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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.
Michael Fratantoni, Ph.D
Chief Economist, Senior Vice President, Research and Business Development, Mortgage Bankers Association
Michael Fratantoni is MBA's Chief Economist and Senior Vice President of Research and Business Development. In this role, he is responsible for overseeing MBA's industry surveys and benchmarking studies, economic and mortgage originations forecasts for both single-family and commercial/multifamily markets, and affordable housing initiatives. MBA’s economics team has received Crystal Ball awards from Pulsenomics for their forecasts.
Fratantoni is a member of the Board of Directors of the CONVERGENCE Collaborative and the Annual Giving Board at the College of William and Mary.
Prior to joining MBA, Fratantoni worked at Washington Mutual and Fannie Mae. He received a Ph.D. in economics from Johns Hopkins University and a B.A. in economics from The College of William and Mary.
Questions?
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