ACAS, MAAA, CERA
Changing Hearts and Minds
Jun 28, 2021
Looking Back and Moving Forward
Dec 30, 2019
Pinnacle’s Commitment to Community through Pinnacle U
May 30, 2018
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His skill set includes loss reserving for all lines of
business, hands-on interaction with alternative market entities, networking
with service providers and traditional ratemaking for all types of property/casualty
insurance exposure. Joe serves on the Employers Advisory Committee of the
Casualty Actuarial Society (CAS) and was a long-term member and chair on the
American Academy of Actuaries (AAA) Committee on Property Liability Financial
Reporting (COPLFR). He is a regular speaker at industry events.
September 2020 APEX Webinar
Group Captives 101
Authored by Joseph A. Herbers.
January 2020 APEX
Statements of Actuarial Opinion at Year-End 2019
Authored by Joseph A. Herbers and Aaron N. Hillebrandt.
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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.
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.
Staffing Self Insured Reserve Analysis
Pinnacle was retained by a group of staffing companies with large self-insured retentions for their workers compensation loss exposures to perform quarterly loss reserve analyses and annual funding studies. Pinnacle initially used customized benchmarks for the staffing as the basis for our analyses. However, it became apparent that the benchmarks were not reflective of the unique characteristics of this program. Pinnacle worked with the third party administrator (TPA) for the program to gather additional historical experience for the program, as well as consolidated experience for several similar programs administered by the TPA. Using the results of our analysis of the TPA’s previous experience for this program and others like it, we were able to develop benchmark loss development assumptions that tracked much more closely with the program’s actual loss emergence.
At Pinnacle, we partner with you to explore whatever path it takes to find the answers you need.
September 19, 2021
NAMIC Annual Convention
September 21, 2021
SCCIA Executive Educational Conference