Ils Europe 2009 Dpt


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Ils Europe 2009 Dpt

  1. 1. SAVE UP TO £300 Register by March 6th and Insurance Linked Securities SummitEurope TM April 28-30, 2009 London, United Kingdom New Investment Strategies for Catastrophe Bonds, Longevity Risk, and Life Settlements Hear From Participating Benefits of Attending: Organisations Such As: Debate the impact of the global financial crisis on • bond returns and issuance Coventry Munich Re Capital Markets Credit Suisse Life Develop strategies for diversifying a portfolio of • Finance Group AA Partners NEW! longevity and catastrophe risks Leadenhall Capital Brit Insurance Discover the next frontier in insurance capital markets • Partners NEW! Aon Benfield convergence and risk transfer finance BlueCrest Capital AXA Investment Management Keep up with market movements, changes in • Managers NEW! NEW! longevity tables, and movements toward a Resscapital NEW! Pension standardised bond market Augur Capital Corporation NEW! Gather with the best and brightest in the Life and • Credit Suisse Asset P&C insurance capital markets Willis Group NEW! Management NEW! Standard & Poor Sponsors: Swiss Re SCOR Solidium Partners Nephila Capital Horizon 21 Register Today! Call Dhaval: 416.597.4754 or e-mail:
  2. 2. Dear Colleague: The past few month s have been tumult uous for the finance combination of seve and insurance indus ral factors have poise tries d the ILS and life se Reinsurance markets ttlements markets to , however a are hardening, launc cont hing a new wave of insurers’ capital adeq issuances to fulfill inv inue growing. ua investments and turn cy requirements. At the same time, inv es estors are shying aw tors’ appetite and ing to ILS and life se ay from traditional ttlements as low-co questions linger over rrelat th that have been hallm e impact of counterparty risk and longe ion diversification tools. Even while arks of these industri vity estimates, the res transfer and longevit es over the years ha ilience and innovation s inspired a new era y-linked investment opportunity. of insurance risk With these develop ments in mind, Finan ceIQ and IQPC are pr global industry-lead oud to present the ing group of some of th Insurance Linked Securities Summit. W Euro e are proud to bring pean debut of the e foremost experts in this field from aro und the world to pr together a diverse and insightful view of these growing ind ovide a comprehen ustries and asset cla securitsation, to life sive sses. Spanning from settlement securities life insurance and synthetics, to na one-of-a-kind event tural catastrophe bo will cover all facets of the convergence nds and derivatives, of insurance and th this e capital markets. There is only one pla ce to go to get the full view of the insur to the capital marke an ts to provide the inn ovations and solution ce and reinsurance industries as they loo marketplace. This is s necessary to flour k THE ILS event to atte ish in the 21st cent nd. ury I look forward to se eing you there! Sincerely, P.S. Don’t miss out on the interactive pre- conf erence workshops! Marie-Louise Adle rcreutz Divisional Director , Finance IQ, A Division of IQ PC Tuesday, Pre-Conference Workshops April 28, 2009 11:00 – 14:00 Registration at 10:45 A Managing a Portfolio of Longevity Risks Longevity risk can provide an investment portfolio with diversification How to recognise and subsequently reconcile imbalances in your portfolio • benefits, but engineering the portfolio to be diversified in itself can be a Mechanics of a diversified portfolio of longevity risks • challenging task. Considerations must be made for the underwriting What will be covered: techniques, types of impairment, and even the prospect of changing • Addressing changes to the VBT tables: how do the 2008 VBT tables longevity estimates. This interactive workshop led by longevity impact portfolios constructed on 2001 VBT tables underwriting experts will address the challenges to developing a • Customising portfolio goals to appropriate risk appetite levels profitable and diversified portfolio. • Detail of the medical underwriting and longevity analysis processes What you will learn: Workshop Leader: TBA • Understanding of the calculations used in longevity tables 14:00 – 17:00 Registration at 13:45 B Meteorology 101: How to Bet on the Weather You have acknowledged the benefits and evaluated the risks of investing development in real-time and on seasonal timescales in windstorm CAT bonds. Perhaps you have already developed a Methods for evaluating, measuring, and predicting storm strength • diversified portfolio of windstorm perils in different regions. The basics of Methods and new tools for monitoring ‘live’ windstorm risk, both pre- • finance are routine to you; but what do you know about the weather? and post-impact. This interactive workshop will focus on extreme windstorm systems What will be covered: (hurricanes, typhoons and European windstorms). It will address the • The predictability of different kinds of storm systems development, recent trends and predictability of these storms in real-time • Alternatives to the Saffir-Simpson hurricane scale and the advantages and on seasonal timescales. It will describe the new methods and tools and disadvantages of different storm scale metrics available to assist you in tracking and predicting the impact of these • Methods for predicting insured losses and parametric triggers for US storms on your investments, including the immediate post-event impact hurricanes. of storms. This information could provide you with a real edge and perhaps even make you a maven CAT bond investor. Workshop Leaders: David Simmons, Head, Research Publications, AON BENFIELD What you will learn: Prof. Mark Saunders, Lead Scientist, Tropical Storm Risk, UNIVERSITY • Elements that determine hurricane, typhoon, and European windstorm COLLEGE OF LONDON 2 Register Today! Call Dhaval: 416.597.4754 or e-mail:
  3. 3. Wednesday, Main Conference Day 1 April 29th, 2009 Life Settlements, Life Insurance Securitisation and Longevity Risk Chairperson’s Opening Remarks Networking Luncheon 8:45 12:30 Alan Buerger sponsored by CEO COVENTRY Innovations in Synthetic Longevity Products 13:45 Detailing the synthetic longevity products currently on the market • Reviving the Life Insurance Securitization Market and 9:00 Assessing the benefits of investing in synthetic longevity • Looking into the Insurance Markets Appetite for Life products - a life settlement and longevity fund perspective Settlement Risk Customising longevity-linked indices and structures to meet • Reviewing recently completed deals and providing a market outlook for life • investors’ demands insurance securitization Outlining the symbiotic relationship between synthetics and • Identifying the risk and capacity of the insurance market to accept life • cash life settlement settlement risk Ways of introducing longevity risk as an alternative asset class • Outlining the path to recovery: What conditions need to be met for issuers, • into ones investment portfolio sponsors, and investors? Addressing new regulatory reserve requirements and the impact these • Arthur Hatt regulations will have on both life insurance securitization and life Vice President, Life Finance Group settlements CREDIT SUISSE Nicholas Millard Beat Hess Executive Director Managing Partner WILLIS GROUP AA PARTNERS David Rawson-Mackenzie Navigating the Cash Life Settlements Market 9:50 Managing Director Comparing the benefits of funding a portfolio versus building your own • CENTURION FUND MANAGERS Understanding the interests of intermediaries and the rules by which they • operate Comparing Risk/ Reward between Pensions 14:30 Examining origination standards and the relative impact on portfolio pricing • Swaps and Life Settlements Reviewing principles of valuation and pricing • Examining the comparability of risks carried by investments into • Brian Tijan pensions and life settlement Director, Life Finance Group Comparing the two asset classes in terms of risk-return and horizon • CREDIT SUISSE John Fitzpatrick Partner Dr. Heinz Kubli PENSION CORPORATION Managing Director FUNDABILIS Networking Break 15:15 Michael T. Crane Breakout Session- Roundtable Discussions Managing Director 15:45 COVENTRY Cash Life Settlements • Synthetic Life Settlements • Thomas Schmitt A/XXX and EV Securitisations • Managing Partner Pension Buyouts • AUGUR CAPITAL Examining the Regulatory Climate Surrounding 16:30 Networking Break 10:50 the US and International Life Settlements Market and the Impact of Solvency II Strategies for Policy Valuation and Managing the Changes 11:30 Discussing the convergence of international life settlement markets • in Life Expectancy Estimates Reviewing recent regulatory and legislative changes impacting • Understanding what the shift in life expectancy estimates means for the • US life settlements life settlements industry Debating the insurance industry’s anti-consumerist approach to • Assessing the current value of policies held and determining values of new • life settlements contracts Understanding possible shifts in jurisdiction between federal • Understanding what longevity tables tell us and how the metrics are • and state bodies calculated Determining the impact of Solvency II on the capital reserves of • Establishing benchmarks for valuation and devising strategies to hedge • insurance companies and ILS issuance against future volatility in life expectancy Determining the link between medical underwriting and policy valuations • Networking Cocktail Reception 17:30 Robin Willi sponsored by Head of Life Settlements BLUECREST CAPITAL MANAGEMENT Russell Nel Senior Investment Manager RESSCAPITAL About Our Sponsor: 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: 3 Register Today! Call Dhaval: 416.597.4754 or e-mail:
