Insurance Asset Management

The Madison Scottsdale Insurance Investment Solutions Team of Madison Investments has been dedicated to insurance investment management for over 25 years. Based in Scottsdale, Arizona, the Team develops customized asset liability management strategies for each of its clients by conducting comprehensive analysis of the insurer’s unique financial, operational and risk tolerance needs.

As a Team that averages over 30 years of experience in insurance company portfolio management, we understand the importance of Enterprise Risk Management and take a holistic approach to developing an investment strategy tailored to each company’s operational profile. We then develop a custom portfolio solution for our insurance partners through the expertise of Madison’s portfolio managers and analysts across our equity, fixed income and multi-asset investment teams. Ultimately, our objective is to balance risk and return while effectively maximizing income generation and surplus growth opportunities for our insurance clients.


Customized Investment Solutions for Insurance Companies

The Madison Scottsdale Team of insurance investment management experts design Enterprise Risk Management (ERM) balanced investment solutions for insurers of all types, sizes, specialty lines and geographic focus. Portfolios are managed across the full breadth of Madison’s robust investment capabilities including all aspects of fixed income, equities and non-correlating asset classes. Our primary focus is on preservation of Capital & Surplus and generation of consistent investment income.


Allocated Portfolios for Emerging Insurers

Allocated Portfolios for Emerging Insurers (APEI) is a cost effective investment solution for small emerging insurers with investable assets of $3 million to $10 million who are interested in outsourcing various aspects of the investment management process.

Capabilities Overview

For More Information on our Insurance Investment Solutions:

Call 800-767-8020 or email info@madisonscottsdale.com Our Arizona Office is located at 8777 N. Gainey Center Dr., #220 Scottsdale, AZ 85258


Mike Sanders, CFA®
Co-Head of Fixed Income, Portfolio Manager
Paul Lefurgey, CFA®
CEO, Co-Head of Fixed Income, Portfolio Manager
Donald Miller, CFA®
Head of Insurance Solutions, Insurance Portfolio Manager
Steve Cherrier, CFA®
Insurance Portfolio Manager
William Fain
Insurance Portfolio Manager
Anjanette Fowler
Director of Insurance Business Development & Relationship Management
Alyssa Johnson
Insurance Investment Analyst
Jeffrey Matthias, CFA®, CIPM®
Portfolio Manager
Michael Massel, CFA®
Fixed Income Analyst
Chris Nisbet, CFA®
Portfolio Manager
Allen Olson, CFA®
Portfolio Manager/Analyst
Michael Peters, CFA®
Portfolio Manager
Greg Poplett, CFA®
Portfolio Manager
Chris Schroeder
Portfolio Manager/Analyst
Alan Shepard, CFA®
Portfolio Manager/Analyst

Mike Sanders, CFA®

Co-Head of Fixed Income, Portfolio Manager
Contact

Mike, CFA, serves as a Co-Head of Fixed Income and portfolio manager for Madison’s Fixed Income Team, specializing in credit research. Mike has been working in the financial services industry since 2004 and joined Madison in 2013. He earned his BBA in finance from St. Norbert College, M.S. in economics from Marquette University and a MBA in analytical finance and accounting from the University Of Chicago Booth School Of Business.

Paul Lefurgey, CFA®

CEO, Co-Head of Fixed Income, Portfolio Manager
Contact

Paul, CFA, serves as Co-Head of Fixed Income for Madison and is the Chief Executive Officer. Paul has been working in the financial services industry since 1989 and joined Madison in 2005. He earned his B.A. in accounting from Michigan State University. Paul is a member of the Investment Strategy Committee.

Donald Miller, CFA®

Head of Insurance Solutions, Insurance Portfolio Manager
Contact

Don, CFA, joined our firm with over 20 years of insurance company and bank investment management experience. Mr. Miller managed both the fixed income and equity portfolios for Illinois Mutual Life Insurance Company for 15 years prior to joining Madison Scottsdale. He also previously served as an investment officer and portfolio manager for Bank One Investment Advisors in Central Illinois. Don currently holds the CFA designation and has an MBA from Bradley University in addition to his undergraduate degree in Finance from Creighton University and a General Banking degree from the University of Illinois.

Steve Cherrier, CFA®

Insurance Portfolio Manager
Contact

Steve, CFA, has over 35 years investment management experience in managing insurance company, bank and trust fixed income portfolios. For the past 24 years he was the Chief Investment Officer for Blue Cross Blue Shield of North Carolina, where he managed over $4 billion in assets. He has considerable experience in insurance company asset allocation, risk analysis, regulatory and total return management. He holds a BS degree in Finance from St. Cloud University and holds the CFA designation. Steve has served as an officer and board member in the North Carolina Financial Analyst Society and President of the BCBSNC Credit Union.

