When breege farrell waivts to roost returns.she can't stray too far from investment-grade bonds. As chief investment officer of life insurer Unum in Chattanooga, Tennessee, Farrell is handcuffed by state insurance regulators, who levy stiff penalties for equity investments in Unum's $40 billion portfolio.Things are quite different up at the Northbrook, Illinois, headquarters of Allstate Insurance Co., a subsidiary of Allstate Corp. There, CIO Judy Greffin has more leeway with equities for the firm's $36 billion property/casualty portfolio because state regulators assign less onerous equity indemnities to p/c investors. But with Allstate's $57 billion life and retirement portfolio, Greffin must, like Farrell, put aside cash to balance the risk of any equity investments she makes.
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