Richard Hershman is a Senior Managing Director and leader of the Global Insurance Services Practice within FTI's Forensic & Litigation Consulting segment.
Experience
Mr. Hershman has more than 30 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.
Insurance Industry Experience
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. He also managed plan for exit of a mutual insurance company from worldwide assumed reinsurance business including the commutations of significant assumed reinsurance contracts. Mr. Hershman devised strategy and received state insurance department approval for the unprecedented use of loss reserve discount for a multi- billion dollar property casualty insurance carrier thereby providing for the maintenance of statutory solvency. Also, he negotiated settlements with major creditors of a major insurance carrier in run off including the National Council on Compensation Insurance.
Litigation Support and Expert Testimony
Mr. Hershman conducted a financial and operational review of the South Carolina Reinsurance Facility for the South Carolina Senate Banking and Insurance Committee. Testimony at the public senate hearing was the basis for change in the auto assigned risk business in the State. He served as the primary witness in the prepackaged bankruptcy filing for the holding company owning a multi-billion dollar property casualty insurance carrier. He served as the expert witness in a significant reinsurance dispute between an insurer and reinsurer. Mr. Hershman also provided testimony at the SEC with respect to the accounting for single premium deferred annuities. He provided accounting and related disclosure expertise for a reinsurer in arbitration related to World Trade Center insurance coverage. He represented an insurance company in an internal investigation regarding accounting for a significant finite risk reinsurance contract. He also prepared an expert report related to causation of insurer insolvency in a state receivership action.