InsuranceAUM

Bill O'Neill, CFA, Senior Portfolio Manager and Co-Director of Portfolio Management, and Ginny Schiappa, CFA, Senior Portfolio Manager, at Income Research and Management (IR+M), join host Stewart Foley to discuss the forces reshaping US credit markets and the implications for insurance investors.
 
As AI infrastructure investment accelerates, traditional distinctions between investment grade and high yield are becoming increasingly nuanced. Bill and Ginny examine the growing financing needs of data centers, changing credit quality across rating categories, and the influence of passive investment flows on bond pricing. They also explore the evolving role of US Treasuries and how investors can assess risk beyond conventional credit ratings.
 
The conversation also highlights opportunities beyond traditional corporate bonds, including asset-backed securities, commercial mortgage-backed securities, and specialized credit structures. Bill and Ginny share their perspectives on disciplined security selection, portfolio diversification, managing concentrated exposures, and how technology and AI are supporting investment research and portfolio management at IR+M.

Jennifer Powers, Principal and Head of Infrastructure Credit at Eagle Point Credit, joins the InsuranceAUM Podcast to discuss the evolution of infrastructure credit and the growing opportunity across the middle market. She explains how the asset class has expanded beyond traditional infrastructure into digitalization, decentralization and decarbonization, creating opportunities across data centers, power, battery storage, grid modernization and other areas tied to the energy transition.
 
Jennifer also explores why smaller and middle market transactions can offer a differentiated opportunity set, the role of structuring and active portfolio management in protecting credit outcomes, and how experienced lenders can identify opportunities that may be overlooked by larger funds and traditional capital markets.
 
The conversation also turns to the rapid buildout of AI infrastructure, including growing demand for power, water, equipment and connectivity, and why investors need to remain disciplined as increasing amounts of capital enter the space.

As private credit enters a more demanding phase, Rick Miller, Group Managing Director and Chief Investment Officer of the TCW Private Credit Group, discusses how middle market lending has evolved and why underwriting discipline, portfolio management, and principal preservation are becoming increasingly important.
 
The conversation also covers concentration risk, software exposure, sponsor-backed lending, and the importance of manager selection. Rick explains how TCW approaches senior secured lending, manages underperforming credits, and structures private credit solutions around the needs of insurance company investors.

Jason Gelberd, Partner, Chief Operating Officer and Co-Head of Direct Lending, and Tim Kim, Partner and Head of Specialty Finance at Manulife Comvest Credit Partners, discuss what sits beneath the broad asset-based finance label, from collateral types and capital structure to first lien, second lien, and equity strategies.
 
The conversation also covers advance rates, duration, downside protection, fraud risk, cash controls, sourcing, underwriting, and portfolio monitoring. Jason and Tim explain why manager experience and structural discipline matter, and what investors should focus on when evaluating ABF opportunities.

Artificial intelligence is reshaping the investment landscape across technology, infrastructure, and credit markets, creating both new opportunities and new sources of risk. Jeff Hobbs, Chief Investment Officer for Fixed Income at Voya Investment Management, discusses how investors can think about the AI ecosystem across chips, data centers, power infrastructure, hyperscalers, and public and private credit.
 
The conversation also examines where risk may be underpriced, how correlations can build across insurance portfolios, and why underwriting discipline, lease counterparties, and financing structures matter. Jeff also shares his perspective on duration, relative value, and how insurers can position portfolios as AI-driven capital spending continues to expand.