Actuarial reserves Puns

Has anyone got any experience of working in a Lloyds syndicate? Interested to know how it compares to working for an insurance company? Particularly in terms of work/life balance

Message me if you’d like a referral/tips and hints. I am very familiar with the hiring process so have a lot of advice I can pass on. A bit unconventional way of finding jobs but I’ve helped 4 Redditors get roles now!

Happy to help on application advice too etc. I have a fairly good idea of what they want to hear on applications etc so let me know :)

Hello,

as Actuarial Outpost seems to be down indefinitely, I was wondering if there is a way to still access the notes and summaries for the reserving part in Exam 5? Do you have any ideas?

Thank you for your help!

Hi guys, this is my first post here, apologies if you get a lot of these.

Next week I have a final stage interview for a summer placement at an insurance firm in London. I will face two panels, the first discussing 'Actuarial, Reserving' and the second discussing 'Capital Modelling'.

Can someone with experience answer a few questions I have to help me with my preparation?

1. Can I have a simple breakdown of what someone does in these departments?
2. What skills are employers looking for in these roles?
3. Are there technical questions I might be asked? If so, what should I revise?

I appreciate any input. If there are resources I can use to delve a bit deeper into actuary, I'd love a point in the right direction.

I have about 4 years experience in Pricing (commercial/speciality lines) and none in reserving or capital modelling. I've recently been thinking about the path I need to take now and pretty much have two options:

1. stick to pricing, and become head of pricing and then see where career goes on that front. This is quite feasible as currently the pricing team is expanding and I already have management experience (which id lose if I went to reserving).

2. Go reserving on a secondment for a year or two. Would be a boring role, I know what they do - no chance of management experience. A lot less responsibility as current reserving process involves a lot of subjective overrides at the end. Certainly less exposure to senior management at current company. Biggest plus however is it opens up the chief actuary route.

I am tempted to just stick to pricing, and pick up odd projects in reserving when I can. This may close off the chief actuary route altogether. My bosses boss would suggest I move around, but only if i want to be chief actuary one day. There is a clear path for me in pricing to move up to a more senior position (and boss has this planned out for me). I just don't want to be limited by only head of pricing.

Any thoughts?

So for our reserves we pretty much always use either standard chain ladder, BF or a claims ratio method depending on how developed we deem an accident year to be.

To set the method and to calculate development factors, we don’t use any mathematical techniques. We basically look at the numbers (and look at charts containing the numbers) to decide intuitively what the development percentage should be at each point.

We take into account the data and all the other non quantifiable things in setting the estimates. A lot of judgement is involved, and a lot of debate and peer review.

I was just wondering if this was normal. Our reserving software has options to do all sorts of fancy techniques, to apply a distribution function to calculate the tail, bootstrapping etc, but we never use any of it. The most complicated maths we use is to divide one number by another to get a percentage.

We’re a large insurer that writes both commercial and personal lines.

My worry is that when it finally becomes time to move on, I’m not going to have the skills required to succeed at a different company. On the other hand. I feel like at the moment there is more focus on being able to apply judgement and to explain/reason with management etc (which I understand are more important skills to have if you want to move up to senior management).

I'm just a CS student trying to get through that class with my gpa intact and was wondering if those reserved sections were any hard than their non reserved counterparts. They seem to have some popular professors that is why i am interested.

TL;DR: Insurance companies have not been adequately considered for their role in this saga and hold a tremendous amount of equities. They may be a key piece of the puzzle in terms of figuring out the SHF's tactics. The DD is not done. This information is not easy to locate but you can thru the NAIC website.

[Edit: Fuck the NAIC. They’ve paywalled all the filings. You used to get five free downloads not too long ago. Absolute horseshit that this info isn’t free to the public.]

************

We have identified a host of key short-side institutions involved in our journey to MOASS: SHFs, Market Makers, Prime Brokers, DTC and others. There is one glaring absence from this entire picture. INSURANCE COMPANIES. I've questioned this a few times in the past, but if you watch the second Gradante video that emerged, notice who he includes in his list of players in this debacle: INSURANCE COMPANIES.

