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Old 12-09-2002, 12:49 PM
DW Simpson DW Simpson is offline
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Join Date: Sep 2001
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Sure, Bermuda is higher. An actuary asked us to look at reinsurance compensation in the Northeast/Bermuda area for FCAS's in the last 2 cells of our survey, the 9.5-14.5 years of experience cell, and the 14.5+ years cell. On our survey, FCAS 9.5-14.5 is 115-226K, salary+bonus, 10th-90th percentile. 14.5+ is 121-360K. Here's how I responded:

From the original compensation survey data, looking only at the reinsurance actuaries, the 10th percentile is roughly 10% higher than all of the data combined for the 9.5-14.5 cell. The 90th percentile is 20% higher than all of the data. Absent other qualitative factors, my best guess for a 10th-90th percentile range for reinsurance only, which is almost entirely NE/Bermuda, is 125-270K, salary+bonus.

For 14.5+ years of experience, the 90th percentile seems to be dampened, so my best approximation is boosting the range around 10% at the bottom and top ends, so for the 10th-90th percentile for reinsurance only, is 135-390K, salary+bonus.
And my best guess at Bermuda reinsurance only, excluding Northeast reinsurance, are these same ranges. We exclude the Bermuda housing allowance in the compensation figures, so that might be one of the differences in our respective surveys.

Because there are so few Bermuda actuaries, backing them out of the data wouldn't have a material effect.
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