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Consulting Actuary

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John E. Wade

John Wade is a Consulting Actuary with Pinnacle Actuarial Resources, Inc. and has been providing actuarial consulting services since 1994, after having been employed by two primary carriers from 1978 - 1994. His practice is concentrated in providing reserving, funding and pricing studies for a wide variety of clients, including insurance companies, trade organizations, public entities and regulators.

His skill set includes loss reserving and rating for most lines of business, liability assessment for various funds, hands-on interaction with regulators, and project management. Mr. Wade serves or has served on the Nominating Committee, the Casualty Loss Reserve Seminar Planning Committee (Vice Chairman 2016-Present), the University Liaison Program, the Committee on Professionalism Education and the Membership Advisory Panel Committee of the Casualty Actuarial Society, as well as the Emerging Issues Task Force of the Casualty Practice Council of the American Academy of Actuaries. Mr. Wade often speaks at industry events. He has actively mentored college actuarial students as well as young actuarial candidates already in the professional work force.

 

Publications and Media

December 2018 APEX Webinar
ASOP Disclosures: A Professionalism Quiz
Authored by Laura A. Maxwell and John E. Wade.

December 2017 APEX Webinar
Actuarial Standards of Practice Update
Authored by Laura A. Maxwell and John E. Wade.

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Case Studies

Florida Department of Financial Services

Florida Department of Financial Services

The Florida Department of Financial Services (DOFS) oversees and administers the runoff of domestic Florida insurance companies in rehabilitation. Typically, when a company's financial condition is perilous, the DOFS obtains court orders to oversee the company’s administration and manage the orderly adjudication of all unpaid claims liabilities.

Measuring the extent of those claims liabilities involves uncertainty as to the number and severity of those claims. Further complicating the issue relates to the attitudes of claimants and their attorneys as regards to settlement of such claims knowing the company itself is under regulatory supervision. 

We assisted the DOFS in a formal way with the runoff of three nonstandard auto writers, all part of a company group. The nature of the exposure was such that the unpaid claims were dominated by bodily injury and property damage liability claims. Our modeling of the anticipated future settlements considered input from company claims representatives, the DOFS itself and the company’s auditors.

At the outset of the assignment, the company’s surplus was impaired significantly. During the process, the DOFS was able to achieve significant concessions on the part of claimants given the uncertain financial condition of the carriers involved. The outcome was when the last claim was paid, the company shell that remained had a positive surplus balance. 

Rate Indications / Filings

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.

Workers' Compensation

Workers' Compensation

Pinnacle was retained by a major national political organization to investigate the impact of several workers compensation reforms including: implementation of mandatory managed care, privatization of state workers compensation insurance funds and the permitting of private insurers to enter previously monopolistic workers compensation states. Our analysis looked at state-level differences in rate levels, insurer experience, coverage competition, the mix of medical and indemnity claims and numerous other metrics. The study was extremely well received and ultimately presented to more than half of the nation’s governors.

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