FCAS, MAAA, CPCU, ARM, ARe Principal and Consulting Actuary
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Being a Trusted Business Advisor Mar 24, 2022
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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. Art’s consulting career has focused on medical professional liability (MPL), homeowners, commercial property, workers’ compensation (WC), commercial and personal automobile, general liability, commercial multiple peril and title exposures.
Art provides actuarial consulting services to property and casualty (re)insurers, self-insured entities, risk retention groups and captive insurers. His core services include reserving, ratemaking, risk transfer testing, funding allocations, and developing experience and retrospective rating plans.
Art is a member of the American Academy of Actuaries (AAA) P/C Extreme Events and Property Lines Committee, the AAA Workers’ Compensation Committee, the Casualty Actuarial Society (CAS) Finance Committee and the Alabama Actuarial Council; he is a former member of the AAA Medical Professional Liability Committee. Art 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.
November APEX Webinar State of the Florida Homeowners Market Authored by Derek W. Freihaut and Arthur R. Randolph II.
September APEX Webinar A “Historic” Year. Title Insurance: State of the Market in 2021 Authored by Arthur R. Randolph II and Christopher J. Schubert.
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Captive Dividend Assessment
An onshore, single parent captive 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 a significant dividend being declared to the parent company.
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.
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.
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August 11, 2022 International Association of Black Actuaries (IABA) Annual Meeting
August 18, 2022 August APEX Webinar - Perspectives on Peer Review