HomeMy WebLinkAboutActuarial Solutions
KRISTINE M. FITZGERALD, ACAS, MAAA, FCA
CONSULTING ACTUARY
kfitzgerald@actuarialsolutions.com Main Office (631) 471-8655
June 30, 2025
VIA EMAIL
Ms. Diane Nakagawa
Director of Finance
County of Hawai’i
25 Aupuni Street
Suite 2103
Hilo, Hawaii 96720
Re: Professional Actuarial Services for Fiscal Year 2025-2026
Dear Ms. Nakagawa:
Actuarial & Technical Solutions, Inc. (Actuarial Solutions) wishes to be considered to provide professional actuarial
services to the County of Hawai’i (the “County”). Attached please find our Statement of Qualifications (SOQ) in response
to the County’s Notice to Providers of Professional Services for fiscal year 2025-2026. Our responses are organized in
accordance with said notice.
Should you have any questions or require any further information, please feel free to contact me. We look forward to
the possibility of providing actuarial services to the County.
Very truly yours,
Kristine M. Fitzgerald, ACAS, MAAA, FCA
Consulting Actuary
Statement of Qualifications for
Actuarial Consulting Services
to the
County of Hawai’i
June 2025
Submitted by:
STATEMENT OF QUALIFICATIONS FOR
ACTUARIAL CONSULTING SERVICES
TO THE
COUNTY OF HAWAI’I
TABLE OF CONTENTS
I. TECHNICAL STATEMENT ......................................................................................................................... 1
II. CONSULTANTS’ BIOGRAPHIES ................................................................................................................ 3
III. CLIENT LISTING .................................................................................................................................... 5
IV. REFERENCES ......................................................................................................................................... 7
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Actuarial & Technical Solutions, Inc.
STATEMENT OF QUALIFICATIONS FOR
ACTUARIAL CONSULTING SERVICES
TO THE
COUNTY OF HAWAI’I
I. TECHNICAL STATEMENT
Actuarial & Technical Solutions, Inc. (Actuarial Solutions) welcomes the opportunity to submit this statement of
qualifications (SOQ) to the County of Hawai’i (the “County”) pursuant to the requirements set forth in its Notice
of Providers of Professional Services for fiscal year 2025-2026.
Actuarial Solutions wishes to be approved to assist the County in the following service category:
FN.2: Accounting (Actuarial Services)
Actuarial Solutions is an independent property-casualty actuarial consulting firm established in 1990, averaging
between 5 and 10 employees over the past five years. Our actuarial engagements are spearheaded by two senior
credentialed actuaries with over 50 years of combined experience, an additional credentialed actuary, as well as
analysts in varying stages of experience. Our actuaries are actively involved in each project, directing and
reviewing the work performed. In addition, all work is peer reviewed to ensure the actuarial integrity of our work
product and the satisfaction of our clients.
Contact information:
Actuarial & Technical Solutions, Inc.
1767 Veterans Memorial Highway
Suite 16
Islandia, New York 11749
Contact: Kristine M. Fitzgerald, ACAS, MAAA, FCA
Consulting Actuary
631-471-8655
kfitzgerald@actuarialsolutions.com
Actuarial Solutions performs a wide variety of tasks for both private and public sector self-insureds.
Loss Reserve Studies:
Projection of liabilities relating to retained loss and associated expenses
Reflection of time value of money (discounted liabilities)
Compliance with Governmental Accounting Standards Board Statement Numbers 10 & 30 (GASB10 &
GASB30) for public sector self-insureds
Derivation of loss incurred but not reported (IBNR) based upon total needed versus case reserves
Determination of Funding Level:
Projection of future cost of retained insurance or deductible layers
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Actuarial & Technical Solutions, Inc.
Projection of associated expenses, including allocated loss adjustment expense (ALAE), claims
administration fees, taxes, assessments and reinsurance premiums
Reflection of time value of money
Allocation of Funding Level:
For group self-insureds, determination of each member's contribution using exposure and an individual
entity's loss experience
Other Services:
Review of excess insurance needs and the cost of excess insurance
Estimation of cost impact of individual members joining or leaving a self-insured group
Self-insurance feasibility studies
Captive feasibility studies
Expert testimony
We would conduct any and all services in keeping with the Code of Conduct and Actuarial Standards of Practice
(as promulgated by the American Academy of Actuaries) as well as in accordance with the laws and regulations
of the state of Hawai’i.
