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May 31, 2005
Exams are over, time for surveys
The Spring 2005 exam season is officially over and there is only one thing left to do. If you did not submit a paper survey, you can submit your thoughts about the exam on-line. Whether you had a problem with the testing location, a question that just didn't seem right or whatever, you can follow these links to post your opinions about the exam.
Spring 2005 Exam Surveys
Exam 1/P: Probability
Exam 2/FM: Financial Mathematics
CAS Exam 3: Statistics and Actuarial Models
SOA Course M: Actuarial Models
Exam 4/C: Construction and Evaluation of Actuarial Models
Exam 5: Introduction to Property and Casualty Insurance and Ratemaking
Exam 7-US: Annual Statement, Taxation, and Regulation
Exam 7-Canada: Annual Statement, Taxation, and Regulation
Exam 8: Investments and Financial Analysis
The survey for a specific exam is posted the day that the exam is administered. Surveys will be available online until 1 June 2005.
Posted by Tom Troceen at 02:39 PM
Pressman Champions the Industry’s Actuaries
GE Insurance Solutions chairman, president and CEO Ron Pressman told one of the nation’s leading actuarial organizations that the insurance industry needs its active involvement and leadership to prosper consistently in the future.
Addressing the Casualty Actuarial Society Spring Meeting in Phoenix today, Pressman challenged the actuaries to help the industry reverse a trend of “self-inflicted cyclicality,” stating “the good news is that because we inflict it on ourselves we know exactly how to alleviate it.”
Pressman said actuaries can help give the insurance industry the consistency it needs to reverse the trend of unprofitable underwriting. “Actuaries can help our business and our industry deliver the consistency that our stakeholders are crying out for. Consistency for our customers in pricing and underwriting. Consistency for our investors with stronger and less volatile returns.”
Pressman called on the crowd of 600 actuaries to assume a leadership role. “Actuarial science has perhaps never had a better moment to shine and lead in this industry.”
Further, he said: “We ask our actuaries for leadership in a way we never have before. You’re not spectators or scorekeepers … you are called on to be the conscience of this industry and our business. You cannot sit on the sidelines and say ‘I told you so’ … you must be active and involved … in helping make data-driven business decisions and owning the results.”
Pressman also said he believes the insurance industry’s mission is rooted in integrity and goodness and that the industry can harness the talent and discipline of its actuaries to propel itself to stability, success and even greatness.
Summing it up, he said to the actuaries: “Without you, we go nowhere in this industry.”
In addition to his roles with GE Insurance Solutions, Ron Pressman serves as a member of the GE Corporate Executive Council reporting to GE CEO Jeff Immelt and as a director of GE Capital Services. He was elected an officer of the General Electric Company in 1993 and senior vice president in July 2000.
Click here to read the full text of Pressman’s speech.
GE Insurance Solutions (NYSE: GE) protects people, property and reputations. With more than $50 billion in combined assets, the GE Insurance Solutions group of companies is one of the world’s leading providers of commercial insurance, reinsurance and risk management services. Combining deep practical risk expertise with GE's business acumen, our dedicated professionals in 28 offices around the globe help customers understand and manage risk more effectively. More information is available at www.geinsurancesolutions.com.
Posted by Tom Troceen at 01:32 PM
Details Released for September CBT Administration of Exam 1/P
Exam 1/P on Probability will be offered by computer-based testing (CBT) during the three-day period of September 26-28, 2005, in Canada and the United States and on September 26, 2005, in all other locations. (In the small number of areas without access to CBT, candidates will take an Internet-based test that will be held on September 26, 2005.) The subsequent administration of Exam 1/P will be in February 2006 with testing periods planned for May, August, and November 2006.
The Canadian Institute of Actuaries, Casualty Actuarial Society, and Society of Actuaries, joint sponsors of the exam, have moved Exam 1/P to CBT because it will give candidates more frequent opportunities to take this exam within a standardized environment. After the first few administrations, it is anticipated that grades will be available upon completion of the computer-based test. For the September 2005 administration, however, the grades will be mailed in the traditional manner, approximately six weeks after the exams are administered.
