Time to rethink high yield?

Relatively unnoticed, there has been a quiet revolution in
insurers' attitudes to fixed income investments over the past
few years.
From having overseen portfolios dominated by AAA to A rated
debt, it's now not unusual for insurers to maintain an
allocation to high yield. This is a step change from pre-crisis
allocations, according to Richard Sarsfield, European head of
insurance at Morgan Stanley Investment Management (MSIM).
"For non-life insurers with a short-dated book, where the
yield curve