ACAS, MAAA, CERA
Managing Principal

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Joseph A. Herbers

Joe Herbers is Pinnacle’s managing principal and has 35 years of consulting experience. His practice is concentrated in providing loss reserving and funding studies for a wide variety of entities – both traditional insurance companies and alternative market entities. Mr. Herbers’ areas of focus include policyholder owned group captives, large deductible and/or self-insured entities, public entity pools and nonstandard auto writers.

His skill set includes loss reserving for all lines of business, hands-on interaction with alternative market entities, networking with service providers and traditional ratemaking for all types of property/casualty insurance exposure. Mr. Herbers has served many roles as a volunteer of both the Casualty Actuarial Society (CAS) and the American Academy of Actuaries (AAA). He is a regular speaker at industry events.


Publications and Media

September 2020 APEX Webinar
Group Captives 101
Authored by Joseph A. Herbers.

January 2020 APEX
Statements of Actuarial Opinion at Year-End 2019
Authored by Joseph A. Herbers and Aaron N. Hillebrandt.

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Case Studies

Company Valuation Model

Company Valuation Model

An international financial services holding company wished to become the sole owner of a company in which they had a substantial minority interest. One of our consultants designed a stochastic valuation model projecting dividend streams several decades into the future. One of the more interesting features of this model is that it did not merely arrive at a point estimate of the value of the firm but applied various assumptions to calculate a range of values. The assumptions were discussed in advance with management and the model produced a probability distribution of the value of the firm. This allowed the client to determine the likely return for a given purchase price, improving the decision making process that led to the holding company obtaining full ownership of the subsidiary.

Contractor's Liability

Contractor's Liability

Pinnacle was asked to provide a legislative costing analysis and expert testimony regarding proposed legislation that would substantially expand coverage for construction defects in Oregon. Pinnacle’s study and testimony focused not only on the current conditions of the contractors’ liability insurance market compared to other states, but also the historical changes seen when other states made similar changes. Our analysis also focused on the relationship between home warranties and commercial general liability insurance policies and how these risk mitigation techniques differ over time after a home is completed.

Self Insured Dividend / Assessment Analysis

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.

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