RICHARD LORD, FCAS, MAAA


Principal, Consulting Actuary
70 South Lake Avenue, Suite 1100
Pasadena, CA 91101-4705
Phone: 1-626-577-1144 FAX: 1-626-793-2808
Email: richard.lord@milliman.com

Richard Lord has been involved in a broad range of actuarial consulting services. His primary area of practice is multiple-peril crop insurance and medical malpractice in the evolving healthcare environment. Mr. Lord’s expertise also includes workers’ compensation self-insurance for healthcare systems and long-term medical liabilities under no-fault insurance law. During his 19 year career at Milliman, Mr. Lord has worked in a variety of insurance environments. His clients include private sector insurance carriers, insurance purchasing groups, self-insurance trust funds, captive insurance companies, state insurance associations, and Federal agencies. The assignments Mr. Lord has completed include development of insurance rates, review of crop reinsurance contracts, analysis of new crop insurance products, self-insurance feasibility studies, loss reserve calculations, and issuing Statements of Actuarial Opinion on property and casualty insurance loss reserves. He has been invited to speak at seminars sponsored by the Casualty Actuarial Society on four separate occasions.

EDUCATION:
B.S., Mathematics/Statistics, California State Polytechnic University, Pomona.

CURRENT RESPONSIBILITY:
Richard Lord is a Principal with the Los Angeles, CA office of Milliman. He joined Milliman in 1987, and served four years on the firm’s Casualty Steering Committee.

EXPERIENCE:

PROFESSIONAL DESIGNATIONS:
Fellow, Casualty Actuarial Society.
Member, American Academy of Actuaries.

AFFILIATIONS:
Future Actuary Editorial Board
Casualty Actuarial Society, Committee on Principles.
Casualty Actuarial Society, Examination Committee.

PRESENTATIONS:
Crop Insurance Ratemaking: Senate Agricultural Committee (May, 1999).

Expected Rate of Return on Capital at Risk: USDA Insurance Services (November, 1999).

Multiple Peril Crop Insurance: Ratemaking Considerations for a Politically Sensitive Product (March, 2000).

Measuring the Rate of Return on Capital at Risk: American Agricultural Economics Association Symposium (July 2002).

EXPERT WITNESS:
Mutual Service Casualty Insurance Company v. IGF Insurance Company, et. al. (August 2001).

BIBLIOGRAPHY OF REPORTS:
“Analysis and Recommendations for the FCIC Catastrophe Procedure” (with Michael A. McMurray), September 27, 1995.

“FCIC Pricing Procedures For Unrated Areas” Richard B. Lord (with Michael A. McMurray), October 31, 1995.

“Federal Crop Insurance Corporation County Rate Smoothing Procedure” (with Michael A. McMurray), January 30, 1996.

“Analysis of FCIC Hail and Fire Peril Exclusion Credit” (with Michael A. McMurray), January 30, 1996.

“Analysis of FCIC Hail and Fire Peril Exclusion Credit Apples & Peaches” (with Michael A. McMurray), April 26, 1996.

“Federal Crop Insurance Company Ratemaking Overview” (with Michael A. McMurray), June 14, 1996.

“An Analysis of Crop Revenue Insurance Products” (with Michael A. McMurray), December 17, 1996.

“Federal Crop Insurance Company Analysis of Rate Expansion Factors for Corn” (with Michael A. McMurray), December 19, 1996.

“1998 Standard Reinsurance Agreement Review” (with Michael A. McMurray), March 31, 1997.

“Federal Crop Insurance Corporation Standard Reinsurance Agreement Rate of Return Methodology (with Michael A. McMurray) September 18, 1998.

“Federal Crop Insurance Corporation 1999 Nursery Crop Insurance Rate Level Analysis” (with Michael A. McMurray), September 22, 1998.

“Year 2000 Pilot Project,” March 26, 1999.

“The Agricultural Research, Extension and Education Reform Act Of 1998 Section 535 Crop Insurance Study” (with David Appel and Scott Harrington), October 25, 1999.

“An Actuarial Analysis of Federal Crop Insurance Corporation Coverage Level Relativities and Rate Span Exponentials Based on Actual Production History Yield Variability,” January 20, 2000.

“Actuarial Documentation of Multiple Peril Crop Insurance Ratemaking Procedures (with Gary R. Josephson and Charles Mitchell), August 1, 2000.

