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Sessions Information
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May 16, 2024
2:00pm - 3:00pm
Session Type: Webinar
Session Capacity: N/A
The captive webinar will discuss challenges that insurance companies face due to inflation and its impact on their investment portfolios, operating costs, and claim payouts. The webinar will focus on the process of estimating liabilities for unpaid claims, which is a complex task that becomes even more challenging with changing variables. The panelist will highlight the new auditing standards, which emphasize the importance of the loss reserve estimates and the use of an actuarial specialist. The webinar will provide practical methods for management to evaluate actuarial loss reserves, including considerations for methods and assumptions, data analysis, and supporting management's selected point estimate. The auditor's perspective on the reserve estimate will be discussed, emphasizing the need for evidence-based evaluation and understanding of management's selection process. Overall, the webinar is aimed to provide guidance for insurance companies and management to effectively manage their loss reserves and comply with auditing standards.
The webinar is recommended for individuals and companies who are currently captive owners and are interested in gaining a deeper understanding of how to effectively manage their captives. It is also beneficial for companies that want to take a more proactive approach in managing their captives and for those who are new to the market and want to become knowledgeable and innovative captive insurance owners. By attending this webinar, you will gain valuable insights from both consulting and industry perspectives, which will help you ensure that your captive is sustainable, powerful, and successful as a long-term risk management tool.
Learning Objectives:
After completing this webinar, participants will be able to: • Understand the challenges faced by insurance companies due to inflation, volatility in investment portfolios, and higher operating costs and claim payouts. • Learn about the process of estimating liabilities for unpaid claims and the impact it has on an insurance company's financial condition. • Gain knowledge about the recent auditing standards and their emphasis on the loss reserve estimate and the use of an actuarial specialist. • Familiarize yourself with the common methods used by actuaries to estimate unpaid claim liabilities, such as loss development methods, expected loss methods, Bornhuetter-Ferguson methods, and counts and averages methods. • Learn about the data elements provided to actuaries for estimating unpaid claim liabilities, including numerical data (paid losses, premiums, exposures, etc.) and qualitative data (retentions, reinsurance programs, etc.). • Develop and understanding of an auditor’s perspective on the reserve estimation and obtaining sufficient audit evidence for testing such estimation methods.
Please submit questions in advance via email to leach@vcia.com no later than May 15th. ...
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Session Speakers
Organization: Johnson Lambert LLP
Lauren Darr, CPA, is a Partner with Johnson Lambert, a multi-office, niche-focused firm that provides audit, tax, and consulting services to insurance entities as well as nonprofits and employee benefit plans. With more than a decade of insurance experience, she specializes in providing audit and consulting services to property-casualty insurers and related service entities, with a sub-specialty in the medical professional liability space. Lauren is a member of the firm’s Technical Committee and is actively involved in the industry as she attends NAIC meetings on behalf of Johnson Lambert. Additionally, she represents the firm on the AICPA Insurance Expert Panel and is a member of the Joint Trial Board. She is a frequent author and speaker on insurance-focused technical topics.
Organization: STICO Mutual Insurance Company, RRG
Colin Donovan is the President of STICO Mutual Insurance Company, A Risk Retention Group, which specializes in general liability, pollution liability, and contractual liability insurance for 150 storage tank manufacturers, pressure vessel fabricators and petroleum equipment contractors throughout the country.
Starting with STICO in 1998, Colin oversaw the underwriting, marketing, reinsurance placement and investment management before assuming his current role in 2015.
Colin earned his B.S. in Marketing and B.S. in Mass Communications from Miami University in Oxford, Ohio and earned his M.B.A. from DePaul University in Chicago, Illinois. He also earned his Associate in Captive Insurance from the ICCIE program in 2008.
Organization: Pinnacle Actuarial Resources, Inc.
Darcie Truttmann, FCAS, MAAA, is a Senior Consulting Actuary at Pinnacle Actuarial Resources, an independent, full-service actuarial firm focused on the property and casualty insurance industry. She has more than 18 years of experience in the property and casualty consulting industry with expertise in reserving studies for insurance companies, captive insurance companies and self-insured entities and extensive experience reviewing industry financial statement data and associated trends. Darcie is a member of the has presented at numerous industry seminars, including the Casualty Actuarial Society (CAS) Casualty Loss Reserve Seminar (CLRS) for the past five years. She is an active member of the CAS and volunteers for multiple CAS committees.
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