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Actuarial & Technical Solutions, Inc.
II. CONSULTANTS’ BIOGRAPHIES
Biographies for each of our credentialed actuaries follow.
Kristine Fitzgerald, ACAS, MAAA, FCA, Senior Consulting Actuary
Kristine is an Associate of the Casualty Actuarial Society, a Member of the American Academy of Actuaries and a
Fellow of the Conference of Consulting Actuaries. She graduated from Villanova University with a B.S. degree in
Mathematics.
Kristine has been employed with Actuarial Solutions since 1993 and has over 30 years of actuarial consulting
experience in the area of property-casualty insurance. Her experience includes: projection of ultimate loss;
analysis of reserve adequacy; Statements of Actuarial Opinion; financial examinations; feasibility studies; rate
filing review; ratemaking; reinsurance analyses; risk transfer analysis; prospective funding levels; analysis of
individual risk rating plans (including retrospective rating plans, experience rating plans and loss rating plans);
dividend analyses; audit assistance; and litigation support. Clients range from small self-insureds to captives,
insurance companies, reinsurers, large public-sector clients, auditors and regulators. Such engagements include
workers compensation, general liability, auto liability and physical damage, property, professional liability,
mortgage guaranty insurance and various excess coverages. Kristine is well-versed in regulatory and statutory
requirements applicable to various insurance coverages, including workers compensation in numerous states.
She has been recognized by regulators in each state to which she has applied to certify loss reserves, and meets
the Qualification Standards of the American Academy of Actuaries for issuing NAIC property/casualty Statements
of Actuarial Opinion.
Kristine serves as a primary contact for many of Actuarial Solutions’ clients and is the lead actuary or peer reviewer
on numerous engagements. Kristine has participated in legal mediations; has presented actuarial concepts and
results to various audiences, including client risk managers, auditors, regulators, boards of directors and
legislative bodies; and has testified in an administrative hearing and at a jury trial. Kristine has the ability to
explain complex actuarial concepts to both technical and non-technical audiences in a clear and understandable
manner.
Kristine currently serves on the Casualty Actuarial Society’s Syllabus and Examination Committee.
David Raikowski, ACAS, MAAA, FCA, President and Senior Consulting Actuary
Dave is an Associate of the Casualty Actuarial Society, a Member of the American Academy of Actuaries and a
Fellow of the Conference of Consulting Actuaries. He graduated from Hofstra University with degrees in
Mathematics and Psychology.
Dave has been employed with Actuarial Solutions since 2002 and became owner and President of Actuarial
Solutions in 2019. Throughout his career, Dave has provided a diverse range of services to clients including
public-sector entities, self-insureds, captives and insurance companies. The clients with which he works range in
size as well as the industry in which they operate. He has significant experience with a variety of property/casualty
coverages including workers compensation, general liability, auto liability and physical damage, medical
professional liability, mortgage guaranty insurance, construction defects and property. Dave has substantial
experience with loss reserve analyses, rate filing reviews, captive feasibility studies, risk transfer analyses, pricing
and the estimation of premium deficiency reserves. Dave has considerable experience in the area of loss modeling,
most notably in the area of pricing, through the use of statistical distributions and simulation techniques.
Additionally, he has participated in numerous litigation support engagements.
Dave has been recognized by regulators in each state in which he has applied to certify loss reserves, and meets
the Qualification Standards of the American Academy of Actuaries for issuing NAIC property/casualty Statements
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Actuarial & Technical Solutions, Inc.
of Actuarial Opinion. Dave currently serves on the Board of Directors of the Connecticut Captive Insurance
Association.
Tiffany H. Sciallo, ACAS, MAAA, Consulting Actuary
Tiffany has been employed with Actuarial Solutions since 2012. Tiffany graduated from Stony Brook University
with Bachelor of Science degrees in Applied Mathematics & Statistics and Economics. She is an Associate of the
Casualty Actuarial Society and a Member of the American Academy of Actuaries.
