Contact Information
Research Areas
Biography
Andrés Medina is a Ph.D. candidate in Mathematics with a concentration in Actuarial Science and Risk Analytics at the University of Illinois Urbana-Champaign. He has received multiple awards, including the Predictive Analytics and Risk Management Summer Research Fellowship (2023, 2024) and the State Farm Actuarial Science Prize. Andrés holds an MSc in Mathematics from the University of Illinois and a B.S. in Actuarial Science with a concentration in Financial Risk Management from ITAM.
Andrés’s research interests include stochastic optimal control, stochastic optimization, and mathematical finance, with a focus on alternative reinsurance structures and risk-sharing mechanisms. His work explores the optimal design of financial instruments to manage catastrophic risks. He serves as a Graduate Supervisor at the Illinois Risk Lab, overseeing student projects, and as a Graduate Teaching Assistant, teaching probability, risk modeling, and calculus. Andrés has passed five Society of Actuaries exams (P, FM, IFM, SRM, PA) and holds the CFA ESG Investing certification. His professional experience includes roles in advanced analytics and quantitative research in the financial sector.
Research Interests
- Stochastic Optimal Control
- Stochastic Optimization
- Optimal Alternative Reinsurance Design
Research Description
My research focuses on the optimal design of catastrophe bonds (CAT bonds) to manage catastrophic risks, particularly in the context of climate change-induced natural disasters. The study formulates an optimization problem to minimize the insurer's net loss by determining an indemnity function that balances risk-sharing and investor returns. This research addresses challenges in optimal alternative reinsurance design, exploring piecewise linear indemnity structures to ensure efficient and optimal risk transfer. Applications to severe storm loss data highlight the practical implications of this model, demonstrating its utility in designing tailored financial instruments for mitigating extreme weather-related losses.
Education
- Ph.D. Candidate in Mathematics (UIUC)
- MSc. In Mathematics (UIUC)
- BSc. in Actuarial Science (ITAM)
Awards and Honors
- PARM Summer Research Fellow 2023
- PARM Summer Research Fellow 2024
- State Farm Actuarial Science Prize Receiver
Courses Taught
- Calculus II
- Loss Models
- Statistics for Risk Modelling
Additional Campus Affiliations
- Program of Actuarial Science and Risk Analytics