David Czerniecki

David E. Czerniecki is Senior Vice President and Chief Investment Officer of Loews Corporation. Loews lists him as having joined the company in September 2025, after serving as Chief Investment Officer of Nassau Financial Group from 2019 to 2025. Loews describes him as having more than 30 years of experience managing insurance-company investments.

Before Nassau, Czerniecki spent nearly 20 years at XL Group Ltd, now AXA XL, in investment leadership roles. Loews says he served there as Senior Portfolio Manager and Co-Chairman of XL’s Global Credit Committee, overseeing more than 60% of the company’s fixed-income portfolio. SEC filings from XL-related entities also identify him in 2017 as a Senior Vice President and Senior Portfolio Manager at XLGI LLC.

At Nassau, Czerniecki led a major buildout of the asset-management function. Nassau’s May 29, 2025 announcement naming Joe Orofino as his successor said Czerniecki had led “a significant expansion” of Nassau’s asset-management business, including investment offerings and services for third-party clients. Nassau described its strategies as including public and private debt, CLO debt and equity, real estate debt and equity, and alternatives.

Czerniecki earned a B.S. in business administration from Georgetown University and an M.B.A. with distinction from Northwestern University’s Kellogg School of Management. Loews also identifies him as a CFA charterholder.

• Czerniecki is an institutional CIO, not a publicly verified angel investor. Public sources describe him as managing insurance and holding-company portfolios rather than writing seed checks to startups.
• His investment approach emphasizes active management: in a 2026 PGIM interview, he said, “We are active investors” with experienced professionals across major asset classes.
• He frames risk at multiple levels: idiosyncratic security selection, sector exposure, macro views, rates, asset allocation, portfolio volatility, and cross-correlation.
• In volatile markets, he favors caution, stating that current positioning was “more cautious” and that the portfolio was staying “up in quality and liquidity.”
• In private markets, he distinguishes traditional insurance private placements from direct lending, noting that direct lending remains important for underserved credit markets but that heavy capital inflows have pressured terms and returns.
• He is underweight direct lending in the environment described in the PGIM interview, while watching for more attractive entry points.
• His background points to a credit-heavy lens: bank credit training, commodities credit, financial institutions, corporate credit, municipal credit, below-investment-grade bank loans, workouts, structured credit, asset-backed securities, and insurance portfolios.