Episode 336: How Insurers Can Unlock Alpha Through Residential Whole Loans

Nancy Mueller Handal, Chief Investment Officer of Insurance Asset Management at Bayview Asset Management, shares her insights on how insurers can pursue alpha through residential loans and asset-based finance. With extensive experience in structured credit, Nancy explains why residential whole loans can be a strong fit for insurance portfolios when managed with discipline and precision. She discusses the capital efficiency of the asset class, the appeal of agency-eligible and non-QM loans, and the role of thoughtful underwriting in mitigating risk.   The discussion also covers the evolution of the residential credit market, the importance of robust data and infrastructure, and the risks that come with layered credit and valuation gaps. Nancy outlines how Bayview’s platform approaches sourcing and portfolio construction at scale, and why residential loans can provide diversification and long-term value when approached with a careful, insurer-aligned strategy.