The registration deadline for the September administration for Exam 1/P will be July 22, 2005. Grades from the Spring 2005 administration are scheduled to be released on July 8, 2005. Candidates who wait until Spring grades are released to register must send their registrations by courier to reach Preliminary Actuarial Examinations (SOA office) by Friday, July 22, 2005.
The exam fee for the September 2005 administration of Exam 1/P is $175. The fee incorporates the additional expenses associated with the expanded development and the computer delivery process in a network of professional test centers. The refund policy for CBT is different from the policy used for other actuarial exams. Any candidate who submits an application for Exam 1/P and subsequently decides not to take the examination may receive a refund (less the $60 administrative fee) only by doing both of the following:
- Cancel the appointment by noon of the third business day (includes Saturdays) before the test appointment. For example, to cancel an examination for Tuesday, a candidate must notify the test center by noon on the Friday before the Tuesday appointment.
- Submit a refund request by e-mail (CBTrefund@soa.org) to Preliminary Actuarial Examinations by noon of the third business day before the test appointment. Examination fee refunds will be issued following the testing administration.
Thomson Prometric, which operates an international network of testing centers, will host the CBT administration of Exam 1/P. Thomson Prometric offers high-quality test site environments and experiences for candidates. The professional test center staff will verify your identity and assist in the sign-in and on-time seating process. The centers are secure and provide an environment that is clean, temperature controlled, and quiet.
For more information, please go to the CAS website's article here.
Posted by Tom Troceen at 10:20 AM
May 23, 2005
IRS' Paulette Tino First Woman to Receive Prestigious Actuarial Honor for Public Service
11th Recipient Has Been an IRS Actuary for 30 Years and Still Working at Age 81
Paulette Tino, a remarkable woman for the history she has lived and made, was awarded the prestigious Robert J. Myers Public Service Award in a ceremony at the American Academy of Actuaries' 2005 Spring Meeting on May 3rd. Tino, 81, an actuary and 30-year veteran of the IRS, is the 11th recipient and first woman to receive the award. The Academy is a non-profit, professional membership organization based in Washington, D.C., that represents the actuarial profession on public policy and professionalism issues.
The award is presented annually to an actuary who has made major contributions to the common good through service to government or public organizations. The award is named after Robert J. Myers, the first chief actuary of the Social Security Administration (1947 to 1970). During his tenure he helped structure and fund the nation's largest social insurance program in history.
"As I receive this honor for public service, as a fellow actuary, you receive this honor with me," said the diminutive Tino in her thick French accent, as she peered over the top of the podium to address 270 of her colleagues and friends in the audience, including Robert J. Myers. The award ceremony followed remarks by Treasury Secretary John Snow, who heads the cabinet department that oversees the IRS. Snow met with Tino prior to his speech, and congratulated her on her achievements during his remarks.
Academy president Robert E. Wilcox praised Tino for her accomplishments and contributions to the public and to the profession. Wilcox noted that before choosing an actuarial career she had thought about going into another field that dealt with forecasting -- meteorology. "Choosing actuarial science was a no-brainer she told me," he said. "Weather forecasting's loss was pension solvency's gain."
In accepting the award she reflected on her illustrious career, and the history she has seen and lived. Born in France, as a young girl, Tino played in the shadows of Noyon Cathedral where Charlemagne was crowned King of the Franks. As a teenager, she listened behind closed shutters the day the German army marched into Paris, and as a young woman she joined crowds rejoicing in the streets at the liberation of her hometown by allied forces. After graduating from the Sorbonne, she and her husband Ovid moved to Montreal and in 1954, she moved to New York City, where she worked for George B. Buck consultants.
Tino joined the IRS in 1975, and was one of the first actuaries hired to work on the development of the Employee Retirement Income Security Act of 1974 (ERISA). ERISA is the landmark federal act that has shaped retirement and health care policy for 30 years.
In 1980, she became a member and was the first woman to serve on the joint board for the Enrollment of Actuaries. As a member of the Joint Board she has served the profession for many years in the creation, testing, and certification of actuarial exams. "Because of her diligence, young actuaries are taught the importance of quality and accuracy in the certification, reporting and disclosure of pension plan solvency," said Wilcox. Wilcox also praised her groundbreaking accomplishments in the pension actuarial community as she is considered the nation's foremost expert on the actuarial certification commonly known as Form 5500 Schedule B.
