curriculum vitae

Etti Baranoff, PhD, FLMI Partner at “Risk and Consequences” Research and Expert Advisory Group for Risk, Compliance and Insurance www.riskandconsequences.com – Austin, TX
Distinguished Career Professor of Insurance, Risk Management and Finance – Emeritus Virginia Commonwealth University School of Business   Cell: 512-750-6782 (Home office: Austin, TX) www.vcu.edu ebaranof@vcu.edu ettib@earthlink.net        

Education

  • Ph.D. in Finance with minors in Statistics, and Insurance, University of Texas at Austin
  • BA in Economics and Statistics, University of Tel-Aviv, Israel
  • FLMI (Fellow of Life Management Institute) Designation with Distinction
  • Teaching Certificate in Social Sciences, University of Tel Aviv, Israel

Brief Professional Background

  • Partner at “Risk and Consequences” Research and Expert Advisory Group for Risk and Insurance: 2017 –
  • Risk Management and Insurance and Finance Faculty Position at VCU: 1995 to June 2023
  • The Geneva Association – External Research Director – Insurance and Finance: October 2010 to July 2016
  • Texas Association of School Boards (TASB) risk pools analysis: February 1994 – 1995
  • Texas Department of Insurance (TDI), Austin, Texas: 1982-1994
    • 1991 – 1994: Legislative and Research Projects Manager
    • 1986 – 1991: Legislative and Research Programs Administrator
    • 1982 – 1986: Rate Analyst
  • American Founders Life Insurance Company, Austin, Texas: 1978 – 1982
    • 1980 – 1982: Market Research Analyst
    • 1978 – 1980: Pension Administrator

Expert Witness on insurance issue 1993-2023

Awards and Grants

  • Lifetime Achievement Award by Marquis Who’s Who in 2017
  • Best paper award by ARIA, summer 2016.
  • Designated “a distinguished professor from abroad” by the Research program of Thales (in Greece) with the title “Risk Assessment and Stress Testing on European Banks” for a grant of $850,000 (Acceptance rate of research proposals: 12.7%). Participation of Distinguished Professors: Savas Papadopoulos, Badi Baltagi, Etti Baranoff, Iftekhar Hasan, Tom Sager, and Apostolos Serletis (Travelled and worked at the Bank of Greece in June 2015).
  • International Insurance Society five-time research award winner including the 2008 award.
  • 2005 VCU Business School distinguished scholar.

Detailed Professional Background

Faculty Position at VCU: 1995 Distinguished Career Professor of Finance and Insurance at the School of Business of Virginia Commonwealth University, Richmond, Virginia

  • Teaching: teaching risk and insurance, finance, managing financial risk, and employee benefits
  • The Risk Management and Insurance program at VCU was  designated A Global Center of Insurance Excellence.
    • The class “managing financial risk” became a seminar including special projects with @Risk in computing the VaR and stress tests for various conglomerates’ ERM and VaR.
  • Research and Publications Topics:
    • Overall body of research: insurers’ solvency detection and financial stability; regulation of insurers; performance of life and health insurers, among others.The current focus is on health insurance utilizations and performance. Spring 2021, “On The Financial Superiority of Medicaid Specialist Insurers: A Novel Transactions Cost/Supply Chain Approach” at The Geneva Papers on Risk and Insurance – Issues and Practice, and “Comparing Apples to Oranges: Administrative Expenses, Finances in Medicare systems” at the American Journal of Managed Care. Published and  “What US Health Insurers’ Data Show for ACA ‘Repealers’?” (September 2016 at the American Journal of Accountable Care (AJAC)[1] of the American Journal of Managed Care – (AJMC); Health insurers riskiness and credit rating; Health Insurers’ diversification, among others.
    • Systemic Risk in Insurance; Financial Stability in Insurance; Capital Structure and Capital/risk interrelationship in Insurance; Risk and enterprise risk management maps and interrelationships of life insurers; risk financing; risk assessment; risk measurements; and relations to capital; interrelations among capital/risk/organization/distribution structures; solvency detection models; regulations and impact, strategic risk; and products such as variable annuities with guarantees[2]; identification/mitigation/implementation of risk management solutions; industry segmentation; sophisticated statistical modeling; asset allocation dynamics – determinants and performance; market discipline – impact of rating on internal behavior of insurers and market response;
  • Risk Management and Insurance Textbook by Wiley & Sons, Risk Assessment textbook for the ARM designation and more. (See publications below). Completed a substantial revision in the 2019 edition shown above.
  • October 2010 to July 2016: The Geneva Association – External Research Director – Insurance and Finance (part-time). Key independent expert of The Geneva Association on all fundamental and theoretical work in the area of Insurance and Finance (IF) responsible for original research work in this area. The editor of the Insurance and Finance Newsletter of the Geneva Association and bi-annual editor of the IF Special Issue of the Geneva Paper. Served on the Financial Stability in Insurance working group.  Organizer of the Geneva Association Annual Symposium on Insurance Strategies in London. 2015 Topic: Mergers & Acquisitions.

February 1994 — 1995: Texas Association of School Boards (TASB)

TASB is Texas largest public risk pools providing health care coverage, workers’ compensation, unemployment compensation and property/casualty insurance to Texas school districts and other public entities. Responsibilities include project management in market research and product development.  Research in alternative risk financing and risk management

1982 — 1994: Texas Department of Insurance (TDI), Austin, Texas

1991 – 1994: Legislative and Research Projects Manager

Financial analysis and solvency models for both the life/health and property/casualty insurance industries utilizing sophisticated statistical and econometrics techniques, and economic theories.

Utilization review study of six health care constituencies

Condition of the Texas property insurance market

Data collection needs for rates and market condition

Property/casualty filing forms.