“Standard Reinsurance Agreement Insurer Capital at Risk and the Competitive Cost of Capital” (with David Appel), August 7, 2000.

“An Independent Actuarial Review of the Federal Crop Insurance Corporation Blackberry/Raspberry Pilot Program (with Gary R. Josephson), October 18, 2000.

“An Independent Actuarial Review of the Federal Crop Insurance Corporation Group Risk Income Protection Policy Changes,” November 10, 2000.

“An Independent Actuarial Review of the Federal Crop Insurance Corporation Livestock Risk Protection,” November 10, 2000.

“An Independent Actuarial Review of the Federal Crop Insurance Corporation Adjusted Gross Revenue Pilot Program,” (with David Appel), November 10, 2000.

“An Actuarial Analysis of Federal Crop Insurance Corporation Coverage Level Relativities and Rate Span Exponentials Based on Actual Production History Yield Variability,” February 13, 2001.

“Analysis of Rating Cycle for Multiple Peril Crop Insurance,” (with Gary R. Josephson and Charles Mitchell), January 18, 2002.

“A Report Concerning the Inclusion of Harvesting Costs in Price Elections,” January 31, 2002.

“An Independent Actuarial Review of Credibility Theory in Rate Determination Section 131 of ARPA,” (with Craig P. Taylor and Jeffrey S. Prince), April 24, 2002.

“An Independent Actuarial Review of Quality Adjustment 5.6.3 Section 107 of ARPA,” (with David Appel), July 9, 2002.

“An Actuarial Analysis of the Use of CAT Coverage Policy Data in the APH Rating Methodology Section 131 of ARPA,” July 12, 2002.

“Task Order #86579 Section 3.3 Reasonable Rate of Return Analysis,” (with David Appel and Thomas Chan), October 18, 2002.

“An Actuarial Analysis of the Utilization of Pack Factors for Crop Insurance Purposes,” October 23, 2002.

“An Actuarial Review and Certification of the Watts and Associates Evaluation of the Group Risk Plan – Rangeland Pilot Insurance Program,” December 13, 2002.

“Historic Rate of Return Analysis,” (with David Appel and Thomas Chan), November 11, 2002.

“Risk Management Agency Plans of Insurance Task Order #86579 Section 3.1.2,” (with Philip S. Borba), December 4, 2002.

“Risk Management Agency Book of Business Task Order #86579 Section 3.1.3,” (with Philip S. Borba), December 4, 2002.

“Risk Management Agency Insurance funds Task Order #86579 Section 3.1.4,” (with Philip S. Borba), December 4, 2002.

“Risk Management Agency Task Order #86579 Section 3.2 Maximum Probable Loss,” December 4, 2002.

“Risk Management Agency Producer Yields Task Order #86579 Section 3.1.1,” (with Philip S. Borba), December 17, 2002.

“Risk Management Agency FCIC Reinsurance Agreement Simulation Model Task Order #86579 Task 3.4,” (with Philip S. Borba), December 17, 2002.

“Risk Management Agency Reinsurance Terms and Recommendations Task Order #86579 Section 3.5,” (with Nancy P. Watkins and David Appel), December 19, 2002.

“Task 3.1: SRA Database Additions and Updates,” (with Philip S. Borba), July 16, 2003.

“Task 3.2: SRA Model Input Extensions,” (with Philip S. Borba), October 6, 2003.

“Task 3.3: SRA Model Output Extensions,” (with Philip S. Borba), December 30, 2003.

“Task 3.4: Large Loss Parameters,” (with Philip S. Borba), November 3, 2003.

“Task 3.5: Reaction Function,” (with Philip S. Borba), February 26, 2004.

“Task 3.6: Correlations of Indemnities Across State/Crop Combinations,” (with Philip S. Borba), November 3, 2003.

“User’s Guide for the SRA Model Program, Version 2.0,” (with Philip S. Borba), December 23, 2003.

“USDA Risk Management Agency – Analysis of the Federal Crop Insurance Corporation Risk Management Agency Indemnity Loss Projection Model,” March 9, 2006.

Storage

Goals for the Institute

Developing Countries:
To develop sustainable agricultural risk management programs for developing countries that result in economic stability and new sources of “risk capital” for their agriculture sectors.

Developed Countries:
To provide a training, succession planning, and “analytical research capability” environment for developed country governments and private companies engaged or expanding their work in agricultural risk management.




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