Update on the Actuarial Foundation

Stuart A. Robertson Memorial Scholarship Fund Established
Stuart A. Robertson, FSA, MAAA, a distinguished actuary, passed away on November 4, 2005 at the age of 87. Robertson cofounded the actuarial and consulting firm Milliman & Robertson (now Milliman Inc.) over 50 years ago, together with Wendell Milliman. Robertson served as CEO and chairman of the firm for many years prior to his retirement in 1983. His was also active in the actuarial profession, serving on the Society of Actuaries Board of Governors and in other capacities.

A scholarship fund has been established in Stuart Robertson's name at The Actuarial Foundation to honor his dedication to excellence and to recognize his tremendously positive influence on the professional lives of many colleagues. Funding is being provided by Milliman Inc. and by several of Robertson's colleagues and friends. The fund is expected to award at least one scholarship of approximately $7,500 annually to an undergraduate student with demonstrated talents and interests that could lead to a career in the actuarial profession. The scholarships will be administered through a cooperative effort of current and former Milliman employees and representatives ofThe Actuarial Foundation. Details of the scholarship will be announced in the near future.

Contributions to the Stuart A. Robertson Memorial Scholarship Fund can be made through the Actuarial Foundation, either online or via mail at www.actuarialfoundation.org/donor/donor.htm. For more information, contact The Actuarial Foundation at Scholarships@ActFnd.org or (847) 706-3535.

Individual Grants Competition Winners
The Actuarial Education Research Foundation (AERF) and the Society of Actuaries' Committee on Knowledge Extension Research (CKER) sponsored the 2006 Individual Grants Competition to support the advancement of knowledge in actuarial science. Congratulations to the following grant winners:

• Shaun Wang and Andreas Milidonis, Georgia State University, for their project, "Estimating the Actuarial Cost Function of Financial Distress."
• Ping-Hung Hsieh and John B. Henry III, Oregon State University, for their project, "Extreme Value Analysis for Partitioned Insurance Losses."
• X. Sheldon Lin and Xiaoming Liu, University of Toronto, for their project, "Markov Mortality Models and Their Applications in Actuarial Science."
• Doug Andrews and Robert Brown, University of Waterloo, for their project, "Is Defined Contribution a Panacea for Defined Benefit Social Security Funding Problems?"
• Geoffrey Friesen, University of Nebraska-Lincoln, for his project, "An Empirical Examination of Jump Risk in U.S. Equity and Bond Markets."
• Virginia Young, University of Michigan, for her project, "Pricing Life Insurance Under Stochastic Mortality via the Instantaneous Sharpe Ratio."

Actuaries and the Hurricane Relief Efforts
"Some people pass through this world and leave it just as they found it. But people like you take the time to do special things that make the world more beautiful. Thank you for your generous donation and the kindness you have shown to us, and for making a difference in the lives of our children and our community."

—Board of Trustees and Administration of the Pass Christian School District, Pass Christian, Mississippi

Almost 300 actuaries and corporations brought help and hope to hundreds of children in schools affected by Hurricanes Katrina and Rita, thanks to the Rebuild Math Classrooms effort through The Actuarial Foundation. More help is needed! See stories of schools already funded with actuarial support and make a donation. On behalf of all those benefiting from your generosity, thank you.