AWARDS 2018 Shining the spotlight on excellence in insurance investment - Insurance Investment Exchange
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AWARDS 2018
Shining the
spotlight on
excellence
in insurance
investment
CONTENTS
EDITOR’S LETTER
Insurance investment skill has
never been as critically important
as in today’s challenging
03 Judges 12
Best Overall Asset environment for insurers.
04 Overview Manager: Aviva Investors The Insurance Investment
06 Outstanding Contribution:
Most Innovative Exchange Awards 2018 are
David Astor Investment Solution an important reminder of just
07 Rising Star: Daniel Blamont, of the Year: how important investment
Phoenix Group Natixis Investment Managers performance is to the modern
08 Best General Insurer: 14 Best Fixed Income insurance industry. This year, we
AIG Asset Manager: Conning also introduced personal awards
Best Small Insurer: Best Multi-Asset Manager: for those individuals and teams
Canopius who have raised the bar and
Insight Investment
deserve recognition.
09 Best Annuity Provider 15 Best Client Service:
We thank all the firms who
Insurer: Columbia Threadneedle
entered the awards and the judges
Rothesay Life Investments
who diligently sifted through so
Best Life/Health Insurer: Best Alternatives
many entries. We had a strong field
Vitality Asset Manager: of candidates and to be shortlisted
10
Best Insurer Investment Aviva Investors was a notable achievement.
Team: 16 Diversity Initiative A special congratulations
The Phoenix Group of the Year: Columbia to all the winners and highly
11
Capital Efficiency Initiative Threadneedle commended firms – you can
of the Year: Adviser of the Year: wear your badges with pride. The
LV= Ernst & Young excellence on display this year
Best Reinsurer: 18 Technology Firm shows the community is stepping
Swiss Re of the Year: MSCI up to the plate to meet the many
challenges insurers face.
Contact us We wish you all the best for
the investment battlefield in the
John Townley Dr Bob Swarup coming months, and look forward
Tel: 07770 392365 Tel: 07801 552755 to honouring new victors in 2019.
Email: john.townley@insurance Email: bob.swarup@insurance
investmentexchange.com investmentexchange.com Bob Swarup, co-founder, Insurance
Investment Exchange
2 Insurance Investment Exchange Awards 2017 www.insuranceinvestmentexchange.com
JUDGES
We would like to thank all our judges for giving
their valuable time and sharing their experience
to pick some truly worthy winners
T
he judges for the 2018 Norman Peard
Insurance Investment Senior insurance and investment
Exchange Awards were: banking professional and actuary.
Bob Swarup Stephen Riley
Co-founder, Insurance Experienced insurance
Investment Exchange and reinsurance company
executive and director
Mary Boyle
Independent investment Barry Smith
consultant Former CEO, Ageas
Bridget Gardiner Eric Vynckier
Executive director, Board member, Forrester
The Brokerage Citylink Friendly Society, and former
CIO at Alliance Bernstein
Rob Groves
CIO, Pension Insurance David Worsfold
Corporation, and former CIO at Contributing editor, Insurance
Friends Life Group Investment Exchange
www.insuranceinvestmentexchange.com Insurance Investment Exchange Awards 2018 3
OVERVIEW
Solving the investment
equation
As the investment landscape grows more complex and the base business model
comes under strain, insurers and their investment teams face balancing myriad
pressures to deliver the returns demanded of them
Bob Swarup
I
n quantum cosmology, the
Lagrangian equation is a popular
technique that combines the
function at the heart of some
deep-rooted existential problem
with all of its myriad constraints
into one single complex equation.
By doing so, the hope is that one
can begin to reflect the irritating
contours of reality and if not solve,
then at least optimise to make
progress towards an answer.
This is not a treatise on arcane
mathematica, but the feeling
must feel familiar to insurance
investors everywhere. are few and far in between, and have to tackle a three-
The problem is simple enough: the textbooks forgot to include dimensional problem of
how to generate returns today. the chapter on organisational risk, return and regulatory
The solution is something politics and bureaucracy. capital. That has become
different entirely. In an ideal In more normal circumstances, increasingly complex in
world, risk is a mathematical not all of these constraints apply recent years.
number, there is a bond for and investing is a less fraught On the one hand, there is new
every cashflow, and yield is not activity. But we live in a far from regulation in the form of Solvency
a problem. normal world today, and the II, which increased the demands
In the real world, however, question of how to invest in the on insurers’ resources and the
uncertainty swamps risk, here and now is a tough one. scrutiny of their decisions. Some
cashflows don’t line up neatly Line up the constraints and the elements of it are prescriptive,
and yield is the problem that investment Lagrangian today is others less so. But it has forced
bedevils us all. Then, there are formidable for insurers. the community to look deeper
the strictures and demands of into its investment decisions
regulation, of actuaries and of A complex landscape and map out the risks in more
stakeholders. Economic risk and While the rest of the investment detail than ever, whilst also
regulatory capital diverge, cash community ponders the trade-off holding more capital back for
is a problem, the assets that work between risk and return, insurers possible losses.
