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    6th
Insurance
Linked Securities
                                                                                    Summit
                                                                                                                                         TM
                                             The Fairmont
July 15 – 17, 2009                           Southampton, Bermuda


Delivering the Latest Investment Strategies for Insurance Linked Securities
including P&C Securitization, Cat Bonds, Life Settlements and Longevity Risks

“A great conference in a great location. Rarely is networking as enjoyable as at IQPC’s
       excellent ILS Summit in Bermuda.” - Craig Seitel, CEO, Abacus Settlements

50+ industry-leading speakers, including the following ILS
innovators & investors:
         John Berger                         Steven Bloom                           Thomas Schmitt                   Paul Schultz
         President & CEO                     Senior Portfolio Analyst               Managing Partner                 President, Investment
         Harbor Point Re                     APG Investments                        Augur Capital                    Banking AON Benfield

         Matthew Elderfield                  Bernard Van der Stichele               John Seo                         Steven Vestbirk
         CEO                                 Portfolio Manager                      Managing                         CEO
         Bermuda Monetary                    Ontario Teachers’ Pension              Principle                        Royal Ark Asset
         Authority                           Plan Board                             Fermat Investments               Management



Featuring 2 Tracks for Life and                                          The only ILS conference in the
Non-Life ILS, Enabling You to:                                           world delivering…
•   Examine the future of the liquidity landscape for insurance          •   300 senior decision-makers from institutional investors, hedge
    linked securities                                                        funds, asset managers, insurance & reinsurance companies, brokers,
                                                                             banks and law firms
•   Get the full benefit of new investor safeguards and
    collateral management techniques for catastrophe bonds               •   Dedicated conference tracks for the life and non-life sides of
                                                                             the ILS fence, allowing you to maximize your learning
•   Leverage the most effective diversification and analytics                opportunities throughout the 3-day event
    tools to optimize your investment portfolio
                                                                         •   Interactive roundtable sessions on your most pressing issues,
•   Harness innovations in synthetic products, ILWs, exchange-               enabling you to brainstorm solutions with your peers
    traded products, and risk modeling techniques
                                                                         •   More than 20 hours of extended networking opportunities,
•   Achieve visibility over changing LE estimates and understand             ensuring you walk away with valuable new contacts from the industry
    the implications for your existing and future life settlement
    portfolios                                                           •   50+ industry-leading speakers, delivering more content on ILS
                                                                             than any other event in the world
•   Understanding the impact of regulatory changes on the sector


Major Sponsors                    Sponsors                                                                      Media Partners




