Words Warren B

Warren
Words
Dean’s Message
B
uilding on the Warren Centre’s accreditation
by the Canadian Institute of Actuaries
and its recognition as a Centre of Actuarial
Excellence by the Society of Actuaries, the past
year has been a time of incredible growth for
actuarial studies at the Asper School of Business.
VOL. 5 NO.1
Student demand for our actuarial programs
continues to climb. More companies are turning
to us for students to fill co-operative work
placements – and hiring our actuarial graduates
– than ever before.
We have broadened the reach of our actuarial
programs by extending into new markets.
The Guy Carpenter Chair in Agricultural Risk
Management and Insurance connects actuarial
studies to a vital sector of our economy and
places us at the forefront of interdisciplinary
research. We committed to building and
strengthening connections to the local business
community by appointing Dr. Arnold Shapiro
to the L.A.H. Warren Chair in Actuarial Science.
And we enhanced our world-class academic
programs with a new Masters in Actuarial
Mathematics. Eight students are already enrolled
in the program. In his role as Warren Chair,
Dr. Shapiro will provide them with mentorship
and guidance in their research.
As you’ll see in the following pages,
we have much to celebrate and
even more to look forward to.
I invite you to read on!
MICHAEL BENARROCH
Dean, Asper School of Business and
CA Manitoba Chair in Business Leadership
The newsletter of the
Warren Centre for
Actuarial Studies and
Research at the Asper
School of Business
DECEMBER 2014
Leslie Warren (l) and brother
Lloyd in the University
Archives reviewing material
on their grandfather,
Dr. L.A.H.Warren.
All in the Family
L
eslie Warren and her brother Lloyd share a distinguished
grandfather: Dr. L.A.H. Warren. He introduced actuarial science to
the University of Manitoba in 1912, taught its first course, and headed
the Department of Actuarial Science for thirteen years. In recognition
of his stellar contributions, the Warren Centre for Actuarial Studies
and Research is named after him.
Their father Earle graduated from the program
in 1930. They also share a keen interest in their
grandfather and learning all they can about
him. Lloyd attended the dedication ceremonies
of the Warren Centre in 1987.
in public works, flew in from Seattle. Leslie,
a management consultant based in Winnsboro,
Texas, drove from Texas, via Oregon, where
she and her husband, Rich Calhoun, had spent
most of the month of May.
Their quest for more knowledge on Grandpa
Warren brought them to Winnipeg in June,
2014. Lloyd, a graduate engineer with a career
When in Winnipeg, they visited Dr. Warren’s
former home on Niagara Street and spent a full
day on the University of Manitoba campus.
Outside
Input
A
n Actuarial Mathematics Program
Advisory Board was introduced this year.
While initiated by and shepherded through the
approval process by Dr. Jeffrey Pai, Director
of the Warren Centre, much of the preliminary
work was done by the late Mike Byrne, the
Centre’s former Executive-in-Residence. Today,
oversight of the Board rests with Byrne’s successor, Jeff Strong, who states: “The Board has been
established to help promote forward thinking
toward and the continuous improvement of the
actuarial mathematics program.”
Formal terms of reference – an eight-page
document – set out the purpose and duties
of the Board and spell out a variety of ways
by which to
accomplish
Jeff Strong
them. Far from
an armchair operation, the Board is deemed a
resource. Among other duties, it is expected
to help promote the program and to assist in
raising funds in support of it. The Board will
play an important advisory role “concerning
the curriculum and further development
of the program” and the implementation of
the program’s mission and vision. The last
two management tools are currently in the
development stage.
The Board has a hybrid composition. There is
in-house representation through the Dean of
the Asper School of Business and the Warren
Centre Director. However, it goes outside
the box, purposely, to include “at least two
persons with actuarial backgrounds, drawn
from amongst the life, property/casualty, and
pension fields” and “persons appointed at
large.” Roger Maguet, Simon Deschenes, and
Justin Pursaga represent the industry. Neil
Hamilton serves as the member-at-large.
The members of the Warren Chair Committee
also serve on the Advisory Board and the
Board is to be “careful to work cohesively with
the Committee as required.”
Following the successful fundraising campaign
to endow the Dr. L.A.H. Warren Chair in
Actuarial Studies, achieved in 1986, the Warren
Chair Committee was established. It functions
to recommend to the University the selection
and appointment of the holder of the Warren
Chair and the use of the endowment fund.
The committee is composed of representatives
from the Asper School and the Warren Centre,
together with Monique Maynard and
Sunny Oh who represent the donors to the
endowment fund.
Director’s Message
T
his is the fifth edition of WarrenWords,
an opportunity for me to review the
past five years.
In 2009, the Warren Centre became one of
three actuarial programs in Canada – and one
of twelve in North America – to be honoured
by the Society of Actuaries (SOA) as a Centre of
Actuarial Excellence, a five-year designation.
The SOA site-visit team was impressed with
the undergraduate program offered and
the community support received. The single
deficiency was the lack of a graduate program.
We have applied to the SOA for another
five-year designation. In doing so, we were
pleased to report several achievements.
Here is a sampling:
Student enrolment has increased from
65 to 175;
NEW YEAR, NEW CHAIR
(top photo) The Warrens with the Dean (second left)
and the Director (far right).
(above) Leslie Warren chats with actuarial
students Michael Etkin and Michelle Thiessen.
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It began with a morning in the Department of
Archives and Special Collections where they
reviewed the documentation on Dr. Warren.
