CHICAGO, IL., March 20, 2008 – The Actuarial Outpost announced today that it has launched its actuarial wiki. The wiki will be used to compile information about each Actuarial Exam, the different areas of actuarial practice, current actuarial research, and other general information about the profession. The wiki can be found at this link - Actuarial Wiki.

The wiki is based off of the same powerful wiki software that runs Wikipedia.org, the online encyclopedia. The wiki currently has nine actuaries contributing to the wiki that range from current students to actuarial science professors and even moderators from Wikipedia.org. It is our hopes to create the single most valuable wiki based study tool for actuaries online, completely free of charge.

The formation of the wiki is only the groundwork for the vast amount of actuarial knowledge that it will soon offer. Currently the Actuarial Outpost’s Administrator, Tom, is setting up the structure for all of the information in the wiki, which is based off of the current actuarial exam syllabi. As it is 85% complete, it is ready to take on more detailed information on all of the topics covered by each exam.

Currently, only registered members who contact Tom for a wiki contributor account are allowed to edit the wiki. If you would like to join us in this project, the first step is to join the Actuarial Outpost Community by going to http://www.actuarialoutpost.com/register. Once a member, you can send a Private Message to Tom and let him know that you would like to help out.

Once your account has been upgraded to a Wiki Contributor account, you will be sent a basic wiki editor’s crash course. It’s easier than you think, and Tom and Avi are more than willing to help you with any questions you may have.

About The Actuarial Outpost
The Actuarial Outpost is the world’s largest social networking site specifically made for actuaries. The Outpost itself has three basic subsections: jobs listings, actuarial news, and by far the most important, the discussion forums. These forums are broken into five major sections, subsections, and various number of forums in each subsection. This partitioning allows for the ability to find a specific forum dealing with near any area of actuarial science, as well as having sections exclusive to specific actuarial exams. One of the largest sections is one that deals with non-actuarial topics such as politics, surveys, and a special forum, known as “The Reef” where nearly anything goes; a place where actuaries may “let down their hair” as it were. To see it in action, go to – Actuarial Outpost Discussion Forum

Our Stats
Our stats speak for themselves. With well over 14,000 members, 125,000 discussion threads and over 2.7 million posts, it not hard to see that we are the largest gathering of actuaries world wide. With over 1,500 members logging in daily, and about 84,000 unique visitors per month, questions are answered/discussed usually within minutes of being posted. Join our actuarial community and see how we help each other pass actuarial exams – http://www.actuarialoutpost.com/register

A special interest group representing a number of African actuarial associations and international organizations to investigate and recommend solutions which support the development and promotion of the actuarial profession in Africa

The Task Force which held its first meeting in South Africa in November 2007 was formed at the Third International Professional Meeting of Leaders of the Actuarial Profession in English-speaking Africa which took place in June 2007 at Nairobi, Kenya. The Kenya gathering which was attended by 35 representatives from 11 African Countries was organized by the International Actuarial Association (IAA).

The Task Force has identified four main themes for its work under the acronym – NAMES; supporting and facilitating the creation of National Associations, the Marketing of the actuarial profession with emphasis on its relevance to Africa, actuarial Education of African actuaries; establishing and maintaining high Standards of professional conduct.

The key milestone for its work is 29th International Congress of Actuaries (ICA) taking place in March 2010 at Cape Town, South Africa. It is determined to ensure that the ICA 2010 marks a watershed in the development of the actuarial profession across the continent which is vital to the emergence and strengthening of its financial markets and thus on the economic well-being of its people.

Professor Rama Lingham, director of the math department's Statistics Division, says job prospects are excellent, especially in this area.

“Chicago is home to numerous actuarial companies and financial institutions and actuaries are needed,” Lingham said.

Actuarial science, which requires passing a long series of increasingly difficult exams, relates to risk management and positions are most common in the insurance industry.

In addition to a good starting salary, “Employers provide generous incentives and support for people to complete each test, with a bonus system or paid study leaves,” Lingham said. “At the end of the day, the company is better off with well qualified people.”

