Swimming against the current may often go noticed, and possibly praised, by Insurance Asset Risk – but at a time when private equity firms are increasing, and tightening, their grip on the insurance industry, a move in the other direction by an underwriter was somewhat of a curve-ball.

That is exactly what Guardian did by 'enhancing' a partnership with HPS Investment Partners, with $30bn of assets – a mix of traditional private placements, CRE debt and equity assets, public high-yield and broadly syndicated loan assets – transferred to investment firms.

Guardian's move went beyond a 'simple' asset management mandate. With its assets went the investment professionals managing them, to bolster the ranks of HPS Investment Partners.

The insurer then committed an additional $5bn in investment-grade private investments, to help HPS grow that business. And to top it all up, the insurer increased its minority stake in the investment firm.

These three components of the 'enhanced partnership' achieved two key objectives for Guardian's chief investment officer, Nick Liolis: first, it gets Guardian access to direct origination in private investment- grade investments. Second, it generates revenue from third-party assets, from Guardian's in-house capabilities.

The scale and innovative approach of this deal has won one of its chief architects – Liolis – Insurance Asset Risk's chief investment officer of the year award.