4 Insurance Investment Exchange Awards 2018 www.insuranceinvestmentexchange.com
OVERVIEW
To blame Solvency II alone stakeholders are demanding markets as they align to new
for the woes of insurers today, more – more yield, more capital investor preferences.
however, would be unfair. What efficiency and more returns to This is a journey of opportunity
has really undone insurers has shareholders. and peril. Necessity is the mother
been the confluence with the In the absence of suitable of innovation, and the past few
sustained low yield environment assets, they have cast the net years have seen plenty of that
of the last decade. The fact that wider. We have moved into across strategies, structures and
new regulation has exposed different geographies, gone modelling. That is encouraging
balance sheet volatility speaks down the credit curve, sought out and shows that as an industry, we
more to the uncertainty that alternative investment strategies are innovating to find answers to
exists more than ever today. and private assets, and devised once intractable problems.
The insurance business model new structures to optimise that But there is also risk. These
is simple – collect premiums, risk-return-capital tradeoff. new assets and structures bring
invest said premiums in assets Even equity – once anathaema new risks and exposures. As the
with secure returns (preferably – is making an appearance in palette expands and the portfolio
contractual), pay out claims and insurance portfolios. grows broader, there is also a
live off the margin. It’s a mantra This is an explosion of greater need to curate, to distil,
that has served the industry well complexity that is also self- to analyse and to understand.
for the best part of two centuries. fuelling. Globally, public fixed Above all, there is a need to be
The problem is that today, the income assets are approximately vigilant and ensure that the hunt
premiums are still piling in and some $100trn, with insurers for yield and capital efficiency
the claims are still going out, but making up a significant chunk do not overcome a prudent
somewhere in the middle, the of that. The areas they are assessment of economic risk
factory line has broken down. moving into are far smaller – for and substance.
The assets just no longer exist example, private debt is perhaps
in enough quantum. A strong some $2trn today, of which only Uncertainty vs volatility
underwriting environment might a fraction ticks the boxes for As talk moves from quantitative
mask this in better times, but that insurers in terms of risk profile. easing to tapering and tightening,
is not the case today. That has also grown four-fold in a clear divergence has appeared
The assets that served insurers the past three years, reflecting between growing economic
well in better times – sovereigns both an escalation in supply to uncertainty and muted financial
and investment grade fixed meet insatiable demand but volatility. Financial markets
income – have seen yields fall, also structural shifts in the wider are ultimately yoked to the real
fall and then some to the point economy and over the long run,
where they largely no longer their behaviour must reflect
meet the return targets for ‘The premiums underlying economic reality.
management or for shareholders. Either uncertainty must fall to
Cash is never an option, as the are still piling match expectations or volatility
whole business model is about in and the must rise to reflect the dilemmas
outperforming cash. claims are still facing policymakers today.
Managing the insurance
Retooling the business model going out but portfolio in this environment
The insurance investor’s problem somewhere in is the challenge for the year
today is that they are being given the middle the ahead. Meeting it and solving
increasing amounts of money this Lagrangian will require both
to invest precisely when they factory line has independent thought and more
would like less, and whilst their broken down’ dialogue than ever. n
www.insuranceinvestmentexchange.com Insurance Investment Exchange Awards 2018 5
AWARD WINNER
David Astor
Outstanding Contribution JUDGES’ COMMENTS
D
avid Astor has had a ‘David’s calm authority, deep knowledge and shrewd judgement have
distinguished career in been qualities he has brought to every position he has held. During the
the insurance industry, past 15 years in particular these have helped Hiscox negotiate a safe
in particular managing the passage through turbulent times.’
investment portfolio of Hiscox
Insurance through a period
of growth and development. our fund managers and other “I congratulate them on the
This was also a period of third-party providers. foresight and enterprise they
unprecedented regulatory “I would like to thank John had to establish the Insurance
change with the advent of and Bob for creating a forum to Investment Exchange, which
Solvency II. promote and stimulate debate and is now an integral part of
David recently retired as interaction between us all. the industry.” n
chief investment officer at
the insurer after more than
15 years in the role and his
contribution to the Hiscox
success story was acknowledged
by Hiscox Group chief executive
officer Bronek Masojada:
“I would like to thank David Astor
for his contribution to Hiscox
over the last 15 years, during
which he has overseen asset
growth from £0.6bn to £4.4bn
and delivered consistently
strong investment returns.
