Description: This paper examines the fundamental principles underlying the theory of rate change. The proposed approach shows improved accuracy as compared to current methods, with particular significance for a non-static book of business.

Description: Property-casualty insurance companies tend to focus on avoiding and controlling their exposure to reinsurance credit risk. This paper advocates switching from this risk avoidance and compliance mentality to a probabilistic and market-based view in which one seeks to measure, hedge, exploit and optimize risk. Presented at 2010 Enterprise Risk Management Symposium, Society of Actuaries, April 12-15, 2010.

Description: This paper argues that no single valuation basis is completely reliable: neither market price nor other alternatives can accurately measure value. Therefore, this paper proposes that a preferable solution is to simultaneously record two bases of valuation: market price and appraisal value. Thus by expanding the dimensionality of financial reporting, one can provide a broader, richer and more accurate measurement of value. Presented at 2010 Enterprise Risk Management Symposium, Society of Actuaries, April 12-15, 2010

Description: Capital allocation by percentile layer has important advantages over existing methods. It highlights a new formulation of value at risk and other capital standards, recognizes the capital usage of losses that do no extend into the tail and captures the disproportionate capital usage of severe losses. From 2007 Enterprise Risk Management Symposium, M-AS07-1.