# CRICO

CRICO is an Insurance based in Boston, United States.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Boston, United States
- **Region:** North America
- **Address:** 1325 Boylston Street, Boston, MA 02215
- **Founded:** 1976
- **Assets under management:** Undisclosed
- **Website:** rmf.harvard.edu
- **LinkedIn:** https://www.linkedin.com/company/crico

## Regulatory record

- **Reports private funds:** No

## About

CRICO offers malpractice insurance, risk assessments, and patient safety education to healthcare providers. The company primarily serves the healthcare industry, with a focus on the Harvard Medical community and its associated organizations. Founded in 1976, CRICO is based in Boston, Massachusetts.

## Sectors

- Insurance
- Healthcare Services

## People

- Mark E. Reynolds — President and CEO
- Kashif Siddiqui — Chief Investment Officer and Senior Vice President
- Tom Hollister — Board Chair

## Questions

### Who runs investment decisions at 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.

### How does CRICO fund its investment portfolio?

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.

### What is CRICO's relationship to Harvard University?

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.

### Which hospitals are insured by CRICO?

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).

### Does CRICO invest differently from a typical endowment?

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.

### What is CRICO's posture on co-investments alongside external managers?

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.

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Last updated: 2026-06-03T20:00:00.000Z

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