In this episode of Fixed + Floating, we sit down with Jakub Lichwa, Portfolio Manager on the Multi-Sector Bond team at TwentyFour Asset Management, to explore how insurance companies invest, why private credit has become central to insurer portfolios, and how BDCs, private equity firms, and life insurers are increasingly converging into a single ecosystem of credit creation.

We dive into the mechanics of insurance balance sheets, the growth of private credit as an asset class, and the structural impact of PE-owned insurers on modern credit markets. This episode is a deep look at how long-dated liabilities, ALM constraints, solvency rules, and portfolio-return targets are driving one of the biggest shifts in global fixed income.

Topics we cover:
• What’s actually inside today’s private credit portfolios (direct lending, specialty finance, structured credit)
• How life insurers think about yield, duration, ALM, capital charges, and risk-based capital
• Why US, European, and Japanese insurers allocate to private credit differently
• The rise of private-equity-backed insurers and the new balance-sheet model
• How BDCs, insurers, and private-credit funds form a self-reinforcing funding ecosystem
• The incentives and systemic risks when asset managers control insurance balance sheets
• What could happen if annuity inflows slow or portfolio performance weakens
• Long-term implications for credit markets, liquidity, and financial stability

About the guest:
Jakub Lichwa is a member of the Multi-Sector Bond team at TwentyFour Asset Management. Previously, he was an Executive Director in credit trading at Goldman Sachs and held roles at RBC Capital Markets, Daiwa Capital Markets, and Moody’s. He holds degrees from the University of Bath and the University of Kansas.

Guest newsletter sign-up: https://fixedincome.twentyfouram.com/sign-up-blog-updates-uk

Slide deck:
https://1drv.ms/b/c/3256e611aeacc253/IQC7ZybnnNrPQ7ETAezdwy6VASN3923tRS_hMPkO6NMU6bQ?e=1qQG6w

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