Meet Our Principals

Alton Cogert,
President & CEO

Mr. Cogert is happy to answer any questions regarding these case studies prior to submitting your request.

Board Education: Asset Allocation

The following case studies, as presented at our annual Insurer Investment Forum or Investment Seminar for Gov't Risk Pools, have been lauded for their clarity, applicability and usefulness by attendees.

While case studies are based on SAA’s experiences, all company and individual names/information are completely hypothetical.

Case studies are available for presentation at your company's site for a nominal fee.

Please indicate the case studies you would like presented to your staff, board of directors/trustees and/or investment committee. One of SAA's Principals will contact you to discuss scheduling and provide a quote.


Paranormal Re's investment portfolio was comprised solely of U.S. investment‐grade fixed income securities. Within the first weeks of the new CEO’s arrival, he managed to persuade the Board to make a 5% equity allocation to diversify and support long‐term surplus growth. How does this new allocation compare to your opinion of the company’s enterprise risk profile? What asset allocation decision would you make?

MD General is a mid-sized professional liability insurer. Business has been going well for the company, until recently when its actuaries recommended a large adjustment for adverse development. Continued high combined ratios for the long-tailed business create an ongoing conundrum. What does this mean for the company’s asset allocation going forward? What are the key enterprise risk concerns?

Interest rates are low and they may stay low for some time…or not. That is the Board’s concern. What is the best asset allocation when the Board wants to protect the company from higher interest rates, while dealing with the low rate environment? And, how is the possibility of higher expected investment returns, balanced by added financial risk and overall Board risk tolerance?

International investing, especially emerging markets, has had a difficult time recently, so a few Board members are starting to get upset about the current allocation to this long term, diversifying asset. What does this asset class mean for the insurer’s enterprise risk management? What about emerging markets bonds versus equity? Due to the volatility of these asset classes, should a passive or active approach be preferred?


Note: Case studies do not necessarily represent the experiences of other clients, nor do they indicate future performance. In fact, we do not discuss or detail performance or outcomes below because investment results always vary. The investment strategies and services discussed are not appropriate or applicable for every investor and should be considered given a person’s investment objectives, financial situation and particular needs.

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