Michael L. Frank, ASA, FCA, MAAA
Michael L. Frank is the founder and president of Aquarius Capital. He is a health, accident and life actuary with more than thirty (30) years of experience, including executive management experience with insurance, reinsurance, employee benefits consulting and managed care entities. He provides financial and management consulting to various organizations including insurance companies, investment bankers, reinsurers, HMOs, managed care organizations, hospitals, disease management, insurance regulators, third-party administrators, accounting firms, private equity funds, Fortune 500 companies and other organizations servicing the insurance/reinsurance industry in the US and internationally.
President and Actuary
Highlights of his experience include:
- Serves as the appointed actuary for various insurance, HMOs and reinsurance companies in the life, accident and health insurance industry.
- Consulted more than ninety (90) financial institutions including investment bankers, private equity firms, hedge funds, asset managers and research organizations as a consultant for Gerson Lehrman Group for both US and international business ventures.
- Managed more than $4 billion in reinsurance premium as a reinsurer and risk manager.
- Consulted more than 500 municipalities including towns, cities, school districts, and housing authorities.
He is also active in industry public service including:
- Appointed as a professor at Columbia University in the Master of Science program in Actuarial Science.
- Appointed to the board of directors for the Capstone Healthcare Econometrics Research Foundation, an organization developing research in healthcare delivery, economics, statistics and mathematical analysis.
- Elected President of the Actuarial Society of Greater New York (ASNY) in 2011. Previously served as Chairperson for Continuing Education for three years.
- Elected to the Society of Actuaries Reinsurance Section Council (2008 to 2010) and plays a crucial role in developing reinsurance seminars and training for life and health actuaries in risk management as well as insurance regulators (e.g., Society of Actuaries LEARN Program).
- Instructor and co-author for the Society of Actuaries LEARN program teaching reinsurance to regulators in the US and internationally, including regulators in Bermuda, Cayman Islands, Puerto Rico, and Trinidad & Tobago.
- Appointed as a member of the Actuarial Alumni/ae Leadership Council (AALC) for University of Michigan.
- Volunteer for the Actuaires du Monde (AdM) mentorship program for international students.
- Served as a volunteer for more than twenty-five (25) years for various actuarial and insurance organizations including Society of Actuaries, American Academy of Actuaries, Actuarial Society of Greater New York.
- Participates on various NAIC and actuarial industry task forces, including workgroups for reserving, Medicare, healthcare reform, reinsurance, and HMO Risk-Based Capital. For example, he serves on both the American Academy of Actuaries and Conference of Consulting Actuaries healthcare reform task forces.
- Volunteer for the Caribbean Actuarial Association providing peer review of their actuarial standards of practice.
- Advisory Board member of VolunTravel, a non-for-profit organization bringing volunteers to teach and train individuals in developing countries.
- Serves on the New York State Association of School Business Officials (NYSASBO) Medicaid Working Group.
- Elected to Society of Actuaries Section Councils for Actuary of the Future and Entrepreneurial Actuaries.
- Licensed life, accident and health broker, plus licensed reinsurance intermediary.
Michael is credentialed with the following professional organizations:
- Associate, Society of Actuaries (SOA)
- Member, American Academy of Actuaries (AAA)
- Fellow, Conference of Consulting Actuaries (CCA)
- Associate, International Conference of Consulting Actuaries
- Member, Caribbean Actuarial Association
- Member, International Actuarial Association
- Member, Actuaires du Monde (AdM)
- Member, Actuarial Society of Greater New York (ASNY)
- Elected President, ASNY (President Elect 2010, President 2011)
- Elected Chairperson of Continuing Education & Member of Executive Committee for ASNY (2007-09)
- Retired, Elected Council Member for Society of Actuaries — Reinsurance Council
- Retired, Elected Council Member for Society of Actuaries — Actuary of the Future Council
- Retired, Elected Council Member for Society of Actuaries — Entrepreneurial Actuarial Sections Council
- Licensed life, accident and health broker
- Licensed reinsurance intermediary
- Business Associate, New York State Association of School Business Officials (NYSASBO)
- Consultant, Gerson Lehrman Group (2004 to Current)
Prior to forming Aquarius Capital and Aquarius Life, Michael was with the following organizations:
- Vice President & Chief Actuary — Transamerica Reinsurance, Accident & Health Division in CT. Position was a CFO role for the division overseeing actuarial, claims/medical management & provider contracting.
- Sr. Vice President & Chief Actuary — Management Facilities Corporation, a managing general underwriter based in CT and NJ, which was later acquired by Transamerica Reinsurance.
- Director of Finance & Chief Actuary — Physicians Health Services, an HMO in CT, NY and NJ, which was later acquired by HealthNet.
- Consultant & Senior Health Actuary — The Segal Company, a national insurance consulting and employee benefits firm located in NY. He was chief health actuary for NY office (home office).
- Consultant & Actuary — Coopers & Lybrand, a national insurance consulting and employee benefits firm working in the NY and TX (Dallas & Houston) offices.
- Actuarial Executive Development Program — Prudential Life Insurance Company in NJ in Corporate Underwriting and Taxation Departments.
Copies of published material, speaking engagements and other landmark events for our organization are included under Aquarius in the News.
Michael is originally from the New York metropolitan area and graduated from the University of Michigan at Ann Arbor with a Bachelor of Science in Mathematics and Statistics. He is married with four children and resides in Port Chester, NY. If you wish to contact him, please call him at (914) 933-0063 or e-mail at Michael.Frank@AquariusCapital.com.