CapVisor Associates, LLC was founded in 2008 as an SEC registered investment advisory firm focused exclusively in serving the insurance marketplace.
CapVisor’s mission is to provide superior investment advisory services and solutions uniquely crafted to address the needs of small to midsize commercial and alternative risk insurers. Many experts recognize that insurers in these market segments are often overcharged and underserved by consultants/advisors or their investment managers under the traditional business models.
Most investment service providers are “generalists” or specialized in serving other institutional investors (pensions, 401 K’s, endowments and foundations, public funds, etc.) or are focused on the high net worth market (wealth management). Their expertise, analytic systems, portfolio construction process, investment objectives and fee structures are typically "one size fits all" and often found to be inadequate or inappropriate for insurance companies. We recognize Insurance Asset Management as a discreet discipline requiring expertise and analytics specifically designed to address the challenges inherent in managing the assets of insurance companies. It requires an extensive understanding of the insurance underwriting activities and the interrelationship between the liability structure and the investment plan. Therefore, CapVisor only works with insurance company clients optimizing their investment results by correlating their investment strategy with their company's business objectives, risk tolerance and other constraints.
Carl Terzer is Founder and Principal of CapVisor Associates, LLC, He brings more than 32 years of insurance asset management experience to the task of correlating clients’ investment strategy with their business objectives, risk tolerance, liability structure and accounting and regulatory environments. His expertise encompasses investment plan design, strategic asset allocation and tactical portfolio optimization and manager search/evaluation and after tax, risk adjusted performance analysis. Mr. Terzer’s experience spans insurers in all sizes and lifecycle stages: from 831B’s to multi-billion dollar internationals and from start-ups to run-offs.
Mr. Terzer is currently active in the NAMIC, PCIA, ACLI and numerous alternative risk market organizations. Along with AM Best Company, he has designed and implemented an investment educational program consisting of CapVisor training classes for AM Best analysts seeking CPE credits. He is also the Investment Instructor and curriculum designer at the International Center for Captive Insurance Education (ICCIE) helping students to achieve their Associates degree in Captive Insurance; the (ACI) designation. Mr Terzer serves or has served on various Boards and committees of commercial insurers as well as captive industry organizations.
Mr. Terzer was formerly the Director of the Insurance Advisory Group of Principal Global Investors. Previously, he was Senior Vice President and Marketing Director of the Insurance Asset Management Group of Brown Brothers Harriman & Co. His experience also includes various senior executive positions at Bankers Trust Company, Chase Manhattan Bank and Met Life.
As a frequent speaker at insurance-related events, Mr. Terzer is also regularly sought out to provide editorial contributions to leading insurance industry focused publications such as Reactions, Insurance Asset Manager, US Insurer, Rough Notes, The Self-Insurer, Captive.com, CICR, etc. Carl received a Bachelor's Degree in Business Administration and Economics from Rutgers University.
Raghu Ramachandran, Managing Director
Raghu Ramachandran is a Managing Director and Senior Consultant with extensive experience in designing and implementing insurance investment programs. He has created customized long term investment strategies, short term tactics, manager selection, and periodic reporting for varied client return/risk objectives. Mr Ramachandran is a valuable and proven resource, having effectively been the head of investment committees and led investment presentations to Boards.
Mr. Ramachandran is a noted authority on Strategic Asset Allocation. His credentials include spearheading the team that developed the first Property/Casualty version of Tillinghast Actuarial Software (TAS:P/C), a leading Dynamic Financial Analysis (DFA) tool for insurers. He later designed and implemented the Brown Brothers Harriman’s Strategic Asset Liability Strategy Analysis (SALSASM) product. Mr Ramachandran speaks frequently on this topic at industry conferences and continuing education seminars including Casualty Actuarial Society and IASA meetings.
Prior to joining CapVisor, Mr. Ramachandran was SVP & Chief Investment Officer of Old Mutual (Bermuda) Ltd. where he served as Chairman of the Investment & ALM Committees. He oversaw investment teams that included quantitative/technical personnel, internal and external short and intermediate duration fixed income and high yield portfolios and hedge funds. Earlier, he was Director, Portfolio Management of CIFG and also worked on risk-based capital modeling for Texas Workers Compensation Insurance Fund.
Mr. Ramachandran has a Certificate in Quantitative Finance from Wilmott and attended the University of Texas at Austin where he earned a B.S. in Physics and a B.A. in Astronomy.
