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2011 Annual Meeting Presentations
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18th Annual Meeting Presentations


Guy Barker

Guy Barker has interfaced with regulators as a CEO, and before that as a Chief Actuary, in both the USA and the UK and has long been familiar with evolving regulation worldwide. As a member of the Academy of Actuary's Financial Regulatory Reform Taskforce he has met with US Treasury to discuss implementation of the insurance aspects of Dodd-Frank. He is currently a Principal in the Solvins Group.

Mike Barry

Michael Barry is President of the Plan Advisory Services Group, a consulting group that helps financial services corporations with the regulatory issues facing their plan sponsor clients. He has had over 30 years experience in the
benefits field, in law and consulting firms.
Plan Advisory Services provides information concerning regulatory developments affecting defined benefit and defined contribution plans, focusing on the challenges, opportunities and consequences for sponsors regulatory changes present.

Before founding Plan Advisory Services, Mike was a Managing Director at Bankers Trust and, before that, the New York benefits partner at LeBeouf, Lamb, Greene & McRae.

Mike & Barry's Frank Dodd Law Presentation


Zak Benjazia

Zak Benjazia is a manager in the Insurance and Actuarial Advisory Services Practice of Ernst & Young, LLP’s Financial Services Office in New York, N.Y. He has 11 years of experience in the E&Y actuarial practice both in the US and in Europe where he assisted several groups with their Solvency II implementation. His field of expertise includes risk measurement and economic capital.
Zak graduated from the Graduate School of Statistics, Economics and Actuarial Science, ENSAE - Paris Tech, France. He also holds a Master degree in Mathematics and Advanced Finance from the University Of Paris, France.

Zak Benjazia’s presentation: Solvency II.


Kim Boxell, FSA, MAAA, EA

Kim Boxell is a Senior Consulting Actuary in the Chicago office of Towers Watson. She joined Towers Watson in 2004 and has over twenty years of experience consulting with clients on the design, funding, accounting, and administration of qualified and nonqualified benefit arrangements. She has extensive experience with pension plan mergers and spin-offs, benefit administration issues, and plan terminations. Kim is a member of the SOA/CAS Joint Committee on Actuarial Diversity, a Fellow of the Society of Actuaries, and an Enrolled Actuary under ERISA.

Kim Boxell’s presentation: Future of Pensions.


Joe Brennan, FSA, MAAA

Joe Brennan is an FSA and has over 25 years of actuarial experience. He has experience in Life and Health insurance products and reinsurance. He currently works for Prudential Insurance Company in Newark, NJ and has spoken at several actuarial and SOA meetings.

Joe Brennan’s presentation: Introduction to Reinsurance.


Daniel Cassidy, FSA, FCA, CERA, EA, MAAA

Dan Cassidy is an entrepreneur focused on helping institutional clients manage their retirement plan risks. Dan has focused on this challenging problem at his firm Cassidy Retirement Group, Inc.

With over twenty years working in financial services, Dan works to integrate cutting-edge approaches to risk management. Dan worked as a consulting actuary at Towers Perrin and Mercer before launching Cassidy Retirement Group. Dan also helped launch Hudson Pilot – a firm focused on innovation in the pension solutions area. Dan authored A Manager’s Guide to Strategic Retirement Plan Management published by Wiley in 2006. Dan was also a contributing author of Pension Actuary's Guide to Financial Economics published by the Society of Actuaries. In addition, Dan has published articles such as “Enterprise Risk Management” for Employee Benefit Plan Review, Employee Benefit News, Mass High Tech, Pension & Investments, Handbook of Business Strategy, interviewed by Wall Street Journal radio, PBS News Hour and quoted in Institutional Investor, and many other publications.

Dan is a Fellow of the Society of Actuaries, a CFA Charterholder, along with other actuarial professional designations. Dan is also the Past General Chair of the Society of Actuaries Education System – working to educate the actuaries of the future. In 2010, he was elected to the Board of Directors of the Society of Actuaries – the largest actuarial organization in the world.

Dan Cassidy’s presentation: SOA Education/Exam Process.


