Global alternative investment firm Beach Point Capital Management has appointed Louis DiFranco to lead a new strategic insurance solutions initiative.
The new initiative will expand the firm’s engagement with insurance companies and deliver investment solutions across its investment platform.
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With private markets playing an increasingly important role in insurance firms’ investment portfolios, Beach Point said it had identified “a significant opportunity to support their evolving investment needs” through its broad credit platform.
DiFranco has been hired as global head of insurance solutions, which is a new role focused on developing partnerships with insurance companies across Beach Point’s range of investment capabilities.
He will be based in New York, where he will report into Eric Storch, global head of client partnerships and business development.
DiFranco joins Beach Point from PGIM, where he most recently served as head of insurance, Americas, responsible for the growth of the firm’s investment management business with third-party insurance companies and for developing tailored investment solutions.
Prior to that, he led insurance asset management businesses at AllianceBernstein and Western Asset Management.
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“Beach Point has identified the insurance client segment as a strategic growth priority for the firm, recognising the insurance industry’s growth in invested assets and need for higher-yielding investment opportunities across the credit spectrum,” said Josh Baumgarten, president and chief investment officer of Beach Point.
Storch added: “Louis is a proven leader with deep knowledge of the insurance market and a nuanced understanding of the evolving needs of insurance investors. His industry expertise and client-centric approach will strengthen our ability to serve insurance companies and expand our presence across this important segment of the market.”
The firm, which manages £20bn of assets, spans performing credit, opportunistic credit, structured credit and asset-based finance, and private credit, investing in high-yield bonds, senior loans, collateralised loan obligation origination, securitised credit, direct lending, real estate credit, as well as hybrid and flexible capital solutions.
