance or looking to refine your understanding, this episode offers valuable insights into an innovative and expanding segment of private credit.
In this episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with Charlie Rose, Managing Director and Global Head of Debt at Invesco Real Estate, for a comprehensive conversation on the state of real estate credit markets and what insurers need to know right now. With nearly $10 billion in CRE debt AUM and a global mandate, Charlie shares insights on how Invesco is navigating a market still recovering from a historic value correction.
He explains the fundamentals of bridge lending, the firm’s “credit over yield” approach, and how they integrate equity and credit insights to drive disciplined underwriting. Charlie also compares market dynamics in the U.S. and Europe, highlights where he sees relative value opportunities, and outlines what may lie ahead over the next 12–18 months. The episode closes with a thoughtful take on hiring, diversity, and the traits Invesco values in its team. It’s a high-level, yet grounded discussion for institutional investors exploring real estate credit today.
Direct lending has grown at a staggering pace—more than tripling in just six years. But what are the consequences of that kind of scale? In this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Audie Apple, Head of Equity Capital Formation at Fidelity Direct Lending, to dive deep into the risks, innovations, and structural shifts shaping private credit today.
Together, they unpack how loan documentation, leverage, and covenant structures have evolved in a rapidly expanding asset class. Audie offers valuable insight into pricing dynamics, sponsor versus non-sponsor deals, and how direct lenders are navigating today’s tighter spreads and changing risk profiles. If you're an institutional investor evaluating direct lending strategies, this conversation offers key takeaways—especially around the importance of current toolkit strength over historical track record. From PIK toggles to dispersion metrics, this episode brings clarity to the forces reshaping private credit.
In an era dominated by private credit headlines, is public credit being unfairly overlooked?
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with John Sherman, lead portfolio manager at Polen Capital, to explore the often misunderstood world of public credit. With nearly two decades of experience, John brings a nuanced view of the high-yield landscape—unpacking how today’s market dynamics differ from the past and why public credit might offer better liquidity, lower fees, and fewer structural risks than private credit.
From the shifting credit quality of high-yield indices to the limitations of passive investing in this space, this episode is packed with actionable insights for institutional allocators. You'll also hear why John views high-yield as a “Goldilocks” asset class and how Polen Capital partners with NEAM to bring their credit expertise to the insurance industry.
Whether you're weighing your credit allocations or curious about the evolution of private markets, this conversation offers valuable perspective.
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Siddharth Chakravarty, Director of Investments at Coaction Specialty, for an in-depth executive spotlight. Sid shares his unique journey from engineering and neuroscience research to managing a multi-billion-dollar insurance portfolio, offering a distinctive lens on the future of insurance investing.
Together, they explore emerging opportunities in alternatives, with a focus on real asset infrastructure and secondaries, and examine the implications of regulatory developments, private credit benchmarking, and liquidity management. Sid also dives into the evolving role of AI in investment operations, the importance of data governance, and how small teams can gain scale through strategic automation. This thoughtful, wide-ranging conversation is a must-listen for insurance professionals seeking to build resilient, future-ready portfolios.
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Isaiah Toback, Partner and Deputy Co-CIO at Castlelake, for an in-depth conversation on asset-based private credit. Isaiah shares his journey from structured finance to Castlelake, offering unique insight into how the firm has built its strategy from the ground up as a pure-play asset-based investor.
Together, they explore the structural shifts driving the growth of private credit, including regulatory changes, the rise of non-bank lenders, and the growing need for alternative funding sources. Isaiah breaks down how Castlelake approaches portfolio construction, risk management, and customization—particularly for insurance investors with specific liability and duration targets. This episode is a must-listen for insurance professionals looking to understand the future of asset-based finance and what makes this sector both complex and compelling.
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