Longevity Seminar. Sponsored by. Moderator/Presenter Biographies

Transcription

1 Longevity Seminar Sponsored by Moderator/Presenter Biographies

2 Louis Adam is professor since 1993 at the School of Actuarial Science, Laval University, with the rank of associate professor ( Professeur agrégé ) since He has served as undergraduate program director from 2002 until He teaches courses at the undergraduate and graduate levels, mainly in pension plans design and pension plan funding, but also in mathematics of finance and actuarial mathematics. Apart from his involvement in research on Canadian pensioners mortality, other research interests include questions pertaining to the funding and modeling of risks for pension plans. He has previously been actively involved in the pedagogic use of information technology. He has frequently been invited as guest speaker on Canadian pensioners mortality and on other subjects such as the impact of inflation modelling on the present value of pensions. His research activities on mortality have contributed to the creation of the very first mortality table for Canadian pensioners published by the Canadian Institute of Actuaries (CIA) in Formerly, Louis helped in revising some aspects of the actuarial valuation of the Quebec Pension Plan as at December 31th, He graduated in actuarial science from Laval University in He is a Fellow of the Society of Actuaries (SOA) and of the CIA. From 2009 until June 2012, he served as Director on the Board of the CIA. He is also Director on the Board of the Actuarial Foundation of Canada since In June 2010, he was elected as President-elect of the Actuaries Club of Quebec City. His term as President expired in May Since January 2012, he sits on the Retirement Committee of the pension plan for the professors of Laval University ( Régime de retraite des professeures et professeurs de l Université Laval ). He is also involved on the professors union retirement committee since 2011, and chair of that committee since June He participates actively to the works of task forces and committees of the SOA and CIA, among others as Chair of the CIA communications committee until June He was a member of the the CIA Pension Experience subcommittee of the Research Committee until July He is a member of the CIA task force on mortality improvement since November In 2009, his involvement with the profession was recognized with the CIA silver volunteer award. Pablo Antolin is Principal Economist and Head of the Private Pension Unit of the OECD Financial Affairs Division. He manages the research and policy programme of the Working Party on Private Pensions ( a body that brings together policymakers, regulators and the private sector of almost 40 countries around the world. His work covers issues related to the operation and regulation of funded retirement income systems.

3 The current work of the WPPP addresses issues related to ageing populations at its impact on pensions as well as the contribution of funded pensions to retirement income adequacy. The work includes collecting and disseminating standardised pension fund statistics; the OECD Core Principles of Private Pension Regulation; work on pension funds as institutional investors; capital requirements and long-term investment; how pension funds, annuity providers and the regulatory framework incorporate future improvements in mortality and life expectancy; an analysis of the role that private pensions play and could play in the retirement saving adequacy of current and future pensioners; an assessment of the different annuity products in different countries according to the guarantees they provide; and an assessment of the impact of fiscal incentives on retirement savings. Mr. Antolin has been instrumental in putting together the OECD Pensions Outlook 2014 ( the publication on Mortality Assumptions and Longevity Risk ( and the OECD Roadmap for the Good Design of Retirement Saving Plans endorsed in June 2012 by pension regulators from OECD countries ( In the past, he has worked on the impact of ageing populations on the economy and on public finances. He has produced several studies examining options available to reform pension systems in several OECD countries, including public pensions. Previously, he worked at the IMF and at the OECD Economic Department. He has published journal articles on ageing issues as well as labour market issues. Mr. Antolín has a PhD in Economics from the University of Oxford and an undergraduate degree in Economics from the University of Alicante (Spain). Séverine Arnold (-Gaille) is Assistant Professor in Actuarial Science at the University of Lausanne, Switzerland. Besides a PhD in Actuarial Science, she has a Certificate in Population Study from the University of Geneva, Switzerland. Her research focuses on longevity risk and mortality modeling, looking for more efficient models in mortality projections. In a six and another two months research visits at the University of New South Wales in Sydney, Australia, in 2009 and 2012 respectively, she has been investigating various causes of death across countries. Together with Corina Constantinescu (University of Liverpool, UK), she gives yearly short courses in actuarial science at the University of Sfax (Tunisia) and has recently organized the second edition of an International Winter School for young actuarial researchers, to be held every other year. In addition to teaching and research, she was involved in social security projects with the International Labour Organization, is a member of the International Actuarial Association Mortality Working Group and of the Social Security Sub-Committee of the AAE (Actuarial Association of Europe). Jean-Marc Fix is Vice President, Research & Development for both Optimum Re Insurance (US) and Optimum Reassurance (Canada). Jean-Marc joined the Optimum Group in He