“David has been a safe pair of
hands during periods of economic
uncertainty and a valued member
of our senior management team.”
On receiving the award, the
ever-modest David Astor chose
to switch the spotlight away from
himself and on to the founders
of the Insurance Investment
Exchange, Bob Swarup and
John Townley.
“In our business, managing
the assets well relies on a
successful collaboration with
6 Insurance Investment Exchange Awards 2018 www.insuranceinvestmentexchange.com
AWARD WINNER
Daniel Blamont, Phoenix
Rising Star
D
aniel Blamont has been
head of investment strategy
at Phoenix Group since 2012
and has established a reputation
for making bold decisions.
He has been a key leader in the
restructuring of the investment
team and has helped refocus its
priorities, in particular through a
significant shift away from fixed
income assets to a developing a
diverse range of illiquid assets.
He has been instrumental in
Phoenix’s foray into alternative
credit, including infrastructure
debt, equity release mortgages
and commercial real estate debt.
This boldness has made him an
in-demand presenter at specialist
conferences and market events
as well as a leading contributor to
industry and professional journals.
Daniel has been at Phoenix since
2012. Prior to that he worked for
more than nine years in investment
banking, starting in fixed income
research at Deutsche Bank in
2002, moving to insurance and
pension structuring at Deutsche
Bank in 2006. Between 2010 and
2012 he was ALM structurer with
special focus on Scandinavia, UK
and The Netherlands in the context
JUDGE’S COMMENT
of Solvency II at Credit Suisse. ‘Daniel has had a major impact on Phoenix since he arrived in 2012.
He graduated from King’s He has made a series of significant changes to its investment strategy,
College London with a BSc ensuring that its asset allocation is well-matched to its unique
in Mathematics and Management book of business. He has become a major contributor to industry
and also holds an MSc in events, prompting many senior investment managers to challenge
Financial Mathematics from conventional wisdom.’
Warwick University. n
www.insuranceinvestmentexchange.com Insurance Investment Exchange Awards 2018 7
AWARD WINNERS
AIG
Best General Insurer JUDGE’S
COMMENT
T
he quiet consistency of AIG’s ‘AIG has not had an easy time
investment performance recently so to turn around
through a turbulent year investment performance so
for the general insurance significantly against that back-
market made it the standout ground is a major achievement.
performer of the past 12 months. In addition to being rocked by
This came off the back of some very heavy catastrophe losses
poor figures at the turn of that hit all major global insurers,
2015-16. A significant re-alloca- in the UK there have been other
tion of assets ensured investment major challenges for general
performance was a strong insurers, such as the slashing of
contributor to the overall recov- the discount rate. It has been a
ery in underlying group perfor- question of holding one’s nerve
mance in the face of some major in investment departments and
corporate restructuring. n no-one has done that better
Highly Commended: Allianz than AIG.’
Canopius
Best Small Insurer performance tripled its contri-
bution to the balance sheet of its
T
main Lloyd’s syndicate 4444.
urbulent market conditions, Maintaining sufficient liquidity
new ownership and a com- to pay large claims while pro-
plete overhaul of corporate ducing an investment income
identity as Sompo Canopius that caught the eye of market
became just Canopius did not commentators is a significant
stop the specialty London Market achievement and one that
insurer turning in a stellar invest- made Canopius stand out among
ment performance in 2017. In the London Market’s many
round numbers, investment smaller insurers. n
JUDGE’S COMMENT
‘Investment performance went from steady to spectacular in 2017,
just as underwriting results turned nasty. It takes real skill, knowledge
and judgement to achieve such results against that background.’