Think 2008 and AIG. Now forget the role insurer AIG played there (seller of CDOs; bagholder). The role of insurers would be different here. Just to name a few big insurers, you have MetLife, Transamerica (Aegon), Prudential, AXA, Nationwide, AIA, Allianz, Zurich. Some I have named are among the top ten non-health insurers in the world based on market cap. Others have a large footprint in the US. But guess who the biggest non-health insurance company is by market cap? Berkshire Hathaway. https://www.investopedia.com/articles/active-trading/111314/top-10-insurance-companies-metrics.asp

BRK.A has a market cap of $636 billion. Number two on the list is a Chinese insurer with a market cap of $166 billion.

BRK.A owns over 70 insurance companies, including GEICO, General Re, and NRG. https://en.wikipedia.org/wiki/Berkshire_Hathaway But, I'm not singling out BRK.A here. I just didn't realize and felt it was worth noting.

There has been tons of focus on ETFs (and mutual funds?) being a large suspected source of shares that the SHFs use to kick the can down the road. We have learned about cellar-boxed companies. But it is time to take a look at insurance companies. State insurance regulators require insurers to maintain HUGE reserves. But they don't just hold cash. They invest it through the insurance company's general account in debt and equity. State regs require the investment portfolio to be c

I got an offer from deloitte as an actuarial specialist and i have know i idea what i am going to do there. does anyone work/worked there and can give me an overview?

Reserving is starting to feel like such a bullshit job where bad work is rewarded and doing good work makes me miserable instead. The job is not to determine as closely as possible the future payments of the company but to come up with as low a number as possible and hope it doesn’t raise a red flag in audit and regulation. I already know the number my boss wants is not going to be enough. But giving a higher number results in me getting into unending discussions with close-minded executives who just want a low number. Is this what I’m gonna be facing as an actuary?

I’m worried that I’ll just face the same problem in another company. I’m considering getting out of the industry altogether.

Hi all, I’m an actuarial student and I’m thinking of moving to the UK or Ireland once I graduate from university to work on getting my fellowship as the salary of where I come from are pretty horrible. What range of salary should I be expecting to receive while still studying, and eventually when I graduate?

Also, I particularly took a liking to the pricing side of life insurance, is there a difference in salaries between the fields of specialization (life/non-life, pricing, reserving, reinsurance etc)?

Hi, I’m Dr. Justin Pelletier, Director of the Cyber Range and Training Center at Rochester Institute of Technology's (RIT) Global Cybersecurity Institute (GCI). As a component of this work, I train and lead student teams to perform security assessments for partner organizations and oversee cybersecurity competitions that bring together top cyber talent from across the globe. As a Professor of Practice in the Department of Computing Security, I teach at the undergraduate and graduate levels and helped to bring the Hacking for Defense initiative to RIT. I hold a PhD in Information Assurance and Security, an MBA in Entrepreneurship, and a BS in Computer Science. I’m also a combat veteran and currently serve as a Major in the U.S. Army Reserve.

At GCI, I’m responsible for vision, strategy and day-to-day operations for workforce development, curriculum enrichment, and usable security research in the Cyber Range and Training Center. As affiliated faculty in the Computing Security Department, I teach MS and BS courses: computing security fundamentals, computer systems security, authentication and security models, and hacking for defense.

In addition, I help facilitate the world’s premier offensive cybersecurity training and evaluation event as the Global Director of the Collegiate Penetration Testing Competition (https://cp.tc/)

Here are some of the student projects I've supervised: Network-based Advanced Persistent Threat Profiler (MS Capstone Thesis), Quantum Cryptanalysis with QISKit (BS Capstone), Quantum Authentication (BS Independent Study), Cyberinsurance Actuarial Modeling (BS Independent Study)

I have also worked as uniformed service with NATO Special Ops.

