Before joining Cavanaugh Capital Management (CCM) in 1992 as President and Chief Investment Officer, James M. Dugan, CFA was a Senior Investment Officer at USF&G in Baltimore. In this role, Dugan was responsible for trading and managing USF&G’s municipal bond portfolio, as well as portfolios for Capital Re, Capital Guaranty, and an Axe-Houghton mutual fund. In this capacity, Dugan managed over $1 billion in tax-exempt municipal securities.

Dugan’s tenure at USF&G primed him with the knowledge and sensitivity pertaining to the regulatory and statutory environment in which insurance companies operate. In addition, he developed a proficiency in asset/liability and tax-sensitive portfolio management. (See Fixed Income Portfolio Management – Portfolio Types – Crossover, for more details on CCM’s crossover portfolio management approach). With this expertise, CCM has been entrusted to manage assets from stand-alone insurance companies and captive (self-insurance) affiliates of other institutions.