On 26th of September, the Presidents of the Casualty Actuarial Society (CAS) and Society of Actuaries (SOA) jointly announced that the CAS and SOA Boards of Directors agreed to explore a combination of the CAS and SOA into one new professional organization that has the scale and resources to support members’ efforts to shape and grow the evolving areas in which actuaries practice.
The environment in which actuaries practice continues to change. From predictive analytics to technology that transforms the way actuaries work, there are new opportunities for the profession to impact business and societal issues. The CAS and SOA Boards of Directors recognize that changes will continue, so the organizations must lead – not react – to maintain the profession’s competitive edge, embrace new opportunities and better serve members.
“The CAS and SOA are aligned in many ways, share similar values and are both focused on equipping members for the future,” said Brian Brown, president of the Casualty Actuarial Society. “By working together as one organization, we believe we can unite our strong knowledge, resources and leadership to jointly address new opportunities and challenges for the profession.”
Both CAS and SOA Boards are conducting their due diligence to explore a combination, which must pass several major milestones before an official combination could happen. The milestones include a formal presentation of the combination proposal to the Boards in October, votes by both Boards by mid-November on whether to recommend approval of the proposal and votes of members from both organizations in early 2019.
Throughout the exploration process, the CAS and SOA have identified several potential benefits a combined organization could offer, including more resources to prepare members for evolving fields and opportunities; a unified actuarial education system that leverages best practices and innovations from both organizations; enhanced diversity of thought and efficiency to serve members; and, a stronger global brand for the actuarial profession.
“Through education, research and a commitment to professional standards, the SOA and CAS share a commitment to lead the way for our profession and anticipate how we can best serve our members, prepare candidates and equip employers,” said Mike Lombardi, president of the Society of Actuaries. “We are committed to keeping all of our stakeholders informed and welcome their feedback as we explore a combination and the potential benefits it could offer the profession.”
About the Casualty Actuarial Society
The Casualty Actuarial Society (CAS) is a leading international organization for credentialing and professional education. Founded in 1914, the CAS is the world’s only actuarial organization focused exclusively on property and casualty risks and serves over 8,000 members worldwide. Professionals educated by the CAS empower business and government to make well-informed strategic, financial and operational decisions.
About the Society of Actuaries
With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 30,000 actuaries as members. Through research and education, the SOA’s mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA’s vision is for actuaries to be the leading professionals in the measurement and management of risk.