09:00
The risks and opportunities for private debt investment
- Identifying the opportunities for direct lending in insurance portfolios
- How will the inflationary environment and interest rate movements impact borrowers and lenders?
- Structuring private debt strategies for optimal capital efficiency and balance sheet management
- Preparing for the impact of the Solvency II review, applicable in 2027
- Managing rising credit risks amid a shift toward sub-investment grade exposures
- Expanding regional diversification: opportunities and practical limitations for insurers
Moderator: Simeon Willis, Chief Investment Officer, XPS Investments
Michela Bariletti, Chief Credit Officer, Phoenix Group
Roman Hederer, Head of Structuring, Legal & General
Stephen Marsh, Head of Investment Oversight, Lloyds of London
09:45
Sponsor presentation
10:05
ESG considerations when investing in private markets
- How private market investments can support insurers' ESG and sustainability objectives
- Comparing private debt and private equity approaches to ESG integration and impact
- The state of ESG data: assessing quality, consistency and decision-usefulness and identifying gaps
- The evolution and alignment of ESG standards and taxonomies: are they a help or a hindrance?
- Opportunities for insurers to influence positive change through private markets, relative to public market investing
Moderator: Jegor Tokarevich, Managing Director, SOF
Cléo Fitzsimons, Head of Sustainability, Pension Insurance Corporation
10:50
Coffee and networking
11:20
Asset-Based Finance (ABF) investment strategies for insurers
- Identifying the ABF investment strategies most relevant and effective for insurance portfolios
- Comparing ABF yields and risk profiles with public and private credit opportunities
- Optimising ABF allocations within existing solvency and accounting frameworks
- Innovation in structuring and risk transfer – tranching of prepayments and other embedded risks
Aileen Mathieson, Group CIO, Aspen Group
Corrado Pistarino, Chief Investment Officer, Foresters Friendly Society
12:05
Deep dive: property investments
- Direct vs fund/co-investment approaches
- Restructuring underperforming/undervalued property funds
- Managing long-duration cash flows and liability matching
- Considerations and challenges when developing a green, or "brown-to-green" real estate portfolio
- Social housing and impact investing
- The future of office space and the role of data centres in property portfolios
- The impact of regulation, government policy and spending - what changes could help channel insurers' capital towards property investments?
Adam Alari, Investment Oversight Manager Real Assets, Royal London
Andrew Angeli, Global Head of Real Estate Research & Strategy, Zurich Insurance
12:50
Lunch
13:50
Structuring securitisations to meet insurers’ Matching Adjustment (MA) needs
- The trade-offs: moving from high-return, high-capital private assets to senior positions in tailored structures with lower yields but reduced capital charges and operational complexity
- Regulatory and operational considerations: are new MA applications required?
- Collaboration and co-investment: how can insurers partner with asset managers and other institutional investors?
- Perspectives on "manufactured" assets in insurers' private credit strategies
Moderator: Ben Grainger, Partner, Financial Services, Ernst & Young
Clarence Er, Group Head of Credit Risk, Just Group
Zoltan Galyo, Head of Loan Investments, Scottish Widows
14:35
Deep dive: infrastructure investments
- Transport infrastructure, energy and renewables, and digital infrastructure: what are the emerging trends, pricing challenges, and risk considerations?
- What factors can enable or impede access to deal flow and origination of attractive, high-quality assets?
- How do insurers decide on allocation and structure to optimise risk-adjusted returns?
- Infrastructure debt versus equity, public versus private capital, and PPPs
- Examples of infrastructure investments in developing economies and the associated risks, opportunities and challenges
- Looking ahead: what are the structural issues that require investments from private actors over the next 20 years? To what extent can private capital step in where public spending is constrained?
- housing
- grid update to ensure support for electrification and energy security
- infrastructure to support the AI revolution
- nuclear energy
Moderator: Carlos Montalvo Rebuelta, Partner, PwC
Alexander Gramann, Senior Investment Manager Renewable Energy & Infrastructure, MunichRe
Manuel Dusina, Head of Real Assets, Private Markets, Phoenix Group
Marieke van Kamp, Head of Private Markets, NN Group
15:20
Coffee and networking
15:50
Conference ends