Dave Moore, Managing Director, is an investment strategist and strategic asset allocation consultant to CapVisor insurance clients. With more than 32 years in the investment business and 27 years working with complex, large insurance companies, Mr. Moore now applies this expertise to insurers of all sizes in his role as a senior consultant. Before joining CapVisor Associates, LLC, he was VP, Treasurer and Chief Investment Officer of AEGIS Insurance Services, a Bermuda Mutual, where he oversaw a $3.5 billion dollar portfolio. Prior to his 10 years at AEGIS, Mr. Moore was Director of Investment Management at AAA Michigan. He also served as the VP of Asset- Liability Management at USF&G.
Over the course of his insurance asset management career, Mr. Moore has directed property-casualty, life insurance, and corporation investment teams that include quantitative/technical personnel, internal and external short/intermediate duration fixed income, high yield, hedge funds, active/index equity portfolio managers, and consultants. He applies his deep insurance/investment knowledge to help clients create customized and optimal long term investment strategies, short term tactics, and evaluates manager attribution to orchestrate the manager selection process. He has also worked with pension/401K funds and Coli programs. His extensive experience contributes greatly to CapVisor’s asset allocation modeling and client consulting capabilities.
Mr. Moore has an MBA in Finance from Loyola College of Maryland and a BA from Washington and Lee University. He is a Chartered Financial Analyst (CFA) and a member of the New York Society of Security Analysts.
Joseph LoPorto is a Managing Director and Senior Consultant specializing in investment strategy design, strategic asset allocation, ALM, risk management, investment manager selection and oversight, and financial planning for domestic and international insurers, reinsurers and alternative risk transfer programs (captives and self-insurance pools). Mr. LoPorto has extensive experience in the US, Bermuda and Lloyd's market places.
Mr. LoPorto speaks frequently at industry conferences and regularly publishes research in insurance industry journals on a range of topics including investment management, economic, financial markets, regulatory and risk management topics. He currently serves on the Strategic Planning Committee for the Vermont Captive Insurance Association and has previously served on the VCIA's Legislative and Conference Committees.
Prior to joining CapVisor, Mr. LoPorto was a Vice President and Relationship Manager in the Insurance Asset Management division at Brown Brothers Harriman & Co. where he provided customized investment grade and crossover fixed income, equity and alternative investment strategies and solutions. He also provided banking, custody, accounting and reinsurance collateral services for BBH's global insurance clients.
Mr. LoPorto is a Trustee at Saint Peter's Preparatory School in Jersey City, NJ and currently chairs the school’s Endowment and Pension Committee. He received his Juris Doctorate from Seton Hall University and his BA from Saint Peter's College.
Susan Levy joined CapVisor in 2008 as Director of Client Services. Her responsibilities initially included systems, accounting and reporting. In 2010, Susan also assumed the role of Chief Compliance Officer.
Ms. Levy’s administrative contact duties involve coordination of all client accounting and reporting functions. In this role, Susan aggregates custodial, and investment manager reports providing comparisons to CapVisor’s proprietary internal client reporting systems. She also acts as a liaison to CapVisor proprietary manager network. She assists in the investment manager vetting process, maintaining and analyzing performance data using our proprietary universe comparisons tools and PSN.
With regard to Compliance, Ms. Levy reports to FINRA and the SEC on CapVisor's behalf ensuring that all procedures and processes are compliant with regulatory requirements.
Prior to joining CapVisor, Ms. Levy had several years of investment industry experience having served as Assistant Treasurer at Bankers Trust Company in the Institutional Securities Services group. Susan managed the Commercial Paper and Bond Redemption departments overseeing 25 people as well as the departments’ P&L. While in this position, Ms. Levy assisted the institutional securities services sales team as a product specialist. She also worked in the Money Transfer division where she was responsible for the installation, customization and customer service of all systems.
Ms. Levy attended Syracuse University, Syracuse NY, where she earned a Bachelor of Science Degree from the School of Management.
Hilary Mechler is a Regional Director of CapVisor Associates, LLC, specializing in relationship building and client service. Specifically, she establishes and oversees groups of insurance company relationships including captives, and introduces CapVisor Associates’ investment advisory services to those and other potential client partners. Ms. Mechler brings more than 23 years of investment management experience to the firm, and will utilize her expertise and experience to design unique investment programs built around client objectives, risk budgets and investment policies. She will further help orchestrate investment plan execution for on- and off-shore insurance and captive insurance companies.
