June 5, 2023 9:30 AM EDT

JACKSONVILLE, Fla., June 5, 2023 /PRNewswire/ -- Independent Insurance Group, LLC ("Independent Group") announced today the hiring of David Adams as Co-Chief Investment Officer and Vice Chair of the firm's Investment Committee. He will report to Donald Herrema, who will now serve as Co-Chief Investment Officer with David. Herrema has been CIO since the inception of the Company and will continue to Chair the Investment Committee and remain on the Board of Directors of Independent Life Insurance Company. David will be an officer of both Independent Group and Independent Life.

Independent Insurance Group, LLC ("Independent Group") announced today the hiring of David Adams as Co-Chief Investment

"The addition of Dave to our investment team is consistent with our long-term planning to support the growth and development of our business," said Don Herrema. "We have worked with Dave for several years in his investment advisory role at NEPC and know he will bring depth and breadth of investment expertise to our firm. Dave has remarkable talent and will play a key role going forward."

In his new role, Adams will be involved with the coordination of all investment functions for Independent Group and Independent Life, providing hands-on management, oversight and guidance to ensure the investment functions are conducted in compliance with investment guidelines as well as rating agency, regulatory and reinsurance requirements.

Adams was previously Director of Insurance Solutions and a Senior Consultant at NEPC where he was responsible for the investment strategy, portfolio construction/design, and the surveillance of clients' balance sheet investments. He was NEPC's dedicated resource for US-based Life clients, working with insurance allocators since 2017 and has regularly supported clients in capital/regulatory impacts. He also collaborated with NEPC's Research arm to develop asset class and sector outlooks specific to US Insurers.

"We know Dave well and are excited to have him join the team at Independent Group," said Michael A. Upchurch, Chairman and Founder of Independent Insurance Group. "He is a terrific fit for our culture, and we believe he will be a major contributor to our future."

Adams holds a B.S. in Finance with emphasis on Portfolio Theory from Saint Vincent College in Latrobe, Pennsylvania.


Founded by insurance industry experts, Independent Group is a forward-thinking enterprise whose complementary product and service companies improve outcomes for all structured settlement stakeholders.  Independent Life, its underwriting division, is dedicated to providing structured settlement solutions, including annuities, to serve the needs of injured parties, their families and advocates.  With its unique profile and ambitious vision for the structured settlement industry, Independent Life has attracted world-class partners: LKCM Headwater Investments, KKR's Kilter Finance and Hannover Re USA support Independent Life's growth and guarantees. For more on what makes Independent Life different, visit


LKCM Headwater Investments is a Texas-based private equity firm that partners with management teams to build successful companies. LKCM Headwater Investments is affiliated with Luther King Capital Management, an SEC-registered investment firm established in 1979 with approximately $25 billion of assets under management.  LKCM's proven investment discipline centers on a long-term focus of investing in well-managed companies that demonstrate an ability to re-invest cash flows into high return investment opportunities.  For additional details, visit


Kilter Finance is an insurance-focused specialty finance company established as a joint venture between its management team, led by Dan Knipe, and leading global investment firm KKR, which has made an initial commitment of up to $500 million.  Kilter Finance, which provides flexible, bespoke capital solutions to its clients with flexibility to invest across the capital structure, is collateral, structure, territory, currency and tenor agnostic. For additional details, visit


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SOURCE Independent Insurance Group

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