PROFILE
FSA, MAAA, CLU
Insurance industry business leader with outstanding record of improving product development process efficiency, identifying new markets and enhancing profitability by effectively recognizing and managing liability risks. Strengths include leadership, market knowledge, analytic and problem solving skills. Areas of particular expertise include:
• Product Development and Pricing • Regulatory Compliance
• Distribution Channels • Risk Management
• Business Development • Staff Development
EXPERIENCE
KNIGHTS OF COLUMBUS, New Haven, CT 2006 - present
Chief Actuary
Member of the management team reporting to the Chief Operating Officer; responsible for all actuarial functions including the pricing of products, actuarial aspects of financial reporting, updating dividend scale, support for field force, experience studies, and reinsurance.
• Increased productivity and effectiveness by establishing fresh perspective for actuarial department, forward looking vision and people-oriented approach.
• Led development of two new products in first 6 months, organization’s first new products in four year period.
• Integrated actuarial activities with other areas of organization.
• Expanded modeling capability and developed framework for enhanced asset-liability modeling.
• Establishing formal actuarial student program.
PENN MUTUAL LIFE INSURANCE CO., Philadelphia, PA 1973 - 2006
Sr. Vice President and Chief Actuary 2004 - 2006
Vice President and Chief Actuary 2000 - 2004
Key member of management team implementing overall business strategy; reported to Chief Financial Officer with accountability for managing product profitability. Directed product design and pricing (par WL, UL, VUL, term, fixed and variable annuities); asset/liability modeling; mortality/liability risk management with responsibility for setting and updating all non-guaranteed product elements. Played major role on Enterprise Risk Management Committee.
• Established effective cross-company product development process resulting in increased number of competitive products being brought to market each year without increasing resources.
• Changed method used for managing current product offerings to a life-cycle approach in order to assure that all products maintained the appropriate competitive position, enabling company to continue to grow sales even as market emphasis shifted from variable to fixed products.
• Directed development of enhanced asset/liability modeling capabilities to ensure appropriate matching of durations and convexities. Instituted disciplined approach to setting liability-credited rates. Interest profits increased while maintaining very high statutory Risk Based Capital ratio.
• Determined appropriate mortality risk retention limits to optimize profits by using various modeling techniques. Combined with competitive-bid reinsurance program to improve corporation’s gain from mortality.
• Championed the need for more extensive mortality, lapse and premium analyses.
• Monitored regulatory developments relating to valuation and capital requirements. Represented company on industry committees when appropriate such as ACLI, ALIA and American Academy of Actuaries LRWG.
• Provided financial projections to support strategic and operational plans and decision-making.
• Provided necessary leadership in the development of the actuarial staff. Identified and implemented level specific development programs to expand technical actuarial skills and general insurance knowledge including cross-departmental rotations, readings and pursuing other designations such as CLUs.
FSA, MAAA, CLU
Page Two
Vice President, Products and Programs 1995 - 2000
Accepted position on Sales and Marketing Department leadership team; reported to Chief Marketing Officer. Served as product manager for the company’s manufactured life and annuity products and for brokered-in products; directed sales support function and the company’s advanced sales area. Managed a staff of 15 people.
• Analyzed markets and product needs. Determined which products could be manufactured and serviced profitably in-house. Brokered-in complimentary products and services that could not be manufactured. Sales of proprietary products grew at a double-digit rate.
• Changed focus of advanced sales area to align with targeted markets and improve responsiveness to company’s agents. Provided complex estate plans and product solutions, business market applications and other programs directed at high net worth markets that contributed to doubling average size of life policies sold.
• Identified and developed new product features and turnkey marketing program that enabled entry into small corporate owned life insurance market. This market now contributes 2% - 4% of company’s annual first year premium goal.
Vice President and Senior Actuary 1989 - 1995
Reported to SVP, Life and Annuity Business. Managed the Product Actuarial Department of 18 people and performed technical actuarial duties.
• Directed design and profitability analysis of all new life insurance and annuity products.
• Designed the company’s first variable universal life product. Variable life became the company’s leading product.
• Established administrative rules for new products.
• Managed the development and filing of necessary policy forms with states and regulatory bodies.
• Annually determined the equitable distribution of surplus to policyholders (dividend scale).
• Negotiated reinsurance treaties and oversaw their administration.
Senior Product Development Actuary 1987 - 1989
Life Insurance product development; policy form submission; dividend scale development; and field compensation compliance with NY regulations.
Actuary 1979 - 1987
Life Insurance product development.
Actuarial Development Program Member 1973 - 1979
Rotated through various areas of the company including individual dividends, group life and health, individual product development, sales, and pension plan administration.
EDUCATION
BS, University of Notre Dame, 1972
COMPANY SPONSORED SEMINARS & AWARDS
Leadership Development; Team Building
Chairman’s Award
AFFILIATIONS
Actuarial Society of Greater New York
AALU
NAIFA-PA
PROFESSIONAL DESIGNATIONS
Member, American Academy of Actuaries, 1979
Fellow, Society of Actuaries, 1980
Chartered Life Underwriter, American College, 1988 |