The American Academy of Actuaries is the nonpartisan public policy organization for the U.S. actuarial profession. The Academy provides independent analysis to elected officials and regulators, maintains professional standards for all actuaries, and communicates the value of actuarial work to the media and public.
Source: American Academy of Actuaries
Posted by Tom Troceen at 03:59 PM
Actuarial Study Indicates Retaining Life Insurance Contracts Until Death Likely Exceeds Value Paid in Life Settlement Transactions
A new study analyzes issues arising from the premature sale of life insurance contracts by impaired policyholders, including the elderly. The comprehensive research, titled "The Life Settlements Market -- An Actuarial Perspective on Consumer Economic Value," compares the life settlement value received upon the premature sale of a life insurance policy with the intrinsic economic value of a policy held until death. This study was paid for by a group of insurance companies, including Massachusetts Mutual Life Insurance Company, which engaged Deloitte Consulting LLP to conduct the study with the assistance of the Deloitte-UConn Actuarial Center at the University of Connecticut.
In a life settlement transaction, existing policyholders transfer ownership of their life insurance policy to an unrelated investor who seeks to receive a high rate of return on investment upon the policyholder's death. (When an insured person experiences a negative change in health, the economic value of the policy appreciates, which is why outside investors typically want to acquire the policy.) In return, the policyholder receives immediate cash from a life settlement company.
The research indicated that life settlement transaction costs -- such as commissions, marketing, overhead and profit -- represent 50 to 67 percent of the policies' intrinsic economic value (as defined in the study). Further, the study concluded "the policyholder with impaired health could maximize her estate value if other assets are liquidated and the life insurance policy is maintained until death...The potential yield of a life insurance contract when the policyholder's health has deteriorated is so great that other creative options to preserve the contract should be explored before making any decision to sell."
The study included a review of filings with the New York Insurance Department for life settlement sales completed from 2000 to 2003. The results showed that, on average, the intrinsic economic value (as defined in the study) of policies sold in that period was 64 percent of the face amount. Based upon this review, the study determined that: "[These] Life Settlements companies paid out 20 percent of the face amount. This means that 44 percent of the face amount was lost (or not realized) due to the transaction costs (expenses, taxes and profits) involved in the Life Settlements sale."
Ultimately, the study concluded, "It is likely that the target market that could truly benefit from the Life Settlements industry is significantly smaller than currently perceived."
The full study can be viewed on the Internet at http://www.lifesettlementseducation.com.
Posted by Tom Troceen at 03:57 PM
May 17, 2005
2005 CAS Spring Meeting Webcast now available for download
Were you unable to travel to the 2005 CAS Spring Meeting? Portions of the meeting were webcast live on Monday, May 16 from Phoenix. These archived files are available for viewing using high bandwidth or low bandwidth. Also, you have the option to watch the entire Business Session or just the part you missed. Viewing the Actuarial Accountability In a Changing World General Session allows for 2 Continuing Education Credits.
The archived webcast files below will be available until June 16, 2005.Business Session High Bandwidth -- Low Bandwidth
Ceremony for New Fellows and Associates
High Bandwidth -- Low Bandwidth
Address to New Members by Allan Kaufman
High Bandwidth -- Low Bandwidth -- Download Presentation
The Actuarial Foundation Presentation
High Bandwidth -- Low Bandwidth -- Download Presentation
Casualty Practice Council Presentation
High Bandwidth -- Low Bandwidth -- Download Presentation
General Session High Bandwidth -- Low Bandwidth
Actuarial Accountability In a Changing World
Download Presentation
Posted by Tom Troceen at 02:23 PM
Cairnstone Re Chief Actuary Sets Off on Cross-Country Cycling Tour for Charity
Fallisi Calculates That 17-State Trip Will Generate $30,000 in Donations
Pedaling aside the cliche of a number-crunching actuary with little sense of adventure, Cairnstone Re vice president and chief actuary, Paul Fallisi, started yesterday on a journey that will ultimately change his life, and hopefully the lives of many others.