Impact of regulatory rating system changes

Represented TDI in various National Association of Insurance Commissioners (NAIC) working groups.

1986 – 1991: Legislative and Research Programs Administrator

Responsible for research projects for various lines of insurance and insurance issues primarily related to legislative needs; some studies have impacted Texas insurance laws.

1982 – 1986: Rate Analyst

Responsible for preparing the property/casualty rate development including auto, property, and workers’ compensation rate development and rates calculations. Performed actuarial analyses.

1978 – 1982: American Founders Life Insurance Company, Austin, Texas

1980 – 1982: Market Research Analyst

Responsible for the product monitoring system and developing target marketing kit for agents. Participation in radio talk shows about marketing life insurance to women.

1978 – 1980: Pension Administrator

Responsible for completing IRS forms relating to pension plans and reporting to employers. 

1977-1978: “Realty World” Austin, Texas

1975-1977: High School “H,” Tel-Aviv, Israel

An economics and social sciences teacher preparing seniors for matriculation examinations.

1971-1972:  The Reserve Bank of Israel, Tel-Aviv, Israel

An Economist trading bonds in the Israeli stock exchange.

1970-1971:  The Histadrut, Israel National Labor Federation

An Economist

Publications

  • “On The Financial Superiority of Medicaid Specialist Insurers: A Novel Transactions Cost/Supply Chain Approach” The Geneva Papers on Risk and Insurance – Issues and Practice, Spring 2021; https://doi.org/10.1057/s41288-021-00204-y
  • Baranoff, Etti G., Patrick Brockett, Thomas W. Sager, and Bo Shi “Was the U.S. Life Insurance Industry in Danger of Systemic Risk by Using Derivative Hedging Prior to the 2008 Financial Crisis?”  Quantitative Finance and Economics, 2019, 3(1): 145-164. doi: 10.3934/QFE.2019.1.145
  1. Baranoff, Etti G.  “ Geneva Association Interview with Mike Wilkins, Managing Director and CEO, Insurance Australia Group (IAG),” 13th Insurance and Finance Newsletter, The Geneva Association, February 2014 at: https://www.genevaassociation.org/media/859961/ga2014-if13.pdf
  • Baranoff, Etti G. and Munich Re “Feature Insurance Company: Team An Interview with Dr Torsten Jeworrek about Munich Re,” 12th Insurance and Finance Newsletter, The Geneva Association, October 2013 at: https://www.genevaassociation.org/media/832444/ga2013-if12-full.pdf
  • Baranoff, Etti “The Necessity of Multi-Discipline Risk Management: Transformation of Mindset and Incentive Pay “ 2013 E-Book Incentive Compensation – The Critical Blind Spot in ERM Today of The Joint Risk Management Section of the Society of Actuaries (SOA), the Casualty Actuarial Society (CAS), and the Canadian Institute of Actuaries (CIA), in collaboration with the International Network of Actuaries in Risk Management (IN-ARM)
  • Baranoff, Etti G., Thomas W. Sager, and Bo Shi “Capital and Risks Interrelationships in the Life and Health Insurance Industries: Theories and Applications” 2014 at the “Handbook of Insurance” by Prof. Georges Dionne, Publisher: Springer-Verlag New York, LLC, Series: http://www.springer.com/us/book/9781461401544
  • Baranoff, Etti G, “An Analysis of the AIG Case – Understanding Systemic Risk and its Relation to Insurance” 2013 at the Journal of Insurance Regulation, JIR- ZA-31-11
  • Baranoff, Etti G., Daniel Haefeli, Patrick Liedtke and Christian Schmaltz  “Insurers as Systemically Important Financial Institutions (SIFIs)? Exploration and Methodology” 2013, Journal of Insurance Regulation, JIR- ZA-31-03
  • Baranoff, Etti G., “Editorial: The Financial and Economic Attributes of Insurers” Geneva Papers on Risk & Insurance – Issues & Practice; Jul2012, Vol. 37 Issue 3, Special editor of the Insurance and Finance Issue, July 2012
  • Baranoff, Etti G., and Thomas W. Sager  “The Interplay between Insurers’ Financial and Asset Risks during the Crisis of 2007-2009,” Geneva Papers on Risk & Insurance – Issues & Practice; Jul2011, Vol. 36 Issue 3, p348
  • Baranoff, Etti G., and Thomas W. Sager “An Empirical Map of Enterprise Risk Space for Life Insurers: Implications for ERM” in the Monograph of the ERM Symposium of the Actuarial Society in May 2009, Chicago.  
  • Baranoff, Etti G., and Thomas W. Sager, “Do Life Insurers’ Asset Allocation Strategies Influence Performance within the Enterprise Risk Framework?” The Geneva Papers, 2009, 34, (242–259) © 2009 The International Association for the Study of Insurance Economics 1018-5895/09 http://www.palgrave-journals.com/gpp/
  • Baranoff, Etti G., and Thomas W. Sager, “The Impact of Mortgage Backed Securities on Capital Requirements of Life Insurers in the Financial Crisis of 2007-2008”  The Geneva Papers, 2009, 34, (100-118) © 2009 The International Association for the Study of Insurance Economics 1018-5895/09, http://www.palgrave-journals.com/gpp
  • Baranoff, Etti G, “Prevent the Next Crisis: Demand Risk Management Education,” The Regulator/JAN 2009 7
  • Etti G. Baranoff “Risk Management and Insurance after 9/11” Chapter 10 of “The Impact of 9/11 on business and Economics: The Business of Terror — The Day that Changed Everything?” Edited by Matthew J. Morgan and Forwarded by James J. Heckman,  Palgrave Macmmillan, 2009
  • Etti G., and Thomas W. Sager “Mortgage Backed Securities and Capital of Life Insurers: Was the Industry prepared for the Credit Crunch of 2007-2008?” a $10,000 award winning paper at the IIS 2008.  2008 Special Competition Issue of the Geneva Papers on Risk and Insurance Issues and Practice.
