Executive Team


Chitro Majumdar

Chitro Majumdar, is a well-respected academic with substantial experience in the financial marketplace. He has worked in responsible positions with major corporates deal with investment banks and consulting assignments in Canary Wharf in London, Zürich and New York over 15+ years and has special interests and connections in the energy industry, including in the “C” suites of major participating firms. He is an expert in investment risk, quantitative hedging strategies, derivatives & financial risk management, enterprise risk management, consulted sovereign & multi-national funds, Govt. bodies of Gulf States, Pension Funds, Wealth Funds and Monetary Authorities (Bermuda et al). In the year of 2006, Chitro has developed stochastic control based Dynamic Financial Analysis (DFA) tool for insurance and reinsurance industry. He has experience in strategic level financial & actuarial engineering, fund management, risk management and consulting experience in US, Europe, Middle East & South East Asia. Since year 2000 he is a seasoned speaker in BFSI and actuarial seminars globally and well known in the seminar circuit, he has published many articles in global magazines in the BFSI & Energy Finance domain, his other interests are also on supply chain risk management; custom risk management, energy derivatives, cost benefit efficiency modeling and telecom risk management. Chitro has presented many empirical findings on Gold & Oil strategies over the years (such as an award winning accuracy model at ASTIN 2009 in Helsinki). His academic works include a doctoral research in risk management partially worked with ETH-Zürich and MMC-Kiel; in 2004 he has introduced a new area of quantitative research technique via Non-linier Stochastic Markov chain Monte Carlo Methods in University of Harvard and currently he is working-on an advance stage research project on counterparty risk mitigation strategies and distance to default (PD) structures based asset allocations.


Michael B. Smith

Mr. Smith is one of the founding consulting actuary members of R-square consulting based in Northeast Florida, USA. Mr. Smith is a Fellow of the Casualty Actuarial Society, a Member of the American Academy of Actuaries, and a member of the ASTIN AFIR IACA and AWF sections of the International Actuarial Association.

Mr. Smith has provided consulting services on general insurance issues for more than twenty years, primarily as a consulting actuary with Tillinghast. Prior to becoming a consultant, Mr. Smith was associated with American Bankers Insurance Group, where his responsibilities included product development and actuarial support to senior management and the marketing divisions. Prior to that, Mr. Smith worked for Insurance Services Office, Inc. where his responsibilities included commercial insurance pricing and product development, and financial and economic analysis of insurance topics (including natural catastrophes).

Mr. Smith holds an undergraduate degree from Georgia State College and a Master’s degree from the University of Chicago.

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Rick Shaw

Rick Shaw is a mathematician and actuary with extensive capital modelling experience. Rick is one of the most important practice leaders of R-square RiskLab on reinsurance initiatives, M&A, internal capital model, Solvency II etc. Rick’s experience with economic capital modelling dates from the 1980s, when simulation techniques started to be applied in the insurance and finance industries. He have both developed new and reviewed existing capital models for companies in many countries.

Rick has advised the World Bank and the IMF on social security reform in the Middle East, the South Korean government on privatisation, the Singapore government on restructuring Singapore’s health care system, and the Malaysian government on consolidation of the finance industry.

In his recent capacity as Chief Actuary of the Bermuda Monetary Authority, and prior to that country leader for Tillinghast Bermuda, Rick had lead responsibility for comprehensive reviews of around twenty internal capital models of varying complexity with differing primary risk drivers. Capital modelling is highly developed in Bermuda, where the portfolio approach to underwriting means modelling is central to a company’s operations.

Rick authored the report on internal economic capital modelling published in December 2008 by the Bermuda Monetary Authority, which summarises his approach to modelling theory and practice 1. Rick has a a deep knowledge of regulatory modelling requirements in Australia and elsewhere, including FSA 2, Lloyd’s and Solvency 2 guidelines.

Rick has carried out extensive reviews of some of the portfolios of sub-prime debt that precipitated the global financial crisis.

In addition to the traditional actuarial areas of reserving, pricing and capital management, Rick been project leader on a number of mergers and acquisitions in a range of countries, and have written extensively on M&A theory and practice. Rick also has experience in establishing alternative distribution channels for insurance products.

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