Guy Carpenter &. Co., Marsh & McLennan’s global reinsurance broker, announced that Managing Director Gary G. Venter of the firm’s Instrat(R) 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 Venter for Quantifying Correlated Reinsurance Exposures with Copulas and another author for a separate paper,” said the announcement. “Nominations are judged on the basis of originality of ideas, understanding of complex concepts, contribution to reinsurance literature, thoroughness of ideas expressed, as well as whether the paper is understandable and practical.”
It described Venter’s winning paper as establishing “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.”
The Ferguson Prize is the second award Venter has received this year from the Casualty Actuarial Society. In February, he was honored with the Society’s prestigious Dorweiler Prize for 2003 for a paper entitled Tails of Copulas, which discusses the use of copulas in property and casualty applications to emphasize correlation among large losses.
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