  • Baranoff, Etti “Congratulations, Grads — Now What About Medical Insurance? Sunday, Apr 20, 2008 – Richmond Times-Dispatch
  • Baranoff, Etti “Risk Management and Insurance” 2007, Preliminary 2nd Edition, PearsonPack
  • Baranoff, Etti G., Savas Papadopoulos, and Tom W. Sager “Capital and Risk Revisited: A Structural Equation Model Approach for Life Insurers” The Journal of Risk and Insurance, 2007, Vol. 74, No. 3, 653-681
  • Baranoff, Etti G., and Thomas W. Sager “Integrated Risk Management in Life Insurance Companies” a $10,000 award winning paper, International Insurance Society Seminar, Chicago, July 2006 and in Special Edition of the Geneva Papers on Risk and Insurance Issues and Practice
  • Baranoff, Etti G, Scott Harrington and Greg Niehaus “Risk Assessment” 2005 American Institute for Chartered Property Casualty Underwriters/Insurance Institute of America, Malvern, Pennsylvania
  • Baranoff, Etti G. “Mapping the Evolution of Risk Management” feature article in Contingencies, July/August 2004 pp. 22- 27
  • Baranoff, Etti G. “Risk Management – A Focus on Holistic Approach: Three Years After September 11” The Journal of Insurance Regulation, Summer 2004. Vol. 22, Iss. 4; p. 71 (11 pages)
  • Baranoff, Etti G. and Dalit Baranoff “Trends in Insurance Regulation” Review of Business, Fall 2003, pp. 11-20
  • Baranoff, Etti G., And Thomas W. Sager “The Interrelationship Among Organizational And Distribution Forms And Capital And Asset Risk Structures In The Life Insurance Industry” Journal Of Risk and Insurance, Sept. 2003, v70 i3 p375(26)
  • An Interview for A. M. Best publications: “In the Spotlight: Professor Says New Risk Management Textbook Connects With Holistic Problem Solving” BestWeek, the week of Sep. 2, 2003, BestDay News on Sep. 2, 2003 and “Greater Than the Sum of the Parts,” Best’s Review, November 2003
  • Baranoff, Etti G. and Thomas W. Sager “The Relationship between Asset Risk, Product Risk, and Capital in the Life Insurance Industry,” Journal of Banking and Finance, (26)6 (2002) pp. 1181-1197.
  • Baranoff, Etti G. “The Risk Balls Game: Transforming Risk and Insurance into Tangible Concepts” Risk Management and Insurance Review,  2001, Vol. 4, No. 2, 51-58
  • Baranoff, Etti G., Thomas W. Sager and Tom Shively, “Semiparametric Modeling As A Managerial Tool For Solvency,” Journal of Risk and Insurance, September, 2000
  • Baranoff, Etti G., Dalit Baranoff and Thomas W. Sager, “Nonuniform Regulatory Treatment of Broker Distribution Systems: An Impact Analysis for Life Insurers,” Journal of Insurance Regulations, Fall 2000, Vol. 19 Issue 1, p94, 36p
  • Baranoff, Etti G., “Determinants in Risk-Financing Choices: The Case of Workers’ Compensation for Public School Districts,” Journal of Risk and Insurance, June, 2000
  • Baranoff, Etti G. and Dan Gattis “Shaping a Positive Insurance Regulatory Environment in the new Knowledge Millennium” Seminar Proceedings of the International Insurance Society, Inc. – Volume 2000, July, 2000.
  • Baranoff, Etti G., Thomas W. Sager and the late Bob Witt “Industry Segmentation And Predictor Motifs For Solvency Analysis Of The Life/Health Insurance Industry” Journal of Risk and Insurance, March, 1999
  • Baranoff, Etti G. and Dan Gattis, “Measuring Attitudes Toward Regulation” Best’s Review, P/C and L/H Issues September 1998
  • Baranoff, Etti G. and Phyllis Myers “The Prevalence and Application of Risk Management Information Systems,” Risk Management Letter, December 1997
  • Myers, Phyllis S. and Etti G. Baranoff, “Non-Traditional Insurance Programs: The New Generation,” Academy of Insurance Education, Washington D.C., Instructional video with supplemental study guide.  (Video produced by the Center for Video Education, 1997)
  • Myers, Phyllis S. and Etti G. Baranoff, “Ethics in Insurance,” Academy of Insurance Education, Washington D.C., Instructional video with supplemental study guide.  (Video produced by the Center for Video Education, 1997)
  • Myers, Phyllis S. and Etti G. Baranoff, “CGL: Issues and Perspectives,” Academy of Insurance Education, Washington D.C., Instructional video with supplemental study guide.  (Video produced by the Center for Video Education, 1997)
  • Myers, Phyllis S. and Etti G. Baranoff, “Workers’ Compensation: On the Cutting Edge,” Academy of Insurance Education, Washington D.C., Instructional video with supplemental study guide.  (Video produced by the Center for Video Education, 1997)
  • Myers, Phyllis S. and Etti G. Baranoff, “Reinsurance: Tradition in Transition,” Academy of Insurance Education, Washington D.C., Instructional video with supplemental study guide. (Video produced by the Center for Video Education, 1997)
  • Baranoff, Etti, G., Phyllis S. Myers and E. G. Miller, “The Prevalence and Application of Risk Management Information Systems,” An award winning paper, Seminar Proceeding of the International Insurance Society, Inc. – Volume 1996.
  • Baranoff, Etti, G., Thomas W. Sager, and Robert C. Witt “Investment Risk and Warning Signals for Life/Health Insurance Companies“ An award winning paper, Seminar Proceedings of the International Insurance Society, Inc. – Volume 1995.
  • Baranoff, Etti, G., “Medical Professional Liability Market Place in Texas,” Journal of Insurance Regulation, Sep. 1989
  • “Texas Liability Insurance Closed Claim Survey,” Parts I and II, September 1987, Journal of Insurance Regulation (Appears under Texas State Board of Insurance. Co-authored with David Eley)

