DFA Capital Management Inc. Announces Formation of Insurance Industry Advisory Board; Distinguished Group Provides Market Insight and Guidance for Company's Enterprise Risk Management Products and Services.PURCHASE, N.Y. -- DFA DFA - Deterministic Finite-state Automaton. See Finite State Machine. Capital Management Inc., a leading provider of enterprise risk management solutions to the insurance industry, today announced the formation of an Insurance Industry Advisory Board. The group will meet several times a year to provide DFA Capital Management Inc. with valuable input on current market trends and critical business needs of the insurance industry. The group is currently conducting a detailed review of the Company's GEMS(TM) (General Economic and Market Simulator) software to provide feedback as to its efficacy as an artificial economy underpinning the simulation of an insurance entity and to give guidance on further product development. The Advisory Board is composed of leading academics and business executives in the fields of insurance management and quantitative finance and currently includes Dr. Samuel H. Cox, Dr. Harry H. Panjer, Dr. James A. Tilley and Dr. Shaun Wang. Markus Rohrbasser, Chairman and President of DFA Capital Management Inc. said, "We are delighted to have this esteemed group join us in an advisory role during this critical stage of our growth. Their vast experience, industry knowledge and established reputations in the insurance industry will help us to build upon on our current capabilities and to solidify DFA Capital Management Inc.'s position as the market leader in enterprise risk management for insurance companies." About Samuel H. Cox, Ph.D. Dr. Samuel H. Cox is a Professor of Actuarial Science Actuarial science applies mathematical and statistical methods to finance and insurance, particularly to risk assessment. Actuaries are professionals who are qualified in this field through examinations and experience. , Mathematical Risk Management and Risk Management and Insurance at Georgia State University History Georgia State University was founded in 1913 as the Georgia School of Technology's "School of Commerce." The school focused on what was called "the new science of business. . He also serves as the Thomas P. Bowles Jr. Chair of Actuarial Science. Dr. Cox earned B.A. and M.S. degrees at Texas Christian University Texas Christian University, at Fort Worth; Christian Church (Disciples of Christ); coeducational; opened 1873 at Thorp Spring, chartered 1874 as Add Ran Male and Female College. It assumed its present name in 1902 and moved to Fort Worth in 1910. and a Ph.D. at Louisiana State University Louisiana State University and Agricultural and Mechanical College, generally known as Louisiana State University or LSU, is a public, coeducational university located in Baton Rouge, Louisiana and the main campus of the Louisiana State University System. , all in mathematics. Dr. Cox is a Fellow of the Society of Actuaries Mission Statement The Society of Actuaries is a professional organization for actuaries based in North America. Its headquarters are located in Schaumburg, Illinois. (1980) and a Chartered Property and Casualty Underwriter (1996). In October 2000, he was elected to a three-year term on the Society of Actuaries Board of Governors. Dr. Cox has served as Editor of the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Actuarial Journal, the premier publication of the Society of Actuaries. Dr. Cox is co-editor of the Asia Pacific Journal of Risk and Insurance, associate editor of the Journal of Risk and Insurance and a contributing author to several textbooks. He has published scholarly papers in mathematics, actuarial science, insurance and finance. About Harry H. Panjer, Ph.D. Dr. Panjer has taught actuarial science in universities for over 30 years. He has published many books and articles in scientific publications. He is a frequent speaker at professional and industry meetings and has written many articles and editorials in the professional press. In addition, he has provided consulting services to the insurance sector. Dr. Panjer has been a Fellow of the Society of Actuaries since 1976 and has served on its Board of Governors and as President from 2002 to 2003. He is also a Fellow of the Canadian Institute of Actuaries The Canadian Institute of Actuaries is the national organization of the actuarial profession in Canada. It was incorporated on March 18, 1965. The FCIA designation stands for Fellow of the Canadian Institute of Actuaries. , where he served as president from 1997-1998, and is an Honorary Fellow of the UK based Institute of Actuaries The Institute of Actuaries is one of the two professional bodies representing actuaries in the United Kingdom. The Institute is based in England, while the other body, the Faculty of Actuaries, is based in Scotland. . Dr. Panjer is currently Chief Editor of North American Actuarial Journal. Dr. Panjer received his B.A. in Mathematics (Actuarial Science), M.A. Statistics, and Ph.D. in statistics from the University of Western Ontario Western is one of Canada's leading universities, ranked #1 in the Globe and Mail University Report Card 2005 for overall quality of education.