                      1-800-882-8684 •                                  www.ilsbermuda.com
Our most outstanding
             6th
         Insurance                                                         July 15 – 17, 2009
                                                                                                                     speaker faculty ever,
        Linked Securities                                                  The Fairmont                              with 50+ ILS leaders
                                                                           Southampton, Bermuda
                                           Summit                  TM                                                including…
        Dear Colleague,                                                    www.ilsbermuda.com
                                                                                                                            John Berger
        2009 is a crucial year for the insur
                                                                                                                            President & CEO
                                             ance linked securities market. Offe                                            Harbor Point Re
        growth and low correlation with glob                                        ring a high potential for
                                                  al share prices, the asset class has
       extremely challenging market cond                                                held up well under                  Matthew Elderfield
                                              itions, with many positive developm
       new bonds from SCOR, Chubb,                                                     ents – such as the issue of          CEO
                                              and Liberty Mutual – witnessed
       year. Nevertheless, it is clear that muc                                     in the first quarter of the             Bermuda Monetary Authority
                                                 h still needs to be achieved before
       mature asset class suitable for the                                              ILS comes of age as a
                                             full spectrum of potential investors.                                          Dirk Lohmann
       reduced counterparty risk and                                                  Enhanced transparency,
                                            better valuations are just a few                                                CEO
       demanding to ensure the long term                                          of the things that investors are
                                                future of the sector.                                                       Secquaero
        If you want to make sense of the                                                                                    Jay Vadiveloo
                                           opportunities represented by this
       you join us at the 6th Insurance                                       exciting asset class, make sure
                                           Linked Securities Summit. Takin                                                  Watson Wyatt Professor of
       15 – 17, 2009, the event brings toge                                   g place in Bermuda from July
                                              ther senior decision-makers from                                              Actuarial Science
       markets value chain, including instit                                     the entire insurance-capital
                                             utional investors, insurance and reins                                         University of Connecticut
       funds and banks. It’s the largest ILS                                       urance companies, hedge
                                             conference in the world, with more
       and more opportunities for networkin                                        delegates, more speakers,                Bernard Van der Stichele
                                               g than any other event on the mark
                                                                                     et.                                    Portfolio Manager
      Following the huge success of our                                                                                     Ontario Teachers’ Pension Plan
                                         New York ILS Summit earlier this year,
      important decision to create two                                           we’ve taken the                            Board
                                        dedicated tracks for the life and
      industry. This ensures you maxm                                         non-life sides of the
                                       ize your opportunities on-site, deliv
                                                                            ering a tailored-learning and                   Michael Fasano
      networking experience based on your
                                            specific area of focus. We’ve also
                                                                                created a series of
                                                                                                                            President
     networking-focused champagn
                                        e roundtable discussions, enab
                                                                          ling you to brainstorm your                       Fasano & Associates
     biggest issues at the same time as
                                        making valuable contacts from the
     feedback from both conferences,                                          industry. And in response to                  Patrice Horner
                                       we’ve arranged an exciting gues
     future of human longevity, to                                        t presentation on the                             Vice President
                                      be delivered by Bernard Siegel,
     Genetics Policy Institute, one of                                     Executive Director of the                        North Atlantic Asset Management
                                        the world’s leading authorities on
     enhancing technologies.                                                stem cell research and life
                                                                                                                            Franz-Philippe Przybyl
     Please take a few moments to revie                                                                                     Chairman & CEO
                                       w the at-a-glance agenda on the                                                      BAC Berlin Atlantic Capital AG
     visit our website www.ilsbermuda.com                              following pages, and then
                                          for the more detailed program.
                                                                                                                            Thomas Schmitt
     We look forward to meeting you                                                                                         Managing Partner
                                    in sunny Bermuda this July, at the
     the ILS investment community!                                     key meeting of the year for                          Augur Capital

     Kind regards,                                                                                                          Richard Lowther
                                                                                                                            COO
     The 6th Insurance Linked Securities                                                                                    Validus Managers
                                         Summit Advisory Board
                                                                                                                            Wai-Keung Tang
            James Bryce                                                                                                     Managing Partner
            President & CEO                                       Eddie Stone
                                                                  Managing Director                                         Alpha-Value Asset Management
            IPC Re
                                                                  Plainfield Asset                                          John Seo
           Karsten Bromann                                        Management                                                Managing Principle
           Managing Partner &                                                                                               Fermat Investments
           Chief Risk Officer                                    Colin Rainier
           Solidum Partners                                      Managing Director
                                                                 Hannover Re
           Craig Seitel                                                                                              Who Will Attend:
           CEO                                                   Mike Fasano
                                                                 President                                           ■ 12% Pension Funds &
           Abacus Settlements
                                                                 Fasano & Associates                                       Institutional
                                                                                                                           Investors
          Bill Dubinsky
          Managing Director                                     Alan Buerger                                         ■ 18% Hedge Funds
                                                                CEO
          Swiss Re                                                                                                   ■ 3%    Family Offices
                                                                Coventry
                                                                                                                             & Endowment
                                                                                                                             Funds
                                                                                                                     ■ 8%    Asset Managers
                                                                                                                     ■ 21% Insurance & Reinsurance
    “It was very well attended and the discussions were very                                                               Companies
     interesting. The organization of the event was perfect.”                                                        ■ 12% Banks
                                                                                                                     ■ 8%    Law Firms
        – Urs Ramseier, Head of Insurance-Linked Securities, Horizon 21
                                                                                                                     ■ 10% Life Settlement Companies
                                                                                                                     ■ 4%    LE Providers
                                                                                                                     ■ 4%    Modeling Agencies
2      1-800-882-8684 •                              www.ilsbermuda.com
Main Conference Day 1
Thursday, July 16, 2009

