Episode 46: The Changes Happening on Schedule BA

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Danielle Natonson, Managing Director at Cardinal Investment Advisors, to discuss the shifting landscape of Schedule BA assets and what it means for insurance investors. As the hunt for yield continues, insurers are increasingly turning to private credit and other alternative investments—but not without key considerations around capital charges, risk-based capital (RBC) constraints, and regulatory oversight.

Danielle shares insights on the growing role of private credit, the trade-offs of different investment structures, and how insurers can evaluate and optimize their Schedule BA allocations. She also highlights the importance of understanding regulatory frameworks, navigating fund flows, and assessing risk premia in today’s challenging market environment. Tune in for a deep dive into one of the most dynamic areas of insurance asset management.