Anne Crumlish, FSA, MAAA

Anne is a Principal and Health Care Actuary in Aon Hewitt’s Health and Benefits practice and is based in Atlanta, GA. She is responsible for managing a wide variety of consulting engagements related to broad health and welfare benefits with a focus on the strategy, design and financial management of benefit programs. She is also a key member of Aon Hewitt’s national health care reform team, serving as a health care reform expert on compliance, financial and strategic issues for numerous clients across the country. Anne is a regular speaker at industry and regional conferences on the subject of health care reform and its impact to employers, insurers, health care providers and the community. Anne has over 10 years of experience in the health and welfare consulting industry.

Anne has a B.A in Mathematics from Colby College and an M.A. in Mathematics from the University of Texas. She is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. Anne also serves on the Corporate Advisory Council of the International Association of Black Actuaries.

Anne Crumlish’s presentation: US Health care—A Look Into One Actuary’s Crystal Ball.


Lorie Darrow

Lorie Darrow is a Director with The Travelers Insurance Co. Select Market. In this role, Lorie coordinates financial planning, income statements and reserving projections. Lorie holds a Bachelors of Arts in Math and Actuarial Science from the University of Connecticut and has over 25 years of experience performing reserving and other actuarial functions. Lorie also supports training within the Travelers Leadership Development Programs.

Lorie Darrow’s presentation: P&C Reserving Methodologies.


Dwayne Husbands, FSA

Dwayne Husbands is a Senior in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP’s Financial Services Office. He is based in New York City. Dwayne has over 5 years of experience with Ernst & Young serving insurance, reinsurance, and Financial Services clients. His skill set includes life insurance financial reporting, actuarial transformation, merger and acquisition due diligence, MCEV/EEV audit support and litigation support. Dwayne is a Fellow of the Society of Actuaries (FSA).

Dwayne Husbands’ presentation: Personal Branding.


Fred Kilbourne, FCAS, MAAA, FCA, FCIA, EA, MSPA

Fred Kilbourne graduated from UCLA in 1960. After several years with Pacific Mutual Life, he began his consulting actuarial practice, which continues to this day. He started the casualty actuarial practice of Milliman & Robertson; the actuarial practice of Booz, Allen & Hamilton; and the insurance actuarial practice of William M. Mercer. He incorporated his independent actuarial practice as Future Cost Analysts in 1982, and as The Kilbourne Company in 1990. Uniquely among actuaries, he has credentials and has practiced in virtually all actuarial areas, from auto to life insurance, and from prepaid vision care to defined benefit pension plans. He has been retained as an actuarial expert more than 100 times, including a dozen times by the IRS.

Fred is a Founding Member of the American Academy of Actuaries and of the National Academy of Social Insurance. He is a Past-President of the Casualty Actuarial Society and of the Conference of Consulting Actuaries. He is a Fellow of the Society of Actuaries and of the Canadian Institute of Actuaries. He is a Member of the American Society of Pension Professionals and Actuaries and was for many years (until this one, when he failed to keep up his continuing education requirements) an Enrolled Actuary. He was chairman of the SOA Task Force on the External Image of the Actuary and of the AAA Committee on Government Relations and Accreditation. He became a member of the Actuarial Standards Board 20 years ago, and chairman of the Task Force on the Critical Review of the US Actuarial Profession five years ago. He was the 2007 recipient of the Jarvis Farley Award for service to the profession.

Fred has been active in social insurance for many years. He has provided unemployment compensation actuarial services to the State of California and the federal Department of Labor. He has provided workers compensation actuarial services to many clients including the State Funds of California and Ohio, the Public Members of the California Workers Compensation Insurance Rating Board, the University of California, and the National Football League. His 1983 CAS presidential address was entitled “Social Insurance and the Casualty Actuary”. He was moderator of a 1997 SOA panel on changes in Mexican Social Security law, and of a 2010 ICA panel on international social security. He was offered the position of Chief Actuary of Social Security in 1978, and was found to be “highly qualified” to be Chief Actuary of Medicare in 1994. He wrote a letter to his grandson in 1995 that was published in Contingencies with the title “Forgive Us Our Debts”. The letter concludes with the chilling observation that Jackson and his peers generally feel secure about their future not because they will find a way to pay off the staggering debt that is our predominant legacy, but because they trust us – and the words “Well, don’t”. Subsequent years have validated the warning.