7:45    Registration & Coffee                                                           9:30        Identifying the Opportunities in the
                                                                                                    Bermuda Insurance Market
8:30    Welcome & Chairman’s Opening Remarks                                                        Bradley Kading, President & Executive Director,
                                                                                                    Association of Bermuda Insurers and Reinsurers
        Michael Crane, Managing Director, Coventry
                                                                                        9:50        Insurance and the Capital Markets: Is the Financial
                                                                                                    Crisis Accelerating or Reversing the Convergence
8:45    “Risk, Reward & Reinsurance”:
                                                                  Opening                           Process?
        Looking into the Future of the                                                                Examining the obstacles to insurance-capital markets convergence:
                                                                  Keynote                           •

        Global Reinsurance Industry                               Address                           • Identifying potential growth areas for the trading of insurance risk
        • Defining the role that reinsurers must play in                                              by capital market participants
          the recovery of the global economy                                                        • Understanding the impact of regulatory changes on the

        • Examining the future in new and innovative reinsurance products                             relationship between insurance companies and capital market
        • Reinsurance & risk management: How should a reinsurance                                     participants
                                                                                                    • A look to 2010 and beyond: What future challenges await us?
          company calculate its optimal level of exposure?
        • Challenges and opportunities: A closer look at the pressures that                         Morton Lane, President, Lane Financial
          will continue to produce innovation within the reinsurance
                                                                                                    Followed by a panel discussion featuring...
          industry in 2010 and beyond
                                                                                                    Matthew Elderfield, CEO, Bermuda Monetary Authority
        John Berger, President & CEO, Harbor Point Re                                               Craig Seitel, CEO, Abacus Settlements
                                                                                                    Paul Siegert, President & CEO, Insurance Studies Institute

                                                                                        11:00       Networking Break


                                                          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)

11:45   Looking into the Future of P&C Insurance                                               The Institutionalization of the Life Insurance
        Securitization: Translating Today’s Challenges into                                    Secondary Market: “Tradable Paper”
        Tomorrow’s Innovations                                                                 •   Ensuring credit measurements
        • Examining early indications from the 2009 storm season and its impact                •   Best practices & standards
          on pricing structures                                                                •   Industry data reporting
        • Comparing 2009 cat bond structures with those of the past                            •   Portfolio measurements & reporting
        • Evaluating the ability of the market to meet the needs of new                        •   Investment securitization, structures & practices
          investors                                                                            •   Audit procedures
        • The 2009 cat bond pipeline: Which products are proving                                       Paul Siegert, President & CEO, Insurance Studies Institute
          most popular with investors?                                                                 Michael Byl, President, Strategic Directions Management
        Karsten Bromann, Managing Partner & Chief Risk Officer,                                        Brian Tijan, Director, Life Finance Group, Credit Suisse
        Solidum Partners
        Kai Morgenstern, Vice President, Renaissance Re
        Henning Ludolphs, Head of Insurance-Linked Securities,
        Hannover Re


12:45   Networking Lunch sponsored by:

