FCAS, MAAA Senior Consulting Actuary
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Pierogis and Palaces Jan 9, 2018
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Erich Brandt is a senior consulting actuary with Pinnacle Actuarial Resources in Bloomington, Illinois. He has worked in actuarial consulting since 1997.
He has considerable experience in assignments involving loss reserving, funding studies, cost allocation mechanisms, loss cost projections, competitive analyses, captive feasibility studies and financial analyses of insurance companies.
Mr. Brandt has made numerous presentations to brokers, corporate risk managers, and CFOs regarding loss reserving, future loss projections and how company characteristics impact actuarial calculations. He currently serves as a member of the Casualty Actuarial Society (CAS) Examination committee.
Mr. Brandt also works with students and faculty at Illinois State University (ISU). He engages in joint research and speaks at actuarial club and the Katie School of Insurance & Risk Management functions.
Mr. Brandt has served as an industry expert on several panels and educational forums including the CAS, Katie School of Risk Management Academy, the Insurance Managers Association of Cayman, ISU and Staffing World – Risk Control Workshop.
Mr. Brandt is a member of the advisory boards for the actuarial science major at ISU and the Milwaukee School of Engineering. He is also on the board of directors of the Illinois Shakespeare Festival.
October 2020 APEX Webinar 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.
July 2020 APEX Webinar Causes of Recent Reserve Development Authored by Erich A. Brandt and Gregory W. Fears, Jr..
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Cayman Captive
Pinnacle serves many of the largest group captives in the world, many of them domiciled in the Cayman Islands. These reserve analyses are typically produced twice a year and serve multiple purposes. First, they provide a range of reasonable estimates which management uses to determine their best estimate of ultimate losses and unpaid claims liabilities. Second, these reserve estimates can then be allocated to individual members to determine the outstanding liabilities and potential future assessments, if any. Finally, the allocated ultimate losses become the basis for renewal pricing estimates for each member. Pinnacle’s approach to estimating and allocating reserves in group captives is unique in the industry and sets our alternative practice apart with its efficiency and accuracy.
Rate Indications / Filings
A regional carrier came to Pinnacle wanting to implement an insurance score program along with rate indications for home, auto and farm. Pinnacle developed rate indications for each line, and developed an underwriting scorecard rating approach using insurance score as a critical component. The combination of implementing appropriate rates and the new rating plan enabled this company to turn their business around, become profitable and rebuild their surplus position.
Self Insured Loss Reserve Analysis
Pinnacle was approached by a major, national manufacturer to perform a loss reserve analysis of their retained workers compensation, auto liability, general liability and products liability loss exposures. The previous actuary worked for a large broker which the customer felt presented a conflict of interest. In addition, the actuary used industry benchmarks that the customer felt did not accurately represent their loss development behavior. Pinnacle worked with the customer to better understand their loss exposures, claims handling practices, and corporate risk management philosophy. We worked with the company to gather better internal data and refine the industry benchmarks to better reflect their third party administrator, industry focus and geographic mix. These refinements, and many others, led to a more accurate analysis of the company’s retained loss exposures, a reduced provision for unpaid claims on their balance sheet, and reduced collateral requirements from their fronting carrier.
At Pinnacle, we partner with you to explore whatever path it takes to find the answers you need.
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December 03, 2020 December APEX Webinar - So You Want to Be An Innovative Actuary Register