In the afternoon, they met with Dr. Jeffrey Pai,
Director of the Warren Centre followed by a
meeting with Dr. Michael Benarroch, Dean of
the Asper School of Business. The day ended
with a reception for the Warrens attended by
faculty, staff, several students in the actuarial
program and representatives from the industry.
“What I took away from our visit,” said Lloyd,
“was how our grandfather was so personally
connected to his students during his tenure.
I was very impressed with the legacy of the
connection at the University today between
students, faculty, and the actuarial community.
In my experience that bond is rare.”
It was not, however, a one-way visit. Arrangements were made with the University Archives
to accept a number of items from the Warrens
to augment what was already in place on Dr.
Warren. Among other things, these gifts will
include photographs (of which the University
has few), memorabilia, a copy of his PhD thesis
from the University of Chicago, and personal
copies of actuarial examinations Warren wrote
in 1910-14, 1930, and 1945, regarding his
professional accreditation. The Archives will
not only have more information on the man
himself but also on the actuarial profession
in earlier times.
The Warrens are also planning a financial
contribution to the Centre. They will not be the
first family members to do so. Previously, their
aunt, Helen (Warren) Butler, BScEcol/41, left
an estate gift to the Centre. She died in 2013.
A
rnold F. Shapiro has been appointed L.A.H. Warren Chair for a two-year term beginning January 1, 2015.
Shapiro graduated from the University’s actuarial program with a BSc(Hons)/69 where, for a year after graduation,
he lectured on several actuarial courses. Before beginning his lengthy academic career, Shapiro
was a certified electrician.
Prior to his appointment, Dr. Shapiro was, and since 2008 had been, Professor Emeritus at
Pennsylvania State University where he established and directed the actuarial program
for thirty-five years, a program based on the one at the University of Manitoba. Dr. Shapiro
has many academic degrees and honours, several professional designations, is widely
published and the recipient of more than thirty research grants.
Dr. Shapiro is the third Warren Chair, succeeding the late Mike Byrne and Sam Cox,
now retired in Atlanta, Georgia.
Following a successful endowment campaign to secure the actuarial program at the University,
an initiative generously supported by the industry and actuarial alumni, the Warren Chair
was established in 1987.
Our students continue to excel scholastically,
many receiving prestigious, international
awards;
Seven new actuarial scholarships and two
new bursaries have been established;
At least 75% of our graduates have received
at least one job offer from traditional actuarial
employers;
82% of our graduates have passed at least
two SOA examinations before graduating;
64 of our graduates have received either FSA
or FCAS designations in the past five years;
An Advisory Board in Actuarial Mathematics
has been established, and
A Master’s program was introduced in 2013
that now has eight students enrolled.
This edition of the newsletter will bring you up
to date on key developments in 2014.
JEFFREY S. PAI PhD, ASA, PStat, ACIA
Warren Professor and Director,
Warren Centre for Actuarial Studies and Research
3
Sheldon Liu, representing Great-West Life,
with scholarship recipients Kelly Ramsay (l)
and Trevor Panchyshyn.
Fish Dinnertime
T
he University of Manitoba Actuarial Club held the 53rd annual
Fish Dinner on October 16th and brought together some 110
students, employers, and faculty members for an evening of networking,
scholarship announcements, and great food.
This year’s dinner turned the spotlight on
entrepreneurship and featured, as guest speaker,
Phil Gold, a highly successful “entrepreneurial
actuary.” Gold, a graduate of the University of
Waterloo, co-founded the software company
GGY, based in Toronto, and invented AXIS, an
actuarial software program designed for use by
the life insurance industry. The program is currently in use by over 160 companies worldwide.
At the dinner, the following scholarships were
presented:
Great-West Life Actuarial Career Scholarship:
Trevor Panchyshyn, 3rd-year Science,
Kelly Ramsay, 3rd-year Science, YanYing Wu
(renewal), 4th-year Science, Melanie Skiarski
(renewal), 4th-year Asper
Manulife Actuarial Scholarship:
Nolan Kennedy, 3rd-year Asper, Ryan
Sharman (renewal), 4th-year Asper
Winnipeg Actuarial Scholarship:
Erik Christianson, 3rd-year Science
James C.H. Anderson Memorial
Actuarial Aboriginal Scholarship:
Christian Torfason, 4th-year Asper
William & Olive Humphrys
Scholarship for Actuarial Mathematics:
Trevor Panchyshyn, 3rd-year Science
Kathryn Qin Actuarial Scholarship:
Melanie Skiarski, 4th-year Asper
Murray Segal Memorial Scholarship in
Actuarial Studies: Ryan Sharman, 4th-year Asper
Congratulations to the recipients and a thank you to the sponsors for their
generous and continued support.
If you have any comments on the this newsletter,
please send them to either [email protected] or to
The Editor, WarrenWords, 644 Drake Centre
181 Freedman Crescent, Winnipeg, MB R3T 5V4
For more information on the Warren Centre for Actuarial Studies
and Research, please visit our website: umanitoba.ca/actuarial
@asperschool
(top) Co-UMAC Presidents Elizabeth Wanke (l)
and Melanie Skiarski open the Fish Dinner.
(middle) Phil Gold, midway through his
keynote address.
4
(bottom) At the Fish Dinner (l to r), Estelle and
Mwila Mvula, sisters in the undergraduate
program with Huijing Li, a Master’s student.