CAS Exam 9 case studies
CAS Exam 9 · Put your knowledge to work in context.
Exam 9 is one of the FCAS-level examinations listed in the Casualty Actuarial Society's exam navigation, appearing there as "Exam 9" under the FCAS Exams heading and linked from the label "Exam 9 - Risk Management Actuaries." It sits alongside Exam 7 and Exam 8 in the fellowship sequence, following the ACAS exams (Exams 1 and 2, MAS-I, MAS-II, the CAS DISCs, the Course on Professionalism, Exam 5, PCPA, and the regional Exam 6 variants). Candidates typically reach it after earning Associateship and completing the earlier fellowship exams. The CAS Exam 9 case studies are 5 cases and about 3,539 words.
1Aggregate Stop-Loss Purchase After Reserve Deterioration
Northline Commercial Auto is a monoline insurer with 180M surplus and 320M net loss reserves. In the latest actuarial review, prior-year reserves developed adversely by 22M, driven by bodily injury severity in Florida and Texas.
713 words, about 4 min2Duration Gap and Credit Migration in a Rising-Rate Environment
Harbor Point Insurance has 1.2B in invested assets: 65% fixed income with modified duration 6.2 years, 15% public equities, 10% private credit, and 10% cash. Net loss reserves are 940M with an estimated duration of 8.5 years.
740 words, about 4 min3Cyber Aggregation and Risk Appetite Breach
Sentinel Specialty writes cyber liability for middle-market clients. It has 12,000 policies in force with a 5M average limit and a 50M maximum limit.
707 words, about 4 min4RBC Decline and Dividend Decision After Catastrophes
Coastal Mutual Insurance has a 340% company action level RBC ratio, down from 375% after two years of hurricane losses and 40M of reserve strengthening on its commercial property book. Statutory surplus is 520M, and the board is considering a 25M policyholder dividend.
680 words, about 3 min5Social Inflation and Sidecar Decision in Professional Liability
Lexon Insurance writes lawyers professional liability and miscellaneous E&O. Its net reserves are 600M, and its surplus is 300M.
699 words, about 3 min