1:45    The Broader Spectrum of Non-Life ILS: Exchange-                                        Examining the Latest Breed of Synthetic Life
        Traded and OTC Catastrophe Derivatives, Industry                                       Settlement Products: Understanding the
        Loss Warranties (ILWs), and Securitized Reinsurance                                    Advantages to Traditional Cash Investments in Life
        • Analyzing the structure of an ILW: How does it work?                                 Settlements
        • Comparing ILWs and ELFs                                                              •   Taking a closer look at the existing market for synthetic life settlement
        • ILWs as reinsurance vs. exchange traded products                                         products
        • Managing counterparty risk in ILWs and exchange traded products                      •   Understanding the advantages and disadvantages of cash investments
        • ILWs as cat bond and retro reinsurance alternatives in the current                       in life settlements versus synthetic products
          market                                                                               •   Using synthetic life settlements as a hedging mechanism against
        • ILW portfolio simulation exercise: How much would you have made                          mortality risk
          with ILWs in your portfolio in 2005, 2006, 2007 & 2008?                              •   Identifying the most effective structures for synthetic life settlement
        Alex Krutov, Managing Director, Century Atlantic Capital                                   products
        Aashh K. Parekh, Director, Global Public Markets, TIAA-CREF                            •   Examining the importance of having clean, accurate life policy data
                                                                                                         Eamonn Ling, Head of Investment, Catalyst Investment
                                                                                                         Group
                                                                                                         Jason Liddell, Vice President, Credit Suisse




Sponsors:                                                                                                                                                                         3
2:45   The View from the Investment Community: Examining
           the Most Effective Strategies for Diversifying Your                                    The View from the Investment Community: Understanding
           Portfolio with P&C Insurance Products                                                  the Role Played by Life Settlement Products Within a
           • Identifying the advantages of P&C insurance products:                                Robust, Well-Diversified Investment Portfolio
               • Lack of correlation with the stock market                                        •   Examining the peculiar characteristics of life settlements as an asset class
               • Relatively high returns compared with other non-correlated asset                 •   Understanding the investment horizons, and expected return rates, of
                 classes                                                                              cash and synthetic life settlement products
           • Identifying the drawbacks of securitized P&C insurance products for                  •   Determining a role for life settlement products within a well-rounded
             the investor community:                                                                  investment portfolio
               • Lack of standardization in P&C insurance products                                •   Identifying the tools needed to reduce due diligence “costs of carry”
               • Relatively high transaction costs                                                    for investors
               • Significant ordinary investment horizons                                                   • Assessing the liquidity of life-settlement securities

           • Achieving visibility over the full spectrum of product structures                              • Examining the precise role to be played by life-settlement investment


             available to investors                                                                           products within a diversified, resilient investment portfolio
           • Examining the most effective hedging strategies for a non-life ILS portfolio                  Franz-Philippe Przybyl, CEO, Berlin Atlantic Capital AG
           Charles Flynn, Portfolio Manager, Mariner Investment Group                                      Gene Miao, Managing Director, Highland Capital
           Greg Hagood, Principal & Co-Founder, Nephila Capital                                            Wai-Keung Tang, Managing Partner, Alpha-Value
           Stephen Velotti, Portfolio Manager, Juniperus Capital                                           Asset Management
           Patrice Horner, Vice President, North Atlantic Asset Management                                 Steven Vestbirk, CEO, Royal Ark Asset Management
                                                                                                           Michael Crane, Managing Director, Coventry
    3:45   Networking Break

    4:30   Interactive Champagne Roundtable Discussions
           After a jam-packed day of big picture keynotes, panel discussions, case studies, and presentations, the 6th ILS Summit gives you the chance to meet
           and brainstorm with small groups of your peers during our interactive champagne roundtable discussions. This is a great opportunity to make valuable
           contacts from your area of interest, and to deep-dive into the tricky details that you may missed in the course of the day’s sessions. MUST ATTEND!

           Track A: Non-Life                                                                      Track B: Life
           1. Collateral Management for Cat Bonds                                                 1. Modeling Longevity
           Discussing new collateral management techniques and their                              Debating actuarial approaches to modeling life expectancy
           effectiveness in reducing counterparty risk
                                                                                                  2. Regulation in Life Settlements
           2. Catastrophe Modeling Techniques                                                     Understanding the impact of new state and federal regulations on the
           Discussing the most effective modeling strategies for common (and not                  long-term future of the life settlements industry
           so common) catastrophes
                                                                                                  3. Synthetic Life Settlement Products
           3. The Growth of the ILW Market                                                        Discussing investment strategies based on new synthetic life settlement
           Assessing the growth prospects – and steps towards standardization –                   structures
           of the ILW market