You can learn more about our state-of-the-art education and research facilities at the Global Cybersecurity Institute at https://www.rit.edu/cybersecurity/

We also recently began our Cybersecurity Bootcamp, where students learn how-to confidently take on an entry level cybersecurity professional role. The remote course is built around a virtual simulation of a company where students are able to interact with faculty and fellow students as they do hands-on exercises and with real world example tasks: https://www.rit.edu/cybersecurity/cybersecurity-bootcamp

Ask me anything about careers in cybersecurity, research, education, training, competitions and more! I'll be checking in to answer questions thro

UPDATE 8/13/21: I’m currently researching and compiling court cases where micro captive insurance arrangements have lost case versus the Internal Revenue Service and I am making an “explain like I’m a smooth brain” translation of §831(b) micro captive insurance companies elected under §953(d). This is not a fast process because it is currently just me doing this. I will deliver; please be patient my apes. Only quality here. Mods, flair me “actually autistic” please? 😎

Here is the most recent update from the IRS on micro captive insurance tax shelters:

https://www.irs.gov/newsroom/irs-urges-participants-of-abusive-micro-captive-insurance-arrangements-to-exit-from-arrangements

IRS WINS AGAIN! IRS v. MICROC-CAPTIVE COURT CASES

https://www.gtlaw.com/en/insights/2021/4/irs-wins-again-on-micro-captive-arrangements-urges-taxpayers-to-exit-transactions

Here is a post from another rich bozo saying how “unfair” it is that the IRS is cracking down on these. It’s all bullshit, trust me. The worst part is that this is currently legal. We will get em apes

https://www.linkedin.com/pulse/micro-captives-us-have-once-again-appeared-internal-revenue-wallach

I heard you degenerates wanted information on how these big players hoard billions in offshore accounts? Well shut up and learn how exactly they are doing it! Please read this post if you have the time. This is exactly how the money is going overseas and hidden.

This is all 100% public information obtained from irs.gov and from the help of other apes.

I want to say that even though the title says whistle blower I do not work for a hedge fund. That was an error. The word “whistleblow” should be corrected and replaced with the phrase “legally compile substantial evidence and send” Please do not confuse me for a whistleblower as most understand the definition, thanks!!

TLDR; “The Internal Revenue Service has entered the chat”

GOT SOME APES MESSAGING ME INFO SHITADEL HAS CAPTIVE INSURANCE COMPANIES!!! ILL UPDATE AFTER WORK. <insert funny original meme image here>

Thank you all so much for the awards! I did not expect this to get so much attention because it is tax related. I truly believe this is how we will get them. After all, the Mafia was taken down by the IRS, remember?!

I promise to respond to each and every one of you beautiful people after work. Please be patient I promise I will

For anyone reading this who may know me, I am exclusively referencing hedge funds in this post.

A bit of background; I'm 18 and will be going university in september to read Actuarial Science.

I have a keen interest in the military, if I didn't care about making money I would've joined at 16! Instead I opted to keep it a keen hobby.

So I was wondering, are there any actuaries out there who are balancing their work and Military lives well? Would the occasional 6 months away affect chances of promotion at work or pay too badly?

So my company does not seem all that invested in my exam process. They do pay for them and give raises for them, but my manager has said multiple times that she supports whatever I want to do with exams, whether I continue taking them or not. I don't think my company cares all that much if I reach ACAS/FCAS, and I think it's because they don't really understand what value having a credentialed actuary adds to their business, and honestly I can't say I do either. I am committed to reaching ACAS (I have 5 exams passed), but my reasons are mostly raises and wanting to progress as an actuary. So I'm just wondering what the main things are that credentialed actuaries can do. Is it mostly signing off on reserves? My company administers Vehicle Service Contracts, which is basically just extra coverage beyond the manufacturer's warranty, so it doesn't work exactly the same as insurance and I don't think we need credentialed actuaries to sign off on reserves, since we don't have to follow quite as strict regulations. But ya, just anything credentialed actuaries can do, I'd love to know, so I can better understand what value I'll bring to my own company, or any other company I might go to when I do become credentialed.

Thanks!

Do your worst!

Hello friends! Hoping some wise actuarial minds can lend me some smarts and offer some advice on how best for me to proceed.

I’m relatively new, having just passed FM in December and having passed P in May of 2020. I found my way to actuarial science late, majoring in physics in college and only starting the path after an internship before my senior year (I graduated in 2020, so my first exam was spring of my senior year)

I work in health consulting, so I’m definitely on the SOA side, but given all the changes that are coming, I’m having trouble deciding what to do in 2022, especially since I want to take a 2-week trip to Europe at some point this year, and I feel like it would not be smart to do that in the middle of studying.