When Fallisi and his brother, William, dipped their back tires in the Pacific Ocean in San Diego yesterday afternoon, they began a cross-country bicycle trek that will eventually lead them to wetting their front wheels in the Atlantic Ocean some 30 days later.
The transcontinental tour that Fallisi and his brother are undertaking is being done to raise money for the famed Jimmy Fund in Massachusetts and the National Multiple Sclerosis Society.
Over the next month, Fallisi, 44, will forego his actuarial tables and spreadsheets as he sets his sights on a simple set of numbers: 110, 3,333 and 30,000.
The Fallisis, both of New Hampshire, will cover approximately 110 miles a day to accomplish their 3,333-mile journey that is expected to raise $30,000 for their cause. Their sojourn will cross 17 states with an expected finish in New Hampshire on June 12.
"I've always been very goal oriented, whether at work or in my personal life, and I see this as something that will be incredibly rewarding not only for the experience it offers, but to actually hand over a large amount of money to help further the mission of two vital charities," said Fallisi.
Cairnstone, one of the primary sponsors of the team, will keep a regular log of the cyclists' travel on its website, www.cairnstone.com. The site will feature a cross-country map showing their day-to-day progress, as well as daily updates from Fallisi.
"We are so excited and proud of what Paul is looking to accomplish," said Jim Tillett, president and CEO of Cairnstone. "His dedication to raising funds for these two charitable organizations exemplifies our firm's commitment and dedication to lending a helping hand in the communities where we conduct business." Paul has received donations from many of Cairnstone's carriers, fellow employees, clients and even competitors as well as from individuals from his hometown. One of the most touching contributions came from two children who raised $9 selling lemonade and sent it to the Fallisis to benefit children with cancer.
Fallisi joined Cairnstone nine years ago as one of the company's founders. Today, he works in the company's Andover, MA office. He became a bicycle enthusiast 10 years ago when a friend challenged him to cycle the length of Vermont; he succeeded and became hooked on cycling. Over the past five years, Fallisi has been actively raising money for the National M.S. Society.
To donate to Fallisi's cause, log on to www.cairnstone.com and click on the Cycle Across America link.
Founded in 1996, Cairnstone Inc., dba Cairnstone Re, manages employer stop-loss insurer programs and provides catastrophic claims management assistance to hundreds of self-funded employer groups nationwide. Cairnstone Re is also a leading provider of catastrophic medical coverage to hospital and physician groups. The company has agreements with several leading insurance carriers to market, underwrite and manage those excess loss programs. In addition to its headquarters in Miami, Cairnstone Re has offices in nine cities across the country.
Posted by Tom Troceen at 10:58 AM
Fed's Gramlich questions Social Security actuaries
Federal Reserve Board Governor Edward Gramlich said on Friday the actuaries of the Social Security program were overly optimistic on the likely future returns of stocks and bonds.
"Given the GDP assumptions that the trustees are using ... I think 4.5 (percent real return on stocks) and 1.5 (percent real return on bonds) would make sense to me," Gramlich told a forum on Social Security sponsored by the National Academy of Social Insurance. In contrast, the Social Security actuaries assume a 6.5 percent return on equities and a 3 percent return on bonds.
Continue reading "Fed's Gramlich questions Social Security actuaries"
Posted by Tom Troceen at 10:53 AM
Pressman Champions the Industry's Actuaries; GE Insurance Solutions Chief Tells Them They Are Key to Industry Consistency
GE Insurance Solutions (NYSE: GE) chairman, president and CEO Ron Pressman told one of the nation's leading actuarial organizations that the insurance industry needs its active involvement and leadership to prosper consistently in the future.
Addressing the Casualty Actuarial Society Spring Meeting in Phoenix today, Pressman challenged the actuaries to help the industry reverse a trend of "self-inflicted cyclicality," stating "the good news is that because we inflict it on ourselves we know exactly how to alleviate it."
Pressman said actuaries can help give the insurance industry the consistency it needs to reverse the trend of unprofitable underwriting. "Actuaries can help our business and our industry deliver the consistency that our stakeholders are crying out for. Consistency for our customers in pricing and underwriting. Consistency for our investors with stronger and less volatile returns."
Pressman called on the crowd of 600 actuaries to assume a leadership role. "Actuarial science has perhaps never had a better moment to shine and lead in this industry."
