SOURCE: Kamakura Corporation

Kamakura Corporation

February 03, 2011 10:00 ET

Kamakura Names Insurance Expert Richard E. Owens Managing Director and Chief Actuary

NEW YORK, NY--(Marketwire - February 3, 2011) - Kamakura Corporation announced today that Richard E. Owens, a 25 year MetLife veteran, has been named Managing Director and Chief Actuary at Honolulu-based risk vendor Kamakura Corporation. Mr. Owens, who will be based in New York for Kamakura, will work closely with Kamakura's rapidly growing client base in the insurance, money management and pension fund industries both in the United States and in international markets. Mr. Owens will be heavily involved in helping insurance companies meet a "best practice" standard in risk management, in addition to overseeing Solvency II compliance for Kamakura clients in the insurance industry.

Previously, Mr. Owens was a Vice-President and Senior Actuary at MetLife where his assignments included 10 years in the Portfolio Management Unit of the Investment Department and 15 years in various actuarial and systems roles on the liability side of the balance sheet. His Investment responsibilities included corporate asset and liability management, the modeling and development of optimal portfolio strategies for the General Account, the understanding and modeling of investment risk including modeling assets for Economic Capital, VaR, Statutory Cash Flow Testing, Asset Adequacy Analysis, RBC C-3, portfolio management, bank ALCO, GAAP Loss Recognition, Financial Statement projections, stress testing and "what-if" analysis. Kamakura Risk Manager was his tool of choice to fulfill these responsibilities. He worked with Investments, Corporate Risk Management and the Lines of Business on a variety of issues including National Association of Insurance Commissioners Risk-Based Capital. In previous assignments at MetLife, Mr. Owens was responsible for Institutional Financial Strategies, which includes Asset and Liability Management and Capital and Risk Management for the company's Pension and Group insurance business. He held the position as head of the Pensions' Shared Systems Services unit, and he was responsible for the pricing and financial reporting for the Closeout Annuity product. Before joining MetLife, he had been a group actuary with Home Life Insurance Company in New York.

"The lines between all wings of the financial services industry are rapidly blurring," said Kamakura founder and Chairman Dr. Donald R. van Deventer. "Rich Owens has been a visionary in bringing a common framework for true enterprise risk management to a very complex financial institution. His insights and depth of industry knowledge will be extremely important to Kamakura's insurance clients in Europe, the Americas, and Asia."

"Rich Owens has proven himself as both a strategist in risk management and as a hands on implementation expert," said Warren A. Sherman, Kamakura President and chief operating officer. "It is a rare risk manager who is equally skilled at both the design of a risk management framework and its implementation and daily production. He has already made a large contribution to Kamakura's expertise in the life insurance and pension fund industries, and we expect that contribution will be even larger in the future."

Mr. Owens received his B.S. degree in mathematics, cum laude, from St. Joseph's University in 1977. He became a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries in 1980, is a member of the American Academy of Actuaries and the Academy's Invested Asset Working Group. He received his Chartered Financial Analyst designation in 1999.

About Kamakura Corporation
Founded in 1990, Honolulu-based Kamakura Corporation is a leading provider of risk management information, processing and software. Kamakura has taken Credit Technology Innovation Awards from Credit Magazine each year since 2008. In 2010, Kamakura was the only vendor to win 2 innovation awards, one each with distribution partners Fiserv and Thomson Reuters. Kamakura, along with its distributor Fiserv, was ranked number one in asset and liability management analysis and liquidity risk analysis in the RISK Technology Rankings in 2009. Kamakura Risk Manager, first sold commercially in 1993 and now in version 7.2, was also named in the top five for market risk assessment, Basel II capital calculations, and for "risk dashboard." Kamakura was also ranked in the RISK Technology Rankings 2008 as one of the world's top 3 risk information providers for its KRIS default probability service. The KRIS public firm default service was launched in 2002, and the KRIS sovereign default service, the world's first, was launched in 2008. KRIS default probabilities are displayed for 4000 corporates and sovereigns via the Reuters 3000 Xtra service and the Thomson Reuters Eikon service. Kamakura has served more than 200 clients ranging in size from $3 billion in assets to $1.6 trillion in assets. Kamakura's risk management products are currently used in 33 countries, including the United States, Canada, Germany, the Netherlands, France, Austria, Switzerland, the United Kingdom, Russia, the Ukraine, Eastern Europe, the Middle East, Africa, South America, Australia, Japan, China, Korea and many other countries in Asia.

Kamakura has world-wide distribution alliances with Fiserv (www.fiserv.com), Sumisho Computer Systems (http://www.scs.co.jp/english/), Unisys (www.unisys.com), and Zylog Systems (www.zsl.com) making Kamakura products available in almost every major city around the globe.

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