Mr. Zass is the founder, principal, and engagement coordinator for the actuarial consulting firm Actuarial Risk Management, which has served as BDO USAís only affiliated actuarial group since 2006.
Mr. Zass, a trained life insurance actuary, has over the years aided various sized life insurers on financial reporting compliance, product management and corporate expansion. His roles span the appointed actuary position to consulting actuary to the position as the auditing actuary for those accounting & audit engagements. His responsibilities covered the forecasting of life, annuity, and health insurance programs along with recommending efficient means of capital management. Mr. Zass has aided life insurers on corporate forecasting of core insurance business, which included discussions of financial risk management, ALM, capital management, interest rate risk, and asset adequacy testing. His clients cover local and international organizations across the insurance and health care sectors, which have included engagements for fraternal, mutual, and stock insurance companies acting in the capacity as direct carriers, reinsurers, and captives.
Mr. Zass has performed over 30 M&A due diligence projects of target insurance blocks of business and/or companies while reviewing over 100 appraisals. Mr. Zass has prepared and led the development of independent models that serve both sides of the M&A spectrum. He has also constructed PGAAP balance sheets and evaluated goodwill for impairment.
Mr. Zass' past responsibilities, with respect to financial reporting, include the preparing and filing of statutory, GAAP/purchase-GAAP, and tax actuarial financial reports, including annual and quarterly statements and actuarial opinions. He completed many projections (using TAS) of the insurance operations, which covered a myriad of product types under GAAP/statutory/embedded value regimes. He also oversaw the completion of a massive GAAP restatement for a clientís FAS 60 & FAS 97 products over a 30-year look-back period.
His product knowledge stems from many years of developing several generations of products while leading the policy and rider forms state filing process as well as the administrative implementation of new products. The product experience includes: participating and non-participating traditional life; UL and UL with secondary guarantees; deferred (fixed, indexed & variable) & immediate annuities; various supplemental health coverages such as LTC and disability income products. He has also drafted and been responsible for administration and valuation of reinsurance ceded and assumed treaties.
Over the last decade, Mr. Zass has advised many participants on the best practice of risk management for the asset (life insurance) backed investment market which encompasses the life settlement space and extends to other life insurance securitization initiatives. Areas of expertise include analysis of life expectancy assessments, quantification of impacts due to longevity extension, the pricing and valuation using probabilistic and stochastic methods, evaluation of hedging programs, and insightful approaches to accrete returns under an active portfolio management. He led the development of the ARM life settlement projection software while increasing his involvement in the design of sound investment structures.
Actuarial Risk Management, Inc., Vice President and Consulting Actuary
Actuarial Risk Consultants, Inc., President
Wise, Mitchell & Associates, Consulting Actuary
FIC Holding Company, Chief Actuary
University of Manitoba, Winnipeg, Manitoba, Canada, B.S. Mathematics
Society of Actuaries, Associate, 1993
A sample of the various projects completed during his consulting career include:
A sample of specific audit / valuation type engagements:
Mr. Zass’ experience in litigation includes the support of expert witness and arbitration engagements in the area of policy form interpretation, reinsurance treaty interpretations, product marketing and financial results of insurance carriers. Specific litigation focused assignments in which Mr. Zass served in a more prominent role are:
Editor, ARM’s Newsletter “Risk Review” beginning 1/2008 for BDO Seidman
Featured in Forbes magazine September 30, 2008 edition
Co-Authored an article with BDO Cayman office on valuation of life settlements (2010)
Authored an article for BDO Healthcare sector on understanding an actuarial report (2012)
Co-authored an article for release in Dec. 2012 that discussed best practices of an actuarial valuation, regardless of valuation topic.
Mr. Zass has presented to various professionals, including:
American Academy of Actuaries certified
Fellow, Conference of Consulting Actuaries (CCA)
Member, American Academy of Actuaries (AAA)
Member, Actuaries Club of the Southwest (ACSW)
Member, American Academy of Actuaries’
Member, International Association of Actuarial Risk Managers (INARM)
Member, American Society of Healthcare Risk Management (ASHRM)
Member, American Association of Insurance Management Consultants (AAIMC)
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