William Fain

Insurance Portfolio Manager
Contact

Bill joined Madison Scottsdale in 2002 and brings almost three decades of experience managing taxable and tax-advantaged portfolios for insurance companies. He holds a BS in Finance from the University of Rhode Island and an MBA in Finance from Michigan State University. Bill previously held the position of Vice President of Portfolio Management at a large, multi-line insurance consortium where he managed various affiliated company and external insurance client portfolios and spent several years prior to that managing the treasury operations for a regional property and casualty insurance company.

Anjanette Fowler

Director of Insurance Business Development & Relationship Management
Contact

With over 28 years of experience in the investment management arenas of several insurance companies, Anjanette brings a valuable understanding of the unique statutory, operational, investment and accounting considerations particular to our insurance clients and the industry. Prior to joining Madison Scottsdale in 1995, she directed the Investment Accounting department and managed short-term investments for a large insurance group. Anjanette holds a BS in Finance from Arizona State University.

Alyssa Johnson

Insurance Investment Analyst
Contact

Alyssa joined the Madison Investments organization in 2003 and serves as an insurance portfolio analyst for the Madison Fixed Income Team. Alyssa also supports the financial analysis process of our insurance company clients in the development of their investment strategy and serves as the statutory investment accounting and reporting liaison for the firm. Alyssa holds a B.S. in Business Management from Arizona State University. She began her insurance career with Marsh & McClennan where she focused on large commercial and industrial projects.

Jeffrey Matthias, CFA®, CIPM®

Portfolio Manager
Contact

Jeff, CFA, CIPM, serves as a portfolio manager and analyst for Madison’s Fixed Income Team, specializing in tax-exempt municipal bond portfolios. Jeff has been working in the financial services industry since 1987 and joined Madison in 2011. He earned his B.S. in finance from the University of Wisconsin-Platteville and his MBA in finance from the University of Wisconsin-Whitewater.

Michael Massel, CFA®

Fixed Income Analyst
Contact

Michael, CFA, serves as an analyst for Madison’s Fixed Income Team. Michael has been working in the financial services industry since 2012 and joined Madison in 2017. He earned his B.S. from the University of Illinois-Urbana-Champaign.

Chris Nisbet, CFA®

Portfolio Manager
Contact

Chris, CFA, serves as a portfolio manager for Madison’s Fixed Income Team, specializing in government and corporate bond portfolios. Chris has been working in the financial services industry since 1990 and joined Madison in 1992. He earned his B.S. in economics and M.S. in finance and investments from the University of Wisconsin-Madison.

Allen Olson, CFA®

Portfolio Manager/Analyst
Contact

Allen, CFA, serves as a portfolio manager and analyst for Madison’s Fixed Income Team, specializing in corporate-only and credit research. Allen has been working in the financial services industry since 1998 and joined Madison in 2002. He earned his B.S. in economics from the University of Wisconsin-Green Bay and M.S. in management from the University of Wisconsin-Milwaukee.

Michael Peters, CFA®

Portfolio Manager
Contact

Mike, CFA, serves as a portfolio manager and analyst for Madison’s Fixed Income Team, specializing in taxable and tax-free strategies. Mike has been working in the financial services industry since 1987 and joined Madison in 1997. He earned his B.S. in business administration from Valparaiso and his MBA from Indiana University.

Greg Poplett, CFA®

Portfolio Manager
Contact

Greg, serves as a portfolio manager for Madison’s Fixed Income Team, specializing in government and corporate bond portfolios. Greg has been working in the financial services industry since 1983 and joined Madison in 2004. He earned his B.S. in business administration from Illinois State University and his MBA from Western Illinois University.

Chris Schroeder

Portfolio Manager/Analyst
Contact

Chris serves as a portfolio manager and credit analyst for Madison’s Fixed Income Team, specializing in high yield. Chris has been working in the financial services industry since 1997 and joined Madison in 2015. He earned his B.S. in mathematics from the University of Wisconsin-Madison and his MBA from Edgewood College.

Alan Shepard, CFA®

Portfolio Manager/Analyst
Contact

Alan, CFA, serves as a portfolio manager and credit analyst on Madison’s Fixed Income Team, specializing in corporate only and credit research. Alan has been working in the financial services industry since 1988 and joined Madison in 2011. He earned his B.S. in finance and economics from the University of Delaware and his MBA from the University of Wisconsin-Madison, specializing in the Applied Security Analysis Program.

“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC (“MAM”), and Madison Investment Advisors, LLC (“MIA”), which also includes the Madison Scottsdale office. MAM and MIA are registered as an investment adviser with the U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison's toll-free number is 800-767-0300. | Any performance data shown represents past performance. Past performance is no guarantee of future results. | Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of, or guaranteed by, any financial institution. Investment returns and principal value will fluctuate. | This website is intended to be for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
The Captive Review awards were independently determined and awarded by one of Captive’s Captive Owner Panels. Madison Scottsdale did not pay a fee in exchange for these awards. The Investment Management Award is open to asset managers and investment advisors and is presented to the firm that best exhibits unrivaled customer care and innovation.