Claude Penland: Actuary & Partner, Ezra Penland Actuarial Recruitment

“UN halts carbon credit scheme over fears of abuse

Some companies are believed to be abusing the emissions trading scheme by overproducing dangerous greenhouse gases just to generate carbon credit revenues.

Under the UN Clean Development Mechanism (CDM) companies earn carbon credits for the destruction of trifluoromethane (or HFC-23). HFC-23 projects account for more than half of all CDM carbon credits sold to date.”

“Experience

Senior Analyst
BMO Capital Markets
(Public Company; BMO; Investment Banking industry)
July 2010 — Present (2 months)

Catastrophe Risk Analyst
Validus Re
(Public Company; vr; Insurance industry)
May 2008 — July 2010 (2 years 3 months)

“Fairfax paid $174 million in upfront fees to protect $22 billion of its investment portfolio against the possibility of deflation over the next decade. In exchange, Fairfax will receive a payment amounting to the drop in CPI below 2%—the level of inflation when Fairfax bought its contracts—multiplied by the $22 billion.

If deflation averages 2% annually over the next 10 years, Fairfax’s contracts would rise in value the equivalent of 4% of $22 billion, or $880 million, each year over the next decade, according to traders familiar with Fairfax’s trades. In that scenario, if Fairfax holds on to its investments during the 10-year period, it would reap nearly $9 billion from its $174 million investment. The company wouldn’t get anything for its bet if inflation turns out to be higher than 2% over the next 10 years.”

“Brazilian President Lula signed a decree on the 26th, authorized the establishment of “Disaster Fund”, the total initial capital of 40 million reais (about 2.3 billion U.S. dollars) to ensure smooth access to the insurance of agricultural producers, to avoid drought , frost and excessive rain and other inclement weather affect income.”

“HCC Life Insurance Company, which specializes in writing medical stop loss and group life insurance, has opened a new office in Scottsdale, Arizona.”

“Chinese insurers, including New China Life, Taikang Life and Tianping Auto Insurance Co, are preparing a new wave of initial public offerings, the China Securities Journal reported on Wednesday.

The insurance companies need money to replenish their capital base, strengthen their repayment capability and plan for long-term growth, the official newspaper said.”

“Experience

President and Chief Executive Officer
Sunshine State Insurance Company
(Insurance industry)
August 2010 — Present (1 month)
President and CEO of Property and Casualty Insurance Company.”

“A new coat of arms has been drawn up for the Institute and Faculty of Actuaries.
…
The arms will need a new motto. One suggestion has been “E Peritia Ratio” which broadly means “reason from experience” to indicate how actuaries use past experience to reason solutions for their clients.

The Council of the Institute and Faculty and Actuaries would like to hear suggestions from members about possible mottos. Please email your suggestions by 17.00 on 17 September to alison.jiggins@actuaries.org.uk “

As a casualty actuary myself (ACAS ’95), to me this sounds like a great actuarial sponsorship program for quality companies.

“The Casualty Actuarial Society (CAS) is pleased to announce the 2010-2011 Society Partners Program. This program is designed to help firms build and maintain year-round relationships with the influential group of insurance professionals that are CAS members.

Carry out your marketing objectives while developing a unique relationship with CAS members and the actuarial profession as a whole by participating in the Society Partners Program.”

“Experience

Actuary
Allianz Pojistovna
(Insurance industry)
July 2010 — Present (2 months)
Non-Life Pricing with GLM

Actuary (non-life)
DIRECT Pojišťovna
(Privately Held; Insurance industry)
April 2007 — July 2010 (3 years 4 months)”