Submitted Papers

Baranoff, Etti G., Thomas W. Sager, Charles Yang, Bo Shi and Dalit Baranoff, “Supply Chain/Transaction Cost Insights into the Profitability of Health Insurers during 2020, the Start of COVID-19”

Presented Papers

Presentations at ARIA meeting 2022, Long Beach. CA, 2022

Baranoff, Etti G., Dalit Baranoff, Thomas W. Sager, and Bo Shi “Supply Chain/Transaction Cost Insights Into the Success of Health Insurers During Covid-19” 8-1-2022

Presentation at American Society of Health Economists meeting 2022, Austin, TX

Shi Bo, Baranoff, Etti G., Sager Thomas W., Baranoff, Dalit “Health Insurers’ Marketplace Participation Decision – a Valuation Approach on Risks” 6-29-2022

Presentation at VCU School of Business Dean’s Seminar 2022

Baranoff, Etti “A Supply Chain / Transaction Cost Answer for Why Medicaid Insurers Were the Most Profitable in 2020” 2-4-2022

Presentations at ARIA meeting 2021 on-line

Shi Bo, Sager Thomas W., Baranoff, Etti G., Baranoff, Dalit “A Tale of Two Markets:
Are Health Insurance Marketplace Plans Subsidized by Off-Marketplace Plans?” presented on 8-2-2021

Presentations at ARIA meeting 2019 (San Francisco)

Baranoff, Etti G., Dalit Baranoff, Thomas W. Sager, and Bo Shi “Do Some Health Insurers Consistently Perform Better than Others?”

Baranoff, Dalit, Etti G. Baranoff, Thomas W. Sager, and Bo Shi “Comparing Apples to Oranges: Is it True that Medicare Administrative Expenses are Lower?”

Baranoff, Etti G. “ERM Cases using @Risk”

For 2017

Baranoff, Etti G., and Thomas W. Sager  “Market Discipline of Health Insurers Consumers.”

presentation at the ARIA meeting, 2011 and the VCU Business School seminars, 4-20-2010

Baranoff , Etti G, Daniel Haefeli, Thomas W. Sager, “Surrenders in the life insurance industry: A systemic Risk of Runs?” – presented at the 2013 ARIA meeting in DC.

Baranoff, Etti G., Thomas W. Sager, and Bo Shi “Does Health Insurers’ Bargaining Power Affect Health Insurance Premium Change?” presentated at the 2013 ARIA meeting in DC, and 2013 APRIA meeting in NYC.

Under R&R

Baranoff, Etti G., and Thomas W. Sager  “Market Discipline of Life Insurers’ Consumers.”

At the Journal of Money, Credit and Banking (JMCB) (added co-authors)

Presentations at FEA in Florida Sep. 30-Oct. 1, 2016:

Baranoff Etti G. “Analysis of the 2001 Failure of HIH Insurance in Australia in Relations to Systemic Risk and Insurance Resolution” accepted by the Journal of Finance Case Research for publication in summer 2017

Baranoff Etti G. and Regina E. Pittman “ERM Case Study of Pfizer, 2015)” submitted to the Journal of Finance Case Research for the case sessions at the FEA/ABE joint meeting

To be finalized:

Shi, Bo, Thomas W. Sager, Baranoff, Etti G., Dalit Baranoff “Enrollment and Medical Services in Medicaid Expansion vs. Non-Expansion States” Revising for American Journal of Accountable Care (AJAC) or new journal  

Baranoff, Etti G., Dalit Baranoff, Thomas W. Sager and Bo Shi “Health Utilization Indices:  Broad Standards for Choices and Value Based Health Care” Accepted to the 2017 ARIA meeting in Toronto, Canada

Baranoff, Etti G., Dalit Baranoff, Thomas W. Sager and Bo Shi “Interrelations between Health Insurers’ Managed Care Profiles and Financial Risks 2006-2014”

Baranoff , Etti G. and Kim Staking “Insurers as Investors” presented at the Amsterdam Circle of Chief Economists (ACCE) of the Geneva Association, Feb, 2012 and accepted for special session presentation at ARIA, 2012  work-in-progress

Baranoff, Etti G., Thomas W. Sager, and Bo Shi “Implications for U.S. Health Insurers of Future Growth in the Age 65+ Population” Presented at ARIA, Summer 2012

Baranoff, Etti G., Thomas W. Sager and Tom Shively “Rebalancing Target Capital in the Financial Sector: The Case of Life Insurance” at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1215187

Baranoff, Etti G., Thomas W. Sager and Tom Shively “The Interrelation between Capital and Asset Risk in Life Insurers Using Semiparametric Simultaneous Equations Models and Application to the 2007-2009 Financial Crisis” Presented at RTS 2004, FMA and ARIA. Updated to incorporate the financial crisis period.

