FCAS, MAAA, CPCU, ARM, ARe
Principal and Consulting Actuary
Florida’s Property Insurance Market
Sep 2, 2016
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Arthur Randolph is a Principal and Consulting Actuary with Pinnacle Actuarial Resources, Inc. managing the firm’s Atlanta, Georgia office. He has been in the insurance industry since 1998 and has been consulting since 2001. Mr. Randolph’s consulting career has focused on medical professional liability, homeowners, workers’ compensation, commercial and personal automobile, general liability, and commercial multi-peril exposures.
Mr. Randolph provides actuarial consulting services to medical professional liability insurers, traditional property and casualty insurers and reinsurers, self-insured hospitals and physician groups, public and private self-insured entities, risk retention groups (RRGs), and captive insurers. His core services include reserving, ratemaking, risk transfer testing, funding allocations among members of risk sharing groups, and developing experience and retrospective rating plans. Mr. Randolph also conducts alternative risk financing feasibility and funding studies (e.g., large deductible plans, self-insurance structures, RRGs, captives) for organizations in both the public and private sectors that face various risk exposures. When clients have become involved in mergers and acquisitions, he has worked with them to seamlessly address all associated actuarial issues.
Mr. Randolph is a member of the AAA Medical Professional Liability Committee and the Alabama Actuarial Council. He is actively involved with Physician Insurers Association of America (PIAA), Florida Chamber of Commerce, National Association of Mutual Insurance Companies (NAMIC), Casualty Actuaries of the Southeast (CASE), Gamma Iota Sigma Insurance Fraternity (GIS), and International Association of Black Actuaries (IABA, Past Director & Treasurer). Mr. Randolph is a past member of the CAS Examination Committee and the CAS Program Planning Committee, and served as President & Director of the IABA Foundation.
November 15 2018 APEX Webinar
State of the Florida Homeowners Market
Authored by Derek W. Freihaut and Arthur R. Randolph II.
Navigating These 4 Medical Professional Liability Trends Is Critical For Insurers To Remain Relevant
Sponsored Content in R&I Insights
Authored by Arthur R. Randolph II.
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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.
Liquidation - Workers Compensation
Pinnacle was retained by the liquidator of a monoline workers' compensation carrier to estimate outstanding liabilities and provide expert testimony in support of the loss reserve estimation.
U S Domestic Statement of Actuarial Opinion
Domestic U.S. property/casualty insurers and risk retention groups are required to file an Annual Statement with state regulators each year by March 1. Part of that filing includes the submission of a formal Statement of Actuarial Opinion (SAO) by a qualified Appointed Actuary as to the reasonableness of held loss and loss adjustment expense reserves. The SAO must be one of five types:
In addition to the SAO, most jurisdictions require an Actuarial Opinion Summary (AOS) providing more detail on the Appointed Actuary’s specific findings by March 15. Lastly, a formal report narrative in support of the SAO and AOS is required to be available by May 1.
As the SAO is a compliance document, the primary audience is state regulators but the individual company must arrange for the service to be provided.
A recent SAO for one of our clients touched on many of the required disclosures:
At Pinnacle, we partner with you to explore whatever path it takes to find the answers you need.
December 18, 2018
December Apex Discussion Series -
Actuarial Standards of Practice (ASOP) Disclosures: A Professionalism Quiz