FCAS, MAAA, CPCU, ARM, ARe
Principal and Consulting Actuary
Arthur Randolph is a principal and consulting actuary with Pinnacle Actuarial Resources, managing the firm’s Atlanta, Georgia, office. He has been in the insurance industry since 1998 and has been consulting since 2001. Mr. Randolph’s consulting career has focused on medical professional liability (MPL), homeowners, workers’ compensation (WC), commercial and personal automobile, general liability and commercial multiple peril exposures.
Mr. Randolph provides actuarial consulting services to property and casualty (re)insurers, self-insured entities, risk retention groups (RRGs) and captive insurers. His core services include reserving, ratemaking, risk transfer testing, funding allocations, and developing experience and retrospective rating plans.
Mr. Randolph is a member of the American Academy of Actuaries (AAA) Medical Professional Liability Committee, the AAA Workers’ Compensation Committee and the Alabama Actuarial Council. He is actively involved with Association of Government Risk Pools (AGRiP), California Association of Joint Powers Authorities (CAJPA), Captive Insurance Companies Association (CICA), CPCU Society, Florida Chamber of Commerce, Insurance Accounting and Systems Association (IASA), International Association of Black Actuaries (IABA) and MPL Association.
March 2021 APEX Webinar
Reinsurance 101 in 2021
Authored by Nicholas E. Alicea and Erick E. Mortenson and Travis G. Murnan and Arthur R. Randolph II.
November 2020 APEX Webinar
State of the Florida Homeowners Market
Authored by Derek W. Freihaut and Arthur R. Randolph II.
See More »
Rate Indications / Filings
A regional carrier came to Pinnacle wanting to implement an insurance score program along with rate indications for home, auto and farm. Pinnacle developed rate indications for each line, and developed an underwriting scorecard rating approach using insurance score as a critical component. The combination of implementing appropriate rates and the new rating plan enabled this company to turn their business around, become profitable and rebuild their surplus position.
Risk Management Assessment
Pinnacle was asked by a state department of corrections to provide a comprehensive, independent review of the adequacy of their property and casualty insurance plan. The independent insurance plan review was necessary for compliance purposes with state insurance regulators. The facility had even stricter self-imposed standards for their insurance plan. It was Pinnacle’s job to review the guidelines for reasonableness and appropriateness as part of an overall risk management strategy. Pinnacle reviewed and adhered to the state code as well as the additional standards provided by the facility. Moving through each line of insurance coverage, Pinnacle offered recommendations and approval notations. The result was an increased level of risk control for the facility, and subsequently led to a follow up review by Pinnacle at the next required consultation.
U S Domestic Statement of Actuarial Opinion
Domestic U.S. property/casualty insurers and risk retention groups are required to file an Annual Statement with state regulators each year by March 1. Part of that filing includes the submission of a formal Statement of Actuarial Opinion (SAO) by a qualified Appointed Actuary as to the reasonableness of held loss and loss adjustment expense reserves. The SAO must be one of five types:
In addition to the SAO, most jurisdictions require an Actuarial Opinion Summary (AOS) providing more detail on the Appointed Actuary’s specific findings by March 15. Lastly, a formal report narrative in support of the SAO and AOS is required to be available by May 1.
As the SAO is a compliance document, the primary audience is state regulators but the individual company must arrange for the service to be provided.
A recent SAO for one of our clients touched on many of the required disclosures:
At Pinnacle, we partner with you to explore whatever path it takes to find the answers you need.
April 15, 2021
April APEX Webinar -
Warranties, Guarantees and Actuaries: Adding Value with a Captive