Further, he said: "We ask our actuaries for leadership in a way we never have before. You're not spectators or scorekeepers ... you are called on to be the conscience of this industry and our business. You cannot sit on the sidelines and say 'I told you so' ... you must be active and involved ... in helping make data-driven business decisions and owning the results."
Pressman also said he believes the insurance industry's mission is rooted in integrity and goodness and that the industry can harness the talent and discipline of its actuaries to propel itself to stability, success and even greatness.
Summing it up, he said to the actuaries: "Without you, we go nowhere in this industry."
In addition to his roles with GE Insurance Solutions, Ron Pressman serves as a member of the GE Corporate Executive Council reporting to GE CEO Jeff Immelt and as a director of GE Capital Services. He was elected an officer of the General Electric Company in 1993 and senior vice president in July 2000.
Read the full text of Pressman's speech at here.
Posted by Tom Troceen at 10:50 AM
May 13, 2005
Does the United Airlines' Pension Plans' Termination Increase the PBGC Deficit?
There Is Little Impact Actuaries' Fact Sheet Explains
A fact sheet released today by the American Academy of Actuaries explains how the termination of United Airlines' (UAL) pension plans as part of its bankruptcy proceedings will impact the Pension Benefit Guaranty Corporation (PBGC), the federal agency that insures defined benefit pension plans. Contrary to some reports in the media, the termination of UAL's pension plans will likely not increase the PBGC's projected deficit, and may even help to reduce it.
"The PBGC already included United Airlines' pension plans as a 'probable termination' in its 2004 annual report. That means the termination of the plans will have no appreciable impact on the PBGC's deficit," said Ron Gebhardtsbauer, senior pension fellow at the American Academy of Actuaries. "In fact, the $1.5 billion in securities the PBGC may receive as part of the termination agreement could help to reduce the PBGC's deficit."
According to the PBGC's 2004 annual report, it had a $23.3 billion deficit, which included $16.9 billion for probable terminations. "The PBGC had the foresight to include the liabilities it has assumed from United Airlines' pension plans in its deficit projections," said Gebhardtsbauer.
The Academy has proposed a series of legislative and regulatory reforms to strengthen the defined benefit pension system. For further information go to the Academy website at http://www.actuary.org.
The American Academy of Actuaries is the nonpartisan public policy organization for the U.S. actuarial profession. The Academy provides independent analysis to elected officials and regulators, maintains professional standards for all actuaries, and communicates the value of actuarial work to the media and the public.
The following is the fact sheet on PBGC and United Airlines:
PBGC and United Airlines
How does United's termination affect the PBGC deficit?
The American Academy of Actuaries(1) Pension Practice Council provides this educational fact sheet to discuss recent statements regarding the termination of United Airlines' pension plans and the impact that termination will have on the financial situation of the Pension Benefit Guaranty Corp (PBGC).
******************
On May 10, a bankruptcy judge approved United Airlines' request to terminate its pension plans. The PBGC will take over the UAL pension plans. In return, the PBGC may receive up to approximately $1.5 billion in securities for the reorganized airline.
United's total unfunded accrued benefits: $9.8 billion
United's unfunded guaranteed benefits: $6.6 billion
The PBGC does not take on the total amount of unfunded accrued benefits, which in United's case is $9.8 billion. It will not pay the $3.2 billion in nonguaranteed benefits, which consists of certain benefits above the maximum guaranteed and recent benefit improvements that have not be fully phased-in. The maximum guaranteed benefit for plans terminated in 2005 is $3801.14 per month (or $45,613.68 per year) for a worker retiring at age 65. There is a lower guarantee for those individuals who retire early or if there is a benefit for a survivor.
Total unfunded accrued benefits: $ 9.8 billion
Non-guaranteed benefits: - $ 3.2 billion
-------------
Unfunded guaranteed benefits: $ 6.6 billion
PBGC's deficit according to their 2004 Annual Report was $23.3 billion, which included United's plans
The PBGC includes, in their deficit, certain probable terminations (i.e., companies for which PBGC anticipates taking over pension plans in the near future). In its 2004 annual report, the PBGC included $16.9 billion for certain probable terminations, which included United Airlines' unfunded guaranteed benefits. Therefore, despite some reports to the contrary, PBGC's deficit does not increase with United's termination. In fact, the $1.5 billion in securities from UAL could decrease the PBGC deficit.