4 is responsible for the research framework underlying the evaluation and development of innovative products. He is also responsible for the updating of Optimum s Underwriting Manual, both for life and critical illness. Jean-Marc has over 20 years of experience in the life insurance industry and is a Fellow of the Society of Actuaries as well as a member of the American Academy of Actuaries. Jean-Marc has extensive experience in all actuarial as well as many of the non-actuarial aspects of life insurance and Critical Illness product development. He has spoken on a variety of underwriting, product design, claims and reinsurance topics as they relate to actuaries, underwriters and medical directors. He is currently active in a number of SOA committees and Project Oversight Groups centering on mortality and underwriting as well as being a member of the Reinsurance Section Council Research team and of the Longevity Advisory Group of the SOA. Jean-Marc graduated Summa cum Laude from Whittier College with a BA in Mathematics. Steve Goss has been Chief Actuary at the Social Security Administration since Mr. Goss joined the Office of the Chief Actuary in 1973 after graduating from the University of Virginia with a Master s Degree in Mathematics. He graduated from the University of Pennsylvania in 1971 with a Bachelor s degree majoring in mathematics and economics. He has worked in areas related to health insurance and long-term-care insurance as well as pension, disability, and survivor protection. Mr. Goss is a member of the Society of Actuaries, the American Academy of Actuaries, the National Academy of Social Insurance, the Social Insurance Committee of the American Academy of Actuaries, and the Social Security Retirement and Disability Income Committee of the Society of Actuaries. George Graziani is responsible for longevity risk for North America and the English Caribbean. He is based in Toronto, Canada, and works on both transactional and developmental aspects of longevity. George assists clients understand and hedge their longevity exposures through customized value added solutions. He is a frequent speaker at industry events and is regularly published in the trade press. Prior to joining Swiss Re George was the vice chairman of Insurance Capital Markets Holdings Ltd. (ICMH), an asset manager and consultant specializing in derivative and cash based strategies in the micro longevity sector. Before ICMH, George priced, traded and structured longevity transactions for International Life Advisors Ltd., a Bermuda based subsidiary of Life Equity. In the process George drew on his investment banking, insurance/reinsurance and risk management expertise.

