Independent · Fee-only · Edmond, Oklahoma

Investment oversight for insurers that don't have a chief investment officer.

General Account Advisors gives small and mid-size carriers, public-entity risk pools, and captives the portfolio governance a $5 billion company takes for granted, at a price that makes sense for a general account of $50 million to $750 million.

Request a Schedule D diagnostic See what we do

Line 1 Who we serve

The carriers the large consultants were never built for.

Most insurers under $750 million in invested assets hand the portfolio to one or two outside managers and hope the board's finance committee can keep up. The managers are competent. What's missing is someone on the company's side of the table who has run a general account, reads a Schedule D for a living, and has no stake in which manager wins the mandate.

2,415U.S. insurers outsourced investment management to unaffiliated firms at year-end 2024, 53% of all filers.

67%of those outsourcers had under $250 million in assets.

$1.8Tadvised by just twelve investment consultants, nearly all of it for multi-billion-dollar clients.

Sources: NAIC Capital Markets Bureau, Investment Management Outsourcing, YE2024; Clearwater Analytics Insurance Investment Outsourcing Report, 2026.

Property & casualty, life, title

Insurance companies

Mutuals, farm bureaus, specialty and professional-liability carriers, and small stock companies that rely on external managers and need independent oversight of them.

Municipal, county, school, association

Public-entity risk pools

Boards of elected officials and administrators who need an investment policy they can defend, a manager they can measure, and a plain-English quarterly report.

Single-parent and group captives

Captive insurers

Captives whose surplus has outgrown a bank money-market account and whose owners want an investment policy, a manager, and a review cadence proportionate to the balance sheet.

Line 2 What we do

Four ways to engage. All of them start with your own filings.

Everything we do is built from the statutory statement you already file: Schedule D for bonds and stocks, Schedule DA for short-term holdings, Schedule BA for alternatives, and the investment income exhibits. No new data requests, no proprietary platform to buy.

Complimentary · Schedules D, DA, BA

Schedule D diagnostic

A written read-out that benchmarks your portfolio against a peer group of similarly sized carriers on yield, duration, credit quality, liquidity, alternatives exposure, and manager fees. Yours to keep whether or not we work together.

Annual retainer · fixed fee

Portfolio oversight

Ongoing, independent oversight of your investment program: policy review, manager monitoring and evaluation, quarterly reporting to the finance committee, rating-agency and regulatory support, and a standing line to a former CIO when a question comes up.

Fixed-fee project

Fee and mandate audit

What your managers charge against what a mandate of your size should cost, and whether the benchmark, guidelines, and cash position are working for you or for them. Usually the fastest way to add investment income without adding risk.

Fixed-fee projects

Policy, allocation, and search work

Investment policy statements written for the board that has to approve them, asset allocation and asset-liability studies sized to the book of business, manager searches run without conflicts, and board education sessions.

Line 3 How an engagement works

Diagnostic first. Then a scope you can approve in one meeting.

Step 1 · two weeks

Diagnostic

You send the year-end statutory statement. We return a ten-page peer comparison and a short list of findings, with the method shown. No charge, no obligation.

Step 2 · one meeting

Findings review

A working session with the CFO or finance committee on what the numbers say, what's worth acting on, and what isn't. If nothing is worth acting on, we say so.

Step 3 · your call

Scope and fee

A fixed-fee project or an annual oversight retainer, priced on the size and complexity of the portfolio rather than on hours. The proposal fits on two pages.

Lines 6–10 Insights

Plain-language guides to the questions boards actually ask.

Written for CFOs, treasurers, finance committee chairs, and captive owners rather than for investment professionals. Each one ends with the questions the numbers should prompt.

Line 6 · Outsourced CIO

Outsourced CIO for insurance companies

What OCIO means for an insurer, when a smaller carrier actually needs one, and how discretionary outsourcing differs from independent oversight.

Line 7 · Fractional CIO

A fractional CIO for insurers, risk pools, and captives

The function without the headcount: scope, cost against a full-time hire or an OCIO, and the governance a board should expect.

Line 8 · ALM

Asset-liability management for insurance companies

Matching the portfolio to the reserves: duration, liquidity, rate shocks, and capital, sized for a general account without an ALM department.

Line 9 · Schedule D

Reading your NAIC Schedule D

What each investment schedule shows, the handful of measures that matter to a finance committee, and the questions they should raise.

Line 10 · Captives

Captive insurance investment management

When the captive's surplus has outgrown the bank: what the domicile allows and what a proportionate investment program looks like.

Line 4 About

Jonathan L. Wilcox, CFA

Jonathan spent eight years as Chief Investment Officer of CompSource Mutual Insurance Company, where he ran a $1.8 billion Oklahoma general account through a full interest-rate cycle, underwrote direct co-investments, oversaw outside managers, and presented the investment program to the board and the rating agency. He has since served as Investor in Residence at the University of Oklahoma Foundation, building the investment strategy and governance for roughly $350 million of short-term operating pools.

Earlier he was a Pension Investment Director at Cambridge Associates, advised institutions at an independent RIA, and traded derivatives at Peak6 and Citigroup. He holds the CFA charter and an MBA from the University of Chicago Booth School of Business. He lives in Edmond, Oklahoma, and also owns and operates commercial service businesses in the Oklahoma City metro, which is why he understands the people who sit on a mutual's board.

General Account Advisors is independent and fee-only. The firm does not manage assets, does not accept payments from asset managers, custodians, or product sponsors, and does not take engagements outside the insurance and risk-pool community.

2024–25Investor in Residence, University of Oklahoma Foundation

2016–24Chief Investment Officer, CompSource Mutual Insurance Company ($1.8B general account)

EarlierPension Investment Director, Cambridge Associates

EarlierInstitutional advisory, Eagle Strategies (RIA)

EarlierDerivatives trading, Peak6 and Citigroup

CredentialsCFA charterholder · MBA, Chicago Booth · BS Finance, Minnesota State University

Line 5 Contact

[email]

Phone

[phone]

Office

Edmond, Oklahoma

To request the diagnostic

Send a note with your company name, approximate invested assets, and who manages the portfolio today. We'll reply within two business days with what we need (usually only the year-end statutory statement) and a date for the read-out.

CFOs, treasurers, and finance committee chairs are the usual first contact.
Auditors, actuaries, and brokers who refer a client are welcome to join the first call.
We travel anywhere within a day's drive of Oklahoma City at no charge.