Continue reading "Northern Illinois University (NIU) Adds Actuarial Science Degree"

Mr. DeKoning joins Munich Re after 19 years with a large international financial services company, where he successfully assumed increasingly senior positions, including the leadership of a prominent worldwide life retrocessionaire, and most recently as Senior Vice President with responsibility for all product risk across the Americas and Asia.

"Michael DeKoning is a highly respected industry veteran with a track record of proven leadership and innovation that will help us address our clients' needs across the United States," said Dr. Wolfgang Strassl, Member of the Board of Management, Munich Re. "We are very pleased to have him at the head of our U.S. Life operations."

Mr. DeKoning succeeds David Holland, who is retiring on January 31, 2008. Mr. Holland's outstanding contributions to the Company mirror the considerable leadership he has provided to the industry as a whole. A past president of the Society of Actuaries, he was also a member of the Board of Directors of the Life Office Management Association, where he served as Chair from 2003 to 2005. He also served as a Director on the Boards of the American Council of Life Insurers, the American Academy of Actuaries, and the Medical Information Bureau. He will be starting a second term on the Board of Directors of the Actuarial Foundation shortly, and is currently a Trustee of The Educational Foundation, Inc. at Georgia State University.

Mr. Holland will remain as Vice Chair of Munich American Reassurance Company's Board following his retirement.

The Company also announced the appointment of Mary Forrest as Chair of Munich American Reassurance Company, and Head of North America (Life), a newly created position, effective January 1, 2008. Ms. Forrest is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries.

"Mary Forrest is an ideal choice for these roles. She is client-focused, an inspired leader, and has proven her ability to achieve unprecedented levels of top line and bottom line growth. She has also improved our global business by promoting the development and transfer of expertise and best practices across the Munich Re Group as Chair of the Global Financial Reinsurance Task Force, team member for the Global Strategy Project, and through a number of other global initiatives," said Dr. Wolfgang Strassl, Member of the Board of Management, Munich Re. "She has demonstrated the precise qualities needed to ensure that the Canadian and U.S. operations work together optimally while retaining their unique identities." Mary Forrest has also been appointed President and Chief Executive Officer of Munich Re's Canadian & Caribbean life and health reinsurance operations.

Based in Bermuda and reporting to the CEO, Mr. Gesick will have overall responsibility for PartnerRe's actuarial function, heading a team of actuaries which oversees the Group's reserving processes, manages capital allocation and implements company-wide actuarial models.

PartnerRe President and CEO, Patrick Thiele, said: "Eric's proven track record in designing and implementing actuarial models and processes, and his breadth of experience, make him ideally suited to this important role. I am confident he will fit in well and will continue to improve our world-class risk management systems."

Mr. Gesick replaces Costas Miranthis who was promoted to Deputy CEO, PartnerRe Global in April.

PartnerRe is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company through its wholly owned subsidiaries also offers alternative risk products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2006, total revenues were $4.2 billion. At September 30, 2007, total assets were $16.2 billion, total capital was $5.1 billion and total shareholders' equity was $4.2 billion.

PartnerRe on the Internet: www.partnerre.com

Contacts:

PartnerRe Ltd.
(441) 292-0888
Investor Contact: Robin Sidders
Media Contact: Celia Powell

Sard Verbinnen & Co.
(212) 687-8080
Drew Brown/Jane Simmons

Here's a look at what's new:
Completely Updated Design

The most apparent change on the new SOA.org is the vast visual enhancement. We have incorporated the re-defined Actuarial branding so the look and feel of the Web site is in line with the visual identity of both the profession and the organization.

More Efficient Content Organization

The new SOA.org information structure and navigation is designed to enhance ease of use. The more efficient site architecture was developed by thoroughly analyzing and integrating past member surveys, site use statistics, user testing and conversations had with leaders, members, candidates and staff and staff partners. With the new architecture some information has shifted to another location. While this may require some getting used to for those familiar with the old site, overall, it should make the material you need faster and easier to find.

Can't seem to find your old content? For more information on where to find certain information please see our "Where Do I Find..." page.

Enhanced and Effective Search

We have enhanced our site search in response to member feedback. Powered by Google, our new search technology will offer great improvement in the quality of search results. While this technology already offers great improvements in the quality of search results, we will continue to fine tune our content and its metadata to offer you the best possible search results.

