Market perspectives: investing insights from our insurance roundtable
Our recent insurance roundtable in New York brought together industry leaders to discuss the forces influencing insurers’ portfolios today – including developments in private credit markets, the growing role of data and AI and the importance of steady, fundamentals‑based judgment in a complex environment. Explore the full summary.
Panelists
Randy Brown,
Mark Attanasio
Today's investment environment is complex for insurers, shaped by elevated valuations, shifting interest rate expectations, evolving monetary policy and uneven global growth. Rapid technological advances are reshaping capital allocation and risk assessment, while geopolitical uncertainty adds further volatility. Across public and private markets, tighter financial conditions are widening the gap between perceived risk and underlying fundamentals – raising important considerations for insurers managing long‑duration capital and balance‑sheet resilience.
Below are key takeaways from the panel discussion, highlighting emerging investment opportunities, the influence of AI and why a long-term perspective remains essential for insurance portfolios navigating today's shifting market landscape.
Private credit can be seen as attractive, but discipline matters
Private credit is a mature but structurally inefficient market that continues to offer opportunities for disciplined, long-term investors, even as current conditions remain “frothy”. Panelists emphasized that investors should remain cautious, as the search for yield can expose pockets of the market offering weaker covenants and lower-quality collateral. This can increase risk, particularly as private credit products expand to retail investors who may underestimate liquidity constraints, an important consideration for insurers managing capital against policyholder obligations. While market dislocations are inevitable, they could serve as potential entry points for patient capital, reinforcing the importance of maintaining a long-term, disciplined approach as the market evolves into areas such as asset-backed lending and specialty finance.
Key takeaways:
- Valuations and spreads are currently tight, driven by investors stretching for yield.
- Liquidity risk is often misunderstood, particularly as private credit products reach a broader mix of investors.
- Market dislocations can present compelling entry points for patient, long-term investors.
“It’s always been an inefficient market, and that’s a good thing. When the bad news hits and spreads widen, that’s when long-term investors really get their opportunities.”
- Mark Attanasio
There’s no crying in baseball (or insurance investing)
Mark Attanasio is not just cofounder and managing partner of Crescent Capital – he is also Chairman and Principal Owner of the Milwaukee Brewers. Mark reflected on this experience to illustrate the same themes that were emphasized throughout the discussion: long term discipline and resisting the urge to go full “Moneyball” (in other words, balancing data with human judgment). Much like building a competitive major league baseball team, successful insurance investing depends on strong fundamentals, resilient decision making frameworks, the ability to “wait for your pitch” and stay steady through periods of uncertainty and market volatility.
AI continues to change the game
AI is a foundational, “game-changing” technology whose impact lies not just in applications, but in the underlying data and systems that will reshape decision-making across industries. AI was noted for its growing role in healthcare diagnostics, operational analytics and business risk assessment. Broader societal implications should not be minimized, including job disruption and the accelerating challenge of misinformation. The panelists stressed that as AI adoption expands, organizations must balance innovation with strong governance, transparency and human oversight.
Ultimately, the discussion underscored that AI’s greatest value will come from enabling better, faster and more informed decisions in an increasingly complex and information-rich environment.
Key takeaways:
- AI is improving diagnostics, analytics and operational efficiencies across industries.
- Misinformation, deepfakes and “noise” in the information ecosystem are rising risks.
- Organizations must balance innovation with governance, human oversight and ethical considerations.
“The real story isn’t just AI - it’s data and systems. This is a defining technology that’s going to change things over time.”
- Randy Brown
Human judgment still drives long-term success in a data-driven world
Across competitive environments - from professional sports to financial markets - data and metrics can identify opportunities and improve efficiency, but long-term performance is ultimately driven by fundamentals such as organizational development, disciplined processes and clear decision-making frameworks, particularly for insurers managing long‑horizon risks and capital commitments. Organizations that apply insights creatively rather than relying solely on scale are better positioned to successfully navigate market cycles and manage stakeholder expectations. A consistent, long-term perspective and emphasis on trust, governance and execution were highlighted by the panelists as essential to maintaining resilience across insurance portfolios in increasingly complex and competitive markets.
Key takeaways:
- Analytics can enhance performance, but leadership and fundamentals ultimately determine outcomes.
- Emotional intelligence and judgment remain critical in navigating uncertainty and market psychology.
- The most effective strategies combine advanced technology with strong human decision frameworks.
“You’re never as good as you think you are when things are going well, and never as bad as you think when they’re not. The discipline of the process is what makes the difference.”
- Mark Attanasio
For insurers, the path forward is less about predicting the next market move and more about building portfolios that can withstand uncertainty. The discussion underscored that disciplined processes, strong governance and informed human judgment will continue to differentiate resilient insurance investors as markets evolve.
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