8 Insurance Investment Exchange Awards 2018 www.insuranceinvestmentexchange.com
AWARD WINNERS
Rothesay Life
Best Annuity Provider JUDGE’S COMMENT
T
‘This is the standout performance among annuity providers. Focused,
he annuity market has been appropriate strategies have played their full part in enabling the com-
tough in recent years with pany to establish itself as a serious player in the annuity market.’
returns and rates that are
unattractive to potential inves-
tors combining with government a key ingredient in that success. It
reforms to fundamentally alter the has a focus on mitigating financial
market’s dymanics. and longevity risk.
Specialist provider Rothesay The company said: “This
Life has maintained a clear focus award was hugely gratifying.
since its 2007 launch enabling it For the second year in a row
to become a leading life insurer we have been recognised
specialising in bulk annuities and externally for our achievements in
other de-risking solutions for providing innovative and secure
defined benefit pension schemes insurance solutions for pension
and insurance companies, and its schemes, insurance companies
investment performance has been and policyholders.” n
Vitality
Best Life/Health Insurer JUDGE’S COMMENT
O
ne of the big success ‘Vitality has not only grown in size and scope but has established a
stories in the UK insurance reputation for paying claims slightly ahead of market averages in
sector during the past few terms of speed and percentage of claims met in full. This requires great
years has been the way in which confidence in the consistency of investment returns, which is precisely
Vitality has established itself what it has enjoyed.’
as a major player in the health
insurance, income protection and
related markets. a consistent investment Vitality’s risk profile. This has
This successful growth performance from a dynamic also given the company a
has been underpinned by portfolio that is well matched to platform from which to launch
a suite of investment products
‘Vitality has not only grown in size into the UK.
and scope but it has established This growth has been
supported by consistent,
a reputation for paying claims above-average returns from
slightly ahead of market averages’ Vitality’s investment portfolio. n
www.insuranceinvestmentexchange.com Insurance Investment Exchange Awards 2018 9
AWARD WINNER
The Phoenix Group
Best Insurer
Investment Team
I
nsurance company investment
departments are proud of
their teamwork ethos and in
one of the tightest categories in
this year’s Insurance Investment
Exchange Awards it was the
Phoenix Group that led the
way as the Investment Team
of the Year.
Phoenix’s Financial
Management Group
(FMG), has led the Phoenix
Group’s development and
implementation of the
shareholder investment strategy,
expanded the investment
capabilities of the group, been
instrumental in the group’s
successful M&A acquisitions of
Axa and Abbey Life and provided
ALM expertise, particularly in
terms of the Tier 2 USD bond
issuance in 2017.
These achievements were
made possible through
collaboration with both internal
and external stakeholders, risk-adjusted yield by investing steps have been made in
including asset managers, in illiquid private assets classes the implementation of this
investment banks, consultants, and creating bespoke mandates strategy. This has seen Phoenix
industry peers and active for public assets tailored to Group’s holding of illiquid
dialogue with the regulators. Phoenix requirements. Over the assets quadruple. n
The team is headed by past 12-18 months, significant Highly Commended: LV=
Scott Robertson with Daniel
Blamont, the winner of the new
Rising Star Award, as head of
JUDGE’S COMMENT
investment strategy. ‘Big challenges faced and met by a great all round team approach. Have
Scott and Daniel introduced an slightly different pressures from other insurers but need to deliver and
investment strategy focused on this entry shows that they do just that.’
improving the diversification and
10 Insurance Investment Exchange Awards 2018 www.insuranceinvestmentexchange.comAWARD WINNERS
LV=
Capital Efficiency without introducing excessive
levels of counterparty risk.
Initiative of the Year
LV= developed a truly inno-
L
vative reinsurance solution that
V= has a £900m block of allowed it to achieve its objec-
legacy with-profits deferred tives of a 5% increase in Solvency
annuity business with par- II capital cover ratio, reduced
ticular product features that, balance sheet volatilty and
combined with the low-yield envi- reduced long-tailed risk exposure.
ronment and Solvency II regime, James Pratt, capital efficien-
led to a number of issues including cy manager, said “It’s great to
large capital requirements, have external recognition of the
material balance sheet volatility structure we designed.” n
from interest rates and an inability
to use the Matching Adjustment.
The objective of its winning
JUDGE’S COMMENT
capital initiative was to improve, ‘Highly specialised but well thought through response to a very
at an acceptable cost, the quality, technical problem. The speed of the project’s delivery from
quantity and stability of its capital design to implementation is impressive.’
