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The Actuary The magazine of the Institute & Faculty of Actuaries
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Reinsurance prizes

Guy Carpenter & Company, Inc, a global risk and reinsurance specialist, has announced that managing director Gary G Venter of the firm’s Instrat unit has been awarded the Casualty Actuarial Society’s Ronald Ferguson Reinsurance Prize.

The prize, which is given to the author of the best paper(s) related to actuarial research or practical actuarial application in the field of reinsurance, was awarded jointly to Mr Venter for ‘Quantifying correlated reinsurance exposures with copulas’ and another author for a separate paper. Mr Venter’s winning paper establishes a methodology for quantifying correlation among various loss distributions, which enables insurers and reinsurers to gain a better understanding of a portfolio’s risk attributes.

Meanwhile Don Mango, vice-president of research and development at GE’s Employers Reinsurance Corporation (ERC), was awarded the 2004 Charles A Hachemeister Prize by the Casualty Actuarial Society (CAS) for his paper on reinsurance pricing. Mr Mango’s paper ‘Capital consumption: an alternative methodology for pricing reinsurance’, proposes revolutionary new concepts for deploying reinsurance capital and reinsurance pricing. The paper proposes a pricing method developed by Mango which ‘eliminates the need for capital allocation and release and creates scenarios that more closely model actual contract capital usage’.

Both papers can be found on the CAS website at www.casact.org.