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Summary
Private credit continues to attract capital and attention, but the market is entering a new phase marked by greater regulatory scrutiny, evolving investor expectations, and increasingly complex credit dynamics. At the same time, the National Association of Insurance Commissioners (NAIC) is advancing several significant policy initiatives that could reshape how insurers evaluate, report, and allocate capital to private credit and structured finance investments.
Join our panel of industry specialists for a timely discussion on the market trends and regulatory developments shaping private credit and insurance investment portfolios. We'll examine evolving credit conditions, emerging sources of risk and opportunity, and key NAIC initiatives that could influence capital allocation, portfolio construction, and investment strategy in the years ahead.
Key topics include:
- Trends and risks shaping today's private credit market
- AI-driven disruption, software-sector exposure, and refinancing challenges
- The NAIC's new rating agency due diligence framework
- RBC developments and structured finance regulatory initiatives
- Emerging regulatory focus areas, including multi-collateral financing structures and embedded ALM risk
- Implications for insurance investment strategy and portfolio construction
Speakers
Structured Finance Association
Dallin Merrill
Head of Policy
Dallin Merrill is Head of Policy at Structured Finance Association.
Mayer Brown
Lawrence R. Hamilton
Partner
Lawrence R. Hamilton is Partner at Mayer Brown
S&P Global Ratings
Ramki Muthukrishnan
Managing Director & Analytical Manager, US Non-Banking Financial Institutions
Ramki Muthukrishnan is a Managing Director and heads the Non-Banking Finance team at S&P ratings. In this role, Ramki has oversight on over 165 ratings from various subsectors including BDCs, Asset Managers, Operating lease companies, consumer and commercial lending. Prior to his current role, Ramki headed the leveraged finance team where he directed directs efforts in the US leverage finance and recovery analytics, leveraged finance research and commentary. Prior to his current role, he headed the surveillance function for US CLOs and the US RMBS functions at S&P. Ramki also leads all research and outreach in Credit Estimates and Private Credit on the analytical side. Ramki has over 20 years of experience in corporate, CLOs and RMBS ratings. In 2023, Ramki was identified by Business Insider as 10 industry leaders transforming business for his work on Private Credit.
Before joining S&P Global, Ramki worked at Syntel Inc., a Michigan-based technology consulting company and prior to that, at Motorola, India.
Ramki sits on the Board of the Afro Latin Jazz Alliance (ALJA).
Ramki holds a Bachelor of Commerce from Madras University, a master’s from Xavier Institute of Management, Jamshedpur and an MBA from Yale School of Management.
S&P Global
David Knutson
Head of Industry Outreach, Chief Client Office
David joined from Schroders where he most recently worked as the Head of US Fixed Income Product Management after joining the firm as Head of Credit Research. Before moving to New York, he helped establish the US asset management business and led the research initiatives for global financials and emerging markets for Legal and General in Chicago. Prior to that David was responsible for financials research at Mason Street Advisors, the investment adviser to Northwestern Mutual. Previously he worked at UBS in risk management, debt capital markets and liability management (restructuring) and earlier started his career at Bank of America as a credit analyst and later as the research manager for Latin America. He is a Board member of the CFA Society of New York and a Board member of the Fixed Income Analyst Society (FIASI). Before leaving the buyside, David was a founder and Chair of the Credit Roundtable, a member of the Sustainability Accounting Standards Board’s Standards Advisory Group and participated on the advisory councils of several rating agencies. He earned the Chartered Financial Analyst, Financial Risk Manager and Chartered Market Technician designations and was a Rotary Scholar at the Universidad Argentina de la Empresa in Buenos Aires and also attended the University of Glasgow while earning a Masters in Finance, Economics and Foreign Languages and a Bachelors in International Studies and Political Science with Minors in History and Foreign Languages from Iowa State University of Science and Technology.
Questions?
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