About the Authors

Gary Fagg Gary Fagg is a principal of CreditRe. His career began as a consulting actuary and a lecturer at the actuarial consulting firm, Booke and Company. Following twelve years of association with The Credit Life Insurance Company of Springfield, Ohio, he formed CreditRe in October 1990.   MAJOR AREAS OF EXPERTISE Debt Protection Products and GAP

• Presentation of educational seminars and workshops

• Product crafting for each lending category and debtor market

• Estimation of loss costs for selected protected events

• Recommendations of reserving methodology

• Review of financial loss experience

• Studies of loss frequency and severity

• OCC opinions on actuarial safety and soundness items

• Placement of contractual liability policies

• Assistance in program implementation

Credit-Related Life, Disability, and P&C Insurance Products

• Product design and pricing for new products

• Actuarial filing memoranda for all credit-related products

• Reserving methods and analysis of claim reserves

• Analysis of claim costs and profitability

• Deviation procedures and statistical filings

• Valuation of blocks of business; assumption reinsurance

• Home office staff training

Producer-Owned Reinsurance

• Evaluation of financial arrangements and bid proposals

• Formation, operation, closing of reinsurers; tax issues

• Reserve opinions

Litigation and Disputes

• Expert testimony concerning industry practices and standards

• Reinsurance arbitration and mediation of technical issues

• Settlement calculations and fairness opinions

TEACHING

Gary’s teaching experience spans five decades. He began as a lecturer with Booke and Company in the late 1960s and conducted seminars during his tenure at The Credit Life Insurance Company of Springfield, Ohio. While at CreditRe, he has made hundreds of presentations; he continues to educate with annual seminars, small group discussions, and in-house presentations.
 

EDUCATION AND PROFESSIONAL DESIGNATIONS

BA, Economics, University of North Carolina - Chapel Hill

Fellow, Society of Actuaries

Member, American Academy of Actuaries

Keith Nelson, FSA, MAAA Keith Nelson is Vice President and Actuary for the Individual Assurance Corporation (IAC), located in Prairie Village, Kansas. IAC is a multi-line life insurance company that offers debt protection products/services and a variety of insurance products to banks, thrifts, credit unions and other lenders. IAC is a customer focused company which uses its FourPointTM Technology to implement debt protection solutions quickly and administer them efficiently.

Prior to joining IAC, Keith worked for 3 years with CreditRe as a credit insurance and debt protection consultant sharing and advancing his expertise with loan protection products for banks, credit unions, and auto dealers. Prior to CreditRe, he served credit unions for 28 years while working for the CUNA Mutual Group (CMG) in numerous roles ranging from actuarial, product management, general management/administration, and regulatory advocacy. Keith has over 32 years experience in the loan protection business including 12 years experience with debt protection products. He was introduced to debt protection in about 1995 and quickly recognized these products as the future for loan protection business in credit unions. He was instrumental in lobbying for acceptance of DPP within CMG and supporting the external lobbying efforts with the NCUA and state regulators. He served as Product Manager for the development of the CMG debt protection program and led the implementation of the first debt protection program for credit unions at Alliant Credit Union in 2001. Keith has written numerous white papers and articles on debt protection products and has given presentations in a number of industry forums to teach others about the topic.