Episodios

  • Episode 360: Global Fixed Income and Insurance Portfolios

    Episode 360: Global Fixed Income and Insurance Portfolios
    Mar 24 2026
    Brendan Murphy and Jim Kaniclides of Insight Investment join the InsuranceAUM.com podcast to explore how global fixed income can play a larger role in insurance portfolios. In the conversation with host Stewart Foley, they explain the size and structure of the global bond market, why U.S. insurers remain heavily concentrated in domestic fixed income, and how currency hedging can potentially turn global diversification into a source of additional yield rather than added cost. They also discuss how insurers can access global fixed income through familiar portfolio structures, where relative value may exist across developed markets, and what risks could create headwinds for a global allocation. The episode offers a practical look at portfolio construction, accounting considerations, and the ways insurers can broaden their opportunity set while staying within investment grade and core fixed income frameworks.
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    31 m
  • Episode 361: Blurring the Lines: How AI Is Redefining Fixed Income Boundaries

    Episode 361: Blurring the Lines: How AI Is Redefining Fixed Income Boundaries
    Apr 2 2026

    Rachel Campbell, Portfolio Manager and Director of Securitized at Income Research and Management, and Kristoff Nelson, CFA, Director of Credit Research at Income Research and Management, join the InsuranceAUM.com podcast to explore how AI is changing the fixed income landscape. The conversation looks at the scale of the data center buildout, where capital is flowing, and how investors are evaluating opportunities across corporate and securitized markets.

    They also discuss the implications for credit quality, utilities, infrastructure, and portfolio construction as the lines between traditional fixed income sectors continue to blur. From bottom-up security selection to evolving risk frameworks, this episode offers a thoughtful look at how investors can approach one of the market’s most closely watched themes.
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    35 m
  • Episode 359: Going Beyond Core: How Allocators are Tapping New CRE Debt Opportunities

    Episode 359: Going Beyond Core: How Allocators are Tapping New CRE Debt Opportunities
    Mar 18 2026

    In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Justin Pinckney, Head of Private Debt at AEW, to explore how investors are going beyond core commercial real estate (CRE) debt to uncover new sources of yield and diversification. The discussion begins with a market overview of real estate credit, highlighting the impact of higher interest rates, improving liquidity, and shifting risk-return dynamics across the CRE landscape.

    Stewart and Justin then dive into where AEW is finding the most compelling opportunities today, including alternative sectors like senior housing, while also outlining key underwriting considerations, risk management approaches, and portfolio construction strategies for insurance allocators. The episode also examines potential headwinds, the importance of information and execution advantages, and how disciplined lending can help investors navigate an evolving and increasingly complex market environment.
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    33 m
  • Episode 358: High Yield Real Estate Lending: 2026 Outlook

    Episode 358: High Yield Real Estate Lending: 2026 Outlook
    Feb 26 2026
    Bill Maclay, Portfolio Manager in Fidelity’s High Income and Alternatives Division, joins Stewart Foley for a timely conversation on high yield real estate lending and how insurers are positioning in this evolving segment of the market. With banks retrenching, capital structures shifting, and construction volumes slowing, Bill shares how Fidelity is identifying opportunity while managing credit and structural risk across the real estate debt landscape. Drawing on more than two decades of experience across real estate equity and debt markets, Bill walks through key market dynamics, including the role of construction lending, geographic supply-demand imbalances, and where insurers can align capital with niche opportunities. He also discusses the potential for insurer partnerships, co-lending structures, and how Fidelity’s platform brings together public and private real estate capabilities to create value. Whether you're focused on CRE debt allocations, yield targets, or managing risk in uncertain markets, this episode offers a grounded, forward-looking view of where the real estate lending market is headed.
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    35 m
  • Episode 356: Power Plays: How Insurers Can Invest in the Energy Transition

    Episode 356: Power Plays: How Insurers Can Invest in the Energy Transition
    Feb 19 2026
    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.
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    35 m
  • Episode 357: Lessons from the Tranches: How to Pick Good Bonds in Securitized Credit

    Episode 357: Lessons from the Tranches: How to Pick Good Bonds in Securitized Credit
    Feb 23 2026
    Noah Funderburk, Portfolio Manager and Director of Securitized Credit at Pioneer Investments, joins the InsuranceAUM.com Podcast for a deep dive into the mechanics that matter most in structured credit. In this episode, he explores why risk and discomfort are often the source of return, how credit risk and interest rate convexity can compound drawdowns, and why sponsor incentives should never be overlooked. The conversation moves beyond headline yield to focus on tranche-level analysis, correlation risk, asset obsolescence, and securitization structures that delever over time. For insurance investors allocating to ABS, RMBS, CMBS, and multi-sector portfolios, this discussion offers a practical framework for evaluating complexity, pricing uncertainty, and managing downside risk in an evolving market environment.
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    26 m
  • Episode 355: Fraud Prevention in Private Asset-Backed Finance

    Episode 355: Fraud Prevention in Private Asset-Backed Finance
    Feb 12 2026
    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.
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    26 m
  • Episode 354: Convergence: Navigating the Blurred Lines Between Public and Private Credit

    Episode 354: Convergence: Navigating the Blurred Lines Between Public and Private Credit
    Feb 9 2026
    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.
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    29 m