Curi

The merger transformed Curi from a mutual insurance company with an internal investment desk into a holding company that operates both an insurer and a registered investment advisor. Curi RMB Capital, led by Dimitri Eliopoulos, now manages assets for the insurance side while also serving external high-net-worth clients. The restructuring brought Chicago-based investment talent in-house and expanded the firm's reach into wealth management and multi-family office services. The combined organization deployed over $2 billion in total assets post-merger.

Curi manages both. The insurance arm deploys its own premium float and loss reserves, while Curi RMB Capital operates as an RIA that runs discretionary mandates, fund-of-funds vehicles, and direct co-investments for external clients. The Real Estate Income and Growth Fund I pools capital from both internal and third-party investors. This dual-structure means the firm is simultaneously an asset owner and an asset manager.

Curi deploys across fixed income, equities, private credit, real estate, and hedge fund strategies. Its insurance portfolio skews toward investment-grade fixed income to match liability duration, while the Curi RMB Capital side actively allocates to alternatives and direct real estate. The firm explicitly avoids venture-stage risk and has no known presence in early-stage technology or life sciences, despite its physician member base — a notable gap given its medical roots.

Curi Capital's real estate arm sources income-generating commercial and mixed-use properties with a bias toward Southeast markets, particularly around its Raleigh headquarters. The firm operates a dedicated real estate fund structure — the Real Estate Income and Growth Fund I — rather than relying solely on third-party fund commitments. Its deep ties to the North Carolina medical community and professional network give it early visibility into healthcare-adjacent property opportunities, including medical office buildings and ambulatory care facilities.

The North Carolina Medical Society founded Curi in 1975 as a mutual insurance company to provide malpractice coverage for its physician members. While the 2023 merger and expansion into wealth management have broadened Curi's scope, the NCMS relationship remains the institutional through-line. The firm still underwrites medical professional liability policies as a core line of business, and its policyholder base remains concentrated among healthcare providers.

Curi participates in co-investment structures through Curi RMB Capital, particularly in real estate and private credit. The firm's executive team maintains active ties within the Medical Professional Liability Association, a network of mutual insurers that frequently share deal flow and co-underwrite institutional investments. However, Curi has not publicly marketed a formal co-investor program, and its posture appears to be selective rather than systematic.

Curi's philanthropic activity runs through the Triangle Community Foundation on whose board a Curi principal has served as board chair in the past. The firm also operates The Legacy Fund, a dedicated charitable vehicle. These structures keep grant-making separate from the insurance balance sheet and investment operations, though there is institutional alignment between the foundation's regional focus and Curi's Raleigh headquarters.