Please visit the Search Tips page for helpful suggestions or provide feedback if you are having any difficulty finding material on the revised site.

Online Functionality

Online dues payment and exam and event registration are a part of the new Web site that made its debut before the rest of www.soa.org. We believe it is essential to offer members the same type of technological conveniences they use in everyday life through our new site. As we continue refining our online capabilities, we will offer even more helpful and timesaving services to you.

The SOA wants to Hear from You!

The changes to SOA.org were based on your feedback, and we want to know what you think. Tell us if we missed something, if something doesn't seem to be working correctly, or just let us know that you like what you see! Send your comments to feedback@soa.org.

The CRUSAP Task Force invites comments on its much-anticipated draft report, which includes a number of recommendations for the U.S. actuarial profession. The comment deadline is Oct. 31.

Background

CRUSAP, a presidential initiative of the American Academy of Actuaries, was launched in May 2005 with the establishment of the CRUSAP Task Force. The task force is conducting a critical analysis of the American actuarial profession, using enterprise risk management and management consulting techniques.

Focusing on such challenges as globalization, the decline of pension plans, and a changing financial-services marketplace for actuarial skills, CRUSAP's mission is to identify risks and opportunities facing the U.S. profession, and to make recommendations for managing them.

The members of the task force are

* Fred Kilbourne (chairperson), president of the Conference of Consulting Actuaries and former president of the Casualty Actuarial Society
* Bob Collett, former chairman of Milliman Global
* Ken Kent, vice chairperson of the American Academy of Actuaries Council on Professionalism
* Guy King, former chief actuary for Medicare and Medicaid
* Jim Rech, chairperson of the American Academy of Actuaries’ Enterprise Risk Management Committee
* Jack Turnquist, member of the Actuarial Board for Counseling and Discipline and former president of the American Academy of Actuaries
* Terri Vaughan, Drake University professor and former president of the National Association of Insurance Commissioners

For more information about CRUSAP, visit these pages:

* About CRUSAP
* Task force
* Advisory panel
* Draft report
* Contact us

Mary Kate Smith loves mathematics, and while going to graduate school figured out a way to turn it into a rewarding career: She became an actuary for an insurance company. The job lets her revel in regression analysis, forecasting, model building, probability distribution and similar such things that most people barely understand. Her employer is First Insurance Company of Hawaii Ltd. in Honolulu, which she joined last year after working for an insurance brokerage in Chicago. A native of Los Angeles, Smith has a master's degree in mathematics from the University of Virginia and a bachelor's degree in mathematics from California State University, Northridge. She is married to Norman Rhines, with whom she lives in Waikiki. Smith, 42, said she walks to her offices near Thomas Square from home every day. "I walk to work and I love it," she said. "It's 40 minutes each way, so I get lots of exercise and I don't have to fight the traffic."

Answer: Well, I work for a property casualty insurance carrier that does business in the state of Hawaii, and what I do for this company is evaluate the loss reserves, which is part of financial reporting. There's a lot of regulations surrounding insurance, so we're here to support the loss-reserves estimates, to basically make sure the company has enough money to pay all its claims.

Q: So there's some law saying the company has to have so much in reserve?

A: There's uncertainty. For example, in workers' comp, the ultimate value of a claim might not be known for many years. We have a claim from 1960 that we're still paying off. So these claims go for many years, and it requires an actuary to determine how much these claims will actually cost so the company can set aside enough funds to pay the claims.

Q: What kind of insurance does First Insurance sell?

A: We offer all types of insurance. We have homeowner and auto products, and then for the business community we offer workers' compensation, liability, auto ... those are our main product offerings.

Contine reading "Actually I’m an actuary"

Boug brings proven experience in product design and valuation with a particularly detailed knowledge of risk and capital management structures. For the past seven years he has worked within the AEGON group establishing and executing risk and capital management strategies. Before joining AEGON, Scott held positions in individual product pricing and investment management at Prudential UK and Sun Life.

“I’m delighted to be part of the Transamerica Reinsurance team,” Scott said. “My experience on the primary side – both in product design and enterprise risk management – will be useful in understanding ceding company needs and working toward solutions that address growth and profitability challenges.”