5 Since 1992 George has modelled, structured and executed insurance, reinsurance and related capital market transactions. Prior to joining Life Equity, George was the marketing director and actuary for BMO FG s offshore reinsurance business domiciled in Barbados supported by an $800 million balance sheet, and was the director of Corporate Insurance for BMO FG in Toronto. George is a Fellow of the Society of Actuaries and a Fellow of the Canadian Institute of Actuaries. He holds an honors degree from University of Toronto in Mathematics and Philosophy. Jennifer Haid is an executive in the Insurance and Actuarial Advisory Services practice of EY s Financial Services Office and is based in New York. Jennifer has more than 10 years of experience serving insurance and corporate clients with a focus on global pension de-risking strategies from the perspective of both insurers and corporations. Jennifer is a regular speaker at industry events and is a co-author of the paper Living to 100: Insight on the Challenges and Opportunities of Longevity which was commissioned by the Society of Actuaries. Jennifer holds a Bachelor of Mathematics, Honors Actuarial Science from the University of Waterloo. She is a Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries and a CFA charterholder. R. Dale Hall, FSA, MAAA, CERA, CFA is Managing Director of Research at the Society of Actuaries in Schaumburg, Illinois. In his role, he coordinates the SOA s strategic research partnerships, and oversees SOA experience studies, practice research, and data-driven inhouse research initiatives. Previous to joining the SOA in 2013, Dale spent over 20 years in the insurance industry, primarily as Chief Actuary for the Life/Health companies of COUNTRY Financial. While at COUNTRY, he was active in industry as a member of the ACLI Actuarial Committee, a frequent speaker at industry meetings, and was an adjunct professor in the actuarial science program at Illinois State University. Michael W. Hodin, Ph.D. is Executive Director of the Global Coalition on Aging, Managing Partner at High Lantern Group, and a fellow at Oxford University's Harris Manchester College. Hodin is also a featured blogger on The Huffington Post and at The Fiscal Times, under the Age and Reason Blog. From , Mike was Legislative Assistant to Senator Daniel Patrick Moynihan. During this period he was also a Visiting Scholar at Brookings Institution, on U.S. Foreign Economic Policy. He was a senior executive at Pfizer, Inc. for 30 years, where he created and then led its International Public Affairs and Public Policy operations. Mike is a Member of the Council on Foreign Relations, and from , was Adjunct Senior Fellow. He sits on the Boards of the Foreign Policy Association, Business Council for International Understanding, NYC Blood Center, American Skin Association, American Federation for Aging Research, and Emigrant Savings Bank, where he is Chairman of its

6 compensation committee and a member of its risk and audit committees. Mike is also a member of the World Economic Forum s Global Agenda Council on Ageing. Mike holds a BA, cum laude, Cornell University, M.Sc.in International Relations from The London School of Economics and Political Science, and M.Phil and Ph.D. in Political Science from Columbia University. Mike lives in New York City, where he is married and has two daughters. Andrew Hunt has been studying for a PhD in longevity modelling, projection and risk management at Cass Business School in London since He qualified as a Fellow of the Institute of Actuaries in 2009 and his research has included the development of stochastic mortality models, their application to longevity risk management in pension schemes and the emergence of longevity-linked securities. Prior to this, he worked for five years as a pension consultant in the UK, helping to advise a number of companies on their funding and risk strategy regarding legacy defined benefit obligations and including assisting on the modelling of one of the first large longevity swap transaction. He also has a Masters in Mathematics from the University of Cambridge, specialising in theoretical physics. Tom Jones is vice president and Head of Global Longevity Underwriting for Prudential Retirement s Pension & Structured Solutions business. His team underwrites the mortality and other key liability risks for the single premium buy-out annuity, structured settlements and longevity reinsurance products. Tom led the mortality and liability underwriting on the GM and Verizon pension risk transfer deals which were first of their kind bulk transfers of $33 billion of pension liability. For Longevity Reinsurance he lead the underwriting for the BT Longevity Risk Transfer deal which is the largest such transaction to date in the UK. Tom s career with Prudential spans 26 years, and in addition to his extensive experience in pricing pension products, he has held positions with the Corporate Actuarial, Portfolio Management and Life Insurance Illustrations groups. Tom earned a B.A. in math and computer science from Potsdam College, and an M.A. in math from Binghamton University. He is an Associate of the Society of Actuaries. Al Klein is a consulting actuary with Milliman s Bannockburn / Chicago office. He joined the firm in Al s primary responsibilities include industry experience studies and helping clients with mortality, longevity, and underwriting related issues. This may involve product development, assumption setting, and mergers and acquisitions. Al s expertise on mortality and underwriting includes traditional products, simplified issue, final expense, older age, and preferred. Prior to joining Milliman, Al worked for a large stock life insurance company where he was responsible for experience studies across all lines of business. He has also worked