Swiss Re
Best Reinsurer allocator. Its investment team
adds value through activities that
A
go well beyond the core mandate
sset management sustain- of managing Swiss Re’s assets.
ability creates value for It acts as a ‘centre of excellence’
Swiss Re and its sharehold- for financial market expertise
ers by following a disciplined, across the group. It is also a rec-
long-term-oriented investment ognised thought leader on sus-
approach and focusing on a tainable investment themes and
high-quality investment portfolio. is highly engaged in the global
It enters markets strategically policy and industry dialogue
through its flexible investment around responsible investing and
platform and is well-positioned to infrastructure financing. n
be a strong contributor to Swiss
Re’s financial performance, helping
minimise earnings volatility.
JUDGE’S COMMENT
Differentiation is pivotal to ‘Swiss Re is consistent, rigorous and has a solid track record. It has
extending its role as a knowledge always provided leadership to the whole industry on key topics.’
company and strategic asset
www.insuranceinvestmentexchange.com Insurance Investment Exchange Awards 2018 11AWARD WINNERS
Aviva Investors
Best Overall Asset Portfolios are wholly struc-
tured to meet specific goals. The
Manager
duration objective, rating, sector
A
allocation limits and discretion to
viva Investors’ insurance invest in private placements can
heritage affords it a unique be altered to meet client needs.
understanding of the chal- In 2017, it heavily invested in
lenges and regulatory constraints people with extensive insurance
faced by today’s insurers. asset management experience
It works closely in partnership and boosted its fixed income and
with clients to kill complexity and alternatives strategies. n
bring transparency to core areas, Highly Commended:
including fees, its investment Insight Investment
process and detailed reporting on
asset allocation.
In the process, it aims to build
JUDGE’S COMMENT
and maintain long-term relation- ‘Comprehensive coverage of alternative asset classes as well as
ships and conducts its business the long-term stable assets central to insurer portfolios. Aviva now
simply and with integrity. appears to have a solid platform backed by first-class client service.’
Natixis
Most Innovative solutions addressing major
global environmental challenges
Investment Solution
such as climate change, protec-
of the Year
tion of landscapes, biodiversity,
T
soil and marine resources.
hrough its Mirova affiliate, It designs innovative ap-
Natixis Investment Managers proaches to financing sustain-
has a dedicated focus on able projects, organisations
responsible investing with €9bn and businesses that conserve
in AUM. the environment and improve
With the ambition to allocate people’s livelihoods, while being
more than €1bn to natural capital commercially successful over
over the next five years, Mirova the long term. n
brings together the requisite
strategic vision and expertise to
scale up this promising market.
JUDGE’S COMMENT
It serves institutional clients ‘This is a bold innovation and deserves a lot of credit. It places
seeking market-level returns Natixis right at the forefront of environmental investment.’
with high-impact investment
12 Insurance Investment Exchange Awards 2018 www.insuranceinvestmentexchange.comSPONSORED CONTENT
Conning
Dare to be different
regulatory requirements. This is as opposed to investing through
Woody Bradford, particularly true for multinational standalone investment depart-
chairman and CEO at companies. While changing reg- ments that seek incremental in-
Conning, on keeping up ulatory and rating agency models come. They must look at investment
with the pace of change will likely have a profound impact risk in the context of the overall en-
I
on investment strategies, regulato- terprise risk of their companies.
‘‘ t is not the strongest or the most
intelligent who will survive but
those who can best manage
ry changes generally lag more in-
novative opportunities to address
risk and return optimisation.
Survival instinct
How will investment departments
change,” said Charles Darwin. The impact of these regulatory be measured in terms of their per-
The pace and magnitude of changes may distort risk and return formance? At the enterprise level,
change in the investment envi- metrics, and artificially increase de- will a new purpose for investments
ronment is remarkable, if not un- mand for favoured asset categories. be to diversify risk, in addition to
precedented. This is of particular Companies will need to be respon- producing incremental income?
concern for insurance executives sive to regulatory requirements, This could require more granu-
responsible for managing capital but differentiation will come from lar integration into business goals,
and investments and responding being ahead of this curve. perhaps at product or unit level, and
to regulatory changes. Companies Companies must be innovative a more granular approach to both
that can keep up with this pace of in seeking new investment prod- investing and measuring invest-
change through innovative invest- ucts and strategies that will im- ment performance, supported by
ment approaches will find a com- prove the risk and return profile of sophisticated modelling tools, big
petitive advantage – others may the firm. But they also need to con- data, AI, and behavioral economics.
fall by the wayside. sider the chance that investment In addition, management incen-
yields overall may remain de mini- tives must support this approach.