1. The American Academy of Actuaries is the public policy organization for actuaries of all specialties within the United States. In addition to setting qualification standards and standards of actuarial practice, a major purpose of the Academy is to act as the public information organization for the profession. The Academy is nonpartisan and assists the public policy process through the presentation of clear, objective analysis. The Academy regularly prepares testimony for Congress, provides information to federal elected officials and congressional staff, comments on proposed federal regulations, and works closely with state officials on issues related to insurance
Source: American Academy of Actuaries
Posted by Tom Troceen at 02:16 AM
May 10, 2005
Live from Phoenix...It's the CAS Spring Meeting!
Portions of the 2005 Spring Meeting will be webcast live on:
Monday, May 16, 2005
11:00 a.m. - 3:00 p.m. EDT
The schedule of events includes:
11:00 a.m. - 12:30 p.m. EDT Business Session
# Ceremony for New Fellows and Associates
# Address to New Members by Allan Kaufman
# Presentation of Awards
12:30 p.m. - 1:00 p.m. EDT Break
1:00 p.m. - 3:00 p.m. EDT General Session
Actuarial Accountability In a Changing World
During the General Session, webcast viewers will have the opportunity to submit questions for the "Question and Answer" portion of the session.
For your convenience, any PowerPoint presentations that will be displayed for the audience at the Meeting will be available for download here on Monday morning prior to the webcast.
Plan Ahead!
To view the webcast, you will need the free Windows Media Player from Microsoft and a connection to the Internet.
Click here to get Windows Media Player
Test out your audio and video connection before the day of the webcast.
Click here to test High Bandwidth.
Click here to test Low Bandwidth.
If you experience technical difficulties, please use the online help or call the CAS Office at 703-276-3100 and we will assist you to the best of our ability.
The 2005 CAS Spring Meeting webcast will broadcast live from Phoenix, AZ and will also be archived and viewable for an additional 30 days (through June 16).
Posted by Tom Troceen at 01:57 PM
May 09, 2005
Nation's Insurers Face New Inquiry, This One by F.B.I.
The Federal Bureau of Investigation has begun a nationwide review of insurance practices to determine whether the accounting irregularities uncovered at American International Group represent a pervasive problem in the industry, agency officials said on Wednesday.
The F.B.I. has instructed agents at its 56 field offices to talk to government regulators and industry executives, review civil filings and look for patterns that mirror the problems seen in recent months at A.I.G., the officials said.
"We do not want to be caught napping on this," said Chris Swecker, an assistant director at the F.B.I. who oversees the financial crimes unit. "We are taking a very, very hard look at this to see if it represents a pervasive problem."
Continue reading "Nation's Insurers Face New Inquiry, This One by F.B.I."
Posted by Tom Troceen at 12:35 AM
May 04, 2005
CAS Board Launches Partnerships to Pursue Enterprise Risk Management Strategy
At its March 2-3 meeting, the CAS Board of Directors took actions to help the actuarial profession benefit from new opportunities in Enterprise Risk Management (ERM) by launching partnerships with the Society of Actuaries and the ERM Institute International, Ltd. (ERMII).
The CAS Board approved a proposal to jointly sponsor the Risk Management Section with the Society of Actuaries and also passed a resolution to become a founding member of ERMII. In addition, the Board approved a new Vice President position that will coordinate these and other ERM-related activities while serving on the CAS Executive Council. These initiatives are major steps for the CAS towards its Centennial Goal that casualty actuaries be recognized as leading experts in the evaluation of hazard risk and the integration of hazard risk with strategic, financial and operational risk.
"These actions will both underline the casualty actuary's position as the leading expert in insurable operational risk and help to expand the role of actuaries in wider applications of enterprise risk management," CAS Board Chairman Mary Frances Miller said.
