Résumé (Download in PDF)
Insurance Executive and Financial Economist
Industry thought leader with a unique breadth and organizational leadership, academia, central banking, and insurance industry experience with Fortune 500 organizations and federal and private sector institutions
Executive Profile
Key influential leader to senior executives as an economic and business intellectual who leverages economic and finance theory, statistical modeling, and machine learning expertise to create value in business decision-making
Analytical, creative, and execution-oriented insurance executive who thrives in an entrepreneurial business environment, drives cross-organizational collaboration, and excels in influencing and managing through adversity, resistance, and change
Applies a natural curiosity, diverse industry experience, and advanced knowledge of economic and financial modeling to define and execute business strategies that influence and close billion-dollar deals, establish multi-billion-dollar businesses, and improve the overall financial and business health of an organization
Areas of Strength and Expertise
Thought Leadership · Strategy Development & Execution · Change Management
Diverse Industry Experience · Financial Risk Management · Economic and Finance Theory
Econometric and Statistical Modeling · Federal Reserve Monetary Policy · Property & Casualty Insurance
Life, Health & Disability Insurance · Cross-functional Collaboration · Managing Through Adversity & Resistance
Professional Experience
General Reinsurance Corporation (Gen Re), Stamford, CT, 2020 - present
Chief Technology Officer
Lead IT department following restructuring toward a customer-focused and fast-moving organization that is lean and flexible and empowers the engineer
Lead generative AI adoption process with engineering competence focused on workflow redesign.
Advance education on generative AI, internally and at industry events. Chair Responsible AI Committee.
Lead technological change using real-options valuation with emphasis on learning and reversibility.
Deliver cloud-based global data and analytics architecture in a fragmented global data localization and data privacy landscape. Lead provision of data and analytics tools on a self-service basis.
Provide thought leadership on artificial intelligence, cyber security, quantum computing, digital currencies, and software development internally and as a conference speaker, panelist, and roundtable participant.
Perform econometric and actuarial modeling on interest rates and inflation.
Further diversity of thought by offering an environment of openness, transparency, and intellectual discourse.
American International Group (AIG), New York, NY, 2012 - 2020
Head of Property & Casualty Deals – Fortitude Re (2018 - 2020)
Spearheaded corporate development initiatives across products and geographies, laying the groundwork for domestic product launch and international expansion
Led the P&C Deal Team in the structuring of the reinsurance business portfolio that provided a regional aspect to the new subsidiary and in the approach for targeting and closing new business
Collaborated with the capital modeling and investments teams in developing the pricing engine from scratch. Utilized machine learning to develop a claim settlement strategy for long-dated complex risk
Provided extensive team training and education in conceptualizing and pricing of complex retroactive reinsurance structures using asset pricing theory
Instilled an atmosphere of positive thinking during periods of uncertainty with the business, improving morale and team performance
Head of P&C Inforce Management, General Insurance and Legacy (2017 - 2018)
Expanded responsibilities to include both General Insurance and Legacy as a direct result of the successful execution of the AIG - Berkshire Hathaway transaction in previous role
Led a team of actuaries in structuring and negotiating a retroactive reinsurance solution for a $3B portfolio of long-dated complex risks. Received nonbinding indications, senior management approval to proceed, and successfully completed due diligence
Created a statistical model for quantifying the structural drivers of jury verdicts across U.S states to mitigate losses in the commercial auto portfolio, directly influencing the risk appetite and underwriting guidelines
Chaired the AIG Global Benefits Network and led its operational transformation, including the buyout of the minority shareholders, the development of international underwriting guidelines, and the implementation of cross-border reinsurance agreements
Head of P&C Inforce Management, Legacy (2016 - 2017)
Lead architect in the structuring and execution of what was lauded as the largest reinsurance transaction on record, the AIG - Berkshire Hathaway Adverse Development Cover
Built a team of quantitative actuaries that evaluated $35B in long-tail commercial liabilities. Justified pricing and reasoning and obtained a $10B nonbinding indication
Prepared transaction road map in nine months, leading work streams across actuarial, claims, finance, investments, legal, and risk functions
Executed the transaction in early 2017, within days of CEO approval for the transaction that netted $2 in pre-tax deferred gain before amortization within the first five years (AIG 2021 Form 10-K)
Head of Group Benefits and Global Disability Pricing Standards and Strategy (2015 - 2016)
Transitioned to the Head of the Group Benefits business with a directive to restore the business to profitability, with full responsibility for divestitures, operational streamlining, and insurance underwriting
