FCAS, MAAA, CERA Principal and Consulting Actuary
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“Ch-ch-ch-ch-Changes (Turn and Face the Strange)” Oct 10, 2017
Disruptive Medical Technology is Changing Lives (Including Mine) Jan 25, 2017
Puerto Rico – A Domicile on the Move Nov 30, 2016
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October 2019 APEX An Update to Pinnacle’s Risk Retention Group Benchmarking Study Authored by Erich A. Brandt and Gregory W. Fears, Jr. and Robert J. Walling III.
2019 Risk Retention Group Benchmarking Study 2019 RRG Benchmarking Study - *Sign in required to view* Authored by Erich A. Brandt and Gregory W. Fears, Jr. and Robert J. Walling III.
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Formation
In an effort to attract and retain quality physicians, a large integrated healthcare system operating in the Midwest decided to create a physician’s professional liability insurance (PPLI) alternative to the commercial markets. After a comprehensive feasibility analysis, an offshore captive insurance company (CIC) was capitalized and formed. Pinnacle actuaries were engaged to assist in the feasibility analysis and implementation of this strategy. Pinnacle’s involvement began by assisting the captive manager to develop appropriate assumptions that were incorporated into the CIC’s proposed business plan and filed with regulators. Initially, Pinnacle performed a comprehensive analysis of the current PPLI market to develop base rates, rating factors and underwriting guidelines. On an annual basis, Pinnacle re-evaluates the base rates and rating factors and recommends adjustments to reflect current trends in the market as well as credible indications borne out of the CIC’s experience. In addition to maintaining adequate rates for the program, Pinnacle has also been retained to perform the annual analysis of unpaid loss and expense reserves. The CIC’s annual reserve analysis includes a review of policies written, premium collected and claims incurred by the CIC at the close of each fiscal reporting period. Management relies on Pinnacle’s analyses to ensure the financial health of this strategic venture.
Optimization of Assets and Liabilities
An international insurance and reinsurance company wanted to design an optimization model to be used for both asset and liability decisions. Pinnacle actuaries were able to demonstrate to company management that their initial approach was both practically and theoretically unsound and prevented them from implementing a flawed decision making procedure. We were also able to suggest approaches that were more sound and would allow them to design a model that performed as desired.
Product Development
Pinnacle was retained to develop a long haul trucking pricing model for risks with more than 100 powered units. Using publicly available information, a model that incorporated elements of both exposure and experience rating was developed that incorporated differences in geographic location, cargo and trailer type, radius of operations, driver characteristics, prior claims experience, prior insurer, self insured retention, driver characteristics and several other elements. The program was implemented and has become an essential part of a very successful program.
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December 12, 2019 IASA Southern California Chapter Conference
December 17, 2019 December Apex Discussion Series - Three Perspectives on Peer Review Register