AI-Powered Insurance Asset Intelligence

This page was prepared for Andrew Davilman, COO of Cohen & Company Asset Management.

Built for Specialized Asset Managers

Cohen & Company has reportedly deployed $4.8 billion across 222 insurance companies and managed 26 CLO funds. Every deal requires processing dense regulatory filings, tracking portfolio company financial health, monitoring insurance M&A markets, and making evidence-based investment decisions across complex, illiquid assets.

The challenge: Traditional asset management tools are built for liquid markets and simple securities. Insurance-linked strategies and CLO management require specialized intelligence that doesn’t exist in off-the-shelf software.

CodeMiner’s solution: An AI-powered intelligence system purpose-built for niche credit strategies, with capabilities spanning document processing, market intelligence, and decision learning.

System Capabilities

1. Document Intelligence for Insurance Assets

The problem: Insurance company statutory filings, SAP financials, regulatory submissions, and CLO structure documents are dense, inconsistent, and time-consuming to analyze.

What CodeMiner does:

• Automated extraction from insurance regulatory filings (NAIC statements, 10-Ks, state filings)
• Financial standardization across SAP vs. GAAP accounting, multi-year comparisons, peer benchmarking
• Gap detection - automatically identify missing documents in due diligence (missing schedules, incomplete audits, regulatory gaps)
• Quality scoring - flag data quality issues, inconsistencies across documents, material changes from prior filings

Real-world application:

• Process 50+ insurance company opportunities per quarter without adding analysts
• Identify missing statutory schedules before partner review
• Standardize reserve adequacy metrics across U.S., European, and Bermudian insurers
• Extract loss triangles and reserve development patterns automatically

Example output:

“Target insurance company: Financial statements show premium growth of 18% (Schedule P) but loss reserves increased 31% (Schedule F). Loss development factor deteriorated from 1.08 to 1.24 over three years. Missing: actuarial opinion letter (required for $500M+ premium volume). Flag: Reserves may be inadequate; recommend independent actuarial review.”

2. Smart Query Across All Insurance Relationships

The problem: Your team has 18 years of interactions across 222 insurance company investments - conversations buried in email, notes scattered across CRM, financial models in Dropbox. Critical intelligence is locked in silos.

What CodeMiner does:

• Natural language search across CRM (Affinity/Salesforce/others), email, calendar, and file systems
• Cross-deal intelligence - “Which property-casualty insurers have we funded that grew written premium >20% annually?”
• Relationship mapping - “Who do we know at Munich Re who could introduce us to regional carriers?”
• Historical pattern recognition - “What reserve development patterns did we see in our 2019-2021 vintages?”

Real-world queries:

• “Which Bermudian insurers have we reviewed in the last 3 years? What were their capital ratios and combined ratios?”
• “Find all email conversations about Lloyd’s syndicates in the last 18 months”
• “Which insurance companies did we pass on due to reserve adequacy concerns, and what happened to them?”
• “Summarize all interactions with State Farm-referred opportunities”

Value: Instant institutional memory. Never lose track of a relationship, never repeat analysis you’ve already done, leverage 18 years of learning.

3. Market Intelligence for Insurance & CLO Markets

The problem: Insurance M&A activity, regulatory changes, CLO market conditions, and competitor funding activity require constant monitoring across fragmented sources.

What CodeMiner does:

• Insurance M&A tracker - monitor acquisitions, carve-outs, distressed situations in target insurance segments
• Regulatory change monitoring - track RBC changes, NAIC updates, state insurance department actions that create funding opportunities
• CLO market intelligence - track spreads, deal flow, manager performance, competitive structures
• Distress signal detection - identify insurance companies with deteriorating financials, ratings downgrades, covenant pressure

Proactive sourcing applications:

• Complexity opportunity scanner - Find insurance company carve-outs where separation complexity creates competitive advantage for experienced buyers
• Balance sheet stress signals - Insurance companies approaching leverage limits, refinancing walls, dividend suspensions
• Regulatory pressure opportunities - Carriers hit with RBC requirements who need capital quickly

Example alert:

“Regional P&C Carrier (Ohio, $340M premium volume): S&P downgraded from A- to BBB+ citing reserve inadequacy. RBC ratio declined to 180% (from 280% in 2023). Estimated capital need: $35-50M. Limited competition (most PE firms lack insurance expertise). Value creation opportunity: Reserve strengthening + pricing governance.”

4. CLO Portfolio Management Intelligence

The problem: Managing 26 CLO funds requires tracking hundreds of underlying credits, monitoring covenant compliance, optimizing trading windows, and generating investor reports.

