National Life Group

Jason Doiron serves as Chief Investment Officer, overseeing the general account portfolio. Mehran Assadi, as Chairman and CEO, holds ultimate fiduciary authority. Eric Sandberg, as CFO and Chief Risk Officer, provides risk oversight on investment allocations.

National Life Group is a mutual insurance holding company, meaning it is owned by its policyholders rather than public shareholders or private investors. This structure removes quarterly earnings pressure and allows for longer-duration investment strategies. Its main operating subsidiaries are National Life Insurance Company and Life Insurance Company of the Southwest.

The portfolio is anchored by public fixed income and includes a commercial mortgage loan portfolio focused on US properties, private placement corporate debt, and a diversified set of limited partnership commitments across private equity, infrastructure, and real assets. The firm also owns its headquarters campus and a secondary campus in Texas as direct real estate holdings.

26North, the alternative asset manager founded by Apollo Global Management co-founder Josh Harris, serves as a strategic reinsurance partner to National Life Group. This reinsurance arrangement provides National Life with access to 26North's origination capabilities while transferring a portion of the insurance liabilities off its own balance sheet.

National Life Group invests primarily through limited partnership commitments to external private funds rather than making direct control investments in operating companies. The private placement debt portfolio does involve direct corporate lending relationships. The firm's commercial mortgage portfolio is also directly originated and managed.

The National Life Group Charitable Foundation directs the firm's philanthropic activity, with a focus on the communities where its employees are based, particularly Vermont and Texas. The foundation operates as a separate entity from the insurance general account.

The Montpelier headquarters — a rarity for an insurer of National Life's scale — reinforces a conservative, relationship-driven culture that favors long-tenured underwriting and credit selection over rapid portfolio turnover. The firm is one of the largest private employers in Vermont and its investment team operates away from the concentration of insurance capital in New York and Hartford, contributing to a distinct origination posture in private credit and commercial mortgages.