[2] It ranked #3 among medical-doctoral level universities according to Maclean's Magazine 2005 University Rankings. . About James A. Tilley, Ph.D. Dr. Tilley was employed at Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. from July 1983 through March 2001, and since then has served as an Advisory Director in its IT Department. He held various management roles while at Morgan Stanley, including Managing Director, Chief Information Officer of the Institutional Securities Division and global head of Fixed Income Research. Prior to joining Morgan Stanley, he served in both managerial and actuarial roles at Equitable Life Assurance Society of the United States, now part of AXA AXA Anguilla, Anguilla (Airport Code) AXA Alpha Chi Alpha AXA Animal Crossing Ahead (online forum community/guide to the game Animal Crossing) AXA Auxiliary Artery , and at John Hancock Mutual Life and Sun Life of Canada. Mr. Tilley has also consulted to the insurance industry. Dr. Tilley has been a Fellow of the Society of Actuaries since 1977 and has served on its Board of Governors from 1986 to 1989. He served as the Chair of The Actuarial Foundation from 1995 to 1997. Dr. Tilley holds a B.Sc., Honors in Physics, from McGill University (1971) and a Ph.D. in Physics from Harvard University (1975). About Shaun Wang, Ph.D. Dr. Wang is the director of actuarial science programs in the Department of Risk Management and Insurance at Georgia State University's Robinson College of Business and holder of the Robert W. Batten Chair of Actuarial Science. He is an internationally renowned expert on the quantification and measurement of risk and a leading actuarial scholar in enterprise risk management Prior to joining the Georgia State faculty, he was assistant vice president and group research director at SCOR--a global reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. company. While at SCOR SCOR Scientific Committee on Oceanic Research SCOR Supply Chain Operations Reference model SCOR Small Corporate Offering Registration SCOR Specialized Center of Research (White Plains, NY) SCOR Second Cousin Once Removed , Dr. Wang developed a universal pricing formula--now commonly known as the Wang transform--for insurance risks, credit risks, and weather derivatives. Dr. Wang is an experienced educator, with visiting professor appointments at the University of Copenhagen The University of Copenhagen (Danish: Københavns Universitet) is the oldest and largest university and research institution in Denmark. in Denmark, as well as at Nankai University and Peking University, two of China's leading academic institutions. He has also held permanent teaching positions at the University of Waterloo The University of Waterloo (also referred to as UW, UWaterloo, or Waterloo) is a medium-sized research-intensive public university in the city of Waterloo, Ontario, Canada. The school was founded in 1957. and Concordia University in Canada. He holds an undergraduate degree in mathematics from China's Beijing University and a doctoral degree in statistics from the University of Waterloo. About DFA Capital Management Inc. DFA Capital Management Inc. is the first company to deliver the long-promised benefits of dynamic financial analysis to the insurance industry through a comprehensive offering of its ADVISE(TM) (Advanced Decision & Value Insurance Simulation Engine) and GEMS software. ADVISE and GEMS together provide a thorough, detailed, and fully integrated financial model of an entire insurance company. Designed from the ground up as an enterprise financial management platform, ADVISE has provided operational and strategic business advantage to insurance institutions in the U.S. and Europe since 2002. ADVISE provides a degree of detail and flexibility that allows managers to use their own realistic assumptions about the world, leading to confidence in the model and its use as a true decision-support system. GEMS provides a tremendously powerful model of the macro-economy and the financial markets and generates different future states of the world, or paths, in which the company being modeled could evolve. As a result of DFA Capital Management Inc.'s focused expertise, ADVISE and GEMS better enable their clients to achieve fully integrated risk management than any other alternative. The proven benefits of integrated risk management are: --Alignment of the strategic aspects of risk with day-to-day operational activities --Facilitation of financial transparency for investors and regulators --Enhancement of revenue and earnings growth and improved shareholder value --Control of downside risk Downside Risk An estimation of a security's potential to suffer a decline in price if the market conditions turn bad. Notes: You can think of this as an estimate of the amount that you could lose on a stock or other investment. potential |
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