Tiffany has experience with a variety of traditional property and casualty coverages including workers
compensation, general liability, auto liability, auto physical damage and property. She has been involved with
loss reserve analyses, captive feasibility studies and pro forma financial analyses for a wide range of clients, such
as self-insureds, captives, insurance companies, public sector entities and risk pools. Tiffany has also participated
on numerous financial examinations for various states of domicile. She meets the Qualification Standards of the
American Academy of Actuaries for issuing NAIC Property/Casualty Statements of Actuarial Opinion.
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Actuarial & Technical Solutions, Inc.
III. CLIENT LISTING
The following provides a sample of our relevant experience:
Suffolk County, New York (2004 – Present)
Actuarial Solutions annually derives the liabilities associated with Suffolk County’s self-insurance program. This
program includes the following coverages: workers compensation; general liability/personal injury; commercial
auto liability and physical damage; medical malpractice; bus liability (including property); video display terminal
and employer practices liability. We also project Suffolk County’s annual self-insurance budget for each of the
next five prospective calendar years; this includes loss, defense and cost containment expense (DCCE) and other
program operating expenses. Additionally, we allocate the budget to departments within Suffolk County.
Consolidated Edison Company of New York, Inc. (Con Ed) (2019-Present)
Actuarial Solutions is retained to provide annual analyses of the self-insured workers compensation liabilities of
Con Ed as well as Orange & Rockland Utilities, Inc. for inclusion in their year-end financial statement. A one-year
cash flow forecast is also prepared. A separate report is prepared for each entity to meet the requirements of the
New York Workers’ Compensation Board Actuarial Report Guidance for Individual Workers’ Compensation Self-
Insured Employers.
Diocese of Rockville Centre (DRVC) (2002 – Present)
Actuarial Solutions provides DRVC with annual projections of ultimate loss in total and separately for numerous
business centers (including five hospitals, two nursing homes, all Long Island Roman Catholic churches and
charities). These projections lead to the estimation of needed loss and DCCE reserves, including reserves for loss
incurred but not reported (IBNR). This information allows the Diocese to allocate its overall costs among individual
entities. The following coverages are analyzed: workers compensation, general liability, auto liability, auto physical
damage and property damage. Actuarial Solutions also provides the Diocese with a Statement of Actuarial
Opinion for the portion of its liabilities insured through its captive.
H&R Block (1993 – Present)
H&R Block operates a captive insurance company, which was initially domiciled in Bermuda and redomesticated
to Missouri in 2014. The captive provides workers compensation, general liability, property, errors and omissions
tax liability guarantee and cyber coverages to both H&R Block’s corporate operations and its franchises. Annually,
Actuarial Solutions analyzes the loss reserves for this captive and issues a Statement of Actuarial Opinion to its
regulators regarding the adequacy of carried reserves. Actuarial Solutions also provides interim reviews of
H&R Block’s liabilities, both those insured through its captive and those which are self-insured. Loss forecasts
for the prospective fiscal period are annually projected for each program; additional services include dividend
analyses and pricing for excess coverage.
Roman Catholic Diocese of Brooklyn (2004 – Present)
Actuarial Solutions provides the Diocese with annual projections of ultimate loss for its self-insured program
which includes workers compensation, general liability, auto liability and physical damage, and property coverage.
These projections allow for the estimation of needed loss and expense reserves for inclusion in a Statement of
Actuarial Opinion which is issued for the portion of the retained coverage placed in the Diocese’s captive.
Additionally, we annually provide the Diocese with an estimation of the needed funding level for each retained
coverage for the prospective year.
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Actuarial & Technical Solutions, Inc.
Indiana University (2005 – Present)
Actuarial Solutions initially provided Indiana University with a study to determine the feasibility of its proposed
captive. The lines of coverage reviewed include general liability, directors’ and officers’ liability, medical
malpractice, auto and property. Since the licensure of the captive, we have provided annual services which include
a review of its needed reserve level, Statement of Actuarial Opinion, estimates of premium for the captive and
expected loss and ALAE for the self-insurance fund.
