FCAS, MAAA, CPCU, ARM, ARe
Principal and Consulting Actuary
Florida’s Property Insurance Market
Sep 2, 2016
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Arthur Randolph is a Principal and Consulting Actuary with Pinnacle Actuarial Resources, Inc. 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, homeowners, workers’ compensation, commercial and personal automobile, general liability, and commercial multi-peril exposures.
Mr. Randolph provides actuarial consulting services to medical professional liability insurers, traditional property and casualty insurers and reinsurers, self-insured hospitals and physician groups, public and private self-insured entities, risk retention groups (RRGs), and captive insurers. His core services include reserving, ratemaking, risk transfer testing, funding allocations among members of risk sharing groups, and developing experience and retrospective rating plans. Mr. Randolph also conducts alternative risk financing feasibility and funding studies (e.g., large deductible plans, self-insurance structures, RRGs, captives) for organizations in both the public and private sectors that face various risk exposures. When clients have become involved in mergers and acquisitions, he has worked with them to seamlessly address all associated actuarial issues.
Mr. Randolph is a member of the AAA Medical Professional Liability Committee and the Alabama Actuarial Council. He is actively involved with Physician Insurers Association of America (PIAA), Florida Chamber of Commerce, National Association of Mutual Insurance Companies (NAMIC), Casualty Actuaries of the Southeast (CASE), Gamma Iota Sigma Insurance Fraternity (GIS), and International Association of Black Actuaries (IABA, Past Director & Treasurer). Mr. Randolph is a past member of the CAS Examination Committee and the CAS Program Planning Committee, and served as President & Director of the IABA Foundation.
November 15 2018 APEX Webinar
State of the Florida Homeowners Market
Authored by Derek W. Freihaut and Arthur R. Randolph II.
Navigating These 4 Medical Professional Liability Trends Is Critical For Insurers To Remain Relevant
Sponsored Content in R&I Insights
Authored by Arthur R. Randolph II.
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Medical Malpractice Damage Caps
A state insurance regulator asked Pinnacle to determine the potential impact of several proposed tort reforms, including a change to non-economic damage caps for medical professional liability claims. Pinnacle worked with medical society to identify the most appropriate claims databases for assessing the potential legislative change. Our detailed analysis not only considered data from that state, but several others to stress test the results and provide a range of reasonable outcomes. In many cases, the specific reform’s effect, for example “I’m Sorry” legislation, was very difficult to isolate. Through this industry analysis, we identified differences well beyond a simple loss limitation to provide a more complete review of potential environmental changes that could be expected in the state.
This comprehensive analysis helped our client identify the effect of various legislative options, which empowered them to be a strong voice in the legislative debate and to influence policymaking in the state.
Self Insured Dividend / Assessment Analysis
A large group self insurance program was concerned with the amount of retained earnings and wanted to establish a policy for the minimum capital for the program to trigger dividend distributions. Pinnacle compared the program’s capitalization to a wide variety of industry standards for similar programs from rating agencies, regulators, and other sources. The results of this analysis lead to a recommended board policy regarding a minimum capital threshold for dividend distributions and ultimately to the development of an actuarially sound dividend distribution plan.
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.
February 13, 2020
Annual RIMS Educational Conference
February 20, 2020
February Apex Discussion Series -
How to Incorporate Simulated Data into Actuarial Research