Insurance Asset Management

The Madison Investments Insurance Solutions Team has been dedicated to serving the investment management needs of insurance entities for over 30 years. The team develops customized asset liability management strategies for each of its clients by conducting a comprehensive analysis of the insurer’s unique financial, operational, and risk tolerance needs.

With an average of 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

Our 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.


Captive Investment Solutions

Madison Investments' Captive Insurance Solutions 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.

Captive Education Series

Donald J. Miller, CFA®
Head of Insurance Solutions, Insurance Portfolio Manager
William Fain
Insurance Portfolio Manager
Alyssa Johnson
Insurance Analyst
Mike Sanders, CFA®, FRM®
Head of Fixed Income, Portfolio Manager
Jeffrey Matthias, CFA®, CAIA®, CIPM®, CFP®
Portfolio Manager
Michael Massel, CFA®
Fixed Income Analyst
Chris Nisbet, CFA®
Portfolio Manager, Analyst
Allen Olson, CFA®
Portfolio Manager, Analyst
Michael Peters, CFA®
Portfolio Manager
Chris Schroeder
Portfolio Manager, Analyst
Alan Shepard, CFA®
Portfolio Manager, Analyst
Michael Wachter, CFA®
Head of Reinhart Fixed Income, Portfolio Manager
William Ford, CFA®
Portfolio Manager, Credit Analyst
Patrick Ryan, CFA®
Head of Multi-Asset Solutions, Portfolio Manager
Mike Glatkowski, CIMA®
Director of Institutional Business Group
Natalie Johnson
Investment Specialist – Institutional
Steven Carl
Chair of Executive Committee, Chief Distribution Officer
Steven Fredricks
Chief Legal Officer, Chief Compliance Officer
Jill Friedow, CFA®
Head of Operations, Chief Technology Officer
Matt Perry
Marketing Team Lead
Nic Harenda
Marketing Associate
Deanna Endres
Marketing Associate

Donald J. Miller, CFA®

Head of Insurance Solutions, Insurance Portfolio Manager
Contact

Mr. Miller, 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. Don also previously served as an investment officer and portfolio manager for Bank One Investment Advisors in Central Illinois. He 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.

William Fain

Insurance Portfolio Manager
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Mr. Fain joined Madison in 2002 and brings almost three decades of experience managing taxable and tax-advantaged portfolios for insurance companies. Mr. Fain holds a BS in Finance from the University of Rhode Island and an MBA in Finance from Michigan State University. He 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.

Alyssa Johnson

Insurance Analyst
Contact

Ms. Johnson joined the Madison organization in 2003 and oversees the investment accounting and reporting of our Insurance Asset Management Division. She began her insurance career with Marsh & McClennan where she focused on large commercial and industrial projects. Ms. Johnson holds a B.S. in Business Management from Arizona State University.

Mike Sanders, CFA®, FRM®

Head of Fixed Income, Portfolio Manager
Contact

Mike serves as a Portfolio Manager and is the Head of Fixed Income. Mike started in the financial services industry in 2004 and joined Madison in 2013. Prior to joining Madison, Mike was a Portfolio Manager at Ziegler Lotsoff Capital Management with an extensive background in credit research. He earned his BBA in finance from St. Norbert College, M.S. in economics from Marquette University and an MBA in analytical finance and accounting from the University of Chicago Booth School of Business. He is a CFA charterholder.

Jeffrey Matthias, CFA®, CAIA®, CIPM®, CFP®

Portfolio Manager
Contact

Jeff, CFA, CAIA, CIPM, CFP, serves as a portfolio manager 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, Analyst
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.

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 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. Alan is a member of Madison's Sustainable Committee.

Michael Wachter, CFA®

Head of Reinhart Fixed Income, Portfolio Manager
Contact

Michael, CFA, serves as a Head of Reinhart Fixed Income and portfolio manager for Madison’s Reinhart Fixed Income Team. Mr. Wachter joined Reinhart in 1997 and has been working in the financial services industry since 1988. Mr. Wachter holds a BBA in Finance and Economics from the University of Wisconsin- Madison and an MBA from Marquette University.

William Ford, CFA®

Portfolio Manager, Credit Analyst
Contact

William, CFA, serves as a Portfolio Manager & Credit Analyst for Madison’s Reinhart Fixed Income Team. Mr. Ford joined Reinhart in 2005 and has been working in the financial services industry since 2005. He was previously an analyst and was promoted to Fixed Income Portfolio Manager in 2010. Prior to that he held multiple analytical roles at United Airlines. Mr. Ford holds a BS and an MS in Industrial Engineering from Stanford University and an MBA from the Kellogg School of Management at Northwestern University.

