KANSAS CITY, Mo.--(BUSINESS WIRE)--June 4, 2004--Don Mango, Vice President of Research & 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.
The announcement of the award was made at the CAS Spring Meeting in Colorado Springs, Colorado.
Mango's paper, titled 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. 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 continued: This type of critical thinking resulting in practical approaches supports ERC's commitment to deliver world-leading risk analytics to the reinsurance community.
The paper can be viewed at:
http://www.ercgroup.com/content/global/resource_center/pdf/capitalconsumption.pdf
(Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field.
You may also need to remove an extra space in the URL if one exists.) This prize was established in 1993 in recognition of Charles A. Hachemeister's many contributions to Actuarial Studies in NonLife Insurance (ASTIN) and his efforts to establish a closer relationship between the CAS and ASTIN.
Employers Reinsurance Corporation, a GE company (NYSE: GE), is a company that protects people, property and reputations - offering a wide variety of reinsurance and commercial insurance products and services to insurance companies, corporations and professionals.
More information on ERC is available at www.ercgroup.com.
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CONTACT: GE ERC
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SOURCE: GE ERC
Jeff Wilson
GE Capital Corporate Finance
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