7 for other life insurance companies, a reinsurer and consultant, where he has been responsible for strategic planning, product development and traditional reinsurance. Al is a frequent speaker and currently involved with a number of industry activities, including: Society of Actuaries (SOA) representative and Co-Vice Chair for the Mortality Working Group (MWG) of the International Actuarial Association MWG Underwriting Around the World Sub-group Chair Studying underwriting practices throughout the world SOA Longevity Advisory Group SOA Mortality and Underwriting Survey Committee Joint American Academy of Actuaries (AAA) / SOA Preferred Mortality Oversight Group Joint AAA / SOA Underwriting Criteria Team 2014 SOA Valuation Basic Table Development Team SOA Longevity Calculator Development Team Longer Life Foundation Advisory Board Al received a Bachelor of Science degree in Actuarial Science and Finance from the U. of Illinois, Urbana. Contact information: (312) , al.klein@milliman.com Johnny Li is the holder of the Fairfax Chair in Risk Management and an Associate Professor at the University of Waterloo. He holds a Ph.D. degree in Actuarial Science from the University of Waterloo and is a Fellow of the Society of Actuaries (FSA). He is a Co-Editor of the North American Actuarial Journal and a member of the board of directors of the Asia-Pacific Risk and Insurance Association. Professor Li's research interests encompass the fields of stochastic mortality modeling, longevity risk securitization, reverse mortgages, and actuarial applications in law courts. He publishes frequently in journals such as the Journal of Risk and Insurance, Insurance: Mathematics and Economics, the Geneva Paper of Insurance: Issues and Practice, and the North American Actuarial Journal. Professor Li has made significant research contribution to the area of longevity risk. His research in this area has brought him several awards, including the Harold D. Skipper Best Paper Award from the Asia-Pacific Risk and Insurance Association, the Edward A. Lew Award (2nd place) from the Society of Actuaries, and a Best Paper Award from the Actuarial Society of Hong Kong. He was a Co-Chair of the Eighth International Longevity Risk and Capital Markets Solutions Conference. Jeff Mulholland is the Managing Director and Head of Insurance Solutions for SG Americas Securities, LLC. Jeff has been involved in the derivatives and securitization markets with premier investment banks and hedge funds since 1991 including: Founding the market leading longevity business at Societe Generale in 2011 (which won the award for the Best Bank for Longevity Risk from Insurance Risk in 2014);

8 Leading the SG team which originated, structured and distributed the Aegon longevity transaction in 2013; Heading Citigroup s Structured Insurance Products Group which executed the K3 side car, the first side car distributed to hedge funds; Leading the team at Goldman Sachs that created Arrow Re, their offshore reinsurance company designed to facilitate the securitization of insurance risk (and serving as its president); and Heading Goldman Sachs fixed income derivatives business for the insurance and reinsurance industries in North America Prior to working on Wall Street, Jeff was an actuarial and pension consultant for 5 years. Jeff is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. He graduated magna cum laude from the Wharton School in Peter Nakada is a Product Specialist in the Reinsurance group of Stone Ridge Asset Management. Stone Ridge is an asset management firm that provides investors with access to valuable sources of risk. Peter s background has focused on how to bring risk quantification, technology, and management science together to help financial institutions make better risk-return decisions. Before joining Stone Ridge, Peter ran the LifeRisks and Capital Markets groups of catastrophe modelling firm Risk Management Solutions (RMS). RMS LifeRisks provides a state-of-the-art modeling platform for analyzing excess mortality and longevity risk, as well as services for transferring these risks to the capital markets. RMS Capital Markets provides products and services for the transfer of catastrophe risk to the capital markets. Prior to joining RMS, Peter was a co-founder of ERisk, a firm that provided risk and capital management software and consulting to the banking industry. Before that, he was a partner in Oliver, Wyman s risk management practice, where he spearheaded the firm s expansion into risk and capital management consulting for the Property & Casualty insurance sector. Peter began his risk management career as a portfolio manager with Prudential Insurance Company, where he was part of the early wave of engineers moving into quantitative finance. Peter has a B.A. in Engineering Sciences from Harvard College, a M.S. in Engineering Management from Stanford University, and is a CFA charterholder. S. Jay Olshansky received his Ph.D. in Sociology at the University of Chicago in He is currently a Professor in the School of Public Health at the University of Illinois at Chicago and Research Associate at the Center on Aging at the University of Chicago and at the London School of Hygiene and Tropical Medicine. The focus of his research to date has been on estimates of the upper limits to human longevity, exploring the health and public policy implications associated with individual and population aging, forecasts of the size, survival, and age structure of the population, pursuit of the scientific means to slow aging in people (The Longevity Dividend), and global implications of the re-emergence of infectious and parasitic diseases. Dr. Olshansky is on the Board of Directors of the American Federation of Aging Research and is the first author of The Quest for Immortality: Science at the Frontiers of Aging (Norton, 2001).

