Clients - Insurance Companies

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Services for the insurance community include:

1. Support of Corporate Strategy Planning and Analysis

2. Risk Management

3. Investment Operational Support

4. Independent Support for the Board of Directors

Investment Policy Review

Dave Tyson has worked with many Life, Property Casualty, and Health insurance companies to create and adapt investment policies to meet the variety of conflicting goals and constraints of their various constituents. Dave has extensive experience addressing the issues that arise in balancing attaining the company's reported financial goals with the optimal long term economic total return/risk balance for the investment portfolio. Combining this with CMRA's existing practice for funds and financial institutions brings a unique perspective to a review.

Risk Budgeting

Leslie Rahl is the editor of the book, "Risk Budgeting, a New Approach to Investing" published in 2000 and CMRA has advised Institutional Investors on all aspects of Risk Budgeting. Dave Tyson brings his extensive experience in planning insurance company risk based capital, asset liability, and liquidity management programs.

Risk Appetite and Attitude Statements

CMRA is a pioneer in expanding "Risk Appetite" statements to include "Risk Attitude" and is using interactive technology to assist a board in creating its' statement. Dave adds his experience helping insurance company managements adapt their risk appetite as their financial condition changes as well as to adapt to unexpected market conditions.

Asset Liability Management Advisory

Dave Tyson has designed and implemented asset liability management programs for a variety of Life, Property/Casualty, and Health liabilities in the US and internationally, and his asset liability experience is complemented by Peter Niculescu, who ran an IT Treasury.

New Product Risk Assessment

Dave Tyson has experience setting up investment strategies and risk controls for many new insurance and investment products including a variety of products using equity options, and this will expand the depth and breadth of CMRA's existing practice.

Merger and Acquisition Support

Dave Tyson has done due diligence for and implementation of mergers in Life and Property Casualty insurance companies in the US and internationally, and this will expand CMRA's mergers and acquisitions practice that has been focused on funds and brokers/ dealers.

Risk Governance

CMRA helped create "Risk Practices for Mutual Fund Trustees (2010)", "Risk Principles for Asset Managers (2009)", and "Risk Statements for Institutional Investors and Investment Managers (1996)." CMRA is uniquely suited to assist our Institutional Investor clients on Risk Governance as a result of our own experience as directors and trustees, as well as our extensive risk governance benchmarking and advisory work.

Risk Advisory

Dr. Peter Niculescu heads up our Risk Advisory practice and brings extensive portfolio management and trading experience, as well as risk management experience to our activities. Dave's experience in the Insurance and Asset Management industry complements CMRA's existing team.

Risk Measurement Systems

All the principals at CMRA have extensive experience designing and implementing risk measurement systems that effectively meet an organization's needs. This includes designing reports for different levels of management that balance the need for information with the dangers of information overload.

Risk Due Diligence

CMRA conducts risk due diligence at the request of financial institutions seeking to benchmark and improve their practices, at the request of Institutional Investors seeking to invest for hedge funds seeking to understand how institutional investors world view them, as well for boards looking for an independent review.

Integrated Performance and Risk Measurement and Attribution

Dave Tyson has over 20 years experience designing risk analytics, performance measurement programs, and performance attribution models that integrate the feedback between risk and performance for fixed income, equity, and hedge fund portfolios. He also has extensive experience utilizing their results in the compensation process. This experience expands both the depth and breadth of that of Dr. Niculescu.

Investment Management Structure Review

Dave Tyson has studied and implemented many different investment organization designs including analyzing the interactions with insurance business and financial groups. This has included cross industry surveys, managing organizational change, and making sure that risk and compensation issues are addressed.

Asset Management Process Review for Fixed Income, Equity, and Alternative Investment Asset Classes

Dave Tyson has over 30 years experience investing and setting up processes in a variety of fixed income, equity, and alternative investments. Approaches have included those with a heavy reliance on quantitative tools to those that relied on the judgement of the individuals in the group. He also has designed programs to approach the mix between specific asset classes in the context of both general account insurance and total return portfolios.

Derivative Program Review

All of the principals at CMRA have extensive experience utilizing derivatives. Dave brings his background utilizing derivatives for a wide variety of insurance needs. The group has worked with derivatives in the fixed income, equity, currency, and commodity areas.

Alternative Investment Strategy

Dave Tyson has over 25 years investing in a variety of alternative investments. He also has designed programs to approach the broader asset classes as well as has set up and managed the investment process for specific funds.