  4. 4. Thursday, Main Conference Day 2 April 30, 2009 Non-Life Insurance Risks Chairperson’s Opening Remarks Due Diligence and Ratings Standards for the Next 8:45 13:45 Wave of CAT Bonds Examining the Impact of the Global Financial 9:00 Due Diligence and Ratings Standards for the Next Wave of CAT Bonds • Crisis on ILS and the Reinsurance Industry Update on cat bond rating criteria • How has ILS fared during the recent economic turmoil Ensuring the quality of collateral assets • • Identifying opportunities created by the financial crisis Revealing the ratings process for new, non-TRS structures • • Where do the insurance capital markets go from here? What Discussing the impact of the rating scheme on the growth of • • kinds of structural trends do we expect? the ILS market Jean-Louis Monnier Maren Josefs Director, Insurance Linked Securities Associate Director of Rating Services SWISS RE STANDARD & POOR Urs Ramseier Augustin Gas Head of Insurance Linked Securities CAT Modelling Manager HORIZON 21 SCOR Barney Schauble Managing a Portfolio of Insurance-Linked Securities 14:30 Partner Defining ideal trigger/peril combinations • NEPHILA CAPITAL Exploring the mechanics of risk measurement and • diversification techniques The P&C Securitisation Market of Today and 10:00 Establishing a benchmark for risk in a portfolio and identifying • Tomorrow areas for improvement What have we learned since January renewals? • Comparing the 2009 bond structures to those of the past Niklaus Hilti • Assessing the market’s ability to meet new investor demands Head of ILS • and adapt to a changing economic climate CREDIT SUISSE ASSET MANAGEMENT Analysing returns and the growth of the market • Lixin Zeng Luca Albertini Portfolio Manager of AlphaCat Fund CEO VALIDUS MANAGERS LTD. LEADENHALL CAPITAL PARTNERS Dr. Andreas Müller Karsten Bromann Head of Origination & Distribution, ILS Investment Managing Partner and Chief Risk Officer MUNICH RE CAPITAL MARKETS SOLIDIUM PARTNERS Networking Break 15:15 Networking Break 10:50 Breakout Session- Roundtable Discussions 15:45 Innovations in Exchange Traded Products: 11:30 TRS Counterparties • Examining the Growth Potential of the ILW Bond/Contract Structure Standardisation • Market and Other Risk Trading Products Sidecars • Examining the effect of standardised documentation on the ILWs, ELFs, and other Exchange Traded Products • • growth of ILWs and ILS Interactive Panel Discussion: Issuer’s and Investor’s Detailing key elements of an ILW fund for institutional and 16:30 • Perspectives on Bond Structure retail investors Identifying other instruments that stand to grow with a Detailing the demands of investors and issuers for taking and • • standardised exchange and transaction structure offloading risk Exploring the structure and utility of ELFs, UNLs, and other Examining the new playing field of credit and counterparty risks • • exchange products Toby Ducker François Divet Executive Director Portfolio Manager BRIT INSURANCE AXA INVESTMENT MANAGERS Beat Holliger Managing Director Networking Luncheon 12:30 MUNICH RE CAPITAL MARKETS sponsored by End of Conference 17:30 Media Partners: About Our Sponsors: Credit Suisse 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: Centurion Established in 1994 by David Rawson-Mackenzie, Centurion is a financial services company specialising in alternative investments and providing tax structuring and advisory services to high net worth clients. Centurion Fund Managers, the fund management division of Centurion, was established in 1999 and launched its first life settlement fund, Defined Return Fund, in 2002. Since then, Centurion has launched two additional life settlement funds, Argent Fund and Life Settlement Strategy Fund, listed respectively on the Luxembourg Euro MTF and the Channel Islands Stock Exchange. Today, with over $400m under management, Centurion’s longevity funds have consistently delivered stable returns to our investors over the past 7 years. As pioneer in the longevity asset class, Centurion was the first fund manager to include longevity swaps in its investment portfolio. Recognising the need to offer a more diversified portfolio of structured products with high yield and low correlation to market in its investment funds, Centurion is rapidly expanding its offerings by moving into both the micro-longevity and macro-longevity spaces. Website: 4 Register Today! Call Dhaval: 416.597.4754 or e-mail:
