Career
While teaching at Harvard, Stone consulted in the insurance industry on a part-time basis. During this period, he completed six examinations for admission to the Casualty Actuarial Society (CAS), and his 1973 paper on the insurance of catastrophic risk became a standard requirement of the CAS syllabus. [8] [9]
In 1975, Stone was appointed Insurance Commissioner for the Commonwealth of Massachusetts [10] [11] by Governor Michael S. Dukakis. In 1979, Stone was appointed chairman of the United States Commodity Futures Trading Commission (CFTC) by President Jimmy Carter. [12] [13] Stone’s CFTC tenure was controversial due to his calls for tight position limits, enhanced disclosure, and high margin requirements to reduce leverage in derivative markets. The trading profession and his fellow Commissioners dismissed his assertions that the burgeoning scale of speculative derivatives could prove destabilizing for the economy as a whole. In 1983, Stone finished his term in Washington at the CFTC and returned to Boston. [3] In 1982, he founded Plymouth Rock Assurance Corporation. He has been the group's CEO since its establishment. [14] [15]
The Plymouth Rock Assurance Group operates a number of personal lines insurers, specializing in automobile and homeowners coverage in the Northeast United States. [15] [16] It manages over $2 billion in annual premiums. [16]
Stone served on the Board of Directors of The Boston Globe Newspaper Corporation from 1998 to 2006, [15] [17] and for five years as vice chairman of GlobalPost, [18] a web-based international news service.
Philanthropy
Stone served for ten years on the Board (and is now Chairman Emeritus) of Management Sciences for Health, [23] a large international humanitarian health infrastructure provider. He currently chairs the Education and Commercial Relations Committees of the Board of Directors of Cold Spring Harbor Laboratory, a preeminent genetics and cancer research institute. [24] He is the chairman of the School on the Move prize panel, which grants a substantial monetary award each year to the most improved Boston public school. [25] He is a member of the Trust of the American Academy of Arts and Sciences. [26] He is also a member of the Board of Directors and Chair of the Investment Committee of ProPublica, a Pulitzer Prize winning non-profit investigative reporting organization. [27]
Stone is the principal donor to eleven academic programs for the study of wealth and income inequality. These are located at Harvard University; [28] the Harris School of Public Policy at The University of Chicago; [29] City University of New York Graduate Center; [30] Brown University; [31] University of California, Berkeley; [32] University of Michigan; INSEAD; Paris School of Economics; University of British Columbia; University College London; [33] University of Munich. He and his wife have also established the Stone Center for Environmental Stewardship at University of California, Berkeley and the Stone Living Laboratory, which is based at the University of Massachusetts, Boston and engaged in the study of coastal sustainability in the era of climate change. [34] The Stones created and sponsor, the Museum of African-American History Stone Book Prize, [35] which awards a significant stipend each year for the best scholarly book on African American history as chosen by a distinguished panel of academic jurors.
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