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FRANK A. SCHMID
212.380.3738 • Frank.Schmid@frankschmid.com • linkedin.com/in/frankandreasschmid
Insurance executive and financial economist with senior leadership experience across Fortune 500 carriers, the Federal Reserve System, and academia. Has led landmark reinsurance transactions, built regulatory stress-test frameworks, and brought econometric modeling, asset pricing, actuarial analysis, and machine learning to bear on commercial decision-making in property and casualty, life and disability, and legacy reinsurance.
Areas of Focus: Property & Casualty • Life, Health, and Disability • Legacy and Retroactive Reinsurance • Econometric and Actuarial Modeling • Capital and Risk Management • AI and Predictive Analytics • Regulatory and Federal Reserve Engagement
PROFESSIONAL EXPERIENCE
General Reinsurance Corporation (Gen Re), Stamford, CT, 2020–Present
Senior Advisor, April 2026–Present
Partner with the Executive Chairman on strategy, technology, and organizational priorities.
Chief Technology Officer, August 2020–March 2026
Led the restructuring of Gen Re’s IT organization from a service-delivery function into a customer-aligned, engineering-led platform.
Directed enterprise AI adoption, pairing model deployment with cross-functional workflow redesign so that technology investments produced measurable operational change.
Chaired the Responsible AI Committee, setting governance standards for model deployment; led internal education and represented the firm publicly on AI policy.
Applied real-options reasoning to technology investment decisions, preserving optionality during a period of rapid change in models and architectures.
Architected a global cloud data platform that reconciled cross-border data localization and privacy requirements with self-service analytics for distributed teams.
Engaged industry on AI, cybersecurity, and quantum computing through panels and executive roundtables.
Developed econometric analysis of post-pandemic inflation that informed global underwriting and investment strategy.
American International Group (AIG), New York, NY, 2012–2020
Head of Property & Casualty Deals — Fortitude Re, 2018–2020
Led corporate development for Fortitude Re — AIG’s newly carved-out reinsurance subsidiary — establishing the framework for domestic operations and international expansion.
Led the P&C deal team in identifying market opportunities and structuring the subsidiary’s commercial approach to retroactive reinsurance.
Built, with capital modeling and investment teams, a proprietary pricing engine for retroactive reinsurance.
Trained the organization on the conceptualization and pricing of complex retroactive reinsurance structures, grounded in asset pricing theory.
Head of P&C Inforce Management, General Insurance and Legacy, 2017–2018
Expanded leadership remit following the AIG–Berkshire Hathaway transaction to include both General Insurance and Legacy portfolios.
Structured and negotiated a retroactive reinsurance solution covering a $3B portfolio of long-dated risks; led the actuarial team from nonbinding indication through senior-management approval and due diligence.
Built a statistical model of the structural drivers of U.S. jury verdicts — an early formal framework for what the industry now describes as “social inflation” — and used it to revise commercial auto risk appetite and underwriting guidelines, with particular attention to volatile jurisdictions.
Chaired the AIG Global Benefits Network, leading an operational transformation that included the buyout of minority shareholders.
Head of P&C Inforce Management, Legacy, 2016–2017
Lead architect of the AIG–Berkshire Hathaway Adverse Development Cover — a $10B retroactive reinsurance transaction covering $35B in long-tail U.S. commercial liabilities, and the largest transaction of its kind at the time of execution.
Led a quantitative actuarial team in evaluating the underlying liabilities and developing the technical pricing and strategic rationale supporting the $10B nonbinding indication.
Coordinated a nine-month transaction process across Actuarial, Claims, Finance, Investments, Legal, and Risk.
Moved from CEO approval to definitive close in early 2017, transferring high-severity, long-dated liabilities and securing balance-sheet stability and earnings protection.
Head of Group Benefits and Global Disability Pricing Standards and Strategy, 2015–2016
Led a P&L turnaround of Group Benefits through divestitures, lean operations, and underwriting discipline.
Restructured the unit’s cost base while preserving service for in-force policies.
Negotiated and executed a series of business sales and quota-share reinsurance agreements to free capital and refocus the portfolio.
Designed an exit solution for a regulatory-sensitive health insurance line that satisfied compliance requirements while mitigating reputational and financial risk.
Reinstituted underwriting discipline and formal service-level agreements across the unit.
Head of Actuarial Econometrics and Innovative Actuarial Models, 2014–2015
Led a multidisciplinary team of actuaries, claims executives, and data scientists, producing an estimated $500M loss-mitigation benefit through advanced underwriting and claims strategies.
Designed a Workers’ Compensation claims settlement strategy grounded in the economic theory of decision-making — among the earliest industry applications of machine learning to claims triage — to identify high-risk claims and set optimal settlement targets.
Secured C-suite alignment for large-scale algorithmic integration into underwriting and claims by quantifying the economic value of predictive modeling.
Built a proprietary econometric multi-state model to identify underwriting alpha in Workers’ Compensation; quantified redundancies and deficiencies in bureau loss-cost trends to support expansion in a key U.S. jurisdiction.
Director, Casualty Risk, 2012–2014
Built the Federal Reserve System’s stress-test model for the Property & Casualty insurance sector, establishing the foundational framework for systemic-risk oversight and capital adequacy under adverse macroeconomic scenarios.
