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Summary
U.S. insurers have invested heavily in real estate since virtually the industry's inception, but the role they play as providers of capital has evolved significantly in recent years. Today, insurers directly and indirectly hold large—and growing—amounts of real estate-linked equity and debt across a wide range of structures, property types, and geographies, each with its own risk-return profile.
The story is not uniform, however. While insurer holdings of investment real estate have remained relatively flat over the past decade, mortgage loan holdings have nearly doubled over the same period. This trend reflects the industry's pursuit of incremental yield, as well as regulators' ongoing efforts to better align capital requirements with underlying risks.
Join our panel of experts as they explore this important segment of insurer portfolios, including:
- How real estate supply and demand are evolving and the key factors driving those changes
- What insurer portfolio allocation trends reveal across various real estate and real estate-adjacent asset classes
- The factors likely to shape future demand, including demographic shifts, economic conditions, and regulatory requirements
Speakers
S&P Global Market Intelligence
Chris Winter
Associate Director, Insurance
Chris Winter is the North America Insurance solutions lead for S&P Global Market Intelligence. In this role, Chris helps insurance clients utilize the full suite of solutions offered by S&P, such as financial data, credit risk solutions, data feeds, and more, while specializing in the NAIC Statutory and Rate Filings products. He holds a Bachelor of Arts in History and English from the University of Virginia and an MBA from the College of William & Mary.
S&P Global Market Intelligence
Tim Zawacki
Head of Financial Institutions Research
Tim Zawacki is Head of Financial Institutions Research and Lead North American Insurance Analyst at S&P Global Market Intelligence, where he oversees a team of analysts producing data-driven research across the banking, fintech, and property and casualty, life, and health insurance sectors.
A widely recognized voice in the insurance industry, Tim brings nearly three decades of continuous coverage to bear on the structural forces reshaping insurance markets — from balance-sheet transformation and the accelerating influence of private capital, to the evolving intersection of sustainability and risk transfer, and the wave of consolidation redefining competitive dynamics across every segment of the industry.
A sought-after thought leader, Tim is a frequent speaker at major insurance industry events, where he is known for translating complex regulatory, financial, and strategic developments into clear, actionable perspective. His analysis and commentary are regularly cited in prominent business publications and news outlets, and he is regularly called upon by journalists, executives, and policymakers seeking authoritative views on the forces driving industry change.
Tim previously served as Principal Research Analyst and Insurance Sector Strategist at S&P Global Market Intelligence, roles in which he developed the firm's flagship insurance research franchise and established its reputation for rigorous, data-intensive analysis rooted in NAIC statutory filings. In these capacities he built out coverage across all major insurance lines, originating research on underwriting performance, investment portfolio construction, regulatory developments, and emerging structural trends that has informed the strategies of insurers, investors, and advisors across the market.
Prior to the 2015 acquisition of SNL Financial by S&P Global, Tim spent more than a decade at SNL building deep expertise at the intersection of insurance, financial services, and capital markets, helping to establish the firm’s statutory financial coverage and chronicling the rise, fall and rebirth of the securitization market through the global financial crisis.
He is a 1999 graduate of the University of Virginia.
DWS
Kevin White
Head of Research, Real Estate, Americas
Kevin White has served as a member of our advisor's Americas Investment Committee since June 2015 and has served as the Head of Americas Real Estate Research since February 2015. Prior to joining DWS, Mr. White was a Senior Vice President of Research at Cole Capital Corporation. From September 2004 to November 2011, Mr. White advised institutional clients as a Research Strategist at Property & Portfolio Research. Previously, Mr. White served as an economist at International Data Corporation from September 2000 to September 2004 and a tax policy officer in the Department of Finance at the Government of Canada from September 1996 to September 2000. Mr. White received a B.A. in Economics from Queen's University, an M.A. in Economics from University of British Columbia, and is also a CFA Charterholder.
Mortgage Bankers Association
Jamie Woodwell
Senior Vice President of Commercial/Multifamily Policy and Strategic Industry Engagement
Jamie Woodwell is Senior Vice President of Commercial/Multifamily Policy and Strategic Industry Engagement at the Mortgage Bankers Association (MBA), where he oversees the association’s public policy and member engagement efforts across all commercial real estate finance sectors, working closely with member leaders and staff to advance MBA members’ business and policy objectives
Jamie and his work are regularly cited in the media, on Capitol Hill and in regulatory settings. He is a regular speaker at industry and corporate events; has appeared on CNBC, Bloomberg and in other popular and trade press; and testified before the Congressional Oversight Panel for TARP. Jamie initiated many of MBA's research activities and created MBA's Peer Business Roundtables. He co-founded MBA’s CREF Careers program.
Woodwell joined MBA in 2004, and most recently served as Vice President and Head of Commercial Real Estate Research, where he oversaw the association’s economic research and analysis covering commercial and multifamily real estate finance markets. He has also served as senior director of business development at CapitalThinking in New York, research director at the WMF Group in Virginia, and research manager at the National League of Cities in Washington, D.C.
Jamie is a member of the Urban Land Institute, the American Real Estate and Urban Economics Association and other professional and industry groups and a past member of the Counselors of Real Estate. He has served on various advisory groups, particularly around climate change and ESG, including for the National Institute of Building Sciences, Fannie Mae and Bright Power.
Jamie received his bachelor's degree in economics and American studies from Brown University in Providence, Rhode Island. He earned his master's degree in urban and regional planning from the Graduate School of Public and International Affairs at the University of Pittsburgh. Jamie lives in Washington DC.
Questions?
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