The Most Talked-About Insurance Investment Topics of Q3 2025

At InsuranceAUM.com, we’ve been moving fast this quarter—bringing you the conversations, insights, and thought leadership that matter most to insurance investment professionals. From regulatory shifts like AG 55 to the rise of asset-based private credit, the landscape is changing quickly, and staying ahead means keeping your finger on the pulse. That’s why I’ve pulled together a high-energy roundup of our Top 10 most-read and most-listened-to pieces. Here are 10 things you need to know right now.

1. Asset-Based Private Credit Is Taking Off

Insurers love yield with downside protection, and asset-based private credit (ABC) checks both boxes. From aircraft leases to shipping containers, Castlelake shows how insurers are leaning into this structural play with tangible backing and non-correlated returns.

2. AG 55: The Guideline That Could Change the Game

The NAIC’s AG 55 has the potential to redefine how asset-intensive reinsurance is disclosed. Year-end 2025 will be the first real test, and transparency will be the name of the game. Don’t get caught flat-footed.

3. Consensus = Risk 

In Ahead of the Curve, T. Rowe Price warns: when everyone agrees, it’s time to worry. Their contrarian scenarios, like inflation roaring back or European growth surprising, are reminders that consensus isn’t always safe.

4. Beyond the Plain-Vanilla ABS

American Century’s team highlights how non-traditional ABS can give insurers 50–100 basis points of spread pickup over BBB corporates, plus diversification benefits. Think bespoke securitizations tailored for insurance needs.

5. Capital-Efficient Strategies Multiply

Mercer reports growth in capital-efficient strategies, jumping from 89 to 119 in just a year. Evergreen structures and broader strategy types are gaining traction, signaling a new phase in insurer portfolio design.

6. Private Credit Insights from the Field

Basel IV, non-bank lending, and insurance liabilities are converging to create a structural tailwind for asset-based private credit. Castlelake’s Isaiah Toback breaks down how insurers can play offense in this growing market.

7. Spotlight on Sid Chakravarty

At Coaction Specialty, Sid Chakravarty brings an investment consultant lens to the director role. His story blends technical expertise with a personal perspective on risk and capital management.

8. Investment Risk: Rethinking the Function

Allysen Mattison of IR+M reframes risk as not just mitigation, but alignment: your biggest exposures should match your highest-conviction ideas. She also cautions that rigid tracking-error budgets may actually block opportunities.

9. Real Asset Credit Goes Mainstream

Ares’ Bryan Donohoe and Brent Canada explain why insurers are ramping up allocations to real estate and infrastructure debt. It’s no longer niche, but not all deals are created equal.

10. The Big Picture
From capital-efficient universes to contrarian thinking, one theme shines through: insurers are customizing more than ever. Bespoke mandates, structural credit plays, and regulatory-driven shifts are reshaping the industry in real time.

Bottom Line: The world of insurance investing is moving fast. Whether it’s AG 55’s regulatory impact, the rise of asset-based credit, or the mainstreaming of real asset debt, the common thread is innovation meeting discipline. Stay tuned, and stay ahead.

About the Author

Stewart Foley, CFA, is the Founder and Senior Advisor of InsuranceAUM.com, a leading digital publishing platform providing insurance industry investment professionals with educational resources, industry insights, and networking opportunities. Through a combination of events, thought leadership, and data-driven content, the company helps insurers make informed investment decisions. For more information, please visit InsuranceAUM.com.