    5:30   Cocktail Reception sponsored by




    Main Conference Day 2
    Friday, July 17, 2009
    8:00   Coffee & Registration                                                           9:45        How Long Will We Live in the 21st
                                                                                                       Century? Analyzing the Future
    8:30   Chairman’s Opening Remarks                                                                  Interplay Between Medicine,
                                                                                                       Technology, Mortality & Disease                                 Keynote
    8:45   Looking into the Future of the ILS Liquidity                                                • Examining the factors that will continue to play              Guest
           Landscape: Identifying the Sources of Tomorrow’s                                              a role in the extension of longevity:                       Address
           Investment Capital                                                                              • Biotechnology & genetic engineering

           • Comparing the situation with life- and non-life insurance linked securities                   • Nanotechnology

           • Analyzing the attractiveness of insurance linked securities from the                          • Improvements in diet


             investor standpoint                                                                           • Medical advancements in the treatment of cancer, respiratory

           • Evaluating the suitability of insurance linked securities from the                              and heart disease
             viewpoint of different investment horizons                                                • Examining the factors likely to increase levels of mortality:

           • Quantifying the future liquidity contributions from: Major pension                            • Obesity & the “sedentrification” of the Western lifestyle


             funds, Endowment funds, Family offices, Wealth management                                     • Flu and the risk of pandemics


             companies, Funds of funds and other, niche investors                                          • Population growth and geopolitical tensions

           • What more needs to happen to thaw out the marketplace?                                    • Combining the factors into a unified model: How will our longevity


           Paul Schultz, President, Investment Banking, AON Benfield                                     be influenced by changes in 21st century life?
           Bernard Van der Stichele, Portfolio Manager, Ontario                                        Bernard Siegel, Executive Director, Genetics Policy Institute
           Teachers’ Pension Plan Board
           John Seo, Managing Principle, Fermat Capital Management                         10:45       Networking Break
           Thomas Schmitt, Managing Partner, Augur Capital

4     1-800-882-8684 •                              www.ilsbermuda.com
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   Beyond Catastrophe Risk: The Future of Insurance                                Trends in Longevity and Actual/Expected Analyses
         Securitization                                                                  •   A demographic analysis of longevity extension
         Dirk Lohmann, CEO, Secquaero                                                    •   Trends in mortality improvement
                                                                                         •   Different methods of actual to expected analysis
                                                                                                  • How to apply actual/expected analytic techniques to improve


                                                                                                    portfolio performance
                                                                                                  Mike Fasano, President, Fasano & Associates

 12:15   Managing Credit Risk in Cat Bond Transactions:                                  Assessing the True Implications of 2009 Regulatory
         Delivering New Investor Safeguards through Radical                              Changes: Examining the Impact of New Regulatory
         Transparency, Continuous Collateral Monitoring &                                Pressures on the Long-Term Future of the Life
         Changes in Permitted Investments                                                Settlements Market
         • A closer look at the impact of the Lehman Brothers’ collapse on the           •   Reviewing the regulatory developments of 2009 so far:
           global Cat bond market                                                              • Life settlement regulation changes on a state-by-state basis

         • Understanding how the components of investment risk interact                        • The implications of the Congressional hearings in late Spring


           (interest rate risk, reinvestment risk & credit risk)                         •   Examining the state of regulatory consensus around Stranger-
         • Implementing new permitted investment rules for the assets to be                  Originated Life Insurance (STOLI)
           used within Cat bond collateral                                               •   Disintermediation, the competitive landscape, the future of the life
         • Designing collateral top-up provisions in the event of a reduction in             settlements market
           asset values                                                                           Craig Seitel, CEO, Abacus Settlements
         • Enhancing the transparency of Cat bond collateral through web-                         Michael Freedman, SVP, Governmental Affairs, Coventry
           based interfaces and continuous monitoring techniques
         Richard Lowther, COO, Validus Managers
         Donald Thorpe, Head of Insurance-Linked Securities, Fitch Ratings
         Karsten Bromann, Managing Partner & Chief Risk Officer,
         Solidum Partners