Patrick Ryan, CFA®

Head of Multi-Asset Solutions, Portfolio Manager
Contact

Patrick serves as Portfolio Manager and Head of Madison’s Multi-Asset Solutions Team. Patrick is a member of the firm’s Investment Risk Oversight Committee and a board member of the Madison Investments Foundation. Patrick started in the financial services industry in 2000. He joined Madison in 2009 from Members Capital Advisors, where he was a Senior Analyst responsible for managing their asset allocation program. He holds a bachelor’s degree in Finance from the University of Wisconsin, graduating with distinguished honors. He is a CFA charterholder.

Mike Glatkowski, CIMA®

Director of Institutional Business Group
Contact

Mike is the Director of the Institutional Business Group at Madison Investments. He started in the financial services industry in 1996 and joined Madison Investments in 2016. Prior to joining Madison Investments, Mike worked at Artisan Partners where he was a director within the intermediary distribution group. Mike has held a variety of positions at Strong Capital Management, Heartland Investments and Sentinel Funds including wholesaling, wholesale management and key account management. He received a BA in Finance from the University of Wisconsin-Milwaukee

Natalie Johnson

Investment Specialist – Institutional
Contact

Natalie joins Madison Investment Advisors with 20 years of financial services experience. Since 2000, her career span from operational support to financial planning and advice, and from working with individual investors to institutions. With a significant part of her career as a performance analyst on a Graystone Consulting team of Morgan Stanley Smith Barney, Natalie brings her extensive knowledge of portfolio analytics and reporting as well as relationship management skills to Madison Investment Advisors. Natalie holds BA in English and Literature from the Far Eastern State University in Russia and is FINRA registered. She is fluent in both English and Russian.

Steven Carl

Chair of Executive Committee, Chief Distribution Officer
Contact

Steve is a principal at Madison Investments and leads the firm in his role as Chair of the Executive Committee. He manages sales, client service and marketing as the firm’s Chief Distribution Officer, he also serves as a board member of the Madison Investments Foundation. Steve started in the financial services industry in 1996 and joined Madison Investments in 2003. Prior to joining Madison, he worked in a variety of roles at Coopers & Lybrand, LLC, Strong Capital Management and Hewitt Associates. He holds a B.B.A. from The University of Wisconsin–Madison in Finance and Accounting. Steve earned his CPA designation and is a FINRA registered Principal.

Steven Fredricks

Chief Legal Officer, Chief Compliance Officer
Contact

Steve serves as Madison's Chief Legal Officer & Chief Compliance Officer. He joined Madison in 2018 and has over twenty years of experience in the financial services industry, serving in both legal and compliance capacities. He is a member of the firm’s Investment Risk Oversight Committee and Enterprise Risk Management. Steve has a B.A. in economics and political science from Marquette University, a J.D. from the Hamline University School of Law, attended the University of St. Thomas Graduate School of Business and completed an international law program at the University of Oslo School of Law. He is a member of both the Massachusetts Bar and the Wisconsin Bar.

Jill Friedow, CFA®

Head of Operations, Chief Technology Officer
Contact

Jill Friedow serves as the Head of Operations and is the firm’s Chief Technology Officer. Jill serves on several committees for the firm, including Enterprise Risk Management, and Business Continuity Committees. She joined Madison Investments in 1999 and has over twenty years of industry experience. Prior to joining Madison Investments, Jill was an Operations Manager for Gratry & Company. She holds a BS from Iowa State University and an MBA from Kent State. She is a CFA charterholder.

Matt Perry

Marketing Team Lead
Contact

Matt joined Madison Investments in 2021 and is responsible for the firm's marketing strategy, brand and digital presence, and strategic marketing initiatives. Matt is also a member of the firm's Sustainable Committee. He brings over a decade of financial services marketing experience, most notably as the digital marketing manager for BMO Global Asset Management. Matt holds a BBA from the University of Wisconsin-Whitewater and an MBA from the University of Wisconsin-Milwaukee.

Nic Harenda

Marketing Associate
Contact

Nic joined Madison in 2021 and serves as marketing associate. Prior to joining the team he worked in digital marketing, carrying out campaigns for clients across various industries. Nic earned a bachelor's degree in marketing from Northern Michigan University, where he was also a member of the men’s soccer team.

Deanna Endres

Marketing Associate
Contact

Deanna serves as a Marketing Associate for Madison. Before joining Madison in 2022, she worked as a Sales and Marketing Coordinator. Deanna received a B.A. from the University of Wisconsin- Madison, majoring in history and political science.

“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”). MAM and MIA are registered as investment advisers 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 for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Madison Investments Insurance Solutions was formerly known as Madison Scottsdale.