Don Mango, the vice president of research and development at Overland Park, Kan.-based GE’s Employers Reinsurance Corp. (ERC), was awarded the 2004 Charles A. Hachemeister Prize by the Casualty Actuarial Society (CAS) for his paper on reinsurance pricing. The announcement of the award was made at the CAS Spring Meeting in Colorado Springs, Colo.
Mango’s paper, Capital Consumption: An Alternative Methodology for Pricing Reinsurance (PDF), proposes a pricing method which “eliminates the need for capital allocation and release and creates scenarios that more closely model actual contract capital usage.”
“Don’s paper challenges many fundamental aspects of reinsurance pricing,” said Samira Barakat, global risk leader at ERC. “Given the challenges facing reinsurers, we’re already seeing evidence that the risk community is embracing his theories as viable and necessary.”
This is the third prize won by this paper. It also won best call paper for CAS and the inaugural Ferguson Prize sponsored by General Re for best reinsurance paper. To date, Mango has garnered seven prizes for his papers on risk analytics.
Barakat added: “This type of critical thinking resulting in practical approaches supports ERC’s commitment to deliver world-leading risk analytics to the reinsurance community.”
ERC offers reinsurance and commercial insurance.
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