Scott, who holds a Bachelor of Science degree in statistics from the University of Western Ontario, is a Fellow in the Society of Actuaries and a Member of the American Academy of Actuaries.

But it added that this should only be done if it did not undermine good existing pension provision.

According to the body, the Government’s plans will still result in too many pensioners remaining on means-tested benefits in 2050.

As a result, the association warns that there are “real dangers” of mis-selling the proposed new personal accounts, particularly to low earners.

It adds that there could also be high levels of opt-outs, making the system less cost efficient.

It its response to the government’s White Paper, Standard Life raised similar concerns over the appropriateness of the NPSS for lower income employees.

It stated: “Very few people earning less than UK median full-time earnings (£25,000) and over 40 years of age in 2012 will benefit from having a personal account.

Continue reading "Actuaries criticise NPSS"

The SOA has developed this Web page to help actuaries respond to senior management questions about their organization's readiness for a potential pandemic.  The information in this site will assist actuaries in addressing the potential consequences of a pandemic, especially how they relate to providing companies and their clients with professional advice, should such an event occur.  Insurance and health care industries, in particular, could suffer serious repercussions in the wake of such an event.   This information will also be of interest to other professionals.

• Expand Your Knowledge-Top 20 Papers on Avian Bird Flu
  What should an actuary read if he/she has only one or two hours to understand avian influenza from a personal and professional perspective? 
• The SOA's Flagship Pandemic Research Study
  With this study, the SOA expects to provide insight into the potential impact a pandemic could have on life and health insurers.
• ERM for Pandemics-Expert Roundtable
  A roundtable of leading experts was held on March 21, 2006.  Click here to view the transcript of this event. 
• Upcoming Actuarial Meetings/Previous Meeting Handouts Focused on Avian Flu
  A variety of opportunities to attend meetings on pandemics exist, including the SOA Health Spring Meeting, featuring Dr. Michael T. Osterholm, a renowned CIDRAP pandemics expert.
• Avian Influenza Links to Other Organizations
  Learn more about pandemics and catastrophic events. 
• Pandemic News
  INTERNATIONAL / ASIA PACIFIC | May 24, 2006 Bird Flu Case May Be First Double Jump By Donald G. McNeil Jr.
  
  SOA Press Release
  Canadian Underwriter and Insurance Journal both published the announcement of the SOA’s upcoming research.
• CDC Health Alerts
  Antival Drugs and Influenza
  
  CDC Recommends Against the Use of Amantadine and Rimantadine for Treatment or Prophylaxis of Influenza in the United States during the 2006 Influenza Season.
  
  
   

For more information, please visit the SOA website.]]> 2006-07-12T00:52:21Z 2006-07-12T00:45:00Z tag:www.actuarialnews.org,2006://1.1543 2006-07-12T00:45:00Z

“Our Board believes the issue of change within the pension environment is both urgent and important,” said SOA President Bob Beuerlein, “and our approach recognizes the need for actuarially-sound, long-term solutions to retirement security as well as a member-centric plan to address the needs of a practice in transition.” He added that this issue was advanced to board level discussion by the SOA strategic management system.

The Board also commissioned a backgrounder (a comprehensive review that documents potential impacts on stakeholders, strategy, and capacity) on the Society’s response to changing opportunities for pension actuaries and began to define what needs to be explored in this study. The backgrounder will set the stage for an informed, fact-based dialogue, discussion, and decision-making around this issue. The Board is currently preparing a backgrounder on mandatory continuing education for discussion in October 2006 and the pension opportunities will be discussed in March 2007.

Responding to the progression toward principles based reserving (PBR) for the life insurance industry; the SOA board authorized a review of an ACLI interim mortality tables proposal. This review will be conducted by a joint SOA/American Academy of Actuaries task force composed of regulators, actuaries from direct writers, and reinsurance employers, with input from the Academic community. This review will not impact the timing of the ongoing SOA preferred mortality study, which is a key component of the PBR process and follows the plan set forth by the NAIC’s Life and Health Actuarial Task Force (LHATF).

