Stephen D'Arcy
Professor Emeritus of Finance
Listings
Educational Background
- Ph.D., Finance, University of Illinois at Urbana-Champaign, 1982
- M.S., Finance, University of Illinois at Urbana-Champaign, 1979
- B.A., Cum Laude, Applied Math, Harvard University, 1972
Positions Held
- John C. Brogan Faculty Scholar of Risk Management and Insurance, University of Illinois, 1999-2008
- Research Scientist, University of Illinois, Office of Supercomputing Applications, 1995-1998
- Professor, University of Illinois, 1994-2008
- Associate Professor, University of Illinois, 1988-1994
- Assistant Professor, University of Illinois, 1982-1988
Recent Publications
- D'Arcy, S., & Conger, R. (2006). Back to the Future! National Underwriter Property & Casualty, 110 (4), 10-15.
- D'Arcy, S. (2005). The CAS as an Instrument for Peace and Prosperity. Actuarial Review, 32 (4), 7-8, 14.
- D'Arcy, S. (2005). The CAS as an ERM Model. Actuarial Review, 32 (3), 7, 12-13.
Other Publications
Articles
- D'Arcy, S. (2005). Expanding our Horizons to Encompass the Globe. Actuarial Review, 32 (2), 7-8, 12.
- D'Arcy, S. (2005). Find Your Voice. Actuarial Review, 32 (1), 11-13.
- D'Arcy, S., & Gorvett, R. (2004). The Use of Dynamic Financial Analysis to Determine Whether an Optimal Growth Rate Exists for a Property-Liability Insurer. Journal of Risk and Insurance, 71 (4), 583-615.
- D'Arcy, S. (2004). Navigating the Seas of Risk. Actuarial Review, 31 (3), 5-6.
- D'Arcy, S., & Xia, H. (2003). Insurance and China's Entry into the WTO. Risk Management and Insurance Review.
- D'Arcy, S., & Gorvett, R. (2002). CAS Needs to Restructure Exams 3 &4. Actuarial Review, 29 (1), 9-10.
- D'Arcy, S., & Conger, R. (2001). Future Shock: Top Ten Stories of 2005. National Underwriter Property & Casualty, 105 (30), 1,10-12.
- D'Arcy, S. (2001). Enterprise Risk Management. Journal of Risk Management of Korea, 12 207-228.
- D'Arcy, S., & Gorvett, R. (2000). Hacking a Path through the Thickets. Global Reinsurance, 9 (7), 52-55.
- D'Arcy, S., Dulebohn, J., & Oh, P. (1999). Optimal Funding of State Employee Pension Systems. Journal of Risk and Insurance, 66 (3), 345-380.
- D'Arcy, S. (1999). Don't Focus on the Tail-Study the Whole Dog! Risk Management and Insurance Review, 2 (2), iv-xiv.
- D'Arcy, S., & Gorvett, R. (1999). A Sensitive Subject. Global Reinsurance, 8 (7), 70-72.
- D'Arcy, S., Gorvett, R., Herbers, J., & Hettinger, T. (1997). Building a Dynamic Financial Analysis Model that Flies. Contingencies, 9 (6), 40-45.
- D'Arcy, S., & Oh, P. (1997). The Cascade Effect in Insurance Pricing. Journal of Risk and Insurance, 64 (3), 465-480.
- D'Arcy, S., & France, V. (1997). Catastrophe Futures: A Better Hedge for Insurers. Future Markets, 2.
- D'Arcy, S., & France, V. (1992). Catastrophe Futures: A Better Hedge for Insurers. Journal of Risk and Insurance, 59 (4), 575-600.
Book Chapters
- D'Arcy, S. (2004). Cat-E-Puts. Encyclopedia of Financial Engineering and Risk Management.
- D'Arcy, S. (2004). Financial Pricing of Insurance. Enclyclopedia of Actuarial Science.
- D'Arcy, S. (2004). Insurance (Overview). Encyclopedia of Financial Engineering and Risk Management.
- D'Arcy, S. (2004). Pure and Speculative Risks. Encyclopedia of Financial Engineering and Risk Management.
- D'Arcy, S. (2002). Insurance Price Deregulation: The Illinois Experience. Deregualting Property-Liability Insurance ( pp. 248-284). American Enterprise Institute-Brookings Institution Joint Center for Regulatory Studies.
