CRICO

Kashif Siddiqui serves as Chief Investment Officer and Senior Vice President, leading the internal investment team. He also serves as a Director of the CFA Society Boston. The investment office reports through the Risk Management Foundation governance structure, which includes Board Chair Tom Hollister, the former CFO of Harvard University.

CRICO is entirely premium-funded by its member Harvard-affiliated hospitals and physician groups. No external capital or retail policyholders contribute to the pool. Member premiums that exceed claim payouts accumulate as surplus, which forms the investment base managed by the internal CIO office.

Harvard University founded the Risk Management Foundation (RMF), which operates CRICO, in 1976. Harvard remains a founding owner alongside its affiliated hospitals. The governance link was formalized for years through Tom Hollister, who chaired CRICO's board after serving as Harvard's CFO.

The Harvard medical ecosystem drives CRICO's insured base, including Mass General Brigham (the system formed by Partners HealthCare), Boston Children's Hospital, Beth Israel Lahey Health, and Dana-Farber Cancer Institute. These organizations are both owners and subscribers in the mutual structure (per CRICO's published ownership disclosures).

Yes. CRICO operates under a liability-driven investment framework tied to medical malpractice claim projections, which introduces liquidity constraints that endowments do not face. Its asset allocation prioritizes matching long-duration loss reserves rather than maximizing total return over a perpetuity horizon.

CRICO's investment approach is internally managed and liability-matching in structure, not externally focused on club-deal co-investments. As a captive insurer, its capital deployment serves the balance-sheet needs of the Harvard medical community rather than pursuing a market-facing fund investment strategy.