Break with convention mis for an extended period of time. Darwin would agree that com-
In order to innovate, insurance Will barely beating a benchmark panies that can innovate and adapt
industry leaders need to question that is close to zero support a will develop an advantage over
conventional wisdom and create a sustainable business model and, those who rely on conventional
culture of innovation —past beliefs if not, what innovative strategies approaches to investing. Invest-
may no longer be true in this new make sense? ment risk is increasingly important
investment environment. Will reg- Insurance industry leaders will in measuring overall enterprise
ulatory and rating agency models need to integrate investments more performance, but will need to be
continue to serve as an effective fully into business performance, applied at a more granular level to
guide for appropriate capital levels optimise product performance.
and structure? Will investment ‘COMPANIES WILL NEED Risk management may
income continue to serve as a pri- TO BE RESPONSIVE become increasingly critical, as the
mary source of income in the insur- importance of investment perfor-
TO REGULATORY
ance industry? mance shifts to that of overall
Executives need to understand
REQUIREMENTS, BUT risk management as an integral
and articulate risk characteristics DIFFERENTIATION WILL part of measuring business perfor-
that recognise both internal busi- COME FROM BEING mance in a complex and volatile
ness requirements and expanding AHEAD OF THIS CURVE’ economic environment. n
www.insuranceinvestmentexchange.com Insurance Investment Exchange Awards 2018 13AWARD WINNERS
Conning
Best Fixed Income JUDGE’S COMMENT
Asset Manager
‘Conning knows what its clients are looking for in this field and
C
maintains a steady focus on delivery. A very good, all-round entry.’
onning’s commitment
to insurance expertise,
investment performance fixed income and equity products
and research, and an unrivalled as well as non-US dollar solutions
client service has allowed it to for clients that operate in other or
develop customised solutions for multiple currencies.
insurance investors. This formula As an insurance-focused
has evolved with the needs of the manager, Conning has designed
industry, adding geographies, solutions around the unique needs
products and capabilities to of insurance companies – for
address the challenges of the sustainable, tax-efficient income,
insurance space. muted volatility and efficient use
Conning has spent years de- of capital. n
veloping ‘non-core’ solutions for Highly Commended:
clients, including various specialty Insight Investment
Insight Investment
Best Multi-Asset Manager The strategy’s success led
its multi-asset team’s total
M
assets under management to
ulti-asset investment has grow from £5.3bn to £7.3bn,
been a core part of Insight’s over the 12 months to
business for many years. 31 December 2017.
Its central philosophy is to provide Insight believes its strategy has
solutions that help clients achieve two key distinguishing features –
their goals with more controlled combining market-based returns
volatility/higher levels of certainty. with strategies that are less reliant
Insight’s flagship multi-asset on rising markets and dynamic
Broad Opportunities strategy has asset allocation framework with
been running since 2004 and aims wide ranges. n
to deliver a return of cash plus
4% pa (net of fees) over rolling
five-year periods with materially
JUDGE’S COMMENT
lower volatility than equities. ‘Good results and growth show that Insight is delivering a solution
Over the long term, it has that clients value. Professional, transparent and comprehensive.’
exceeded this target.
14 Insurance Investment Exchange Awards 2018 www.insuranceinvestmentexchange.comAWARD WINNERS
Columbia Threadneedle
Best Client Service JUDGE’S COMMENT
C
‘Great client-focused service backed by solid technical expertise.
olumbia Threadneedle A flexible deployment of service solutions tailored to clients’ needs.’
Investments strongly
believes that at a time of
increasing complexity for the invested directly in its fund range,
insurance industry one size does across 15 asset classes.
not fit all. It offers a highly bespoke Investment operations are
client relationship and service supported by a seamless servicing
management proposition, closely proposition whether clients
tailored to the evolving require- operate their own internal asset
ments of individual institutional manager or have outsourced their
and corporate clients. investment function. This service
Its investment team manages offering provides comprehensive
£34bn of assets on behalf of eight support to meet clients’ risk-man-
insurance entities, overseeing agement responsibilities and
over 160 segregated portfoli- regulatory obligations, however
os. A further 200 mandates are complex they are. n
Aviva Investors
Best Alternatives JUDGE’S COMMENT
Asset Manager
S
‘Excellent. Some real innovation backed by in-depth analytics, client
ome of Aviva Investor’s support. Ahead of the curve.’
most innovative work has
been in alternative income.