Baranoff, Etti G., Manu Gupta, and Puneet Prakash “Skewness in Underwriting Distributions and Its Meaning for Insurers’ Estimation of Cost of Capital”

Baranoff, Etti G and Linda Golden “Expanding The ERM Brand:  Enterprise, Risk And Opportunity Management (EROM)”

Liyan Zhao, Thomas W. Sager and Etti Baranoff  “Determining Market Values of Individual U. S. Life Insurers By Matching Method and Multiple Imputation” new title: “Marking to Market the Capital of Non-Publicly Traded Insurers for use in Financial Studies,” [on SSRN]

Baranoff, Etti G. and Dan Gattis “The Emerging Global ‘War for Talent’: Attracting and Retaining World Class Talent in an Era of Changing Demands, Expectations and Demographics”

Baranoff, Etti G., and Thomas W. Sager “The Relationship between Capital and Earnings of Life Insurers”

Presentations at FEA in Florida, 2016:

Baranoff Etti G. “Analysis of the 2001 Failure of HIH Insurance in Australia in Relations to Systemic Risk and Insurance Resolution” submitted to the Journal of Finance Case Research for the case sessions at the FEA/ABE joint meeting

Baranoff Etti G. and Regina E. Pittman “ERM Case Study of Pfizer, 2015)” submitted to the Journal of Finance Case Research for the case sessions at the FEA/ABE joint meeting

Bo Shi, Etti Baranoff and Thomas W. Sager “Product Diversification in Health Insurance with Comprehensive Coverage Benefits U..S. Health Insurers” at the Journal of International & Interdisciplinary Business Research – presented at the 2015 WRIEC in Munich, germany

Baranoff, Etti G., Thomas W. Sager, and Bo Shi “The Risk of Variable Annuity Guarantees and Life Insurer Capital” At the Journal of Asia-Pacific Journal of Risk and Insurance, http://www.degruyter.com/view/j/apjri, Forthcoming Jul 2016. Immediate on-line availability —  presented at 2015 WRIEC in Munich, germany

Baranoff, Etti organized the 2015 Geneva Association Symposium of Insurance Strategies

at Aviva (London) “Consolidation in Insurance: What is it about?” November 2015

Baranoff , Etti G, Daniel Haefeli, Thomas W. Sager, “Surrenders in the life insurance industry:

A systemic Risk of Runs?” – Work in Progress accepted for presentation at the

2013 ARIA meeting in DC.

Baranoff, Etti G., Thomas W. Sager, and Bo Shi “Does Health Insurers’ Bargaining Power Affect Health Insurance Premium Change?” accepted for presentation at the 2013 ARIA meeting in DC, and 2013 APRIA meeting in NYC.

Baranoff , Etti G. and Kim Staking “Insurers as Investors” presented at the Amsterdam Circle of Chief Economists (ACCE) of the Geneva Association, Feb, 2012 and accepted for special session presentation at ARIA, 2012

Baranoff, Etti G., Thomas W. Sager, and Bo Shi “Implications for U.S. Health Insurers of Future Growth in the Age 65+ Population” accepted for presentations at ARIA and APRIA, Summer 2012

Baranoff, Etti G., Patrick Brockett, Thomas W. Sager, and Bo Shi “Is the U.S. Life Insurance Industry in Danger of Systemic Risk by Using Derivatives Hedging? ” Working paper presented at 2011 ARIA and APRIA meetings and presentation at EGRIE 2012

Baranoff, Etti G., Daniel Haefeli and Patrick  Liedtke “Insurers as Systemically Important Financial Institutions (SIFIs)? Exploration and Methodology” presented at 2011 ARIA meeting, 2011 APRIA meeting in Japan and the Australian Feds/JBF in Australia.

Baranoff, Etti G., and Thomas W. Sager  “Market Discipline of Health Insurers Consumers.” presentation at the ARIA meeting, 2011 and the VCU Business School seminars, 4-20-2010

Baranoff, Etti G. “Teaching Pensions through Case Study:  How to Evaluate the Differences among Qualified Retirement Plans for a Small Medical Office” at the Finance Education Association meeting in San Antonio, 2010

Baranoff, Etti G., Thomas W. Sager,  and Bo Shi “Capital Ratio, Product Risk and Asset Risk Relationships in the U.S. Health Insurance Industry” accepted at the FMA and ARIA [World Risk Congress] for 2010 conferences, FMA top papers series. World Finance Congress in Greece, 2011, and WRIA, 2011

Baranoff, Etti G., Thomas W. Sager, Bo Shi “Variable Annuities with Guaranteed Living Benefits: A Capital Structure Impact for Life Insurers?” presented at ARIA 2009 and FMA, 2010. FMA top papers series. Forthcoming presentation at EGRIE 2012.

Baranoff, Etti G and Linda Golden “Expanding the ERM Brand:  Enterprise, Risk and Opportunity Management (EROM)” to be presented at the 2010 WRIA meeting in Napa Valley

Baranoff, Etti G., Thomas W. Sager and Bo Shi, “Variable Annuities with Guarantees and Mortgage Backed Securities: A Colossal Capital Crisis for Life Insurers?” Presented at the 2009 ARIA meeting in Providence, RI.

Baranoff, Etti G., and Thomas W. Sager “An Empirical Map of Enterprise Risk Space for Life Insurers: Implications for ERM” ERM Symposium of the Actuarial Society in May 2009, Chicago

Baranoff, Etti G., and Thomas W. Sager “Mortgage Backed Securities and Capital of Life Insurers: Was the Industry prepared for the Credit Crunch of 2007-2008?” a $10,000 award winning paper at the IIS 2008, ARIA, Portland, 2008

Baranoff, Etti G., Thomas W. Sager  and Tom Shively “Rebalancing Target Capital in the Financial Sector: The Case of Life Insurance” MFA, San Antonio, 2008, ARIA, 2008

Baranoff, Etti G., and Thomas W. Sager “Market Discipline in Life Insurance:  Insureds’ Reaction to Rating Downgrades in the Context of Enterprise Risks” ARIA, Quebec City, Canada, August, 2007 and WRIA in Jan 2008 and at the EGRIE meeting, Toulouse, France, September, 2008

Baranoff, Etti G., and Thomas W. Sager “Integrated Risk Management in Life Insurance Companies” Award winning paper, International Insurance Society Seminar, Chicago, July 2006, VCU Dean’s seminar Series, March, 2007