 1:15    Networking Lunch

 2:15    Towards a More Sophisticated Understanding of                                   An Actuarial Study in Mortality Risk: Creating a
         Catastrophe Risk: Lifting the Lid on Evolving                                   More Transparent Understanding of the Factors that
         Catastrophe Modeling Techniques                                                 Influence Longevity
         • Examining the changes in catastrophe models since Katrina in 2005             •   Examining the need for greater education and fundamental research
         • Understanding the most effective modeling techniques for dealing                  work on life settlements
           with uncertainty in loss numbers                                              •   Identifying the misconceptions that have damaged the life settlements
         • What happens when the models disagree? Getting to grips with the                  industry and isolated it from mainstream asset classes
           best strategies for dealing with conflicting risk models                      •   Overcoming the difficulties of gaining access to life settlements data
         • Are increases in computing power altering the capabilities of 21st            •   Using transparency within estimations of mortality risk in order to
           century modeling software?                                                        grow the investor pool for life-connected insurance linked securities
         Speaker to be confirmed. Please check the website for updates                           Jay Vadiveloo, Watson Wyatt Professor of Actuarial Science,
         and announcements.                                                                      University of Connecticut

 3:00    Issuers’ Perspectives on the Future of the Cat Bond                             A Pension Funds’ Perspective on Investing in
         Pipeline: Removing the Roadblocks to Future                                     Longevity Risk
         Issuances                                                                       •
                                                                                             Which investment structures are more attractive to pension funds
         • Determining the extent to which “de-risking” in the reinsurance                   from a hedging perspective?
           industry means a flight from the capital markets by issuers                   •   Understanding the interplay between the longevity risk and life
         • Will Cat bonds take on an increasing or decreasing proportion of total            settlement markets
           reinsurance capacity in 2009?                                                 •   Developing a portfolio of complementary longevity risks
         • Will newly transparent Cat bond structures be sufficient to remove the        •   Examining the progress towards tradable indices to give secondary
           spectre of counterparty risk from new Cat bond issues?                            market exposure to holders of both longevity and mortality risk
         • Is the “golden age” of new Cat bond issues still ahead of us, or in the       •   Overcoming the challenges of developing transparent pricing in
           past?                                                                             longevity risk
         Mark Van Zanden, Outwards Reinsurance Business                                           • Examining the feasability of pension scheme buy-outs as an


         Group Leader, Catlin Insurance                                                             alternative to investments in longevity risk
         Beat Holliger, Managing Director, Capital Markets,                                       Jacob Bourne, Principal, Enduring Investments
         Munich Re America                                                                        John Fitzpatrick, President, Pension Corporation
                                                                                                  Steven Bloom, Senior Portfolio Analyst, APG Investments

 4:00    End of Conference


“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



 Sponsors:                                                                                                                                                                  5
Pre-Conference Workshops
     Wednesday, July 15th 2009

                                                                          Managing a Portfolio of Longevity Risks                                      Optimizing a Portfolio of Catastrophe Risks
                                                                      A   Longevity risk can provide an investment portfolio with
                                                                                                                                               B       Leveraging the Latest Analytical &
                                                                          diversification benefits, but engineering the portfolio can itself           Optimization Techniques for Superior Returns
       (Workshops A & B will run concurrently) Lunch will be served