Prior to joining CapVisor Associates, Hilary was Director, Institutional Investment Services for 17 years at Munder Capital Management. At Munder, Hilary was responsible for the development and service of an array of institutional client relationships, including insurance companies, captives, subadvisory/intermediary platforms, pension plans and institutional consultants. Her role prior to that was as Assistant Vice President of Client Services for BEA Associates in New York City (since 1991).
Ms. Mechler has contributed to many editorials in leading captive industry publications and regularly attends industry conferences including IMAC, CICA, VCIA and BMA. She also developed a CPE credit program entitled “Economics and Investment Management: What Captives Should Consider”. Ms. Mechler received a BBA in Finance and Marketing from The University of Michigan Ross School of Business. She is Series 7, 26 and 63 licensed.
Albert Heeg, Managing Director & Senior Consultant
Al Heeg is a Managing Director and Senior Consultant at CapVisor Associates located in the San Francisco region. He has been acting as a fiduciary, providing investment advice exclusively to captive and commercial property and casualty companies for the past 27 years.
Prior to joining CapVisor, Al founded Albert Heeg Investment Management (an S.E.C Registered Investment Advisor) in 1992 and continued to work with his clients through 2016, mastering the delicate balance between investment risk and investment return. He is recognized for his commitment to both educating clients on the principles of successful investing and tailoring investment strategies which generate returns that are both realistic and achievable. Al was a pioneer in using Ibbotson analytics to optimize insurance company portfolios. Mr. Heeg is known for his strategic yet tactical, creative yet process driven style.
Mr. Heeg is actively involved in insurance associations as a speaker and educator. He was an “interested party” during the formation of the National Association of Insurance Commissioners (NAIC) Model Investment Law. Al wrote the original curricula for, and has been an instructor for, the Center for Captive Insurance Education (ICCIE) teaching the principles of “Managing Your Investment Portfolio” to a worldwide classroom/audience. He was also recognized by the Vermont Captive Insurance Association (VCIA) as a Captive Crusader.
Prior to entering the investment field, Mr. Heeg founded Mercury Communications in 1972, a holding company overseeing five distinct businesses involved in the graphic arts and communications industries. He also worked for Pacific Telephone and Bell Laboratories following his graduation from St. Mary’s College of California with a Bachelor of Science in Economics.
Paul J. Deeley, SVP, Regional Director
Paul Deeley is a SVP and Regional Director of CapVisor Associaters, LLC located in our Boston region. He is responsible for new business development and as a Senior Consultant, also has relationship management responsibilities for client accounts.
For more than thirty years, Mr. Deeley has provided investment management services to institutional and private clients. He is particularly well known in the insurance industry, and more specifically within captive/alternative risk insurance markets where he has focused his expertise over many years. Paul started in the industry in 1987 as a Director and Vice President of a Vermont-domiciled liability risk retention group. He was Vice President of Finance for Vistech Corporation, providing strategy and financial advisory services to corporations worldwide. For the last several years, at Congress Asset Management and Beacon Pointe Advisors, Paul managed client relations with captives and risk retention groups.
Paul is a past board member of the Arizona Captive Insurance Association and has active involvement in CICA, VCIA and CDC-DC captive associations. He is a former director of a National Trust Company and serves on the board of the Little Sisters of the Poor. He is a graduate of Boston College and has an MBA from Syracuse University.
Eric Joseph, Senior Analyst
Eric Joseph is a Senior Analyst at CapVisor Associates LLC and focuses on strategic asset allocation optimization and simulation. On the CapVisor team for 6 years, he utilizes his quant skills to lead CapVisor’s internal research projects and manager analysis. Eric is also responsible for programming modifications and enhancements to our client reporting system.
Prior to joining CapVisor, Eric was an Associate Consultant with Inquidia Consulting and also worked in JP Morgan's Investment Banking Division.
Eric is a second year MBA Candidate at NYU Stern and a CFA Level II Candidate. He received a BS in Industrial Engineering and BA in Economics from Northwestern University.
Rachel Libowitz is an Associate at CapVisor Associates, LLC. Her responsibilities include support roles in relationship management and business development. Investment manager research and quantitative assessment, insurance company analysis and strategic asset allocation are focus areas of her expertise.
Prior to joining CapVisor, Rachel worked as an Internal Sales Director at Empower Retirement (formerly Great-West Financial). Previously, Rachel worked as a Financial Advisor in Chicago. She has earned FINRA series 6 and 63 securities licenses in additional to life and health insurance licenses. By virtue of this prior experience, Ms. Libowitz possesses a strong background in the both the investment and insurance businesses. Rachel received a Bachelor’s Degree from Northwestern University.