Actuarial Science Center Named
The University of Connecticut’s center for research in actuarial science has been named thanks to a $1-million gift from Janet and Mark Goldenson.
The Janet and Mark L. Goldenson Research Center, part of the College of Liberal Arts and Sciences, provides opportunities for students and faculty to work closely with financial services companies in the Hartford area to research actuarial science and risk management.
“Our actuarial science program, already recognized as one of the best in the Northeast, will be highly attractive to top students because of this opportunity to work on the types of projects they will face on the job,” says Jeremy Teitelbaum, dean of the College of Liberal Arts and Sciences.
Students and faculty members at UConn will partner with actuarial professionals in industry to work on applied research projects. Advisory board members for the Goldenson Center include chief actuaries and executives from 14 financial services companies in the Hartford area and Massachusetts.
“What inspired Janet and I to donate to the actuarial center was to be able to help expose students to real world problem solving experiences,” says Mr. Goldenson, a certified public accountant. “The research the students will do at the center will not only hone their actuarial knowledge and skills needed to deliver and apply that knowledge, but it will also contribute to making new products available for people to plan their financial futures.”
Among the projects already underway are an older-age mortality study funded by the life settlements industry and a Ph.D. research project to develop a management tool for variable annuities with guaranteed options. The Goldenson Center also is working with the Science & Islamic University (USIM) of Malaysia to establish a similar center of excellence in actuarial research there.
UConn’s actuarial science academic program was established in 1976 and has evolved from an undergraduate specialty in mathematics to an interdisciplinary program that offers bachelor’s, master’s and doctoral degrees and an associated professional master’s degree in applied mathematics. The program serves as a major recruiting source for financial services firms throughout Connecticut, Massachusetts and New York.
“We hope that our gift will provide a permanent source of revenue to support ongoing activities at the center, including, but not limited to, scholarships for promising and deserving students and research projects,” says Mr. Goldenson.