9 Andrew Peterson is the Staff Fellow for Retirement Systems at the Society of Actuaries (SOA) working to develop and support better retirement systems. In this capacity, Andy serves as staff partner to the Pension Section and the Social Insurance and Public Finance Section of the SOA directing volunteer activities in these two areas. In addition, he provides retirement expertise to the SOA s education (including both basic and continuing education programs) and research functions. He also serves as a liaison between the SOA and other organizations in the retirement arena, works to facilitate the intellectual capital development of retirement actuaries and provides leadership on various SOA initiatives including current focus on longevity issues. Prior to joining the SOA in 2008, Andy spent 16 years working as a retirement consultant with Watson Wyatt (now Towers Watson), an HR consulting firm. He was based in Chicago for the majority of his time at Watson Wyatt, but also spent three years in their Zurich, Switzerland office, from 1999 to Andy received a BS degree in mathematics from Taylor University in He is a Fellow of the Society of Actuaries, an Enrolled Actuary, a Member of the American Academy of Actuaries, and a Fellow of the Conference of Consulting Actuaries. He is also a member of the National Academy of Social Insurance. For the first 30 years of his actuarial career, Larry Pinzur worked as a retirement consultant at Hewitt Associates. Since 2008, Larry has continued to work very part-time on various Actuarial R&D projects for Aon Hewitt. He has been a member of RPEC since 2009 and was actively involved in the development of the RP-2014 pension mortality tables and MP-2014 mortality improvement scale. Dr. Philip Smalley is Senior Vice President and Global Chief Medical Officer of RGA International Corporation. He is responsible for medical research and for assisting in product development. Dr. Smalley is an internal medicine specialist with 24 years of experience in insurance medicine. His medical degree is from the University of Toronto and he is a Past President of the Canadian Life Insurance Medical Officers Association. Dr. Smalley is also Managing Director of the Longer Life Foundation, which funds mortality research at Washington University in St. Louis, in Missouri, U.S.A. Larry Stern is a sole practicing, reinsurance intermediary and consulting actuary located in Charlotte, NC. His company name is Canterbury Consulting, LLC. Larry has 40+ years life insurance industry experience having worked for three different direct writers (last position Senior VP and Chief Actuary), a global consulting firm (Tillinghast; principle and practice leader for product development), a reinsurer (Scottish Re; EVP Financial Reinsurance Line of Business), and since 2002 President of his own company. He has dealt with all aspects of product/marketing strategies, reinsurance/risk management and capital issues throughout his career. Larry graduated with highest honors from Indiana University with a degree in life insurance, actuarial science from the Kelley School of Business. Larry is immediate past Chair

10 of the SOA Nominating Committee, has served on several other section councils (Chairs of Product Development, Entrepreneurial Actuaries, and Reinsurance), written many articles for industry publications, and is a frequent speaker at industry meetings. Dr. Nan Zhu is an Assistant Professor of Actuarial Science at Illinois State University. He earned his B.S. and M.S. in Financial Mathematics, and B.A. in Economics, all from Peking University (China), and received his PhD in Risk Management and Insurance from Georgia State University. He is a Fellow of the Society of Actuaries (FSA) and Charted Enterprise Risk Analyst (CERA). Dr. Zhu s research interests include stochastic mortality modeling, life settlement market, longevity risk management, and applications of contract theory in insurance market. He has published in the Journal of Risk and Insurance, The North American Actuarial Journal, The Geneva Papers on Risk and Insurance. He won the Research Grant by the Geneva Association in 2011.