- Senior Managing Director, Leader of Insurance Services
- T: +1 212 499 3643
- F: +1 212 841 9350
- Three Times Square
- 11th Floor
- New York, NY, 10036
- United States
- T: +1 212 247 1010
- F: +1 212 841 9350
- B.S. in Accounting, State University of New York at Buffalo
- M.B.A., Taxation, Bernard Baruch College
- American Institute of Certified Public Accountants (AICPA)
- Insurance Federation of New York Board
- New York State Society of Certified Public Accountants
- Society of Insurance Financial Management
- Expert Testimony
- Financial Due Diligence
- Forensic Litigation Consulting
- Regulated Industries
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.