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Richard Hershman is a Senior Managing Director at FTI Consulting and is based in New York. He is the leader of the Insurance & Pension practice. Mr. Hershman has more than 40 years of professional experience in accounting, auditing, financial investigations, and complex financial matters involving financial reporting and the application of generally accepted accounting principles (GAAP) and statutory accounting principles. Mr. Hershman is a Certified Public Accountant.
In addition to executive positions at insurance companies, Mr. Hershman’s career includes assignments as a board member and an audit committee member at several insurance companies; an audit partner at one of the Big 8 accounting firms; and an officer at one of the leading international investigations and intelligence firms. Mr. Hershman was Chief Financial Officer for several property casualty insurers with responsibility for accounting, reporting, planning, actuarial, investments, information systems, administration, human resources and reinsurance.
Mr. Hershman has been retained as an expert on more than thirty matters and has been deposed and testified at arbitrations and trials in connection with those matters. His work as an expert includes opining on statutory and GAAP accounting issues, insurance carrier solvency, reinsurance agreements, damages, acquisition agreements, managing general agencies, life settlements. This work pertained to insurance carriers both property casualty and life, brokers and agents, and reinsurers.
In addition to his expert witness work, Mr. Hershman has been involved in several investigations related to the accounting for finite risk reinsurance. Mr. Hershman has also been involved in due diligence related to M&A transactions and restructurings related to distressed insurance companies.