November 12, 2012: Guy Carpenter & Company announces that three members of its actuarial team have been awarded the 2011 Variance Prize for thought leadership in risk valuation, underwriting cycle modeling and risk benchmarks for the property-casualty market. The prize recognizes the best papers published to Variance, the scientific journal of the Casualty Actuarial Society.
Each year, the Variance Editorial Board presents this annual award to the best paper published in each volume of the journal. This year’s prize is unique in that the committee found that two papers, both written and co-written by Guy Carpenter contributors, were equally deserving of this prestigious recognition.
John Major, Senior Vice President and Director of Actuarial Research, will be recognized for his work on Risk Valuation for Property-Casualty Insurers, which reviews the application of valuation techniques to address the question of whether risk transformation creates or destroys shareholder value.
Mr. Major, Jessica Leong, Lead Casualty Actuary for Guy Carpenter and Charles Pan, Assistant Vice President for Guy Carpenter, will also be recognized for their work on the paper titled, U.S. Property-Casualty: Underwriting Cycle Modeling and Risk Benchmarks, co-written with Dr. Shaun Wang, Ph.D., Founder and Chair of Risk Lighthouse LLC. This report computes and analyzes risk benchmarks and underwriting cycle models that can be used by insurers to improve their enterprise risk management models.
The awards will be presented at the CAS 2012 Annual Meeting in Lake Buena Vista, Florida on November 12, 2012. Both papers are available for download at www.variancejournal.org/issues/.
Don Mango, Head of Global Advisory, said, “We are honored that Variance and the Casualty Actuary Society have chosen to recognize John, Jessica and Charles for their leadership within the actuarial community and tireless commitment to advancing the research and resources available to our clients, peers and colleagues. The work produced by John, Jessica and Charles is a terrific testament to Guy Carpenter’s continued commitment to delivering industry-leading actuarial expertise and strategic counsel to our clients and beyond.”