Online Registration via the CAS Online Store
Printable Registration Form
CAS Link

PURPOSE

The Limited Attendance Seminar on Predictive Modeling focuses on the practical issues involved in creating predictive algorithmic solutions. Attendees will benefit from training in the following areas:

* Data scrubbing and manipulation
* Methods of creating predictive algorithmic solutions
* Interpreting results from predictive algorithmic solutions

The approach is to demonstrate a systematic methodology for developing an algorithmic solution to the property and casualty insurance business problem.

The curriculum will focus on the critical issues and highlights the common barriers and pitfalls of developing such a solution, rather than focusing on an academic investigation of the underlying statistical theories.

1. Factor optimization for an existing personal lines auto class plan using Generalized Linear Models on pure premium
2. Development of an underwriting scoring algorithmic solution for workers' compensation renewal business using multiple regression on loss ratio.

Attendance is limited to a maximum of 40 students. Attendees will be selected on a first registered, first accepted basis. Participants are expected to bring their own laptop to the seminar.

SCHEDULE
August 15, 2006 8:30 a.m. - 5:30 p.m.
August 16, 2006 8:30 a.m. - 4:30 p.m.

For a complete detailed schedule, please click below to download a PDF agenda.

*Note: this is subject to change
Limited Attendance Seminar on Predictive Modeling Agenda

REGISTRATION FEES
Registration Fees (in U.S. Dollars)
CAS Member, Affiliate, Subscriber, Active Candidate*, or Member of an Actuarial Association Worldwide - $575 (If received by July 31) $625 (If received on or after July 31)

Non-Members - $675 (If received by July 31) $725 (If received on or after July 31)

*Active candidates have attempted at least one actuarial exam in the last two years.

LODGING/TRANSPORTATION

The seminar will be held at the:

Crowne Plaza Hotel
The Allerton-Chicago
701 North Michigan Avenue
Chicago, Illinois 60611
(312) 440-1500

A limited number of rooms have been reserved for the evenings of August 14 and August 15, at a rate of $169.00 per night for a single or double room. You must specify that you are with the Casualty Actuarial Society when making your reservations. Room reservations must be made by August 1, 2006.

The following slate of candidates will be standing for elections this year.

President- Elect:
Christopher S. Carlson

Board of Directors:
Brian Z. Brown
Charles A. Bryan
Clive L. Keatinge
Mary D. Miller
Joanne S. Spalla
Andrea M. Sweeny
Alfred O. Weller
Patrick B. Woods

Through the "Meet the Candidates" Web page, all candidates are providing the information listed below so that you can make comparisons and informed voting choices. Click on the appropriate link below each candidate's name to open a document. You may also print out all information provided by clicking on the link titled "Printable Version of Candidate Documents."

* A one page CAS biography.
* An additional page of relevant biographical information.
* A one-page statement on why the candidate wants to serve the CAS in the capacity of President-Elect or Director.
* A one-page statement identifying issues that are of special interest to the candidate and any positions he or she may have on these issues.
* A summary of the employment type and geographical information for continuing Board of Directors members is also provided for your consideration.

What is the "Open Question Forum" and how does it work?

The "Open Question Forum" provides Fellows the opportunity to pose questions to categories of candidates (not individuals). The Forum is open from June 30-July 14. Click on the "Ask the Candidates" link to access the form to submit a question. Select the candidate category from the drop-down menu, enter the required information, type your question in the space provided, and click "Submit Question." You will receive a confirmation e-mail that your question was received.

Once the Forum closes on the 14th, candidates will have one week to respond to your questions. Beginning on July 24, a link to the questions and responses will be posted under each candidate's name. In addition, the responses of all candidates will be compiled under each question on a separate Web page titled "Candidates Respond."

How and when do I vote?

Official ballots, including voting instructions, will be mailed to all Fellows that did not register to vote online on August 1. Fellows that registered for online voting will receive an e-mail announcing that the online voting booths have opened on August 1. Completed ballots must be submitted online or returned to the CAS Office by September 1, 2006.

Who do I contact if I have questions about the elections?

Your questions about and comments regarding these procedures are welcome and should be directed to office@casact.org.

I encourage you to take advantage of the information provided by the candidates and the question and answer forum. Most of all, you are strongly encouraged to add your voice to the future development and growth of the CAS by casting a ballot.

Thank you for your participation in our governance process.

Sincerely,
Paul Braithwaite
President