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WORK EXPERIENCE:
1994 - to date Professor of Actuarial Science
Thomas P. Bowles Chair of Actuarial Science
Department of Risk Management and Insurance
Georgia State University
My normal teaching load is three courses per academic year. The courses cover loss modeling, stochastic processes, and financial engineering.
I was the first editor of the North American Actuarial Journal. Currently,I am associate editor of the North American Actuarial Journal, the Journal of Risk and Insurance, and the Journal of Actuarial Practice. Reviewing and editing papers continues to be a significant part of my work.
As holder of the Bowles Chair in Actuarial Science, I arrange symposia, every other year on average, featuring an expert on an important topic.The symposium leader for 2003 is Shaun Wang, FCAS, research director for Scor Re. His symposium was April 10-11, 2003 on “Fair Value of Contingent Claims and Benchmark Cost of Capital.” The CasualtyActuarial Society was a cosponsor. There is more information at the web site:http://www.casact.org/coneduc/03symposium.htm.
These are past symposium leaders:
Hans Bühlmann, Swiss Federal Institute of Technology.
James C. Hickman, University of Wisconsin-Madison.
Patrick L. Brockett, University of Texas at Austin.
Harold D. Skipper, Jr., Georgia State University.
Sam Gutterman, PriceWaterhouseCoopers.
The Society of Actuaries published the proceedings of the first symposiumas a monograph. The North American Actuarial Journal published proceeding from all of the other symposia. There is more information at our web site: http://www.rmi.gsu.edu/bowles/b-chair.htm
During the summers of 2000 and 2001 I worked for DFA Capital Management as a full time consultant. I helped them make models to be used in a large simulation of a property-casualty insurance company. Most of the work concerned mortgage-backed securities and foreign currency exchange rates.
I serve on several committees in the Department of Risk Management and Insurance and the University Senate. I am coordinator of th Department’s doctoral program.
I was elected to a three-year term on the Society of Actuaries Board of Governors in October 2000. I serve on several Board committees.
I serve on the James C. H. Anderson Memorial Committee.
My research plans for 2003 are focused on interest rate term structure models, currency risk models for insurance, and management of mortality risk. I am supervising doctoral students who are studying various aspects of mortality, pensions, and life insurance, including regulation and the role life insurers might play in reforming social security systems.
1990 - 1994 Professor
A. J. Pasant Chair in Life Insurance and Financial Services
Department of Finance and Insurance
Michigan State University
1987 - 1990 Professor of Actuarial Science and Finance
Actuarial Science Program Director
University of Nebraska-Lincoln
1986 - 1987 Actuary
The Wyatt Company, Dallas, Texas
1981 - 1986 Associate Professor of Actuarial Science
Paul V. Montgomery Centennial Professor
Actuarial Science Program Director
University of Texas at Austin
1979 - 1980 Actuary
The Wyatt Company, Dallas, Texas
1978 - 1979 Senior Actuarial Assistant
Pan-American Life Insurance Company
New Orleans, Louisiana
1975 - 1978 Assistant Professor of Actuarial Science
University of Texas at Austin
1972 - 1975 Assistant Professor of Mathematics
University of Puerto Rico
Rio Piedras, Puerto Rico
1971 - 1972 Acting Assistant Professor of Mathematics
University of California at Los Angeles
1969 - 1971 Infantry Officer, United States Army
Publications: refereed scholarly:
“Securitization and Alternative Risk Transfers,” (with Hal W. Pedersen and Joseph R. Fairchild), submitted to Insurance: Mathematics and Economics.
“Economic Aspects of Securitization of Risk,” (with Hal W. Pedersen and Joseph R. Fairchild), ASTIN Bulletin, 30(1), (2000), 157-193.
“Catastrophe Risk Bonds,” (with Hal W. Pedersen), North American Actuarial Journal,4(4), (2000), 56-82.
“Nonparametric Estimation of Interest Rate Term Structure with Insurance Applications,” (with Hal W. Pedersen), ASTIN/AFIR Colloquium Proceedings, 1999.
“Application of Risk Theory to Interpretation of Stochastic Cash Flow Testing Results,”(with Edward L. Robbins and Richard D. Phillips), North American Actuarial Journal, 1(2), (1997), 85-95.
“Bounds on the Price of Catastrophe Insurance Options on Futures Contracts,” (with Patrick L. Brockett, and James Smith), published in Securitization of Insurance Risks,” Society of Actuaries Monograph Series, (1996), Schaumburg, IL.
“Life Insurer Risk-Based Capital: An Option Pricing Approach,” (with Arthur M. B. Hogan), Journal of Actuarial Practice, 3, (1995), 5-20.
“Actuarial Usage of Grouped Data: An Approach to Incorporate Secondary Data,” (with Patrick L. Brockett, Boaz Golany, Fred Y. Phillips, and Yun Song), Transactions of the Society of Actuaries, XLVII (1995), Society of Actuaries, Schaumburg IL. This paper won the Society of Actuaries Annual Prize for papers published in the TSA during July 1995 to July 1996.
“Insurance Futures and Hedging Insurance Price Risk” (with Robert G. Schwebach), Journal of Risk and Insurance, 59 (December 1992) 628-643.
“Single Premium Deferred Annuity Persistency Study,” (with P. D. Laporte, S. R. Linney and L. Lombardi), Transactions of the Society of Actuaries 1991-92 Reports of Mortality, Morbidity and Other Experience, (1992), Society of Actuaries, Schaumburg IL.
“Bounds on Expected Values of Insurance Payments and Option Prices,” Transactions of the Society of Actuaries, XLIII, (1991), 231-260, Society of Actuaries, Schaumburg IL.