It now offers an integrated opportunities. The objective is
multi-asset platform that to seek assets able to generate
includes real estate finance, low-risk, long-dated, fixed or
infrastructure, private corporate inflation-linked income, making
debt, structured finance and them particularly suitable for
unlevered infrastructure in cashflow-driven investing.
low-risk social infrastructure Material environmental, social
such as schools, hospitals and and governance (ESG) issues
low-carbon infrastructure. are integrated into its analysis
It is one of the few asset and decision-making. n
managers with a broad platform Highly Commended:
monitoring the premia available, Alliance Bernstein and
looking for relative value Pemberton Capital Advisors
www.insuranceinvestmentexchange.com Insurance Investment Exchange Awards 2018 15AWARD WINNERS
Columbia Threadneedle
Diversity Initiative and personal development, and
linked to incentive rewards.
of the Year
It has already made materi-
C
al progress in achieving visible
olumbia Threadneedle has change in gender balance. As
embarked on the challenge at Dec ’17, 40% of the company
of embedding genuine di- board, 40% of its regional execu-
versity deep into its culture. Its tive committee and 27% of invest-
approach spans public advocacy, ment professionals are women,
education, training, recruitment compared with 33%, 29% and
practices, improved policies, flexi- 29%, respectively, in Dec ’16. n
ble working and transparency. Highly Commended:
Employee performance is Dive in for Diversity Festival
measured against values of ‘client
focus’, ‘excellence’, ‘integrity’ and JUDGE’S COMMENT
‘respect’. Diversity and inclusion
are part of the ‘respect’ dimension. ‘A very impressive range of diversity initiatives. In particular, the level of
Performance in respect of these female participation is way above the sector average. It was good to learn
values is reflected in appraisals about their flexible working practices and youth-focused initiatives.’
Ernst & Young
Adviser of the Year With in-depth advice on a range
of emerging issues, EY is at the
E
forefront of top-quality technical
Y’s global network of insur- advice to insurance CIOs and
ance and investment profes- their teams.
sionals has provided guidance Ryan Allison,manager,
on pivotal areas in the industry. EMEIA insurance – risk and
The team has consistently pro- actuarial services, says: “This
duced high quality thought lead- award has motivated the whole
ership materials and has contrib- team to continue working to a high
uted to the industry’s collective level in the hopes of continuing to
knowledge in areas such as avia- assist our clients to achieve their
tion finance, ground rents and the vision and goals.” n
investor story in light of Brexit.
In collaboration with the EY
Solvency II Pillar 1 team, it has also
JUDGE’S COMMENT
shared insights on the latest PRA ‘Tackling illiquid assets head on and resolving critical challenges for the
and EIOPA consultation papers industry. Market-leading achievement across the most complex issues.’
that are shaping current thinking.
16 Insurance Investment Exchange Awards 2018 www.insuranceinvestmentexchange.comSPONSORED CONTENT
Columbia Threadneedle
Gender agenda
l Championing a diverse and inclu- actively promoting shared parental
Columbia Threadneedle’s sive culture and demonstrating a leave and encouraging male em-
drive to increase gender commitment to diversity. ployees to take advantage of it.
diversity in the industry is l Increasing focus on pipeline l Regularly hosting employee
reaping impressive results development and engagement pro- events with internal and external
W
grammes. speakers showcasing successful,
omen comprise just 9% l Attracting female talent through diverse role models to keep our
of investment manag- improved recruitment policies. employees engaged on the diver-
ers in the UK. Women l Acting as an advocate and indus- sity topic.
are just as capable as men when it try ambassador for improved gen-
comes to fund management or ful- der balance in asset management. Measure of success
filling senior roles in business. Yet Our senior management team In our industry ‘what gets mea-
they continue to be significantly together with our employee-led sured gets done’, and we have made
outnumbered. This matters deeply. Diversity & Inclusion Group have good progress as a result of the
At a time when individual in- implemented initiatives that have action plan. In the Counting Every
vestors face increasing challenges, led to better representation of Woman 2017 report by think tank
the investment industry needs a women in senior positions and on New Financial, Columbia Thread-
broad mix of experience, ideas and the investment floor. We achieved needle Investments came top of
opinions to help us understand this through a combination of ad- the asset management sector for
and deliver the financial outcomes vocacy, training and improved pol- women on executive commit-
our clients expect. Our industry is icies around parental leave, flexible tees (at 40% representation), and
missing out on a huge pool of talent working and recruitment. among the top five for board level
and resources. representation (with 33%).
