What Performa does

Performa is a privately held investment management firm founded in 1992 and headquartered in Bermuda with operating offices in Charleston, South Carolina and Burlington, Vermont. The firm is 100% focused on providing customized investment management solutions to captive insurance companies, serving both offshore and onshore captives of all sizes. It operates under a fiduciary standard as a registered investment advisor with the U.S. Securities and Exchange Commission and is licensed by the Bermuda Monetary Authority.

Performa's core offering spans the full captive investment spectrum, including cash management, investment grade bonds, high yield bonds, equities, and structured products (MBS, CMBS, ABS), delivered through active and passive strategies. Portfolio management is governed by an internal Investment Policy Group (IPG) covering asset allocation, fixed income macro positioning, duration and yield curve management, and credit research. Client reporting is delivered through a partnership with Clearwater Analytics, the sole disclosed technology integration; no proprietary platform, API, or AI/ML capability is offered.

Revenue is generated through investment management fees charged as a percentage of assets under management, consistent with institutional advisory practices. The firm pursues a sales-led, relationship-based go-to-market with dedicated relationship managers and a Head of Business Development cultivating captive managers, captive insurance companies, and service providers, reinforced by conference presence across VCIA, SCCIA, TxCIA, IMAC, and CICA. Ownership is founder/management-controlled; no external investors, subsidiaries, M&A, or funding rounds are disclosed.

Name

Performa

Legal name

P.R.P. Performa Ltd and Performa Limited (US), LLC

Website

https://performaltd.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Performa is a privately held investment manager founded in 1992 that is 100% focused on providing customized investment management solutions for offshore and onshore captive insurance companies, spanning cash to equities across three offices in Bermuda, Charleston, and Burlington.

Ownership category

akta.pro rank

Product category

Investment Management for Captive Insurance

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)

akta.pro secondary industry

Managed Accounts & Model Portfolios (SMA/UMA) (FSAAAAAG)

Keywords

• Captive asset management
• Investment management services
• Captive insurance investing
• Fixed income management
• Institutional portfolio management

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Management Services: Performa operates as a registered investment advisor providing customized investment management solutions for captive insurance companies. As a fiduciary, the firm is legally and ethically bound to act in the best interests of clients. Revenue is generated through investment management fees, typically charged as a percentage of assets under management (AUM), consistent with standard investment advisory practices.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Performa is a specialized investment management firm providing customized investment solutions exclusively for captive insurance companies of all sizes. As a registered investment advisor and fiduciary, the firm offers active and passive strategies spanning cash management, investment grade bonds, high yield bonds, and equities, complemented by proactive partnership-based client service and reporting through Clearwater Analytics.

Product overview

Performa is a specialized investment management firm that is 100% focused on providing customized investment solutions for captives of all sizes. The company operates as a full-service investment manager offering active and passive investment solutions spanning cash management, investment grade bonds, high yield bonds, and equities. The core product portfolio consists of Investment Services, Investment Strategies, and a Client Service Program, complemented by a suite of insight products including Fed Translation Dashboards, Quarterly Market Updates, and Market Perspectives reports. The firm serves both offshore and onshore captives, having expanded from its 1992 founding focused on offshore captives to opening onshore offices in Charleston, South Carolina and Burlington, Vermont in 2012. Reporting is provided through a relationship with Clearwater Analytics.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Services Full-service investment management offering customized, active and passive investment solutions for captive insurance companies of all sizes, spanning cash management, investment grade bonds, high yield bonds, and equities.
• Investment Strategies Range of active and passive investment solutions covering cash, investment grade bonds, high yield bonds, and equities, designed for captive insurance portfolio needs.
• Client Service Program Partnership-based, proactive client service approach for captive insurance clients that encourages open dialogue with clients and their service providers throughout the relationship.
• Fed Translation Dashboards Quick and easy-to-read guide to current monetary policy published after each FOMC meeting, providing insights into Federal Reserve decisions for captive insurance clients.
• Quarterly Market Updates 5-page overview of each quarter's developments covering markets, returns, key economic variables, and prevailing market themes for captive insurance clients.
• Market Perspectives Editorial-style articles covering a wide range of timely issues and topics pertinent to financial markets, including annual outlook reports, distributed to captive insurance clients and prospects.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Clearwater AnalyticscoreTechnology or IntegrationPerforma provides reporting to clients via its relationship with Clearwater Analytics, a leading investment accounting and reporting platform used by institutional investors and asset managers.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• DOM Capital Management: Specialist investment manager focused exclusively on captive insurance companies, offering customized fixed income and balanced portfolios. Direct peer given the captive-only niche, customized mandate approach, and similar scale.
• Conning & Company: Insurance-focused investment manager with a long-standing dedicated captive insurance practice managing fixed income and multi-asset portfolios for captive insurers. Highly comparable to Performa in target customer, product set, and AUM-based fee model.
• Pacific Asset Management: Niche fixed income and multi-asset manager serving insurance clients including captives, with a focus on liability-driven, customized portfolios. Comparable to Performa in its insurance-client concentration and customized mandate orientation.
• HRS Investment Group (Houchens Risk Services): Captive insurance services and investment management provider that offers dedicated investment solutions to captive insurance clients. Directly comparable given the captive-only focus and integrated service model.

Emerging players

• PineBridge Investments: Global investment manager with a dedicated insurance asset management offering including fixed income and multi-asset solutions. Comparable in its insurance-client focus, though its captive insurance penetration is less specialized than Performa's.

Others

• Aon Captive & Insurance Management: Largest captive management firm globally; not a direct investment management peer, but a key ecosystem participant that captive clients often work with alongside specialist investment managers like Performa. Relevant as a channel, partner, and competitive adjacency.

Broad incumbents

• Wellington Management: Large, established multi-asset manager serving insurance clients including captives with customized fixed income and balanced mandates. Overlaps with Performa's institutional fixed income and multi-asset offerings but is much broader in scope.
• Goldman Sachs Insurance Asset Management: Large incumbent offering dedicated insurance and captive investment solutions as part of a much broader institutional asset management platform. Comparable in serving captives but with materially greater scale and broader product set than Performa.
• BNY Mellon Investment Management (Standish): Provides fixed income and multi-asset strategies used by insurance and captive clients through the Standish franchise. Comparable to Performa in fixed income capabilities, but operates at substantially greater scale and as part of a much larger platform.
• BlackRock (Insurance & Captive Solutions): Largest global asset manager with insurance-focused strategies and a captive insurance practice within its institutional client franchise. Competes with Performa for captive mandates but offers a far broader platform, scale advantages, and lower fee economics.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/performaltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Performa