What CodeMiner does:

• Credit monitoring automation - track all underlying loans, flag covenant breaches, rating downgrades, refinancing risk
• Portfolio optimization recommendations - identify trading opportunities, rebalancing triggers, reinvestment priorities
• Investor reporting automation - generate quarterly CLO performance reports, synthesize portfolio changes, draft investor letter sections
• Comparative fund analysis - benchmark fund performance, identify what’s working across your CLO platform

Manager value-add:

• Reduce analyst time on credit monitoring by 60%
• Never miss a covenant breach or rating action
• Generate first-draft investor letters in minutes, not days
• Learn which CLO structures and trading strategies delivered best risk-adjusted returns

5. Decision Intelligence: Learn from 222 Insurance Investments

The problem: Your team has 18 years and 222 insurance company investments worth of learning. That institutional knowledge lives in people’s heads, not in systems.

What CodeMiner does:

• Pattern recognition - What distinguishes successful insurance investments from failures?
• Underwriting evolution - How have your investment criteria changed? What adjustments improved outcomes?
• Risk factor validation - Which red flags actually predicted problems? Which were false positives?
• Sector-specific insights - Do property-casualty insurers perform differently than specialty lines? Life vs. health?

Example insights:

“Historical analysis: 22 insurance company investments (2019-2021) with combined ratios >105% at entry. 18 successfully improved to <100% within 24 months. Common characteristics: Premium concentration <15% in any single line, management teams with prior P&C turnaround experience, reserve redundancy >10% of carried reserves. Pattern identified: Reserve quality at entry predicts improvement success better than combined ratio alone.”

“Liquidity effectiveness analysis: Of 47 insurance company exits since 2015, strategic sales averaged 1.3x higher multiples than financial sponsor sales. Exit readiness factor: Clean regulatory filings and pre-negotiated successor management increased strategic interest by 2.4x. Recommendation: Maintain quarterly regulatory compliance reviews and successor CFO pipeline for all portfolio insurers.”

Value: Your firm becomes a learning system. Every deal improves your underwriting. Every exit teaches you how to engineer better liquidity.

6. Workflow Automation for Insurance Due Diligence

The problem: Insurance due diligence is checklist-intensive - statutory filings, actuarial reports, reinsurance treaties, regulatory approvals, management letters. Items get missed. Follow-ups get lost.

What CodeMiner does:

• Automated deal tracking - monitor every insurance opportunity, flag stalled diligence, surface missing documents
• Smart notifications - “Actuarial report promised 2 weeks ago not received” or “Reinsurance treaty expiring in 60 days”
• Team coordination - “Who on our team has the relationship with this reinsurance broker?” or “Which partner has capacity for new insurance deals this quarter?”
• IC material generation - Auto-generate investment committee overview documents synthesizing diligence findings

Value: Cover all the bases automatically. Reduce diligence gaps. Free your team to focus on judgment, not checklist management.

Why This Matters for Cohen & Company

Scale without headcount: Process 3x more insurance opportunities with your existing team

Institutional memory: 18 years and 222 investments become a searchable, queryable knowledge base

Competitive advantage: Win complex insurance deals where others lack expertise and systems

Evidence-based underwriting: Learn what actually works, adjust strategy based on data, not intuition

Liquidity engineering: For your insurance company portfolio - maintain exit readiness, never forced to hold illiquid assets in bad markets

From Deal Machine to Operating System

The best-performing insurance asset managers don’t just source deals - they operate with systematic intelligence:

• Document processing ensures you trust your data and catch gaps before partners see them
• Market intelligence finds opportunities others miss (carve-outs, distressed situations, regulatory-driven capital needs)
• Decision intelligence helps you learn from 222 investments to make deal #223 better

CodeMiner provides the infrastructure to transform your firm from an insurance deal machine into an insurance investment operating system.

Technical Foundation

Built on proven AI infrastructure:

• Natural language processing for unstructured insurance documents
• Vector database for semantic search across 18 years of emails, notes, and filings
• Structured data extraction from PDFs, Excel models, regulatory filings
• Multi-source data integration (CRM, email, file systems, public filings)

Secure and private:

• Your data never trains public AI models
• Multi-tenant isolation architecture
• Audit logging for regulatory compliance
• Role-based access controls

Integration with your existing tools:

• CRM systems (Affinity, Salesforce, etc.)
• Microsoft 365 (Outlook email & calendar)
• Cloud storage (Dropbox, Google Drive, Box)
• Portfolio management systems
• In-house proprietary systems - Custom APIs and data connectors for your internal platforms, databases, and specialized tools

About CodeMiner

CodeMiner builds AI-powered intelligence systems for specialized asset managers. Unlike generic portfolio management software, our platform is purpose-built for complex, illiquid strategies where deep analysis and institutional memory create competitive advantage.

We serve private equity firms, venture capital investors, insurance asset managers, and credit-focused investors who compete on expertise and operational capability, not just deal sourcing.

Focus areas:

• Niche credit and insurance-linked strategies
• Private equity operational value creation
• Venture capital pattern recognition
• Complex deal intelligence (carve-outs, distressed, structured)

Technology approach:

• AI-native architecture built for unstructured financial documents
• Learning systems that improve with usage
• Privacy-first design (your data stays yours)
• Integration with existing workflows, not replacement

System Architecture