Motor Club Insurance Captive, LLC (MCIC) (2017 – Present)
MCIC was originally domiciled in Vermont in 2017 and redomesticated to Hawaii in March of 2022. The Captive
assumes coverage through a retrocession agreement with the Interinsurance Exchange of the Automobile Club
(IIEAC) associated with automobile (auto) and homeowners (HO) business written by Motor Club Insurance
Company. Actuarial Solutions prepares annual reserve projections and issues a Statement of Actuarial Opinion.
Missouri Department of Commerce and Insurance (2013 – Present)
Actuarial Solutions entered into a contract with the Missouri Department of Commerce and Insurance in early
2013 to provide actuarial services related to the review of insurance company product filings and other related
matters. In the fall of 2013, we reviewed the proposed 1/1/14 Workers Compensation Residual Market filing on
behalf of the Office of the Commissioner of Insurance (OCI). We subsequently reviewed the 7/1/14 and 7/1/15
Workers Compensation Residual Market filings on behalf of the OCI and assisted the OCI in-house actuary with
the review of the 7/1/16 Workers Compensation Residual Market filing; we provided testimony at the 2014 rate
hearing upon conclusion of our review and preparation of our findings. We have also provided the OCI with in-
depth reviews of the National Council on Compensation Insurance’s (NCCI) proposed voluntary market advisory
loss cost filings effective 1/1/16, 1/1/17, 1/1/20 and 1/1/24; these reviews included analysis of all significant
items reflected in the filing, interrogatories for the NCCI, a recommended loss cost change and a full report
documenting our review and findings. We were retained in 2021 to prepare a similar review of the Missouri
Employer’s Mutual Insurance Company proposed February 1, 2021 workers compensation rate filing.
Additionally, we entered into a contract with the Department in early 2016 to provide financial examination
services for property/casualty insurance companies. Each review includes completion of all phases of NAIC risk-
focused examinations for the reserving component. A Statement of Actuarial Opinion as well as associated
supporting narrative and documentation are provided as deliverables, as well as feedback on claims and reserving
risks. We have been retained to provide actuarial assistance on over 30 exams for the Department. We were also
retained to provide actuarial support concerning a proposed insurance company merger; Kristine Fitzgerald
provided testimony at the associated regulatory hearing.
Vermont Department of Financial Regulation (2001 – Present)
Actuarial Solutions has been approved by the Vermont Department of Financial Regulation to assist its financial
examiners with actuarial matters relating to financial examinations of captives, including RRGs since 2001. As
part of the financial examination process, we have reviewed loss reserve analyses, Statements of Actuarial Opinion
and financial statements prepared for captive insurance companies and RRGs domiciled in Vermont. In this
capacity, actuarial projections have been reviewed for numerous lines of coverage, including workers
compensation, professional liability, various casualty coverages, property, financial lines and mortgage insurance.
Additionally, Actuarial Solutions is also one of the actuarial consulting firms approved by the Department to
review feasibility studies submitted for companies wishing to become licensed as a Vermont captive insurance
company. Through this work, we have reviewed calculations of prospective loss and premium, as well as needed
capital levels and other relevant items, to assess the viability of the potential captives under their proposed
business plans.
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Actuarial & Technical Solutions, Inc.
IV. REFERENCES
We offer the following individuals as references:
Leslie Baffa, Director of Risk Management
County of Suffolk, New York
H. Lee Dennison Building
100 Veterans Memorial Highway
Hauppauge, New York 11788
631-853-4700
leslie.baffa@suffolkcountyny.gov
Chris Brenneman, ARM
Director – Insurance & Enterprise Risk Management
H&R Block
One H&R Block Way
Kansas City, Missouri 64105
816-803-8252
chris.brenneman@hrblock.com
Kutina England
Director - Office of Insurance, Loss Control & Claims
Indiana University
Smith Research 110
2805 East 10th Street
Bloomington, Indiana 47408
812-855-0837
kudavis@iu.edu
Karen S. Boeger
Director – Division of Purchasing
Missouri Department of Commerce and Insurance
301 West High Street, Room 530
Jefferson City, Missouri 65102
573-751-1699
karen.boeger@oa.mo.gov
Sandy Bigglestone, CPA, CFE, CPM, APIR
Deputy Commissioner of Captive Insurance
Vermont Department of Financial Regulation
89 Main Street
Montpelier, Vermont 05620
802-828-4854
sandy.bigglestone@vermont.gov