Orchestrated the restructuring of the AIG Group Benefits business with significant operational cost savings
Negotiated and executed business sales, quota-share reinsurance agreements, and service agreements for diverse lines of business, including a mandated exit solution for a regulatory sensitive line of health insurance
Head of Actuarial Econometrics and Innovative Actuarial Models (2014 - 2015)
Led Led a team of actuaries, claims executives, and data scientists in conceptualizing and implementing underwriting and claims strategies in what became an estimated 500 million dollar loss mitigation benefit
Conceptualized a workers’ compensation claims settlement strategy applying economic theory of decision-making. Leveraged machine learning to identify potentially adverse claims and optimal settlement targets, convincing business stakeholders of the statistical power and business value behind the model
Identified profitable underwriting opportunities in workers’ compensation by building an econometric multi-state model that quantified redundancies and deficiencies in bureau loss cost trends, leading to successful business expansion in a large U.S. jurisdiction
Director Casualty Risk (2012 - 2014)
Recruited to build the Federal Reserve stress test model for the property & casualty business
Leveraged past agency experience to lead a team of risk modelers in identifying and quantifying risk factors for stressing long-dated complex risks on economic scenarios
Board Membership
Gen Re AG, Germany, September 24, 2020 to present
Eaglestone Reinsurance Corporation, USA, February 9, 2016 - March 5, 2019
Chairman, AIG Global Benefits Network, Belgium, August 1, 2015 - October 1, 2018
Additional Professional Experience
Director and Senior Economist, National Council on Compensation Insurance
Senior Economist, National Council on Compensation Insurance
Senior Economist, Federal Reserve Bank of St. Louis
Education
Post-doc (Dr. habil.) Finance – University of Lüneburg, Germany
Doctorate (Dr. rer. pol.) Economics – University of Lüneburg, Germany
Dipl.-Volkswirt (M.A. Economics equivalent) – University of Göttingen, Germany
Vordiplom (B.A. Economics equivalent) – University of Heidelberg, Germany
Academic Appointments
Associate Professor of Finance – Auckland University of Technology, New Zealand
Extraordinary Professor of Finance – University of Lüneburg, Germany
Visiting Professor of Finance – Goethe-University Frankfurt, Germany
Guest Lecturer – CERGE-EI, Prague, Czech Republic
Guest Lecturer – University of Osnabrück, Germany
Senior Research Fellow – The Wharton School, University of Pennsylvania
Post-doc Scholar – Free University of Berlin and Humboldt University of Berlin, Germany
Visiting Scholar – The Wharton School, University of Pennsylvania
Assistant Professor of Financial Services – University of Vienna, Austria
Selected Journal Articles
“Capital, Labor, and the Firm: A Study of German Codetermination,” with Gary Gorton, Journal of the European Economic Association 2 (2004), 863-905
“Pricing and Dividend Policies in Open Credit Unions,” with Bill Emmons, Journal of Institutional and Theoretical Economics 158 (2002), 234-255
“Universal Banking and the Performance of German Firms,” with Gary Gorton, Journal of Financial Economics 58 (2000), 29‑80
“Corporate Governance, Ownership Dispersion, and Efficiency: Empirical Evidence from Austrian Cooperative Banking,” with Gary Gorton, Journal of Corporate Finance 5 (1999), 119-140
Federal Reserve Bank of St. Louis Review
“Macroeconomic News and Real Interest Rates,” with Kevin Kliesen, 88(2) (2006), 133-144
“Stock Return and Interest Rate Risk at Fannie Mae and Freddie Mac,” 87(1) (2005), 35-48
“Monetary Policy Actions, Macroeconomic Data Releases, and Inflation Expectations,” with Kevin Kliesen, 86(3) (2004), 9-22
“Asset Mispricing, Arbitrage, and Volatility,” with Bill Emmons, 84(6) (2002), 19-28
“Voting Rights, Private Benefits, and Takeovers,” 84(1) (2002), 35-46
“Equity Financing of the Entrepreneurial Firm,” 83(6) (2001), 15-27
“Membership Structure, Competition and Occupational Credit Union Deposit Rates,” with Bill Emmons, 83(1) (2001), 41-50
“Bank Competition and Concentration: Do Credit Unions Matter?”, with Bill Emmons, 82(3) (2000), 29-42
“The Asian Crisis and the Exposure of Large US Firms,” with Bill Emmons, 82(1) (2000), 15-34
“Credit Unions and the Common Bond,” with Bill Emmons, 81(5) (1999), 41-64
“Wages and Risk-Taking in Occupational Credit Unions: Theory and Evidence,” with Bill Emmons, 81(2) (1999),
13-31
“Universal Banking, Control Rights, and Corporate Finance in Germany,” with Bill Emmons, 80(4) (1998), 19-42
Selected Publications in Edited Volumes
“Mergers and Acquisitions in Germany: Social Setting and Regulatory Framework,” with Mark Wahrenburg, in: Jan Pieter Krahnen and Reinhard H. Schmidt (eds.), The German Financial System, Oxford (U.K.): Oxford University Press (2004), 261-287
Selected Actuarial Publications
“The Impact of Physician Fee Schedule Changes in Workers Compensation: Evidence From 31 States,” with Nathan Lord, National Council on Compensation Insurance, 2013
“Loss Cost Components and Industrial Structure,” Casualty Actuarial Society E-Forum, Spring 2013 (1), 1-20
“The Impact of Physician Fee Schedule Introductions in Workers Compensation: An Event Study,” with Nathan Lord, Casualty Actuarial Society E-Forum, Spring 2013 (1), 1-36
“The Workers Compensation Tails,” Casualty Actuarial Society Variance 6(1) (2012), 48-77
“Indemnity Benefit Duration, Maximum Weekly Benefits, and Claim Attributes,” Casualty Actuarial Society
E-Forum, Winter 2011 (2), 1-35
“Workplace Injuries and Job Flows,” Social Sciences Research Network (SSRN), 2009