Led a team of risk modelers in identifying and quantifying risk drivers for long-dated, complex liabilities.
Drew on prior Federal Reserve experience to bridge regulatory expectations and internal risk management, fostering transparent dialogue with federal overseers.
Translated hypothetical economic shocks — interest-rate volatility, equity declines, inflationary spikes — into quantifiable balance-sheet impacts on reserves and surplus.
BOARD MEMBERSHIPS
Gen Re AG, Germany — September 2020–Present
Eaglestone Reinsurance Corporation, USA — February 2016–March 2019
AIG Global Benefits Network, Belgium — Chairman, August 2015–October 2018
EARLIER PROFESSIONAL EXPERIENCE
Director and Senior Economist — National Council on Compensation Insurance
Senior Economist — National Council on Compensation Insurance
Senior Economist — Federal Reserve Bank of St. Louis
EDUCATION
Dr. habil. (post-doctoral degree), Finance — University of Lüneburg, Germany
Dr. rer. pol. (doctorate), Economics — University of Lüneburg, Germany
Dipl.-Volkswirt (M.A. equivalent), Economics — University of Göttingen, Germany
Vordiplom (B.A. equivalent), Economics — University of Heidelberg, Germany
ACADEMIC APPOINTMENTS
Associate Professor of Finance, Auckland University of Technology, New Zealand
Extraordinary Professor of Finance, University of Lüneburg, Germany
Visiting Professor of Finance, Goethe-University Frankfurt, Germany
Guest Lecturer in Finance, CERGE-EI, Prague, Czech Republic
Guest Lecturer in Finance, University of Osnabrück, Germany
Senior Research Fellow, The Wharton School, University of Pennsylvania
Post-doctoral Scholar, Free University of Berlin and Humboldt University of Berlin, Germany
Visiting Scholar, The Wharton School, University of Pennsylvania
Assistant Professor of Financial Services, University of Vienna, Austria
SELECTED PUBLICATIONS
Refereed Journals
“Capital, Labor, and the Firm: A Study of German Codetermination,” with Gary Gorton, Journal of the European Economic Association 2 (2004), 863–905.
“Pricing and Dividend Policies in Open Credit Unions,” with Bill Emmons, Journal of Institutional and Theoretical Economics 158 (2002), 234–255.
“Universal Banking and the Performance of German Firms,” with Gary Gorton, Journal of Financial Economics 58 (2000), 29–80.
“Corporate Governance, Ownership Dispersion, and Efficiency: Empirical Evidence from Austrian Cooperative Banking,” with Gary Gorton, Journal of Corporate Finance 5 (1999), 119–140.
Federal Reserve Bank of St. Louis Review
“Macroeconomic News and Real Interest Rates,” with Kevin Kliesen, 88(2) (2006), 133–144.
“Stock Return and Interest Rate Risk at Fannie Mae and Freddie Mac,” 87(1) (2005), 35–48.
“Monetary Policy Actions, Macroeconomic Data Releases, and Inflation Expectations,” with Kevin Kliesen, 86(3) (2004), 9–22.
“Asset Mispricing, Arbitrage, and Volatility,” with Bill Emmons, 84(6) (2002), 19–28.
“Voting Rights, Private Benefits, and Takeovers,” 84(1) (2002), 35–46.
“Equity Financing of the Entrepreneurial Firm,” 83(6) (2001), 15–27.
“Membership Structure, Competition and Occupational Credit Union Deposit Rates,” with Bill Emmons, 83(1) (2001), 41–50.
“Bank Competition and Concentration: Do Credit Unions Matter?,” with Bill Emmons, 82(3) (2000), 29–42.
“The Asian Crisis and the Exposure of Large US Firms,” with Bill Emmons, 82(1) (2000), 15–34.
“Credit Unions and the Common Bond,” with Bill Emmons, 81(5) (1999), 41–64.
“Wages and Risk-Taking in Occupational Credit Unions: Theory and Evidence,” with Bill Emmons, 81(2) (1999), 13–31.
“Universal Banking, Control Rights, and Corporate Finance in Germany,” with Bill Emmons, 80(4) (1998), 19–42.
Edited Volumes
“Mergers and Acquisitions in Germany: Social Setting and Regulatory Framework,” with Mark Wahrenburg, in: Jan Pieter Krahnen and Reinhard H. Schmidt (eds.), The German Financial System, Oxford (U.K.): Oxford University Press (2004), 261–287.
Actuarial Papers
“The Impact of Physician Fee Schedule Changes in Workers Compensation: Evidence From 31 States,” with Nathan Lord, National Council on Compensation Insurance, 2013.
“Loss Cost Components and Industrial Structure,” Casualty Actuarial Society E-Forum, Spring 2013 (1), 1–20.
“The Impact of Physician Fee Schedule Introductions in Workers Compensation: An Event Study,” with Nathan Lord, Casualty Actuarial Society E-Forum, Spring 2013 (1), 1–36.
“The Workers Compensation Tail,” Casualty Actuarial Society Variance 6(1) (2012), 48–77.
“Indemnity Benefit Duration, Maximum Weekly Benefits, and Claim Attributes,” Casualty Actuarial Society E-Forum, Winter 2011 (2), 1–35.
“Workplace Injuries and Job Flows,” Social Sciences Research Network (SSRN), 2009.