Potential Big Change on the Horizon in the Actuarial world

Carrier Management wrote the following article on 9/26/18 – https://www.carriermanagement.com/news/2018/09/26/184677.htm

 

Two Major Actuarial Societies – CAS and SOA – Will Explore a Merger

The Casualty Actuarial Society and the Society of Actuaries plan to explore a merger.

Presidents of both societies announced that the CAS and SOA boards had agreed to pursue combining, with the idea of creating an organization with greater scale and resources to shape their profession. The groups acknowledged that actuarial science continues to change and evolve, due in part to predictive analytics and other technology, and they said their combined organization could help the profession remain competitive and relevant.

“The CAS and SOA are aligned in many ways, share similar values and are both focused on equipping members for the future,” Brian Brown, president of the Casualty Actuarial Society, said in prepared remarks. “By working together as one organization, we believe we can unite our strong knowledge, resources and leadership to jointly address new opportunities and challenges for the profession.”

Before merging, both CAS and SOA boards are conducting their due diligence, which must pass several major milestones before an official combination could happen. The milestones include a formal presentation of the combination proposal to the boards in October, votes by both boards by mid-November on whether to recommend approval of the proposal and votes of members from both organizations in early 2019.

The CAS and SOA said they have identified several potential benefits a combined organization could offer, including more resources to prepare members for evolving fields and opportunities; a unified actuarial education system that leverages best practices and innovations from both organizations; enhanced diversity of thought and efficiency to serve members; and a stronger global brand for the actuarial profession.

Mike Lombardi, president of the Society of Actuaries, said that both groups will make sure their members are kept up to date throughout the due diligence process.

“We are committed to keeping all of our stakeholders informed and welcome their feedback as we explore a combination and the potential benefits it could offer the profession,” Lombardi said in prepared remarks.

The CAS and SOA launched StrongerAsOne.net to help update members about the proposed combination and due diligence process.

The CAS, founded in 1914, bills itself as the world’s only actuarial organization focused exclusively on property and casualty risks. It serves over 8,000 members worldwide. Origins of the SOA date back to 1889, and the organization bills itself as the world’s largest actuarial professional organization. SOA membership surpasses 30,000.

By Melissa J. Sawyer
Melissa J. Sawyer Senior Associate Director / Operations Manager, Undergraduate Career Services Melissa J. Sawyer