Presentations: Insurer Investment Forum XIX

Below are links to the presentations from our various speakers at this year’s Insurer Investment Forum. We hope you find these helpful.


Gov’t Risk Pools Seminar

What are the hard trends and issues impacting Governmental Risk Pools and their investment process?

Speaker:
Dan Smereck, Managing Director & Principal, SAA
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SAA2 Presentation


Yes, Virginia, There is a Business Cycle

Traditional economics has given us the idea of the business cycle, plotting an economy’s constant move through expansion, peak, recession, trough, and recovery. With the current expansion moving towards the longest in US history, one might begin to wonder if the business cycle has been repealed. SAA will look at this idea by considering more than just GDP, in reconsidering just where in the business cycle we are today. And, what it might mean for investments in the medium and long term.

Speakers:
Dan Smereck, Managing Director & Principal, Strategic Asset Alliance
Alton Cogert, President & CEO, Strategic Asset Alliance
Nathan Simon, Financial Analyst, Strategic Asset Alliance
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SAA1 Presentation


‘Peer’ing into the Future – How Do You Compare? How Should You Invest?

Today, insurers are bombarded by investment managers and other sources with peer group related information. Comparisons are interesting, providing a hint at the strategies of your peers, but they can also be misleading. In addition, many such peer group analyses are so lengthy they lose the ability to provide useful information that may improve the insurer receiving the report. With that in mind, SAA will discuss key metrics insurers and pools should focus on, including an estimate of portfolio risk/reward, with a streamlined, flexible peer analysis. Where does your insurer or government risk pool fit on the risk/reward spectrum versus its peers?

Speaker:
Dan Smereck, Managing Director & Principal, SAA
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SAA2 Presentation


Floating Rate Loan Market: Fact and Fiction

Eaton Vance will discuss the current state of the market from a fundamental, as well as technical standpoint, and address some of the headline topics which may not hold up when fully examined. Despite a strong fundamental footing, we have seen a significant pick-up in negative media coverage, focusing on trends such as covenant-lite, “loan only” issues, and CLO concerns. We will offer Eaton Vance’s perspective on why it is important for investors to understand the “fiction” or “noise” of some of this media coverage and focus on the value in the floating rate loan market. Finally, Eaton Vance will provide an outlook for the asset class during this late stage economic cycle.

Speaker:
Michael Kinahan, Portfolio Manager, Eaton Vance
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EV Presentation


Investment Positioning For an Aging Bull

With Central banks very slowly removing accommodation, and the initial stimulative effects from U.S. tax reform now behind us, the investment landscape is changing. Naturally, investment strategy will need to shift, keeping in mind that this economic expansion is already the longest on record. This session will highlight the positives and negatives for insurers with a focus on an evolving interest rate and credit environment, new tax rules, and updated capital requirements. Our discussion will include NEAM’s opinion on how these and other topics of the day will impact investors generally, and insurance companies specifically.

Speaker:
Christian Auger, Senior Client Strategist, NEAM
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NEAM Presentation


Maintaining Yield in a Late Cycle Environment

Fixed income investment strategies have relied on corporate and structured credit to enhance yield over the past several years. Credit spreads have historically moved well in advance of recessions and liquidity has been considerably impaired in these widening spread environments. This supports moving early to reduce credit risk rather than waiting until economic data confirm a slowdown. Does this mean portfolios must hide in a bunker filled with US Treasury securities and be content with less yield? We’ll discuss some investment strategies that may help preserve yield in this late cycle environment.

Speaker:
Jim Kaniclides, Director & Senior Portfolio Manager, Mellon
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Mellon Presentation