Deep curiosity …

… drives our pursuit of knowledge and skill. Our favourite source of inspiration and growth is collaboration across disciplines and sectors. We are addicted to widening our perspective and learning from demographers, data scientists, computer scientists, software developers, marketing experts, medical professionals and researchers in various fields.

Kai Kaufhold,
Aktuar (DAV)

Managing Director

Prior to starting Ad Res in 2011, Kai headed up the European life retrocession business of Manulife Reinsurance. He has over 25 years’ experience in the life & health reinsurance industry.

In 2011 Kai Kaufhold founded Ad Res and has since been consulting to reinsurers, life companies, banks and pension plan administrators on a number of different topics ranging from longevity risk, reinsurance pricing and mortality improvement assumptions to reinsurance strategy for a global insurance group.

Prior to starting his own consulting business, Kai headed up Manulife Reinsurance’s European life retrocession business, where all life reinsurers operating in Europe were his clients. In this role, he was responsible for a number of legal entities, maintained high-level client relationships with many key clients and led a number of innovation projects, including a new product offering of Longevity Reinsurance in the U.K. market.

Kai started his career in 1996 at Zurich Re, where he was underwriter for the markets of the Middle East and then took over responsibility for Zurich Re’s North American life retrocession business. In 2000, he joined Manulife Reinsurance at its head office in Toronto, first as part of the pricing team and later joining the financial reinsurance group.

Kai Kaufhold is a regular speaker at industry conferences and author of articles and scientific research papers. In 2016 he co-authored a research report sponsored by the Society of Actuaries on the impact of reinsurance on modern reserving and solvency capital methodologies and contributed a chapter to the second edition of Ravindran & Kalberer: Non-Traditional Life Insurance Products with Guarantees (Risk Books). Kai is also a member of the organising committee of the SOA’s triennial Living to 100 Symposium.

Jibreel Ismail

Senior Consultant

Jibreel has been working for Ad Res since January 2021 as an actuarial consultant. His primary focus has been on life insurance experience analysis, Solvency II implementation, and developing our proprietary experience analysis tools.

Jibreel joined Ad Res in early 2021. He has worked on experience studies for clients, analysing mortality and longevity risk, as well as persistency and lapse risk. Another major project included building a model for Solvency Capital Requirements and Technical Provisions under Solvency II for a P&C insurer. He also plays a key role in improving and extending BenG, our proprietary R package used for actuarial analysis. Implementing data preparation techniques and statistical algorithms, Jibreel has been able to improve delivery of client projects with efficient use of Quarto and Markdown notebooks.

Prior to his current role, he worked as an analyst for NMG Consulting, an actuarial consultancy. As part of NMG’s Kuala Lumpur office, he supported P&C insurance and reinsurance clients in Asia and the Caribbean. His responsibilities included reserving, RBC reporting, business projections, portfolio loss trend analysis, and a market study for incentives-based distribution models. During his time at NMG, Jibreel authored a stochastic reserving package in R for modelling portfolio and class-specific Margin for Adverse Deviation. Further, he developed Excel models and dashboards for enhanced reserving analysis and reporting.

Jibreel’s recent successes include the Canadian Pensioner Mortality Table Update Project as well as multiple research papers which were presented at Longevity 19 in Amsterdam.

Stefan Ramonat,
FSA, FCIA

Technical Director

Stefan joined Ad Res in November 2024. As a leading longevity expert and accomplished consultant in the Canadian pensions market, Stefan assumes leadership for all technical developments at Ad Res, strengthening our commitment to rigorous analysis to generate data-driven insights which add value to our clients in North America, Europe, Asia, and Australia.

Prior to joining Ad Res, Stefan honed his mortality modelling and consulting capabilities at Mercer, where he led the mortality modelling practice for Canada and was the key contact for several clients across the entire spectrum of pension consulting. Under his leadership, Mercer developed an advanced mortality framework and compiled a large data pool that led to the “Mercer Mortality Model”. Besides mortality modelling, he consulted on a wide array of considerations for defined benefit pension plans including funding, costing, financial reporting, and the impact of investment choices and advised defined contribution plans with respect to retirement readiness, decumulation, and plan design. Stefan also supported the 2nd-ever longevity insurance transaction with respect to a Canadian pension plan.

Stefan has authored papers in peer-reviewed journals and articles in industry publications and has given numerous talks at industry conferences. The paper on Modelling seasonal mortality with individual data to which he contributed was awarded the prestigious Peter Clark Prize for Best Paper by the Institute and Faculty of Actuaries. Stefan graduated with distinction with a Bachelor of Mathematics in Actuarial Science from the University of Waterloo and is a Fellow of both the Society of Actuaries and Canadian Institute of Actuaries. He has volunteered on various committees within the CIA and the SOA furthering the actuarial profession.

Lukas Stake

Tech Lead

From March 2025, when Lukas joined Ad Res, he has taken on responsibility for our IT infrastructure and development operations as well as oversight over testing and maintaining in-house software tools.

In addition, he is responsible for the architecture and development of Intelli-PRT, an integrated web application for pension risk transfer, which provides scalable cloud-based computation of retirement options and pension buy-in settlement reports. Prior to joining Ad Res, Lukas gained experience in the IT department of a large German insurer, focussing on process optimisation and automation, as well as transition of operations to the cloud.

Lukas holds a degree in mathematical economics from Koblenz University of Applied Sciences. As part of his thesis, he supported a research project on Canadian mortality improvements and carried out a comparative analysis of old-age mortality models. He presented his work at the 2023 IME conference at Heriot-Watt University in Edinburgh.

Mateo Moreno

Quantitative Analyst

Since November 2024, Mateo has been part of the Ad Res team. He has supported various case studies, developed training materials for our proprietary R package BenG, and carried out research on mortality projection models with smooth parameter estimation and portfolio-specific trends.

Ongoing projects include the development of a pension valuation system and Intelli-PRT, a solution for shadow-administration on pension risk transfer transactions, where Mateo focusses on building and testing the core calculation engine.

Mateo earned his PhD and MSc in theoretical solid-state physics at the University of Cologne, where his research explored how disorder and topology interact in novel quantum materials known as topological insulators. He also holds an engineering degree from the Universidad Nacional de Colombia. His background in physics strengthens his work as a quantitative analyst, bringing analytical thinking, mathematical modelling ability, and a research-driven approach to the projects developed in Ad Res.

Collaborations

We enjoy collaborating with and learning from researchers at University of Waterloo, Ontario, Koblenz University of Applied Sciences, Germany, University of Rostock, Germany, University of New South Wales, Sydney, and Heriot-Watt University, Edinburgh.

We engage in research projects and volunteer within the actuarial profession with Deutsche Aktuarvereinigung, the Singapore Actuarial Society, the Canadian Institute of Actuaries, and the Society of Actuaries.