Progress report We are committed to public
Diversity deliverables Concrete steps included: advocacy and are proud to be a
We are pleased to have been select- l Revising our recruitment poli- leading voice in our industry. Back
ed for ‘Diversity Initiative of the cies to ensure we have both male in 2015, we were the first European
Year 2018’ at this year’s Insurance and female representation on asset manager to publicly disclose
Investment Exchange Awards, rec- candidate lists in order to advance our gender diversity data and have
ognising our efforts to proactively more qualified women to the in- published our progress data on our
cultivate a diverse workforce and terview phase. For senior hires we website ever since.
aiming to achieve equal gender now have at least one woman on “Asset managers have a real
representation at all levels. the interview panel and we report opportunity to drive diversity in
We were equally proud to be one on our recruitment progress quar- financial services. We are proud
of seven founding signatories of the terly across roles and departments of our achievements in promoting
Women in Finance Charter in 2016 to the regional executive commit- better gender diversity. But this is
and the first asset manager to sign. tee. We also invest in unconscious only a start. It is our responsibility
To ensure that we achieve the bias training for hiring managers. to ensure the momentum contin-
targets we set, Columbia Thread- l Taking a closer look at our flexi- ues from here,” says Ishvinder Sian,
needle Investments adopted a gen- ble working and reviewing our ma- senior insurance relationship man-
der action plan built around four ternity and paternity policies, and ager and founding member of the
areas of focus: improving them as a result. We are Diversity & Inclusion Group. n
www.insuranceinvestmentexchange.com Insurance Investment Exchange Awards 2018 17AWARD WINNER
MSCI
Technology Firm JUDGE’S COMMENT
of the Year:
‘Analytical tools that drive efficiency are essential in today’s challenging
M
market and MSCI has an impressive suite to meet client needs.’
SCI’s multi-asset class
analytics have been
assisting insurers and integrated into client workflows
their asset managers for over 40 and this has proved attractive. The
years. Through a combination powerful engine runs billions of
of advanced analytics, data and calculations per day.
services, MSCI supports insurance MSCI’s best-in-class solutions
companies in calculating regulato- have helped insurers turn chal-
ry capital and gaining insights into lenges into opportunities as they
their portfolios. can source look-through to funds,
Its ready-to-use, highly config- model holdings using integrated
urable and scalable SaaS analytics terms and conditions, and market
engine with built-in security data and access models for illiquid
master, market data and ASP assets like private real estate and
deployment, can be seamlessly syndicated (leveraged) loans. n
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FOR PROFESSIONAL CLIENTS ONLY. * The 1st SRI fund was created in 1984 within Ostrum AM, the management firm of
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popularity as the mix of thought-
provoking presentations, panel
debates and specialist breakout
sessions strike the right chords
INSURANCE for the industry’s top investment
professionals.
INVESTMENT This year the Insurance
Investment Exchange has
EXCHANGE expanded its programme
of events with a series of
T
intimate breakfast roundtables
he Insurance Investment complementing the quarterly
Exchange has expanded its seminars that dive into specific
popular events programme topics of interest in far more detail
for 2018. and allow for a fuller debate.
Over the last four years its Our overarching theme is
quarterly half-day seminars Waiting for Godot, a homage
have examined a wide range to the seminal play by Samuel
of issues, focusing clearly on Beckett, as we ponder where we
the key challenges facing chief are in the current cycle and as we
investment officers, asset wait – seemingly interminably
managers and their advisers. – for what happens next, be it
These have grown steadily in growth or crisis.
Register your interest now for forthcoming events with
events@insuranceinvestmentexchange.com
Key upcoming highlights include:
Tues 12 June Tues 18 September Tues 27 November
New approaches Enhancing A look
to asset allocation returns ahead
and ALM on capital to 2019
Half-day seminar Half-day seminar Half day seminar
8.45am - 1.30pm 8.45am - 1.30pm 8.45am - 1.30pm
Skinners’ Hall Skinners’ Hall Skinners’ Hall
You can find reports of recent seminars and roundtables at
www.insuranceinvestmentexchange.com
www.insuranceinvestmentexchange.com Insurance Investment Exchange Awards 2018 19www.insuranceinvestmentexchange.com
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