The mission of the Joint CAS/SOA Risk Management Section is to advance the actuarial profession by assisting members of the Section with the educational, research, networking, and other specialized needs that arise in the risk management area of actuarial practice. The Section is focused on developing solutions to unsolved problems, communicating the value of actuaries in providing solutions, and educating actuaries to meet market demands.
ERMII is a non-profit educational and research organization, initiated by an international group of universities and professional organizations with a focus on education, research and training in ERM conceptual framework, quantitative methods and tools, and best practices. The missions of ERMII include:
1. To develop and promulgate international standards for quantitative risk education intended to be the core foundation for risk managers in all major economic sectors including banking, insurance, investment, energy and other utilities, and non-financial industries (manufacturing, retail, transportation, health services, government, etc.).
2. To promote multi-disciplinary, international, research in the emerging discipline of enterprise-wide risk management, by developing innovative concepts, effective quantitative tools, and strategies.
3. To help existing and future institutions and organizations to improve professional standards of education, conduct, and competence in the modeling and management of risk on an enterprise-wide basis.
The Casualty Actuarial Society is an organization dedicated to the advancement of the body of knowledge of actuarial science applied to property, casualty and similar risk exposures. The primary goal of the Casualty Actuarial Society is to provide education and research to help its members become leading experts in the evaluation of hazard risk and the integration of hazard risk with strategic, financial and operational risk.
Posted by Tom Troceen at 02:20 PM
Mergers and Acquisitions, Finite Insurance among Topics at Casualty Actuarial Society Spring Meeting
The actuarial role in mergers and acquisitions and the future of finite insurance will be among the topics featured at the Spring Meeting of the Casualty Actuarial Society (CAS), May 15-18, 2005, at The Pointe South Mountain Resort, Phoenix, Arizona.
The meeting provides a forum for actuaries and other professionals to stay abreast of current issues affecting the insurance industry and the actuarial profession, as well as opportunities to interact with other actuaries from around the globe.
The keynote speaker is Ron Pressman, president and CEO of GE Insurance, and chairman, president and CEO of GE Insurance Solutions, one of the world's largest reinsurance and insurance organizations.
Four general sessions are planned:
* The Actuarial Role in Mergers and Acquisitions will review the journey of an M&A process from the investment banking perspective, and discuss the various roles and responsibilities that actuaries play during a merger, acquisition or restructuring.
* The Future of Finite Insurance will review some basics of finite insurance and will present the viewpoints of an auditor, a rating agency, an insurer, and a finite insurance purchaser. It will discuss the prevalence of using finite insurance to mask true results and legitimate uses of finite insurance, as well as how to distinguish between the two.
* Actuarial Accountability in a Changing World will explore the possible implications of the review of the Actuarial Profession in the United Kingdom.
* The Industry's Ability to Attract Capital Given Historically Low ROE will feature a panel of experts who will describe how the historical insurance industry ROE has been low relative to other financial industries such as banking, yet there have been capital infusions in this industry over the last several years. The panel will address questions such as: Is ROE the right measure for the insurance industry's performance? If not, what is? And what are the motivations of the investors?
Other topics to be covered include: operational risk management, D&O insurance, auto injury claims, aviation pricing and modeling, Caribbean catastrophes and the Caribbean market, California workers compensation, loss reserving, enterprise risk management, medical malpractice costs, the future of TRIA, hurricanes and reinsurance, insurance accounting, predictive modeling, dynamic financial analysis, privacy of information, construction defects, and terrorism modeling, among others.
The registration fee is $725 for active members, candidates or subscribers of the CAS or of an actuarial organization worldwide and must be received by April 29. After that date, fees will increase by $50. For more information, please contact the CAS Meetings Department by phone, 703-276-3100; e-mail, meetings@casact.org; or visit the CAS Web site at www.casact.org.
Members of the press are welcome to attend the meeting (fee waived) and are asked to register with Mike Boa, CAS director, communications and research, at 703-276-3100 in advance of the meeting.
The Casualty Actuarial Society is an organization dedicated to the advancement of the body of knowledge of actuarial science applied to property, casualty and similar risk exposures. The primary goal of the Casualty Actuarial Society is to provide education and research to help its members become leading experts in the evaluation of hazard risk and the integration of hazard risk with strategic, financial and operational risk.
Posted by Tom Troceen at 02:18 PM