Baranoff, Etti G., and Thomas W. Sager “An Empirical Map of Enterprise Risk Space for Life Insurers: Implications for ERM” ARIA, August 2006

Baranoff, Etti G., and Thomas W. Sager “Impact of Life Insurers’ Rating Changes on Market Discipline” VCU Seminar series, April 21, 2006

Baranoff, Etti G. and David Jewell, “Wind vs. Water” Fraud Conference, VCU, March 14, 2006

Baranoff, Etti G., and Thomas W. Sager “The Relationship Between Life Insurers’ Asset Allocation and Performance” FMA meeting, October 2005 in Chicago and VCU internal seminar

Baranoff, Etti G., and Thomas W. Sager “Life Insurers’ Asset Allocation Dynamics and Performance” WRIA meeting, 2005 in Monterey Bay, CA and FMA meeting in Chicago

Liyan Zhao, Thomas W. Sager and Etti Baranoff  “Determining Market Values of Individual U. S. Life Insurers By Matching Method and Multiple Imputation” ARIA meeting, 2004 in Chicago

Baranoff, Etti G., and Thomas W. Sager “Life Insurers’ Asset Allocation Dynamics and Performance” ARIA meeting, 2004 in Chicago

Baranoff, Etti G., and Thomas W. Sager “What’s Running Life Insurers’ Asset Allocation Decisions? Regulation, Financial Rating, Owners/Manager Conflicts or Other Determinants?” Award winning at the International Insurance Society, Inc., July, 2004, London

Baranoff, Etti G., Thomas W. Sager and Tom Shively “Managing Capital Structure: The Case of Life Insurers – A Semiparametric Simultaneous Equations Approach” presentation at the 2004 Risk Theory Seminar

Baranoff, Etti G., and Thomas W. Sager “Determinant of Asset Allocation Dynamics in the Life Insurance Industry” At ARIA 2003 meeting in Denver

Baranoff, Etti G., and Thomas W. Sager “The Interrelationship among Organizational and Distribution Forms and Capital and Asset Risk Structures in the Life Insurance Industry” At ARIA 2002 meeting in Montreal

Baranoff, Etti G., Tom W. Sager and Savas Papadopoulos “The Effect of Regulated versus Market Risk on the Capital Structure of Life Insurers: A Structural Equation Modeling Approach” –  At FMA 2002 meeting in San Antonio

Baranoff, Etti G., and Thomas W. Sager “The Relationship between Capital and Earnings of Life Insurers” Working paper at the ARIA 2001 meeting in Indianapolis

Baranoff, Etti G., and Thomas W. Sager “The Interrelationship among Organizational and Distribution Forms and Capital and Asset Risk Structures in the Life Insurance Industry” Presentation at the SRIA meeting in San Antonio, November, 2000 and at VCU Seminar in February, 2001, Working paper forthcoming at the ARIA 2002 meeting in Montreal, Canada

Baranoff, Etti G., Thomas W. Sager and Tom Shively, “A Semiparametric Decision Tool for Managing Capital Structure: The Case of Life Insurers”  FMA 2000 meeting in Seattle

Baranoff, Etti G., Tom W. Sager and Savas Papadopoulos “The Effect of Regulated versus Market Risk on the Capital Structure of Life Insurers: A Structural Equation Modeling Approach” – Working paper presented at the ARIA 2000 meeting in Baltimore

Baranoff, Etti G., Thomas W. Sager and Tom Shively, “The Relationship Among Asset Risk, Product Risk, And Capital In The Life Insurance Industry: A Semiparametric Approach,” Presentation at the SRIA meeting in Orlando, November, 1999

Baranoff, Etti G. and Thomas W. Sager “The Relationship between Asset Risk, Product Risk, and Capital in the Life Insurance Industry,” Presentation at the American Risk And Insurance Association (ARIA) meeting in Vancouver, August, 1999

Baranoff, Etti G., Dalit Baranoff and Thomas W. Sager, “Inconsistencies in Insurance Broker’s Laws Across States: A Review And Impact Analysis,” Presentation at the SRIA meeting in Williamsburg, November, 1998

Baranoff, Etti G., Thomas W. Sager “The Relationship between Asset Risk, Product Risk, and Capital in the Life Insurance Industry,” Presentation at the VCU FIRE Department Seminar series, October 1998

Baranoff, Etti G., Thomas W. Sager and Tom Shively,  “An Examination of the Linear Applications in Life Solvency Studies  — A Semi-Parametric Analysis,” Presentation at the American Risk And Insurance Association (ARIA) meeting, Boston, August 1998

Baranoff, Etti G. and Thomas W. Sager, “Life Risk-Based-Capital Reviewed through the Lens Of Transaction-Cost Economics: Should There Be Equal Treatment For Different Specialties?”  The Risk Theory Seminar for presentation in its 1998 meeting, and also presented at the VCU seminar series, January, 1998

Baranoff, Etti G.,  “An Examination of Risk Financing Hypotheses: The Case of Workers’ Compensation for School Districts,” presented at the VCU seminar series, December, 1997

Baranoff, Etti G., Thomas W. Sager “Three Years of Risk-Based Capital: Differential Impacts on Life/Health Industry Segmentation,” – ARIA meeting in San Diego, 1997

Baranoff, Etti G.,  “Selection of a Risk Management Financing Strategy: A Case of Workers’ Compensation for Public Entities,” SRIA meeting in Hilton Head, 1996

Baranoff, Etti G., Phyllis S. Myers and E.G. Miller “The Prevalence and Application of Risk Management Information Systems,” ARIA meeting in Philadelphia, 1996

Baranoff, Etti G., Phyllis S. Myers and E.G. Miller “The Prevalence and Application of Risk Management Information Systems,” International Insurance Society in Amsterdam, Holland, July 1996

