Founded in 2008 as a non-discretionary, SEC-registered investment advisory firm focused exclusively on serving the insurance marketplace.
CapVisor’s mission is to improve investment program results with 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 inadequate or inappropriate for insurance companies.
We recognize Insurance Asset Management as a discrete 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 insurance underwriting activities and the interrelationship between the liability structure and the investment plan. 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. Our analytic systems were designed specifically for insurers — not adapted from tools built for pensions, endowments, or wealth management clients.
Carl Terzer is Founder and Principal of CapVisor Associates, LLC. He brings more than 37 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, tactical portfolio optimization, manager search/evaluation, and after-tax, risk-adjusted performance analysis. Mr. Terzer’s experience spans insurers of all sizes and lifecycle stages: from 831(b)s to multi-billion-dollar internationals, and from start-ups to run-offs.
Mr. Terzer is currently active in 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 an Instructor for NAMIC’s Mutual Director Certification (MDC) Program (CapVisor is also a program sponsor), and the Investment Instructor and curriculum designer at the International Center for Captive Insurance Education (ICCIE), helping students achieve their Associate in Captive Insurance (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 MetLife.
As a frequent speaker at insurance-related events, Mr. Terzer is also regularly sought out to provide editorial contributions to leading insurance industry publications such as Reactions, Insurance Asset Manager, US Insurer, Rough Notes, The Self-Insurer, Captive.com, and CICR. Carl received a Bachelor’s Degree in Business Administration and Economics from Rutgers University.
Debbie Leich is a Managing Director responsible for client relationship management and business development. Known for developing trusting relationships with clients, Debbie’s expertise is in establishing a clear vision of investment strategy and working consultatively with clients to implement and adapt those strategies to changing economic and market conditions. Becoming an integral team member to each client, Debbie provides continued leadership and ongoing strategic direction.
Prior to joining CapVisor, Debbie was a Director of Institutional Markets at Victory Capital Management for 5 years and a Senior Investment Manager at Munder Capital Management for 20 years (Victory Capital acquired Munder Capital in 2014). During her tenure at Victory/Munder, Debbie developed and maintained client relationships with some of the firm’s largest and most complex clients, including offshore insurance companies, and was instrumental in launching new channels and products.
Debbie graduated with a BA in Economics from the University of Michigan and has an MBA from Wayne State University. She is on the Board of Directors for the Michigan Municipal League Foundation, is a Mentor to undergraduate students at the University of Michigan, and is actively involved in several Detroit charities. Debbie is Series 6, 62, and 63 licensed.
Travis Terzer is a VP at CapVisor Associates, LLC, responsible for business development and marketing. His coverage includes the continental USA along with offshore insurers, representing all CapVisor services designed for the commercial and ART insurance markets. Mr. Terzer also supervises and participates in the firm’s analytics and quantitative initiatives using his engineering and analytical background.
Prior to joining CapVisor in August 2020, Travis worked for 3 years at American International Group (AIG) as an analyst. He holds his Series 65 license as a registered investment advisor and is enrolled in ICCIE to earn an ACI designation. Travis has served on multiple state domicile insurance association conference committees, including Vermont and North Carolina, and currently serves as chair of the South Carolina Conference Committee.
Mr. Terzer graduated from Clemson University, College of Engineering, with a BS in Industrial Engineering.
Paul Deeley is an SVP and Regional Director of CapVisor Associates, LLC, located in our Boston region. He is responsible for new business development and, as a Senior Consultant, also holds relationship management responsibilities for client accounts.
For more than thirty years, Mr. Deeley has provided investment management services to institutional and private clients, and is particularly well known in the insurance industry — specifically within captive/alternative risk insurance markets. Paul started in the industry in 1987 as a Director and Vice President of a Vermont-domiciled liability risk retention group, and was later Vice President of Finance for Vistech Corporation. Most recently, 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 CIC-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.
Susan Levy joined CapVisor in 2008 as Director of Client Services, with responsibilities initially including systems, accounting, and reporting. In 2010, Susan also assumed the role of Chief Compliance Officer.
Ms. Levy’s administrative duties involve coordinating 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’s proprietary manager network, assisting in the investment manager vetting process and maintaining performance data using our proprietary universe comparison tools and PSN. With regard to compliance, Ms. Levy ensures that all procedures and processes meet regulatory requirements.
Prior to joining CapVisor, Ms. Levy served as Assistant Treasurer at Bankers Trust Company in the Institutional Securities Services group, managing the Commercial Paper and Bond Redemption departments and overseeing 25 people as well as the departments’ P&L. Ms. Levy attended Syracuse University, where she earned a Bachelor of Science degree from the School of Management.
In addition to our senior management team, CapVisor engages specialized professionals for key functions, including legal and technology support.