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An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science which covers rigorous mathematical calculations in areas of life expectancy and life insurance. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.
Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament. It operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty and life expectancy.
The International Actuarial Association (IAA) is a worldwide association of local professional actuarial associations.
The Society of Actuaries (SOA) is a global professional organization for actuaries. It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Actuaries. It is a full member organization of the International Actuarial Association.
The Casualty Actuarial Society (CAS) is a professional society of actuaries in North America specializing in property and casualty insurance.
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is referred to as the "ceding company" or "cedent". The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain solvent after major claims events, such as major disasters like hurricanes or wildfires. In addition to its basic role in risk management, reinsurance is sometimes used to reduce the ceding company's capital requirements, or for tax mitigation or other purposes.
The Institute of Actuaries was one of the two professional bodies which represented actuaries in the United Kingdom. The institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland. While the Institute and Faculty of Actuaries were separate institutions, they worked very closely together, and their professional qualifications and actuarial standards were identical. On 25 May 2010, voting members of the institute who took part in a ballot voted to merge the institute with the faculty, thus creating the Institute and Faculty of Actuaries, which came into being on 1 August 2010. The Institute of Actuaries ceased to exist on that date.
Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issues of security in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter.
Ernst Filip Oskar Lundberg Swedish actuary, and mathematician. Lundberg is one of the founders of mathematical risk theory and worked as managing director of several insurance companies.
Enterprise risk management (ERM) in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's objectives, assessing them in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring process. By identifying and proactively addressing risks and opportunities, business enterprises protect and create value for their stakeholders, including owners, employees, customers, regulators, and society overall.
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise.
The Robinsons is a British comedy television series that debuted on BBC Two on 5 May 2005. The show's central character is a divorced reinsurance actuary, Ed Robinson, who realises that reinsurance is not his passion and decides to rethink his life. The series is written and directed by Mark Bussell and Justin Sbresni. The show's executive producers include Jon Plowman and Michele Buck.
Wendell Milliman (1905–1976) was a founder of Milliman, Inc., formerly Milliman & Robertson, one of the largest actuarial and business consulting firms in the world. Starting as the Pacific Northwest's only independent consulting actuary in a small two-room Seattle office in 1947, Milliman co-founded, with Stuart Robertson, a company that grew to encompass offices across the nation, first on the West Coast, then in Milwaukee, and then in more than 30 locations throughout the country. It also has offices in 16 countries across the globe. Based on a profit-sharing model that brings together independent consultants under a common corporate banner, Milliman, Inc. looked for and found new opportunities to provide actuarial services to insurers and pension planners as the United States dramatically changed and its economy grew during the post-World War II years.
Stuart A. Robertson (1918–2005) was co-founder, with Wendell Milliman, of Milliman, Inc., formerly Milliman & Robertson, which would grow to become one of the largest actuarial and business consulting firms in the world, encompassing more than 30 locations throughout the United States with offices in 16 other countries. Robertson, who attended the University of Washington before becoming an actuary, joined Milliman in the first consulting actuarial practice in the Pacific Northwest in 1950. Following Milliman's retirement in 1971, Robertson was CEO and chairman until his retirement in 1983.
EMB Consultancy, also known as EMB Actuaries and Consultants, is an international actuarial business consultancy and software provider. EMB was originally established as a strategic and actuarial advisor to non-life insurers. The company has developed and now operates in a growing range of business functions and sectors, such as banking, investments, asset management, fraud prevention, risk enterprise management, mergers and acquisitions and marketing. These are areas where the widespread collection and use of data and financial models have become commonplace.
The Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom.
A longevity risk is any potential risk attached to the increasing life expectancy of pensioners and policy holders, which can eventually result in higher pay-out ratios than expected for many pension funds and insurance companies.
The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed actuary. In some countries, such as Denmark, most study takes place in a university setting. In others, such as the U.S., most study takes place during employment through a series of examinations. In the UK, and countries based on its process, there is a hybrid university-exam structure.
Brian Charles Duperreault is a Bermuda-born American executive in the insurance industry. He stepped down as executive chairman of American International Group in December 2021.
References
- ↑ "Escape Clause". TVGuide.com.
- ↑ Howard, Byron [@ByronPHoward] (March 15, 2016). "@jordanolling @thejaredbush The actuary's name is Jaguar (pronounced 'hog-u-are')" (Tweet). Retrieved December 25, 2016– via Twitter.
- ↑ "Archived copy" (PDF). Archived from the original (PDF) on 2011-07-02. Retrieved 2013-01-11.
{{cite web}}: CS1 maint: archived copy as title (link) - ↑ http://www.the-actuary.org.uk/pdfs/02_10_peoplenews.pdf#search=%22%20%22actuaries%20in%20literature%22%22 [ bare URL PDF ]
- ↑ "Scifi.com". SYFY. Archived from the original on 2006-07-09. Retrieved 2020-08-08.
- ↑ "The Robinsons". TV.com.
- ↑ Nguyen, Hanh (2018-10-11). "'A Million Little Things' Series Creator Turns the Scorned-Woman Trope Inside Out". IndieWire. Retrieved 2019-09-19.
- ↑ ""Kim Possible" Odds Man in (TV Episode 2007)". IMDb. Retrieved 2021-07-21.
- ↑ "Poker Face" Rest in Metal (TV Episode 2023) - IMDb , retrieved 2023-04-12
- ↑ "Secret Diary of a Call Girl Episode #3.3". IMDb.
- ↑ "7.08 Season Seven, Time for a Wedding! - Super-wiki". www.supernaturalwiki.com. Retrieved 2022-12-23.
- ↑ "SOA - Speculative Fiction Collection". www.soa.org. Archived from the original on 2007-07-15.
