T.C. Wilson Shares Insurance Investment Insights on ‘How I Invest’ Podcast

T.C. Wilson, Chief Investment Officer of The Doctors Company and TDC Group, joined the How I Invest podcast to share how he built a $7 billion insurance investment portfolio by prioritizing portfolio construction over manager selection. Wilson, who has over 35 years of experience in institutional investing, offers a rare look into the unique world of insurance asset management, evergreen structures, and why understanding the client’s business is essential for any General Partner (GP) seeking to secure insurance Limited Partners.

Watch Now

Key Highlights:

  • From Consultant to CIO: Wilson’s journey began as an external consultant to The Doctors Company, the nation’s largest physician-owned medical malpractice insurer, for 18 years before becoming its first CIO in 2017, where he built an internal team blending investment, treasury, and accounting expertise.
  • Insurance vs. Endowments: Unlike endowments, insurance companies are taxable entities with unique solvency and surplus requirements. The Doctors Company treats its $3.2 billion surplus like an endowment, using it as a risk budget for long-term growth.
  • Portfolio Construction Framework: The Doctors Company’s portfolio is 80 percent in non-value-at-risk (non-VAR) assets—primarily investment-grade bonds and other non-mark-to-market holdings—and 20 percent in “fun stuff” (VAR), including public equities, real assets, private debt, private equity, and venture capital.
  • Evergreen Structures and Rated Feeder Notes: Wilson is a champion of evergreen funds and innovative vehicles like rated feeder notes, which optimize statutory reporting and provide insurance investors with both income and accounting benefits.
  • What GPs Get Wrong: The biggest mistake GPs make is failing to understand the insurance business, regulatory requirements, and portfolio guidelines. Customization, regulatory support, and operational expertise are critical for winning insurance mandates.
  • Innovation and Adaptation: Wilson credits the most successful managers with embracing innovation, expanding product offerings, and providing value beyond investment returns—such as regulatory and reporting support.
  • Downside Protection: The Doctors Company’s conservative approach is designed to weather market drawdowns, capturing about 65 percent of the downside and 90 percent of the upside, with a focus on risk-adjusted returns and income generation.
  • Private Equity Perspective: The Doctors Company is cautious on large-cap private equity but sees opportunity in smaller, healthcare-aligned deals that fit its mission and risk profile.
  • AI and the Future: Wilson predicts AI will further commoditize quantitative strategies, lower fees, and eventually enable insurance CIOs to bring more asset management in-house.