Bruce Schobel, FSA, FCA, MAAA

Bruce D. Schobel is vice president and actuary of New York Life Insurance Company, which he joined in 1990. Before that, he was a principal of William M. Mercer, Inc., an actuarial consulting firm. During 1979-88, he was with the U.S. Social Security Administration in various actuarial and policy-development positions, including senior policy advisor to the Commissioner and staff actuary to the National Commission on Social Security Reform (the “Greenspan Commission”). A frequent speaker and writer on tax and Social Security issues, Mr. Schobel’s papers and articles have appeared in The Wall Street Journal, Policy Review, The Journal of International Taxation and numerous actuarial publications. A graduate of Massachusetts Institute of Technology, Mr. Schobel is a Fellow of the Society of Actuaries and the Conference of Consulting Actuaries, a Member of the American Academy of Actuaries, a Chartered Life Underwriter, a Certified Employee Benefit Specialist and a Founding Member of the National Academy of Social Insurance. He was president of the Society of Actuaries during 2007-08 and has also served on the Boards of Directors of the American Academy of Actuaries and the Conference of Consulting Actuaries. He chairs the Social Security Committee of the American Council of Life Insurers.

Bruce D. Schobel’s presentation: Social Insurance.

Fred Kilbourne's presentation: Social Insurance.


Nigel Nunoo, CFA, FSA, MAAA

Nigel Nunoo is a vice president & actuary within Prudential’s Pension & Structured Solutions group, a position he assumed in 2010. In this role, he is responsible for pricing and asset-liability risk modeling for the Pension Risk Transfer deal team.

Prior to joining the Pension Risk Transfer team, he worked in the International Insurance business unit, focusing on actuarial and financial matters related to the International Reinsurance segment. He also served as the Regional Actuarial Advisor for Europe and as a member of the Strategic Initiatives Group.

Nigel joined Prudential in 2002 through Prudential’s Actuarial Leadership Development Program.

He holds B.A. degrees in Mathematics and Economics from Wabash College, and an M.B.A. from Columbia University. He is also a Fellow of the Society of Actuaries (FSA), a CFA charter-holder and a member of the American Academy of Actuaries.

Nigel Nunoo’s presentation: Pension Risk Transfer.


Mark F. Olson, FSA, MAAA, FCA

Mark Olson is a Senior Consultant and Actuary in the Health and Group Benefits practice in the

Towers Watson Boston office and has been with Towers Watson for over 25 years.

He has extensive experience developing strategic health and welfare benefit plan objectives; financial analysis, pricing and contribution strategies for health and welfare plans; establishing metrics and criteria for managing health care networks; performing postretirement and postemployment welfare benefit valuations; and developing and monitoring performance guarantees.

Mark has extensive industry experience with health services, life sciences, financial services, manufacturing, and auto suppliers. Mark has been recently quoted in Health Leaders, Financial Executive, Money Magazine and has appeared on CNN as an expert on how Health Care Reform will affect employers. In addition, he has conducted continuing education sessions for the Society of Actuaries and the Conference of Consulting Actuaries.

Prior to joining Towers Watson, Mark was employed by a major insurance company, where he was responsible for managed care pricing for national accounts in the Midwestern and Western regions of the U.S.

Mark earned a Bachelor of Arts degree in mathematics from Southern Illinois University and a Master of Actuarial Science degree from the College of Business Administration at Georgia State University.

Mark F. Olson’s presentation: Post Retirement Medical.


Lusani Mulaudzi

Lusani Mulaudzi is the current President of the Association for South African black actuarial professionals. He obtained his Hons Bachelors degree in Actuarial Science from the University of Stellenbosch. He currently needs the documentation subject to qualify as a Fellow of the Actuarial Society of South Africa.

Lusani is currently employed by Medscheme as a Healthcare Consulting actuary. He previously worked as an actuarial consultant for Sanlam Personal Finance. Lusani is passionate about development in Africa and volunteers his time in a number of non-profit organizations. He is married and has one son.