  5. 5. REGISTRATION CARD YES! Please register me for Insurance Linked Europe Securities Summit ❑ Conference only ❑ Conference + 1 workshop ❑ Conference + 2 workshops ❑ Workshop(s) only Name _________________________________________________________________________________________________________ Job Title _________________________________________________ Organisation_________________________________________ Approving Manager_____________________________ _______________________________________________________________ Address _______________________________________________________________________________________________________ City________________________________________State__________________________________________Zip_________________ Phone______________________________________E-mail_____________________________________________________________ ❑ Please keep me informed via email about this and other related events. ❑ Cheque enclosed for $_________ (Payable to IQPC) ❑ Charge my ❑ Amex ❑ Visa ❑Mastercard ❑ Diners Club Card #__________________________Exp. Date______/_____ ❑ I cannot attend, but 3 EASY WAYS TO REGISTER: please keep me informed of all future events. 1 Phone: 416.597.4754 2 Fax: 416.598.7934 E-mail: 3 Registration Information For Registration Information and to download the complete brochure visit or call +44 (0)20 7368 9300 *UK VAT is charged at 15% and will be assessed and Payment Policy: Payment is due in full at the time of SPONSORSHIP AND added to the total amount due. UK VAT Reg No registration and includes lunches, refreshments and GB799225967 detailed conference materials. Your registration will not EXHIBITION OPPORTUNITIES be confirmed until payment is received and may be Sponsorships and exhibits are excellent SPECIAL DISCOUNTS AVAILABLE: subject to cancellation. For IQPC’s Cancellation, opportunities for your company to showcase A limited number of discounts are available for the non- Postponement and Substitution Policy, please visit its products and services to high-level, targeted profit sector, government organizations and academia. decision-makers attending the Insurance For more information, please contact Len Lucas at Linked Securities European Summit. IQPC Venue: 416.597.4754. For information on team and Finance IQ help companies like yours Venue and accommodations are to be confirmed. Please discounts, please also contact Len Lucas at achieve important sales, marketing and check the website at for 416.597.4754. Only one discount may be applied branding objectives by setting aside a limited per registrant. updates and announcements. number of event sponsorships and exhibit spaces – all of which are customer-tailored to **Only one discount is applicable per person. In order to Note: Contact venue for direction and transportation assist your organization in creating a platform qualify for discounts, bookings must be received with suggestions. to maximize its exposure at the event. payment by the early bird dates. To secure reduced rates, please contact the hotel at least PAYMENT: four weeks prior to the conference and be sure to Note: Any registrations not accompanied by immediate mention the conference name. payment will be subject to a £49 (plus VAT) processing fee. Make cheques payable in British Pounds to: IQPC Ltd. Register Register Standard PRICING Details for making payment by Direct Transfer: by 3/6/09 by 4/3/09 Price (Please quote 17093.001 with remittance advice) Conference + (Save £300) (Save £200) IQPC Bank details: HSBC Bank ©2009 IQPC. All Rights Reserved. The format, design, 2 Workshops £2,397 £2,297 £2,497 Sort Code: 40 38 18 content and arrangement of this brochure constitute a Conference + (Save £200) (Save £100) Account no: 51304143 trademark of IQPC. Unauthorized reproduction will be 1 Workshop £1,798 £1,898 £1,998 IBAN No: GB59 MIDL 4038 1851 3041 43 actionable under the Lanham Act and common law Conference only (Save £100) BIC: MIDLGB2112V principles. £1,399 - £1,499 Account name: International Quality & Productivity Workshop only £649 each £649 each £649 each Centre Ltd 5 Register Today! Call Dhaval: 416.597.4754 or e-mail: