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7th Insurance Linked Securities Summit


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Whether you have yet to invest in ILS, or are looking to diversify your portfolio and explore new products, the 7th Insurance Linked Securities Summit will ensure you make the right investment decisions by presenting a well-balanced perspective on the inherent risks and opportunities in the space, and the dynamic developments in technologies and tools so you can capitalize on this revolutionary asset class.

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7th Insurance Linked Securities Summit

  1. 1. Register by 12/4 and SAVE up to $800! 7th Insurance Linked Securities Summit TM January 27 – 29, 2010 New York City Increasing Issuance, Enhancing Transparency & Expanding the Investor Base for: Cat Bonds, Insurance Linked Securities & Longevity-Based Investments 60+ industry leading speakers, including the following ILS leaders, investors, and visionaries: Jean-Luc Amer Ahmed, Commissioner John Seo, Luca Albertini, CEO, Besson, Chief Chief Risk Officer, Gennett Purcell, Managing Leadenhall Capital Risk Officer, Allianz DC Insurance Principal, Fermat Partners SCOR Department Capital Dr. Kerry Martin Bisping, Commissioner Elaine Caprio Dr. Kenneth Froot, Emanuel, Head of Non-Life Pauletter Thabault, Brady, VP, Ceded André R. Jakurski Professor of Risk Vermont Insurance Reinsurance Professor of Business Atmospheric Transformation, Department Operations, Administration, Science, MIT Swiss Re Liberty Mutual Harvard Business School Brand New Content for 2010! The world’s only ILS conference delivering: Non-Life Track Life Track • Sponsor perspectives on the role of • Attracting new capital sources by fusing ILS within a comprehensive risk longevity with alternative asset • Dedicated conference tracks for the management strategy classes life and non-life sides of the ILS fence, allowing you to maximize your • Investor perspectives on the • Regulatory perspectives from the state learning opportunities throughout the implications of conflicting catastrophe and federal level 3-day event models • The role of longevity swaps in risk • Extended workshops and master • Fund manager perspectives on ILS management strategies for pension funds classes on fund-raising, capital portfolio construction & optimization • Cutting-edge biotech perspectives on formation, and new approaches to risk • Academic perspectives on future longevity trends management uncertainties in climate models • Hedging tools & fund-raising • More than 20 hours of extended • New trigger structures, trading strategies for life settlement funds networking opportunities, ensuring technologies, collateral you walk away with valuable new • The role of securitization in the future techniques, and fund-raising contacts from the industry of the asset class strategies Sponsors Media Partners 1-800-882-8684 •
  2. 2. A Special Thank 7th You to Our Industry-Leading Insurance Advisory Board Linked Securities John Seo, Managing Principal Fermat Capital Summit TM David Rawson-Mackenzie Dear Colleague, Fund Director Centurion Fund Managers Welcome to the 7th Insurance Linke d Securities Summit – the largest conference of the year for the entir and most important e ILS value chain. Mike Fasano President Taking place in New York City from January 27-29, 2010, the ILS Sum mit is the only conference Fasano Associates to deliver dedicated session tracks to both the life and non-life sides structure of the conference ensures of the community. The that – whichever side of the fence walk away with two full days’ wort you’re interested in – you Morton Lane h of strategies and solutions on the market, including… critical issues facing your Principal Lane Financial LLC (on the non-life side) (on the life side) Luca Albertini …following a brief hiatus in the glob al ILS …there are still numerous headache CEO market after the collapse of Lehm s relating an Brothers to the life expectancy changes Leadenhall Capital Partners in September 2008, the market has of 2008, with many would-be investors still rebounded in 2009 with (at time skeptical of writing) about the values of life settlement over $2 billion in new catastrophe portfolios Alex Krutov bonds based on current LEs. At the same issued and another $1 billion expe time, new Managing Director cted before regulatory and tax law changes the end of the year. The market has – at both Century Atlantic Capital the state and federal level – have responded vigorously to the collateral introduced legal and administrative burdens whic challenges exposed by the Lehmans h debacle, participants are trying to solve in the Michael Stahel with triparty repo structures and most government-guaranteed solution cost-effective way. Head of ILS s finding Clariden Leu their way into recent issuances. But the market continues to innovate and expand, with new investment sour With a long-term solution to the colla ces Karsten Bromann teral emerging in Asia and Latin Ame problem apparently (but not defin rica and Managing Partner & CRO itely) in new longevity hedging strategies sight, industry participants are now being Solidum Partners focused explored for life settlement portfolios on growing the ILS market in 2010 . The . growth of the synthetics market prom Improving transparency, securitiz ises ing new exciting investment opportunities Michael Freedman risks, increasing new issuance in 2010, and and some fund managers have foun SVP, Governmental Affairs expanding the investor base are d ways the major to expand the investor community Coventry challenges currently facing the indu by stry – all of “fusing” policies with alternati which will be explored in great dept ve asset h at the classes to create hybrid investmen 7th Insurance Linked Securities Sum t products mit. with distinct characteristics. *** Who Will Attend: “Excellent sessions and speakers. ■ 5% Pension Funds & Institutional You and your team did a great job.” Kathleen Faries, Vice President, Market Solutions, Tokio Millenniu Investors m Re Ltd. ■ 36% Asset managers and hedge funds More than 70 expert speakers will contribute to the 7th ILS Summit, most important agenda we’ve yet making it the deepest and ■ 21% Insurance & Reinsurance delivered to the marketplace. Pleas through the agenda, circling the sessi e take a few minutes to read Companies ons and speakers that will help you attend. make a business case to ■ 12% Banks I look forward to meeting you in New ■ 8% Law Firms York next January, at the “big one! ” ■ 10% Life Settlement Companies Kind regards, ■ 4% LE Providers ■ 4% Modeling Agencies Don’t miss brand-new workshops on ILS fund- Toby Donovan raising, life settlement risk Program Director ILS & Life Settlements Portfolio management, and interpreting cat models (see page 8 for more details)! 2 1-800-882-8684 •
  3. 3. What’s New at the 7th ILS Summit? 60+ outstanding ILS thought Keynote Highlights… leaders including… Climate Change and the Future of Hurricane Activity Dr. Kerry Emanuel, Professor of Atmospheric Science, MIT • Dr Kerry Emanuel, Professor of Atmospheric Science, MIT One of the interesting things about insurance-linked securities on the non-life side is • Jean-Luc Besson, Chief Risk Officer, SCOR their correlation not to the financial markets but to insurance pay-out events: • Martin Bisping, Head of Non-Life Risk Transformation, Swiss earthquakes, floods, and particularly hurricanes. In this much awaited keynote session, Re Dr Emanuel – Professor of Atmospheric Science at MIT, and one of the world’s leading • Amer Ahmed, Chief Risk Officer, Allianz authorities on the science of long-term hurricane forecasting – will present his research on the likely effect of climate change on future hurricane activity, • Commissioner Paulette Thabault, Commissioner, Vermont and the implications for the global ILS market. A rare chance to hear from Insurance Department one of TIME magazine’s 100 most influential people in the world. See page 4 • Commissioner Gennett Purcell, Commissioner, DC Insurance for more details. Department • Dr. Kenneth Froot, André R. Jakurski Professor of Business Administration, Harvard Business School Biotech Perspectives on Human Longevity Shifts • John Seo, Managing Principal, Fermat Capital Bill Caldwell, CEO, Advanced Cell Technology • Ivan Zelenko, Head of Derivatives and Structured Finance, On the life side, nothing has more power significantly to disrupt the long-term future of World Bank Treasury the life settlements space than dramatic enhancements in human longevity. For the 7th • Paul Schultz, President, Investment Banking, AON Benfield ILS Summit, we’re honored to welcome Bill Caldwell, CEO of one of the • Michael Leybov, Managing Director, Horton Point world’s most innovative stem-cell biotech companies, Advanced Cell Technology, who will offer a closer look at some of the emerging • Elaine Caprio Brady, VP, Ceded Reinsurance Operations, technologies that offer a prospect (if not the promise) of dramatic human Liberty Mutual longevity enhancements within our lifetimes. See page 4 for more details • Urs Ramseier, Head of ILS, Horizon 21 Alternative Investments • Dr Andreas Műller, Head of Origination, Distribution, “When Models Disagree…” ILS Investments, Munich Re Investor Perspectives on Conflicting Catastrophe Models • Aashh Parekh, Director, Global Public Markets, TIAA-CREF Dr. John Seo, Managing Principal, Fermat Capital • Chase Toogood, CEO, Iris Re In recent years, one of the most controversial areas in the non-life space has been the • Franz-Philippe Przybyl, CEO, Berlin Atlantic Capital apparent disagreement of catastrophe models, and (more specifically) what the implications of these disagreements are for investors in cat bonds. Accusations of “model • Vincent Prabis, ILS Fund Manager, Acheron Capital shopping” – the idea that cat bond sponsors shop around for the catastrophe model • Dr. Andreas Müller, Head of Origination, Distribution & ILS that is most favorable to their own issuance – have become widespread, despite Investments, Munich Re assurances by sponsors to the contrary. In this keynote session, legendary cat bond • Stephen Velotti, Chief Underwriting Officer, Juniperus Capital investor John Seo – one of the few fund managers to subscribe to all three • David Rawson-Mackenzie, Fund Director, Centurion Fund major modeling agencies – will address the controversy head-on, explaining Managers why the accusations are wrong and discussing some of the implications of the • Dr Lenny Smith, Professor of Statistics, London School of discrepancies from an investment perspective. See page 6 for more details. Economics • Dr Pauline Barrieu, Reader in Statistics, London School of “Fusion” Life Settlement Products – a New Approach to Longevity Economics Investments • Morton Lane, Principal, Lane Financial LLC Matthew Browndorf, Founder & Chief Investment Officer, Browndorf • Patti Guattari, Director, Swiss Re PEM • Jose Garcia, CEO, Carlisle Fund Management Recent years have witnessed a number of strategies for broadening the investment base • Beat Hess, Managing Partner, AA Partners for life settlements – through synthetic emulation of longevity risk, and more recently, • Beat Holliger, Managing Director, Munich Re through agency-rated securitizations of life settlement pools. One of the latest strategies to have emerged is that of “fusion” life settlement products, which involves blending • Kyle Freeman, Catastrophe Risk Management, USAA policies with complementary asset classes to create hybrid investment products with • Wai-Keung Tang, Managing Partner, Kappa Life distinct characteristics. Matthew Browndorf, one of the pioneers of the new • Michael Freedman, SVP, Governmental Affairs, Coventry strategy, will explain how to optimally construct fusion life settlement • Eddie Stone, Managing Partner, Stone Beach Capital products that preserve the non-correlated benefit of the asset class while mitigating longevity risk. See page 4 for more details. • Greg Hagood, Principal & Co-Owner, Nephila Capital • Niraj Patel, Managing Director, Credit Derivatives and ILS, Genworth Investments The Future of Insurance Risk Transfer • Brian Tijan, Director, Life Finance Group, Credit Suisse Professor Kenneth Froot, André R. Jakurski Professor of Business • Brian Smith, CEO, Life Equity Administration, Harvard Business School • Michael Stahel, Head of ILS, Clariden Leu IQPC is honored to welcome Professor Kenneth Froot to deliver the opening keynote • Luca Albertini, CEO, Leadenhall Capital Partners address at the 7th ILS Summit. Professor Froot is one of the world’s leading authorities in the area of risk transfer and insurance-securitization, and will devote his keynote • Karsten Bromann, Managing Partner & CRO, Solidum address to the future of the space … where the most disruptive innovations Partners are likely to occur, how the financial recovery is likely to impact demand for • Michael Mandell, Managing Member, Highbrook Capital insurance-linked securities on both the life and non-life sides, how technology • Heinz Kubli, Managing Partner, Fundabilis will transform this marketplace in the years to come. An unmissable session – • Matthew Browndorf, Founder & Chief Investment Officer, see page 4 for more details. Browndorf PEM • Anatoly Burman, Senior Managing Director, Aladdin Capital Management Pension & Endowment Fund Think Tank – New for 2010 • Enda McDonnell, CEO, Access Re • John Kiernan, Managing Director, Guggenheim Capital Attendance confirmed from APG, OTPP, TIAA-CREF, as of 10/16/09 E-mail Toby Donovan to request an invitation: Sponsors: 3
  4. 4. Main Conference Day 1 Thursday, January 28, 2010 “This is THE must attend ILS event. So many people attend the event - the networking is one of the main benefits.” - Michael Stahel, Head of Insurance-Linked Investments, Clariden Leu 7:15 Coffee & Registration 10:00 CROs Roundtable: Sponsor Considerations 8:15 Chairman’s Opening Remarks on the Role of ILS within a Comprehensive Risk Management Strategy 8:30 Opening Keynote Address: The Future of • Identifying the advantages of insurance-linked securities compared Insurance Risk Transfer with traditional reinsurance • Understanding the disadvantages • The financial crisis and the changing paradigm for insurance risk • Understanding the most effect strategies for complementing your transfer • Considerations on the future of insurance-linked securities and reinsurance coverage through ILS • Considerations on structuring catastrophe bonds: Making the other forms of alternative risk transfer • Defining the future role of the global reinsurance industry in the choice between indemnity, parametric and hybrid bond triggers • Risks, perils and layers best for reinsurance and those best for ILS transfer, mitigation, and securitization of risk Dr. Ken Froot, André R. Jakurski Professor of Business transactions • Comparing ILS with collateralized reinsurance from a capacity and Administration, Harvard Business School risk standpoint 9:15 Keynote Guest Address: Jean-Luc Besson, Chief Risk Officer, SCOR Climate Change and the Future of Hurricane Elaine Caprio Brady, VP, Ceded Reinsurance Operations, Liberty Activity Mutual • Examining the impact of climate change on the incidence, and Amer Ahmed, Chief Risk Officer, Allianz severity, of tropical storms and hurricanes Insa Adena, Head of Advanced Risk Intermediation, Allianz • Forecasting changes in the spatial distribution of tropical storms • Analyzing the financial implications of increases in 10:45 Morning Networking Break storm activity within vulnerable geographic regions Dr. Kerry Emanuel, Professor of Atmospheric Science, MIT Concurrent Sessions Begin: Choose Track A or B Track A: Non-Life (Cat Bonds and other forms of P&C Insurance Securitization) Track B: Life (Life Settlements, Longevity Risk & Life Insurance Securitization) 11:30 Examining the Role of the Lehman Collapse in the A New Approach to Life Settlement Investments: Strengthening of the ILS Market “Fusing” with Other Asset Classes to Mitigate • New and improved transparency: Documentation standardization, Longevity Risk development of PERILs and other ways to increase clarity in the ILS • Identifying suitable target asset types for fusing with life settlements market • Examining the investment dynamics of fusion life settlement products • De-risking structures: Evolution of ILS structures from 2008 and • Comparing the investor base: Does the fusion innovation broaden the beyond appeal of longevity-based investments? • What is required to keep the ILS market growing efficiently and • Understanding – and avoiding – the dangers associated with fusion effectively products Martin Bisping, Head of Non-Life Risk Transformation, Swiss Re Matthew Browndorf, Founder & Chief Investment Officer, Browndorf PEM 12:15 Panel Discussion: Towards Deeper, Transparent, and Hedging Tools for Life Settlement Funds: More Liquid ILS Markets: Forecasting the Impact of Examining the Full Range of Strategies for Innovation and Technology on the Future of Non- Mitigating Longevity Risk within a Portfolio Life Risk Transfer • Life settlement portfolio simulation exercise: Understanding how • Understanding the importance of increasing transparency within the excess longevity can affect the profitability and/or viability of a life ILS space settlement fund • Charting the impact of exchange-traded products and technological • Identifying the full range of hedging mechanisms available for a life solutions on the efficiency and depth of the market settlement portfolio, including: • Examining the role of new trigger structures and risk transfer - Reinsurance mechanisms - Synthetics • Expanding the investor base for insurance-linked securities - Capital protection Martin Bisping, Head of Non-Life Risk Transformation, Swiss Re - Currency hedging John Seo, Managing Principal, Fermat Capital • Principles for determining which hedging strategy is right for you, Dr Andreas M ller, Head of Origination, Distribution, based on the size and morbidity of your portfolio ILS Investments, Munich Re David Rawson-Mackenzie, Fund Director, Centurion Fund Managers Franz-Philippe Przybyl, CEO, Berlin Atlantic Capital Heinz Kubli, Managing Partner, Fundabilis 4 1-800-882-8684 •
  5. 5. Main Conference Day 1 Continued “I enjoyed the conference and thought it was well worthwhile. You did a great job of organizing such a large and expert group of people, especially in the current economic environment.” - Morton Lane, President, Lane Financial LLC 1:15 Networking Luncheon sponsored by: 2:15 Triparty Repo vs. Government-Guaranteed Solutions: Uncovering the Investment Opportunities in The Future of Collateral Management Synthetic Longevity Products: • Examining the collateral structures of recent catastrophe bonds New Risk/Reward Trade-Offs for New Kinds of • Comparing the advantages of the triparty repo with government- Investor guaranteed collateral solutions like treasuries and KfW floating notes • Identifying the circumstances in which makes sense to take out • Focus on Triparty-Repo structures synthetic longevity exposure • Focus on government-guaranteed solutions • Understanding the difficulties involved in pricing tail risk • A look at the collateral structures on the cards for 2010’s cat bond • Comparing synthetic products with cash investments in the secondary issues market • Lifting the lid on innovations in synthetic products Vincent Prabis, ILS Fund Manager, Acheron Capital Michael Leybov, Managing Director, Horton Point Michael Mandell, Managing Member, Highbrook Capital Beat Holliger, Managing Director, Munich Re Marcel Grandi, Senior Portfolio Manager, Insurance-linked Strategies Team, Credit Suisse Asset Management 3:00 World Bank Update: Longevity Swaps: Examining the Future Role of ILS in the Catastrophe An Effective Risk Management Tool for Pension Funds? Risk Management Strategies of Member Countries • Understanding the structure of a conventional longevity swap: • A closer look at the capacity needs of World Bank member countries exchanging fixed payments to the swap provider in exchange for • Understanding how the World Bank is working to improve disaster coverage of pension payments beyond a certain age preparedness and risk mitigation capabilities • Identifying the risks associated with entering into a longevity swap • Examining the role of catastrophe bonds in the risk transfer strategies from the pension point of view: of developing nations - Credit risk of the counterparty • Spotlight on the Caribbean Catastrophe Risk Insurance Facility - Longevity risk miscalculation • Identifying future investment opportunities proceeding from World • Overcoming the challenges involved with selecting a longevity swap Bank risk mitigation activities counterparty Ivan Zelenko, Head of Derivatives and Structured Finance, • Creating swap documentation that incorporates some measure of World Bank Treasury flexibility, including (if possible) an early exit clause 3:45 Afternoon Networking Break 4:30 Investment Opportunities in Collateralized Achieving Superior Returns and Diversification Reinsurance Benefits through Investments in Extreme Mortality • Comparing collateralized reinsurance to traditional reinsurance and • Examining the structures of recent mortality transactions including insurance-linked securities Vita, Osiris & Nathan • Examining the returns possible through collateralized reinsurance • Tracking the influence of pandemic and swine flu jitters on mortality pricing • Putting mortality bonds in context: Understanding the level of investments • Considerations on the choice of investment trust and letters of credit mortality needed to trigger losses • Quantifying the effectiveness of extreme mortality as a hedge against arrangements • Forecasting future changes in the size of the collateralized reinsurance excess longevity sector Urs Ramseier, Head of ILS, Horizon 21 Alternative Investments Stephen Velotti, Chief Underwriting Officer, Juniperus Capital Luca Albertini, CEO, Leadenhall Capital Partners Greg Hagood, Principal & Co-Owner, Nephila Capital 5:15 The Global Market for Industry-Loss Warranties Realigning your Fund Structure with the New • Examining the current state of the ILW market Taxation Regime • Comparing the volume of 2009 ILW coverage with the total 2009 cat Cost-Effective Solutions for Responding to the IRS bond issuance Guidance • Understanding the advantages of ILWs compared with cat bonds: • Understanding what the IRS rulings mean for the taxation of death - Shorter time to market benefits en-route to your fund - Smaller transaction costs • Determining the most suitable regions for setting up a life settlement fund • Identifying the sources of international investment capital within your - More competitive pricing • Quantifying the impact of the new Perils index on the future of the portfolio market in European ILWs • What to do if you have both treaty and non-treaty investment sources • Creating transparent structures to avoid commingling headaches if Chase Toogood, CEO, Iris Re Patti Guattari, Director, Swiss Re setting up a fund from scratch Enda McDonnell, CEO, Access Re Jose Garcia, CEO, Carlisle Fund Management 5:45 Cocktail Reception sponsored by 7:00 End of Day 1 Sponsors: 5
  6. 6. Main Conference Day 2 Friday, January 29, 2010 “I was very positively surprised to see so many people attending the conference – especially in the current environment. This speaks for itself and, obviously, for the conference organizers. IQPC’s ILS Summit is most certainly an event worth attending.” - Beat Holliger, Managing Director, Munich Re Capital Markets 7:15 Coffee & Registration 8:15 Chairman’s Opening Remarks Concurrent Sessions Begin: Choose Track A or B 8:30 Keynote Address: When Models Disagree: Keynote Guest Address: A Fund Manager’s Perspectives on the Investment The Evolving Parameters of Human Longevity: Implications of Conflicting Catastrophe Models Biotech Perspectives on the Ability of Medical • Comparing applications for catastrophe models: ILS vs. traditional Technology to Enhance the Human Lifespan reinsurance • Examining the factors that will continue to play a role in the • Understanding how different applications make use of different extension of longevity: analytical modules - Biotechnology & genetic engineering • A closer look at the way modules interact in indemnity-style - Improvements in diet transactions compared with parametric-style transactions - Medical advancements in the treatment of cancer, respiratory and • Getting to grips with the “fudge-factor” in catastrophe models: Why heart disease cat bond analyses disagree more frequently than reinsurance analyses • Examining the factors likely to increase levels of mortality: • Addressing the suspicion of “model-shopping” by sponsors of - Obesity & the “sedentrification” of the Western lifestyle catastrophe bonds - Flu and the risk of pandemics • Understanding the implications for investors in catastrophe bonds: - Population growth and geopolitical tensions Does model divergence really matter, and what can investors do • Combining the factors into a unified model: How will our longevity about it? be influenced by changes in 21st century life? John Seo, Managing Principal, Fermat Capital Bill Caldwell, CEO, Advanced Cell Technology 9:30 Fund Managers’ Perspectives on ILS Portfolio Making Securitization Mainstream: Construction: A Vision of Future Life Markets Identifying the Most Effective Combinations of Trigger, • A closer look at past securitization attempts: Tarrytown, Legacy, AIG Peril and Collateral Structures • Examining the obstacles to mainstream securitization: • Understanding the full range of diversification strategies: - Inadequate transparency and fee disclosure - Diversification by peril (wind, quake, life) - Residual lack of “comfort factor” among rating agencies - Diversification by geography (US, Europe, Asia, South America) • Understanding the importance of increased clarity and - Diversification by investment type (cat bonds, ILWs, sidecars, standardization of the general methods for predicting life exchange-traded products expectancies • Identifying the most effective diversification combinations for • Establishing rating agency standards for assessing credit risks conservative, moderate, and high levels of risk tolerance associated with securitization transactions • Fund manager perspectives on new collateral arrangements: • Examining the possible risks of securitization Expressing a preference between treasuries, floating KfW notes, and Anatoly Burman, Senior Managing Director, Aladdin Capital triparty repo Management Niraj Patel, Managing Director, Credit Derivatives and ILS, John Kiernan, Managing Director, Guggenheim Capital Genworth Investments Luca Albertini, CEO, Leadenhall Capital Partners Aashh Parekh, Director, Global Public Markets, TIAA-CREF 10:30 Morning Networking Break Track A: Non-Life Track B: Life 11:15 Examining Uncertainties in Climate Models: The Evolution of Regulatory Attitudes towards the Forecasting the Impact of Best and Worst Case Secondary Market for Life Insurance Climate Scenarios on the Future of the ILS Market • Regulatory attitudes towards STOLI and the emerging consensus on • Identifying the key uncertainties in climate models “insurable interest” • Understanding what model uncertainties reveal about best and worst • An overview of the proliferation of life settlement regulations and case future climate scenarios what it means for consumers, companies and investors. • What is the role of regional models in climate understanding? • The relationship between the regulators and legislators regarding life • Determining the economic consequences of model uncertainties settlements: where it has been and where it’s going • Analyzing the possible implications for the future of the ILS market Commissioner Paulette Thabault, Commissioner, Vermont Dr. Lenny Smith, Professor of Statistics, London School of Economics Insurance Department Dr. Pauline Barrieu, Reader in Statistics, London School of Economics Commissioner Gennett Purcell, Commissioner, DC Insurance Department 6 1-800-882-8684 •
  7. 7. Main Conference Day 2 Continued “Well done on a very good event.” - Eamonn Ling, Investment Director, Catalyst Investment Group 12:00 Parametric Cat Bonds: The Role of the US Federal Government in Life Basis Risk and Model Uncertainty for Issuers and Settlements and Insurance Investors • IRS Revenue Rulings 2009-13 and 2009-14 – what has been Basis risk for issuers: happening since these rulings took effect in August 2009? • Introducing an analytical framework to evaluate the basis risk of • What is the proper role of the SEC in life settlements? parametric cat bonds • Capitol Hill Update: What will happen with life settlements and life • Quantifying the basis risk reduction benefit achieved by using insurance in 2010 and beyond? sophisticated optimization algorithms Commissioner Gennett Purcell, Commissioner, DC Insurance Department • Identifying critical aspects of basis risk that can be potentially overlooked by issuers and their advisors Model uncertainty for investors: • Quantifying the level of model uncertainty associated with parametric bonds • Outlining an analytical process to systematically differentiate and quantify the model uncertainty for different types of parameter triggers Lixin Zeng, Portfolio Manager, Alpha Cat Fund 12:45 Networking Luncheon 2:00 Integrating ILS into USAA’s Property Catastrophe Actuarial Perspectives on Older Age Mortality: Reinsurance Program Examining the Shift in Life Expectancies and the • The importance of collateralized coverage (both traditional and ILS) to Implications for Life Settlement Values a reinsurance program • Charting the evolution of actuarial perspectives on older age mortality • The pros and cons of ILS as compared to traditional reinsurance • Understanding how different actuarial groups perform mortality calculations • Issues that can arise from having mismatches in coverage between • Is it an asset or a liability? Principles for determining whether a life insurance traditional and ILS-backed reinsurance policy represents a buying opportunity or “a falling knife” • Determining where ILS-backed coverage can fit into an overall Eddie Stone, Managing Partner, Stone Beach Capital reinsurance structure Kyle Freeman, FCAS, MAAA, Catastrophe Risk Management, USAA 2:45 New Hybrid Loss Triggers: Bridging the Desirability The European Life Settlements Markets: Gap Between Sponsors and Investors Achieving a Better Understanding of the Sources • Examining the desirability gap between indemnity and parametric and Motivations of European Investment Capital bond triggers • Identifying the sources and types of European investment capital • Understanding the capital implications of different trigger structures • Examining the geographical dispersal of European investors • Enhancing granularity in loss allocation by structuring synthetic throughout Denmark, Norway, the Netherlands, Switzerland, protection in smaller units Luxembourg, Germany, France and the UK • Understanding the role that hybrid loss triggers will play in the future • Understanding the role that life settlements play in European asset of catastrophic risk transfer allocation strategies • Overcoming the obstacles to attracting European investment capital Franz-Philippe Przybyl, CEO, Berlin Atlantic Capital Beat Hess, Managing Partner, AA Partners Heinz Kubli, Managing Partner, Fundabilis 3:30 Enhancing the Deal Flow: Further Afield… Creating a Dialogue Between Issuers and Investors Exploring New Investment Opportunities in Asia & in Order to Reduce the Disconnect Between Supply Latin America and Demand • Identifying the sources and types of Asian and Latin American • Understanding the disconnect between deals being brought to market investment capital and capital looking for a home • Examining the geographical dispersal of Latin American investors • Understanding the interrelationship between pricing levels, hurricane throughout Argentina, Chile, Brazil, Venezuela and Colombia activity, investor interest and sponsor interest • Examining the geographical dispersal of Asian investors throughout • Identifying possible solutions to the deal flow problem: Thailand, Malaysia, Singapore, Hong Kong, and Australasia - Making the deal flow more regular, to improve the interplay • Overcoming the obstacles to attracting Asian and Latin American between supply and demand investment capital - Improving the transparency of the deal flow Wai-Keung Tang, Managing Partner, Kappa Life - Increasing the frequency of new issues through smaller-sized, more standardized transactions • Creating stronger dialogue between issuers and investors to remove the obstacles to the growth of the market • What’s next? A look to the ILS deal flow in 2010 and beyond Karsten Bromann, Managing Partner & CRO, Solidum Partners Michael Stahel, Head of ILS, Clariden Leu Paul Schultz, President, Investment Banking, AON Benfield Insa Adena, Head of Advanced Risk Intermediation, Allianz 4:15 End of Conference Sponsors: 7
  8. 8. Pre-Conference Workshops Wednesday, January 27, 2010 “The conference was great and I learned a lot of new things, especially within the pre-conference workshops! I think you did a fantastic job in pulling everything together, the speakers had excellent experience and knowledge. Keep up the good work!” - Sun-Siang Liew, Senior Analyst, Validus Research Capital-Raising for your ILS Fund Capital-Raising for your Life Settlements Fund A Many ILS funds suffered in the early part of 2009, with the B The life settlements space has witnessed a great deal of innovation financial crisis forcing redemptions within an asset class that in 2009, but also a lot of regulatory challenges and negative press. was performing well compared with the rest of the Additionally, the asset class requires high levels of sophistication and marketplace. Now that the dust has settled and many investors education among investors, and it is – at least in its cash form – are seeking uncorrelated investments as part of their de-risking both a long term investment and an illiquid one. In the midst of 9:30am – 12:00pm (Registration at 9:00am) strategies, ILS funds stand to capitalize… but they will also face these negatives, many life settlement funds have experienced strong competition for fresh capital as well as newly difficulties in communicating the extensive benefits of the asset class demanding due diligence procedures. How can ILS funds to new and wary investors. How can they succeed going forward? distinguish themselves in the new environment? How can they What are the most effective fund structures and capital raising position themselves first in the line for institutional and other strategies for broadening the investment base for life settlements? forms of investment capital? What fund structures will prove to How can an individual fund gain advantage over its competitors? be the most successful? What You Will Learn: OR What You Will Learn: • Identifying the most viable sources, types and geographies of • Identifying the most viable sources, types and geographies of investment capital for life settlements investment capital for insurance-linked securities • Understanding how life settlement investment decisions vary • Understanding how the ILS asset allocation decision-making between various kinds of investor process differs between various kinds of investor • Examining strategies for restructuring your fund in order to attract • Examining strategies for restructuring your fund in order to new sources of investment capital, especially in the light of new attract new sources of investment capital IRS taxation guidance • Considerations regarding the marketing and competitive • Evaluating the importance of maintaining transparent origination positioning of your fund processes How You Will Benefit: How You Will Benefit: • Get an edge over your competitors in the hunt for new • Get an edge over your competitors in the hunt for new investment capital investment capital • Present your investment strategy in a way that matches the • Present your investment strategy in a way that matches the allocation decision-making process for each investor groups allocation decision-making process for each investor groups • Understand – and avoid – the key mistakes made by fund • Understand – and avoid – the key mistakes made by fund managers as they raise capital managers as they raise capital 360° Risk Management for Life Settlement Portfolios 1:00pm – 3:30pm (Registration at 12:30pm) C Investing in life settlements is a complicated business, with a number • Determine the right legal structure for the right jurisdiction (Ireland, of critical risks that need to be addressed by the investor in order to Luxembourg) to help mitigate tax issues such as the potential maximize returns. This workshop will provide investors, fund impact of the recent IRS rulings managers, and others involved in the life settlements space with the • Examine synthetic strategies for managing liquidity risk, including tools they need to manage and reduce risk, whether it’s the risk of how to hedge liquidity and currency/credit risks associated with a longevity, the risk of incorrect valuation, the risk of sub-optimal policy life settlement portfolio selection, as well as legal and liquidity risks. An unmissable workshop for those seeking to invest with confidence! How You Will Benefit: • Invest in confidence What You Will Learn: • Get a comprehensive understanding of the risks involved with • A closer look at the policy selection process – safeguarding against investing in life settlements before you commit capital insurable interest and other potential procurement issues • Walk away with the most cost-effective strategies for reducing the • Understand how the valuation process can help to mitigate riskiness of your life settlement investments extended longevity risk in a life settlement portfolio 4:00pm – 6:30pm (Registration at 3:30pm) Making Better Use of Catastrophe Models D Catastrophe models are a criticial part of the puzzle for investors in • Gain a better sense of the ways catastrophe models are used in the non-life ILS, but there are few outside the modeling agencies structuring – and choice – of cat bond triggers themselves who understand exactly how the models are designed. In this workshop, take a look “under the hood” of some of the world’s How You Will Benefit: most important and popular catastrophe models, and learn how to • Learn what the implications are of discrepancies between different make better use of models in your investment calculations. catastrophe models • Become a more sophisticated cat bond investor by better What You Will Learn: understanding the relationship between modeled values and cat • Understand how catastrophe models combine actuarial science, bond pricing engineering, seismology, metereology and expert opinion • Examine the interrelationship between hazard, inventory and vulnerability values within cat models 8 1-800-882-8684 •
  9. 9. About Our Sponsors “The conference was exceptional. The program and speakers, as well as the attendees, were all excellent. We look forward to working with you on the upcoming conferences.” - Michael Freedman, Senior Vice President, Government Affairs, Coventry For over 25 years, Coventry has been redefining insurance. Founded in 1982, Coventry began as an insurance marketing, product development and policy administration firm. Known as a leading innovator in the industry, Coventry assisted insurance carriers in the development of product, software and distribution. It established itself as one of the top corporate life insurance companies in America during the 1990s, servicing over 70,000 policies for its corporate clients. In 1998, Coventry created the secondary market for life insurance in the United States and coined the term “life settlement”. As the market leader, Coventry has structured and financed transactions representing more than $25 billion of death benefit and has been a key driver behind the market’s rapid growth. Today, Coventry is the largest purchaser and servicer in the longevity and mortality market, employing more than 200 people. Based in Pennsylvania, Coventry was the first secondary market firm to earn Standard and Poor’s highest servicer ranking (2004 and reaffirmed in 2006). In 2005, Coventry was first in revenue in the insurance category of the annual Inc. 500 listing of the fastest growing private companies in America. Website: As one of the world’s leading banks, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 48,000 people. Credit Suisse’s parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit Suisse Group’s registered shares (CSGN) are listed in Switzerland and, in the form of American Depository Shares (CS), in New York. The Life Finance Group at Credit Suisse is a dedicated group of over 90 professionals with backgrounds in various industries which include insurance, banking, structuring, sales and risk management based in New York, London and Hong Kong. Website: At LIFE EQUITY, our pricing philosophy is governed by the standard that two policies with the same criteria will receive the same offer. We believe this approach results in consistent and higher payments to owners of life insurance policies who wish to integrate a life settlement into their financial planning. Our funding comes from top- rated financial institutions and not from private investors. LIFE EQUITY makes direct contact with policy owners or their intermediaries regarding offers made. This practice assures a more efficient and expeditious process. Website: SPONSORSHIP AND EXHIBITION OPPORTUNITIES Sponsorships and exhibits are excellent opportunities for your company to showcase its products and services to high-level, targeted decision-makers attending the 7th Insurance Linked Securities Summit. IQPC and Finance IQ help companies like yours achieve important sales, marketing and branding objectives by setting aside a limited number of event sponsorships and exhibit spaces – all of which are tailored to assist your organization in creating a platform to maximize its exposure at the event. For more information on sponsoring or exhibiting at the 7th Insurance Linked Securities Summit, please contact Mario Matulich at 212-885-2719 or Media Partners: Sponsors: 9
  10. 10. For more information about the 7th Insurance Linked Securities Summit, please visit our website at or call 1-800-882-8684. 7th Insurance 5 EASY WAYS TO REGISTER: Linked TM 1 2 Web: Call: 1-800-882-8684 or 1-646-378-6026 Securities 3 4 Email: Fax: 1-646-378-6025 Summit 5 Mail: IQPC 535 5th Avenue, 8th Floor, January 27 – 29, 2010 New York City New York, NY 10017 REGISTRATION CARD Venue and Accommodations: YES! Please register me for Venue is to be announced. Please check for updates and announcements. 7th Insurance Linked Securities Summit TM Register Register Standard ❑ Conference only PRICING: Choose your workshop(s): and Pay by and Pay by Price ❑ Conference + one workshop December 4, 2009 January 8, 2010 ❑ Conference + two workshops ❑ A OR ❑ B ❑C ❑D ❑ Conference + three workshops Conference (Save $800) (Save $200) Only $999 $1,599 $1,799 ❑ Workshop(s) only Workshops $549 each $549 each $549 each Name ________________________________________________________________ Job Title ______________________________________________________________ Please note multiple discounts cannot be combined. Organization __________________________________________________________ A $99 processing charge will be assessed to all registrations not accompanied by credit card payment at the time of registration. Approving Manager ____________________________________________________ MAKE CHECKS PAYABLE IN U.S. DOLLARS TO: IQPC * CT residents or people employed in the state of CT must add 6% sales tax. Address________________________________________________________________ Team Discounts: For information on team discounts, please contact City __________________________________________________________________ IQPC Customer Service at 1-800-882-8684. Only one discount may be applied per registrant. State __________________________________________________________________ Special Discounts Available: A limited number of discounts are available for the non-profit sector, government organizations and Zip ____________________________________________________________________ academia. For more information, please contact customer service at 1-800-882-8684. Phone ________________________________________________________________ Details for making payment via EFT or wire transfer: JPMorgan Chase - Penton Learning Systems LLC dba Fax____________________________________________________________________ IQPC: 957-097239 ABA/Routing #: 021000021 Reference: Please include the name of the attendee(s) and the event E-mail ________________________________________________________________ number: 10920.007 Payment Policy: Payment is due in full at the time of registration ❑ Please keep me informed via email about this and other related events. and includes lunches and refreshment. Your registration will not be confirmed until payment is received and may be subject to cancellation. ❑ Check enclosed for $_________ (Payable to IQPC) For IQPC’s Cancellation, Postponement and Substitution Policy, ❑ Charge my ❑ Amex ❑ Visa ❑Mastercard ❑ Diners Club please visit Special Dietary Needs: If you have a dietary restriction, please Card #_________________________________Exp. Date___/___ CVM Code ______ contact Customer Service at 1-800-882-8684 to discuss your specific needs. ❑ I cannot attend, but please keep me informed of all future events. ©2010 IQPC. All Rights Reserved. The format, design, content and arrangement of this brochure constitute a trademark of IQPC. Unauthorized reproduction will be actionable under the Lanham Act and common law principles. 10 1-800-882-8684 •