Gary Fagg - CreditRe

Gary Thomas Fagg, FSA, MAAA
President, Consulting Actuary

Phone: 817-519-2022

Gary Fagg, FSA, MAAA is a consulting actuary and principal of CreditRe, a consulting firm specializing in actuarial, accounting, risk management, and risk transfer solutions related to credit, debt, or vehicle protection products and to wireless communication protection. CreditRe serves insurers, reinsurers, producers, and producer-affiliated reinsurers, as well as financial institutions and lenders, vehicle dealers, and technology protection companies involved in risk transfer of debt cancellation contracts, debt suspension agreements, GAP and other debt waiver contracts, vehicle service contracts, wireless equipment insurance, and all credit-related insurance.

At the forefront of debt protection product development since 1990, Gary has provided actuarial pricing and reserving methodology for many of the programs being offered today. In addition to CreditRe's annual debt protection product conference, Gary has made numerous presentations both in-house and at meetings of all the associations having an interest in debt protection products.

Gary has been a consultant or senior executive in the credit-related insurance business since 1972. Before 1978, he served as a consulting actuary and 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. From 1982-88, Gary operated a successful Arizona reinsurance company and now operates an offshore insurer/reinsurer, Credit Reassurance Ltd.

He has published five books on credit-related insurance and the methods to compensate the producers of credit-related products. In addition, he has created and taught numerous seminars regarding credit-related and vehicle-related protection products. A Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries, he has also served on numerous advisory committees to assist authorities developing regulations for the credit-related insurance industry. He maintains active involvement with the Consumer Credit Industry Association and in past years has served on the actuarial committee and the Board of Directors.

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