Albany, NY – The New York State Insurance Fund Board of Commissioners at its regular monthly meeting Wednesday, December 18, 2013, elected Eric Madoff as NYSIF Executive Director.
Mr. Madoff begins as NYSIF’s chief executive on January 6, 2014. He joins the Fund from the New York State Department of Financial Services (DFS), where he served as chief of staff from 2011 to 2013.
“Mr. Madoff brings many years of experience in insurance and financial services to an Executive team dedicated to improving efficiency and top notch service to the policyholders and injured workers that NYSIF serves,” NYSIF Presiding Chairman Kenneth R. Theobalds said.
At DFS, Mr. Madoff had operational responsibility for an agency of 1,400 employees, overseeing administration, finance, technology and other support areas, while implementing numerous initiatives to improve efficiency and customer service. During that time, he oversaw the successful merger of the New York State Insurance and Banking departments to create DFS, negotiating labor issues with employee unions and helping to execute the transition under budget.
From 2009 to 2010, Mr. Madoff was chief investment and strategy officer for the New York Liquidation Bureau. He was responsible for $2 billion in investment assets for the bureau, which manages insurance companies placed into receivership by DFS. Working with actuaries and portfolio managers, he developed benchmarking strategies, investment guidelines and cash flow projection tools, overseeing asset management and generating higher returns.
Mr. Madoff has a master of business administration degree from Harvard Graduate School of Business Administration and a bachelor of science degree from the United States Military Academy at West Point. He served as a captain in the United States Army from 1987 to 1992.
Subsequent to his military service Mr. Madoff entered the financial services sector, joining Goldman, Sachs & Co. in 1994, where he worked in several positions, including vice president of Equity Capital Markets. In 2000, he left to become a U.S. equity analyst and principal of Aeneas Capital Management, LP. From 2002 to 2008, he was a portfolio manager and partner of JD Capital Management, LLC.
“On behalf of the Board of Commissioners and Executive staff, please join us in welcoming Mr. Madoff to the Fund,” Mr. Theobalds said.