"A Stochastic Process Model for Venture Capital Decisions," 1990 Proceedings of the American Statistical Associations,Business and Economics Section (with Patrick L. Brockett and James H. Gerberman)
"Comments on Fleming and Norton," The American Statistician, (November 1989). (Letters section).
“Insurance Versus Self-Insurance: A Risk Management Perspective,” (with Patrick L. Brockett and R. C. Witt), Journal of Risk and Insurance, 53 (June 1986), 242-257. (Outstanding Contribution Award 1987.)
“Underwriting Traders of Financial Futures,” (with C. - K. Kuo), In I. B. MacNeill and G. J. Umphrey, eds., Actuarial Science,Advances in the Statistical Sciences, 6, Reidel, Dorrecht, (1987), 219-229.
“Insurance Calculations Using Incomplete Information,” (with P. L. Brockett), Scandinavian Actuarial Journal, (1985), 94-108.
“Optimal Ruin Calculations using Partial Stochastic Information,” (with P. L. Brockett),
Transactions of the Society of Actuaries, 36, (1984), 49-62.
“Statistical Adjustment of Mortality Tables to Reflect Known Information,” (with P. L. Brockett), Transactions of the Society of Actuaries, 36, (1984), 63-75.
“Self-Insurance and the Probability of Financial Regret,” (with P. L. Brockett and R. C. Witt), Journal of Risk and Insurance,51 (December), (1984), 720-729.
"Abandonment Value and Capital Budgeting under Uncertainty," (with J. D. Martin), Journal of Economics and Business 35, (1983), 331-341
"The Preparation Theorem and the Freeness of A[[X]]/I," Proceeding of the American Mathematical Society, (1976).
"Finiteness in Flat Modules and Algebras," (with D. Rush), Journal of Algebra, 32, (1974), 44-50.
"Commutative Endomorphism Rings," Pacific Journal of Mathematics, 45, (1973), 87-91.
"Endomorphisms of Finite Rank Flat Modules," (with D. Rush), Duke Mathematics Journal, 39, (1972), 323-326.
"Rings for which certain Flat Modules are Projective," (with R. L. Pendleton), Transactions of the American Mathematical Society, 160, (1970), 139-156.
"Determinantal Rank and Flat Modules," Proceedings of the American Mathematical Society, (1969), 104-106.
"Supremum Norm Differentiability," (with S. B. Nadler), Annales Societatis Math. Polonae, Ser. I, (1970).
Publications: refereed professional/practitioner:
“`98 Bowles Symposium,” The Actuary, October 1998, 32 (8), 8-9.
“Poland's first actuaries,” The Actuary, 26 (January 1992), 10-11.
“Joint Life Annuity Formulations,” The Actuary, 12 (No. 1), 1978, 4-6.
Publications: books and monographs:
Exercises For the Course 4 Examination, Stipes Publishing Company, Champaign IL (1999, revised 2001).
Exercises For Society of Actuaries Textbook Actuarial Mathematics Course 3 (1998, revised 2001), (with R. Dale Hall), Stipes Publishing Company, Champaign IL.
“Financial Markets” and “Derivative Securities,” chapters 1 and 2 in Financial Economics with Applications to Investments, Insurance, and Pensions by Harry Panjer et al., Society of Actuaries (1998).
“Risk and Insurance in a Financial Context,” chapter 6 in International Risk and Insurance by Harold D. Skipper, Jr., MacGraw Hill, (1997).
Exercises and solutions for Life Insurance Mathematics by Hans U. Gerber, Third Edition, (1997), Springer, Berlin.
The Theory of Finance: Evidence and Applications, (with J. D. Martin and R. D. MacMinn), Dryden, (1987).
Publications: scholarly, not refereed:
Discussion of Reitano's "Statistical Analysis of Banded Data,” (with P. L. Brockett), Transactions of the Society of Actuaries,XLII (1990), 413-415.
Review of Life Insurance Mathematics by Hans U. Gerber, Transactions of the Society of Actuaries, XLII (1990), 755-756.
Book Review, Stochastic Methods in Economics and Finance by Malliaris and Brock, Journal of the American Statistical Association, 80, 236-237 (1984).
Book Review, Differential Equations with Applications and Historical Notes by G. F. Simmons, American Mathematical Monthly, 82, (1975), 862-863.
Papers presented at professional meetings:
“Nonparametric Estimation of Interest Rate Term Structure with Insurance Applications,” (with Hal W. Pedersen), presented at the ASTIN/AFIR Colloquium in Tokyo in August 1999.
“Economic Aspects of Securitization of Risk,” (with Hal W. Pedersen and Joseph R. Fairchild), presented at the annual meeting of the Society of Actuaries October 1999.
“Securitization and Alternative Risk Transfers,” (with Hal W. Pedersen and Joseph R. Fairchild), presented at the spring 1999 meeting of the Casualty Actuarial Society.
“Currency Exchange Rate Risk in Insurance,” (with Hal w. Pedersen), presented at the Casualty Actuarial Society Financial Risk Management Seminar in Denver April 1999.
“Financial Economics of Securitization and Alternative Risk Transfers”, Insurance: Mathematics and Economics Conference, University of Lausanne, July 1998.
“Catastrophe Risk Bonds,” to the Manitoba Actuaries Club, October 1998.
“Securitisación de Riesgos de Seguros,” to Santiago actuaries, in Spanish, August 1998. Highlights appeared on national television.
“Update on the North American Actuarial Journal,” Actuarial Research Conference, Georgia State University, August 1998.
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