I feel like I probably have three options:

1. Try to pass IFM in July, with November as a fallback. My biggest reservation here is that I’ve heard IFM is quite tough, and it would really suck to study for it, fail, and have it all be a waste of time when the test goes away. IFM would allow me to avoid ATPA, but I feel like ATPA is pretty far away for me, and hopefully by the time I get around to it, some of the kinks will be worked out?
2. Take SRM in September. I would have plenty of time to study for this, and the content for it at first glance seems way more interesting to me than IFM. Going this route would definitely commit me to having to take ATPA, though.
3. Handle FAP modules. This was suggested to me by a friend primarily because of my desire to also take a Europe trip in 2022. Modules seem like they offer a lot more timing flexibility than exams do. But is it way to early to be thinking about modules? Is it smart to break from exams when I’ve only passed the two easiest ones?

Would love to hear people’s thoughts and thank you!

For context I'm a Refuse Driver (Garbage man) & today I was on food waste. After I'd tipped I was checking the wagon for any defects when I spotted a lone pea balanced on the lifts.

I said "hey look, an escaPEA"

No one near me but it didn't half make me laugh for a good hour or so!

Edit: I can't believe how much this has blown up. Thank you everyone I've had a blast reading through the replies 😂

I heard that your career progression as a P&C actuary is better after a couple-year stint in a reinsurance actuarial role (assuming no slowdown in exam progression). Is this true for an actuary who wants to spend the vast majority of their career in (conventional) insurance?

Pilot on me!!

They’re on standbi

Hey folks, new recruitment roundup below;

AO

Trainee Actuarial Analyst - Government Actuary's Department – pretty insane opportunity tbh.

Bailiff - HM Courts and Tribunals Service – Can’t pay? You’ll take it away…

Level 3 Business Administrator Apprenticeships - Foreign, Commonwealth & Development Office – a new apprenticeship from the one I included last week, this time there are 27 posts in Milton Keynes.

HOCS Security Team Member - Ministry of Defence – friendly essential skills.

Venue Bookings Assistant - Welsh Parliament – initially home based.

Event Organiser, Planning and Operational Support Team, Judicial College, HM Courts and Tribunals Service – essential skills are accessible.

HR Apprentice (People Analytics Team) Department for Education – for those who want to get into HR.

Data Architect/Engineer Apprenticeship -Level 3 - Office for National Statistics – data folks get in here.

Office of the Traffic Commissioner Caseworker - Driver and Vehicle Standards Agency – Edinburgh.

EO

Executive Officer - Department for Transport – seems to be different teams within the vacancy or something.

Occupations Policy Support Officer - Institute for Apprenticeships and Technical Education – pretty chill essential criteria.

Knowledge and Information Management Apprentice Administrator - Department for Transport – seems like there’s a guaranteed salary uplift at the end of the apprenticeship.

[EO Farm Animal Welfare Team Administration Apprentice - Department for Environment, Food and Rural Affairs]( https://www.civilservicejobs.service.gov.uk/csr/

Dad jokes are supposed to be jokes you can tell a kid and they will understand it and find it funny.

This sub is mostly just NSFW puns now.

If it needs a NSFW tag it's not a dad joke. There should just be a NSFW puns subreddit for that.

Edit* I'm not replying any longer and turning off notifications but to all those that say "no one cares", there sure are a lot of you arguing about it. Maybe I'm wrong but you people don't need to be rude about it. If you really don't care, don't comment.

What did 0 say to 8 ?

" Nice Belt "

So What did 3 say to 8 ?

" Hey, you two stop making out "

May I know what is the difference between both?

IFOA categorized Capital Modelling as a function under General Insurance and under "Advising on Strategic Risk Management" as a function under Life Insurance. Is it a terminology difference like Reserving (Non-life) vs Valuation (Life) or is there actually a major difference between both?

Thank you!

I won't be doing that today!

You take away their little brooms

This morning, my 4 year old daughter.

Daughter: I'm hungry

Me: nerves building, smile widening

Me: Hi hungry, I'm dad.

She had no idea what was going on but I finally did it.

Thank you all for listening.

There hasn't been a post all year!

It’s pronounced “Noel.”

After all his first name is No-vac