Baranoff, Etti G.,  “A Choice Model Between Self-Funding and Fully-Insuring Workers’ Compensation,” ARIA meeting in Seattle, Washington, 1995

Launie, Joseph J., William P. Jennings, and Etti G. Baranoff, “Exchange Rate Risk in Reinsurance,” ARIA meeting, Seattle, Washington, 1995

Baranoff, Etti G., Thomas W. Sager, and Robert C. Witt, “Investment Risk and Warning Signals for Life/Health Insurance Companies,” FMA meeting in New York City, 1995

Baranoff, Etti G “A Stepwise Structure Redesign from the Bottom Up,” Re-engineering Special Interest Group of the University of Texas at Austin, 1995

Baranoff, Etti G., “Current and Future Life Insurance Regulation,” Inforume Conference of LOMA in Orlando, Florida, 1995

Baranoff, Etti G.,  “US Private Passenger Automobile Rating and Information Systems: Economic and Public Policy Viewpoints,” University of Tel Aviv, Tel Aviv, Israel, by Invitation from Dr. Yehuda Kahane, 1995

Baranoff, Etti G.,  “Pricing of Insurance Contracts and Evaluating Insurer Investment Practices: An Alternative Approach,” ARIA meeting, Toronto, Canada, 1994

Baranoff, Etti G., Thomas W. Sager, and Robert C. Witt  “Solvency Surveillance For The Life and Health Insurance Industry: A Disaggregated and Cascaded Approach,” ARIA meeting, San Francisco, California, 1993

Baranoff, Etti G., “An Overview of the NAIC Risk-Based Capital Formulas and Comparison to the Texas Proposed Formulas,” NABRICO (National Association of Bar Related Insurance Companies) meeting in San Antonio, Texas, 1992

Baranoff, Etti G., “Financial Analysis of the Life Insurance Industry for Regulatory Purposes,” excerpts of my dissertation, ARIA meeting presented at the 1992 American and Risk Association Meeting, Washington, D.C., 1992

Baranoff, Etti G., “Causes of Insolvencies of Texas Insurers during the 1980s and 1990,” ARIA meeting, Orlando, Florida, 1990

Baranoff, Etti G., and late Nick Williams  “Texas’ Early Warning System,” ARIA meeting in Denver, Colorado, 1989

Texas Department of Insurance Published Studies

“Retrospective Review of Medical Necessity and Related Utilization Review Process,” March 1993

“Texas Insurance Company Failures in Fiscal Year 1990,” April 1991

“Texas Domestic Insurance Company Failures in the 1980s,” October 1990

“Medical Professional Liability Insurance in Texas: An Overview,” March 1989

“Group Health Benefits in Texas: A Comparative Study,” August 1988

“Texas Liability Insurance Closed Claim Survey,” (basis for a new law) February 1987

Committees, Working Groups, and Membership

2021, 2022 and 2023 ARIA paper selection committee for the annual meetings

2020/2021 and 2022 VCU School of Business PHD committee      

Member of the VCU Faculty Senate, 2014 –

Member of the University Undergraduate Curriculum Committee (UUCC), 2013 – 2015

Chair of the Les B. Strickler Innovation in Instruction Award of ARIA, 2014

On the committee of the RMI Kulp-Wright Book award of ARIA, 2014

Chair of the Curriculum Review Committee of the FIRE Department – Since August 2012 – Redid the RMI curriculum (new curriculum began Fall 2014)

FIRE Department assessment coordinator 2011 – 2014

Special editor of the July 2012 and July 2015 issues of the Geneva Papers on topics in Insurance and Finance

Member of the financial stability in Insurance Working group of the Geneva AssociationChair of the PHD Program Committee at the VCU school of Business,  2009 – 2013

VCU Faculty Senate Member, 2009 for three years; a member of the executive committee

On the award selection committee for 2011 for the International Insurance Society and the Geneva Association since 2010

On the Bob Witt award committee of the ARIA – 2011

Editorial Boards:

  • The Geneva Papers on Risk and Insurance Issues and Practice of The International Association for the Study of Insurance Economics. (www.palgrave-journals.com/gpp/)
  • Journal of Applied Risk Management & Insurance

