Florida Workers’ Compensation Joint Underwriting Association Investment Committee Discusses Hiring Process for New Investment Manager

Mar 23, 2012


The Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Investment Committee (“Committee”) met on March 16, 2012, during which members discussed the competitive solicitation process to be used for hiring non-discretionary investment management services for the FWCJUA

The FWCJUA is in the process of severing ties with its current investment manager Cutwater Investor Services Corporation because of several issues regarding that company’s performance.

FWCJUA Executive Director Laura Torrence noted that the Request for Proposal (“RFP”) requires applicants to meet four criteria:

  • Be registered as an investment advisor or bank under the federal Investment Advisors Act of 1940
  • Have at least five years of demonstrated experience in providing non-discretionary investment management services to property and casualty insurance clients
  • Have an in-house ability to buy and sell investments at the direction and on behalf of the FWCJUA
  • Be available to attend all meetings of the FWCJUA Investment Committee and other FWCJUA Board and Committee meetings as needed

The RFP would be issued on March 23, 2012, with an April 6, 2012 deadline for written inquiries, Ms. Torrence explained.   The deadline for submitting proposals will be April 20, 2012.  Interviews will be conducted on May 9, 2012, with a selection made at the June 13, 2012 Board of Governors meeting, she stated.

The expected contract term is three years from the date of hire, with two one-year extensions.

Committee members discussed various combinations of advisory services in an effort to offer direction but took no action.

With no further business before the Committee, the meeting was adjourned.



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