Frank Schmid is Head of Property & Casualty Deals at Fortitude Re, a Bermuda-based composite reinsurer, majority-owned by AIG. In his role of managing long-tail liabilities, Frank was instrumental in the structuring and execution of AIG’s 2017 Adverse Development Cover with Berkshire Hathaway.
Prior to his business leadership, Frank pioneered the development of Bayesian econometric models in actuarial science at the National Council on Compensation Insurance in Boca Raton, Florida, and for seven years served as a Senior Economist in the Research Department of the Federal Reserve Bank of St. Louis.
Frank holds a doctorate in economics and a post-doc in finance from the University of Lüneburg, Germany. He published scholarly papers in finance and economics and was affiliated with the University of Pennsylvania, the University of Vienna, Free University of Berlin, CERGE-EI Prague, Goethe University Frankfurt, Auckland University of Technology, and the University of Osnabrück. In 2006, the European Economic Association awarded Frank the Hicks-Tinbergen Medal, jointly with Dr. Gary Gorton of Yale University. Frank holds the rank of First Lieutenant, and set the Quivering Quads 50k ultra marathon course record in 2000, for his second consecutive Quivering Quads win.