Service

  • A member of the VCU ORP (Defined Contribution Pension Plan) Investment Advisory Committee beginning 2010-2013
  • Invited by the Provost to be a member of the VCU 2020 Strategic Plan Recalibration: Theme III Recalibration Work Group – 2010
  • A member of the committee evaluating the 2011 Business School Summer Research Grants
  • Search committees for FIRE Department and on promotion committees
  • Referee of many academic papers in the Journal of Risk and Insurance, Geneva Papers, Geneva Review, the Risk Management and Insurance Review, The Journal of Insurance Regulation, and The Journal of Banking and Finance, American Journal of Pharmacy Benefits and more…
  • Chair of the Bob Hedges Undergraduate Student Award for ARIA – 2010
  • Served on the VCU business School Undergraduate Curriculum Committee –  2001 – 2009.
  • Chair of the Kulp-Wright book Award Committee for ARIA, 2007/2008/2009
  • Committee member of 2007, 2008 and 2009 ARIA meeting program
  • Chair RMIR award committee – ARIA 2007
  • Host of Risk Theory Seminar at VCU in April 21-23, 2006
  • Search committee for FIRE Department Chair – 2006-2007
  • Chair Hedges award committee – ARIA 2006
  • Chair new awards committee – ARIA 2005 and 2006
  • Serving on ARIA program and best JRI article selection committees – 2006 and 2007
  • Chair of Placement for ARIA 2002-2004
  • Serving on the ARIA committee for the 2004 Les B. Strickler Innovation in Instruction Award
  • A visiting scholar at the University of Texas at Austin since 2001
  • A member of the Kulp-Wright book Award Committee for ARIA, 2004
  • Participating in Article award for JRI, and nominating committee, 2003
  • Chair of the Kulp-Wright book Award Committee for ARIA, 2001 and 2002
  • Serving on the VCU Business School Technology committee since 1999 and Global Scholar Committee since 2000
  • A member of the Kulp-Wright book Award Committee for ARIA, 2000
  • A member of the Risk Theory Seminar, since 1998
  • Serving on the selection committee for the 1998 winning article of the Journal of Risk and Insurance, 1999
  • Serving on the selection committee for the 1997 winning article of the Journal of Insurance Regulation, 1998
  • Serving on the VCU Business School Undergraduate Curriculum committee, 1997 and 1998.  Continuing a second term, 1999
  • Served on the ARIA committee for the 1997 Les B. Strickler Innovation in Instruction Award, 1997
  • A member of the Insurance Committee of the Richmond JCC, 1995-1998
  • A member of the Human Resource Committee of the Richmond JCC, 1995-1998
  • Served on the VCU Business school scholarship committee, 1997 
  • Served on the VCU Business School’s FIRE Department Salary Committee, 1997
  • Chaired the Texas Department of Insurance Statistical Data Collection, 1991-1993
  • Participated in National Association of Insurance Commissioners (NAIC) Research and Development (for financial analysis) Working Group, 1991-1994
  • Participated in the NAIC Life/Health, Property/Casualty, and Health Organizations Risk Based Capital Working Groups, 1991-1994
  • Participated in the NAIC Invested Assets Working Group – 1991-1994
  • Participated in the Texas Workers’ Compensation Facility Rating Committee, 1991

Associations and Awards

Life Time Achievement Award, Marquis Who’s Who in 2017

Best paper award by ARIA, summer 2016.

Designated “a distinguished professor from abroad” by the Research program of Thales (in Greece) with the title “Risk Assessment and Stress Testing on European Banks” for a grant of $850,000 (Acceptance rate of research proposals: 12.7%). Participation of Distinguished Professors: Savas Papadopoulos, Badi Baltagi, Etti Baranoff, Iftekhar Hasan, Tom Sager, and Apostolos Serletis (Travelled and worked at the Bank of Greece in June 2015).International Insurance Society five-time research award winner including the 2008 award.2005 VCU Business School distinguished scholar.

The Geneva Association. See Annual Report and Collaborators at: http://www.genevaassociation.org/PDF/General_Information/GA2011-Annual_Report_2010-2011.pdf

2008, 2006, 2004, 1996 and 1995 research round table awards at the International Insurance Seminar.

2005 Distinguished scholar of the VCU Business School

By Invitation only to the Enterprise Risk Management (ERM) Symposium at Ohio State University by the Griffith Foundation, 2006 and 2008

2004 VCU business school competitive summer grant

Invited to present at the 2004 Risk Theory Seminar in NYC and give a seminar at St. Jones University

ARIA’s Les B. Strickler Innovation in Instruction Award, 2001

A Life Member of the Risk Theory Seminar, the Financial Management Association (FMA), the American Finance Association, the Society of Insurance Research, the American Risk and Insurance Association (ARIA), and the Southern Risk and Insurance Association (SRIA).  A former Western Zone Coordinator for the Journal of Insurance Regulation, Insurance Chair for the Austin Jewish Federation, Finance Chair for the Austin Jewish Book Fair, and Education Vice President of the Morrow Street Toastmaster Club. A Recipient of 1990 Spencer Scholarship Award (RIMS), the 1989 Vestal Lemmon Presidential Scholarship at the University of Texas at Austin, and numerous Scholarships from the Gus S. Wortham Trust. A Recipient of special Ph.D. Award from the Texas Department of Insurance. A recipient of the 1995 and 1996, 2004 and 2006 research awards from the International Insurance Society, and 1997, 1998, 2000, 2001, 2002, 2004, 2005, 2006, 2008  and 2009 VCU Business School Research awards.

Quoted in

Quoted in Wall Street Journal, Forbes, Washington Post, Bloomberg, Virginia Business, Best’s Review, Chicago Tribune, Virginian-Pilot, New York Times, USA Today, United Press International, Dallas Morning News, Denver Post, the Lexington Herald-Leader (Ken.), the Press-Enterprise (Calif.), the Colorado Springs Gazette, Monterey County Herald (Calif.), the Myrtle Beach Sun News, the Denton Record Chronicle (Tex.) and the Sun Herald (Miss.), AP, Roeters, and more

Interviews by WRVA, NPR’s Marketplace and Public Radio of Richmond, VA.

Actual quote (as above):

“I spoke with Etti Baranoff, an associate professor of finance and insurance at Virginia Commonwealth University and an internationally recognized expert on the subject. (She’s kind of the LeBron James of insurance, only more reliable in the clutch.)” from:  “Bridging the insurance gap: How can you make sure you’re still covered when switching jobs? Plus, how to tell an interviewer why you quit.” Ask Rex Huppke: I Just Work Here, Chicago Tribune, February 26, 2012 at: http://www.chicagotribune.com/features/tribu/ijustworkhere/ct-biz-0227-work-advice-huppke-20120226,0,3307510.column

[1] http://www.ajmc.com/journals/ajac/2016/2016-vol4-n3/What-US-Health-Insurers-Data-Show-for-ACA-Repealers

[2] Award winning: Baranoff, Etti G., Thomas W. Sager, and Bo Shi “The Risk of Variable Annuity Guarantees and Life Insurer Capital” At the Journal of Asia-Pacific Journal of Risk and Insurance, http://www.degruyter.com/view/j/apjri.2016.10.issue-2/apjri-2016-0001/apjri-2016-0001.xml?rskey=u7AMH1&result=4