Rudd and Wisdom Inc., a consulting actuary firm since 1945, has announced that it is spinning off its insurance software division into a privately owned and managed company known as QLAdmin Solutions. QLAdmin Solutions will provide life insurance policy administration software, QLAdmin, to nearly 40 small and mid-sized insurance carriers.
According to Chris McCaul, FSA, MAAA, an actuary and senior principal with Rudd and Wisdom, the reason for taking this portion of the company private was to enable both organizations to continue on their strong and stable courses while setting the stage for QLAdmin Solutions’ future development. “I’m thrilled about the new venture we’ve undertaken, and it’s incredibly exciting to enter this new phase of operations with such a solid team behind me,” McCaul said. “This is something I’ve thought about over the last several years and to see the plan come together is very gratifying.”
McCaul created the QLAdmin program and has worked for the firm for 35 years.
Under his direction, the QLAdmin life insurance policy administration system has expanded in features, functionality, additional modules and online portals, according to Rudd and Wisdom. Since 2011, the software team has added new employees and experienced a 40 percent increase in clientele, the company said.
McCaul has appointed three key employees as new company officers: Greg Garza, director of development; Robert DeSarro, director of support; and Kat Correa, MBA, FLMI, CAPM, project management and marketing. Going forward, QLAdmin Solutions will retain all employees and operating guidelines. The company mission is to continue to develop, service and license its life insurance policy administration system and related tools for clients and target market—the small to mid-sized life insurance carrier with traditional business.
QLAdmin Solutions will remain an affiliate of Rudd and Wisdom. The move takes effect Jan. 1, 2015.
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