Sundeep Raichura

Sundeep is a qualified actuary (Fellow of the Institute of Actuaries) and Past Chairman of The Actuarial Society of Kenya (instrumental in its formation). Graduated in Actuarial Science London School of Economics 1988. Post Graduate in Finance at the London Business School 1995. Chairman of Special Task Force set up by the International Actuarial Association to spearhead development of actuarial profession in Africa. Member of Africa Committee of International Actuarial Association. Past Chairman and Council Member of the Association of Retirement, Benefits Schemes. Served as member of Capital Markets Authority Advisory Committee. Also served as consultant to World Bank Team mission to Kenya in 2007 reviewing pensions reform options in Kenya. Managing Director of Alexander Forbes Financial Services (EA) Limited. He has over 22 years experience in actuarial and investment consultancy work gained both in the UK (seven years) and Kenya (eleven years). Sundeep has extensive research interests and has written papers on several areas of actuarial and investment research. He is a regular speaker at conferences and seminars on insurance, pensions, investment, social security and health care matters. Served as Past President of Rotary Club of Muthaiga and District Secretary of Rotary in East and Central Africa amongst other Rotary positions. He enjoys nature and expeditions, is a keen chess and backgammon player, an avid reader (reads financial and political magazines cover to cover) and is married with two lovely daughters.

Sundeep Raichura & Lusani Mulaudzi’s panel: Actuarial Work in Africa.


Thomas A. Tipton, FSA, CERA, MAAA

Tom is an Assistant Vice President and Actuary at The Hartford and is responsible for the Group Life & Accident Pricing. His prior positions at The Hartford were in 401(k) pricing, variable annuity hedging, and group disability pricing. Tom has also worked at American General where he was responsible for the Group Valuation Department. As a graduate of Bryant College, Smithfield, RI he obtained a Bachelor of Science in Business Administration with a dual concentration in Applied Actuarial Mathematics and Economics. Tom is a Fellow of the Society of Actuaries, Chartered Enterprise Risk Analyst, and Member of the American Academy of Actuaries.

Thomas A. Tipton’s presentation: Group Life.


Stephen Turer, FSA, MAAA

Stephen Turer is Vice President, Annuity Pricing, for Lincoln Financial Group. In this role he is responsible for the pricing of individual annuities, including both variable and fixed annuity products. He joined Lincoln Financial in April 2005. Prior to joining Lincoln, Turer worked for seven years for Travelers Life & Annuity as an actuary, pricing accumulation and payout annuity products.

Turer graduated with high honors from the Pennsylvania State University with a Degree in Actuarial Science and a minor in Mathematics. He is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.

Stephen Turer’s presentation: Annuity Risk Management.


Jay Vadiveloo, PhD, FSA, MAAA, CFA

Jay Vadiveloo is a Consulting Actuary in the Towers Watson Risk & Financial Services practice in Hartford, CT, and is also the Towers Watson Professor at the University of Connecticut where he manages the newly endowed Janet & Mark L. Goldenson Center for Actuarial Research. Jay has a doctorate in statistics from the University of California, Berkeley, is a Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries, and a Chartered Financial Analyst. Jay has over 25 years of experience with the life insurance industry which includes senior level appointments at Connecticut Mutual, Mass Mutual, Aetna Financial Services, ING, Deloitte Consulting, and most recently, Watson Wyatt.

Jay Vadiveloo & Students’ presentation: ERM for Small Businesses.


Patrick Wang

Patrick is a 2nd Vice President in Travelers Claims Actuarial area. His primary responsibilities include overseeing the development of claim modeling for GL, Workers Comp and Legal, and integrating the advanced analytic results into strategic business decisions, which influence pricing/reserving sophistication and litigation management. Patrick did his doctoral study in Applied Statistics. He has over 10 years of industry experience and has been with Travelers since 2008. Prior to joining Travelers, Patrick worked for The Hartford Insurance in Hartford and Nationwide Insurance in Columbus.

Patrick Wang’s presentation: P&C Severity Modeling.

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