- D'Arcy, S. (2002). Investment Issues in Property-Liability Insurance. Foundations of Casualty Actuarial Science New York: Casualty Actuarial Society.
- D'Arcy, S. (1999). Introduction to the Discounted Cash Flow Approach. Actuarial Considerations Regarding Risk and Return in Property-Casualty Insurance Pricing ( pp. 19-25). Arlington, VA: Casualty Actuarial Society.
Conference Proceedings
- Ahlgrim, K., D'Arcy, S., & Gorvett, R. (2004). The Effective Duration and Convexity of Liabilities for Property-Liability Insurers Under Stochastic Interest Rates. Geneva Papers on Risk and Insurance Theory.
- D'Arcy, S., Ahlgrim, K., & Gorvett, R. (1999). Parameterizing Interest Rate Models. ( pp. 1-50). CAS Dynamic Financial Analysis Call Paper Program.
- D'Arcy, S., France, V., & Gorvett, R. (1999). Pricing Catastrophe Risk: Could CAT Futures Have Coped With Andrew? CAS Securitization of Risk Call Paper Program.
- D'Arcy, S., Gorvett, R., Hettinger, T., & Walling III, R. (1998). Using the Public Access Dynamic Financial Analysis Model: A Case Study. ( pp. 53-118). CAS Dynamic Financial Analysis Call Paper Program.
- Dyer, M., & D'Arcy, S. (1998). The Profit Provision in the Ratemaking Formula. ( vol. 84, pp. 301-390). Proceedings of the Casualty Actuarial Society.
- D'Arcy, S., Gorvett, R., Herbers, J., Hettinger, T., & Lehmann, S. (1997). Building a Public Access PC-Based DFA Model. ( pp. 1-40). CAS Dynamic Financial Analysis Task Special Interest Seminar.
Presentations
- D'Arcy, S. (2006). Enterprise Risk Management in the Insurance Industry. ERM Symposium.
- D'Arcy, S. (2006). Modeling of Economic Series. ERM Symposium.
- D'Arcy, S. (2006). Enterprise Risk Management in the Insurance Industry. California State University.
- D'Arcy, S., Ahlgrim, K., & Gorvett, R. (2005). Modeling Financial Scenarios: A Framework for the Actuarial Profession. Casualty Actuarial Society.
- D'Arcy, S. (2005). Predictive Modeling in Automobile Insurance. World Risk and Insurance Economics Conference.
- D'Arcy, S. (2005). Interest Rate Sensitivity of Liabilities for a Property-Liability Insurer. Catholic University.
- D'Arcy, S. (2005). Modeling Financial Scenarios. University of Torino.
- D'Arcy, S. (2005). The Brave New World of Enterprise Risk Management. Canadian Institute of Actuaries.
- D'Arcy, S., Gorvett, R., & Ahlgrim, K. (2005). Modeling of Economic Series Coordinated with Interest Rate Scenarios. ERM Symposium.
- D'Arcy, S., & Derrig, R. (2005). The Economics of Insurance Fraud Investigations: Evidence of a Nash Equilibrium. NBER Insurance Meetings.
- D'Arcy, S. (2004). A Comparison of Actuarial Financial Scenario Generators. AFIR.
- D'Arcy, S. (2004). New England Teaching and Learning Centers: Ideas for UIUC. TAB.
- D'Arcy, S. (2004). New Frontiers for Casualty Actuaries. Midwestern Actuarial Forum.
- D'Arcy, S. (2003). Economic Scenario Generators. Automobile Insurers Bureau of Massachusetts.
- D'Arcy, S. (2003). Financial Scenario Generator Project. American Risk and Insurance Association Annual Meeting.
- D'Arcy, S. (2003). Actuarial Financial Scenario Generator Project. Victoria University.
Honors and Awards
- CAS-ARIA Award, Casualty Actuarial Society, 1951-2021
Teaching Interests
Teaches courses in principles of insurance, property/liability insurance, casualty actuarial science, financial risk management, and corporate finance.
Research Interests
Research focuses on financial pricing models applied to insurance, dynamic financial analysis, financial risk management of insurers. Consultant to the Casualty Actuarial Society, New England Actuarial Seminars, and Miller, Rapp, Herbers & Terry--Consulting Actuaries. Has presented seminars on financial topics to a number of major insurers.