                                                                          be a challenging task. Considerations must be made for the
                                                                                                                                                       For investors new to catastrophe risks, there are bewildering
                                                                          underwriting techniques, types of impairment, and even the
                                                                                                                                                       array of different risks, regions, sourcing channels and maturity
                                                                          prospect of changing longevity estimates. This interactive
                                                                                                                                                       levels available for portfolio diversification. But what does the
                                                                          workshop will address the challenges to developing a profitable
                                                                                                                                                       “optimal” allocation strategy look like, and how should
                                                                          and diversified portfolio.
                                                                                                                                                       investors align their risk/reward tolerance with the many options
                                                                          What you will learn:
                                                                          • Examining the mechanics of a diversified portfolio of
                                                                                                                                                       that are available? Attending this 3-hour long workshop will
                                                                                                                                                       provide you with a detailed knowledge of cat risk portfolio
                                                                            longevity risks
                                                                          • Analyzing changes to the VBT tables
                                                                                                                                                       creation, making you a better investor in this exciting asset class.
                                                                          • Understanding the calculations used in longevity tables
                                                                                                                                                       What you will learn:
                                                                                                                                                       • Achieving visibility over the full spectrum of diversification
                                                                          How you will benefit:
                                                                                                                                                         strategies:
                                                                          • Understand how to recognize and subsequently reconcile
                                                                                                                                           OR              • Diversification by asset class (equity, debt, commodities & ILS)
                                                                            imbalances in your portfolio                                                   • Diversification by subsectors (wind, quake, life) and
                                                                          • Customize portfolio goals to appropriate risk appetite levels

                                                                          • Get to grips with the medical underwriting and longevity
                                                                                                                                                             geographical regions (US, Japan, Europe, etc)
                                                                                                                                                           •
                                                                                                                                                             Diversification by sourcing channels (cat bonds, ILWs,
                                                                            analysis processes
                                                                                                                                                             sidecars, exchange-traded products)
                                                                          Workshop leader to be confirmed. Please check the                                • Diversification by maturity (<1 year, 2-5 years, >5 years)
                                                                          website for updates and announcements.
                                                                                                                                                       How you will benefit:
      1:30 – 4:30




                                                                                                                                                       • Understand how to balance diversity levels with your required


                                                                                                                                                         risk-reward tolerance
                                                                                                                                                       • Achieve visibility over the risk metrics for each region and


                                                                                                                                                         peril combination
                                                                                                                                                       • Overcome the pricing difficulties of infrequent historical events


                                                                                                                                                       Workshop leader to be confirmed. Please check the
                                                                                                                                                       website for updates and announcements.


                                                                          The A-Z of Cat Bond Engineering: Creating Truly Effective Cat Bond Structures for the Benefit of All
                                                                      C   Market Participants
                                                                          For those on the structuring side, getting the trigger design and       • Identifying structural innovations within 2009 cat bonds: Towards


                                                                          collateral guarantees right are absolutely essential to the success and   greater transparency of both credit and catastrophe risks
      5:00 – 8:00




                                                                          resilience of each cat bond. In this extended session, Lixin Zeng – a   How you will benefit:
                                                                          globally recognized expert in insurance portfolio optimization and      • Leverage cat bond risk structures to minimize basis risk and


                                                                          risk management – will teach you how to structure an effective cat        maximize transparency
                                                                          bond, ensuring you avoid all the pitfalls involved in this highly       • Understand how to create effective new collateral structures for


                                                                          complex process.                                                          the next generation of Total Return Swaps (TRS)
                                                                          What you will learn:
                                                                          •
                                                                             Selecting the most appropriate risk mechanism from the “trigger             Lixin Zeng, Portfolio Manager, Alpha Cat Fund
                                                                             menu” – choosing between Hybrid, Indemnity, Industry,
                                                                             Parametric, Indexed & Modeled                                        Welcome drinks and hors d'oeuvres will be served



    “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


     About the Venue                                                                                             IQPC has secured a reduced-rate room block for
                                                                                                                 participants of the 6th Insurance Linked Securities
                                                                                                                                                                              Relax beneath a rainbow of umbrellas at our
                                                                                                                                                                              private Beach Club, hit the links for a round
                                                                                                                 Summit. For reservations, please contact the hotel           of golf, grab your racket for a tennis match,
                        The Fairmont Southampton                                                                 directly at 1-800-441-1414 before June 16th. Be sure         snorkel your way around the reefs, ride the
                        101 South Shore Road                                                                     to mention you are attending IQPC’s ILS Summit for           waves on a jet ski, explore the island on
                        Southampton, Bermuda                                                                     the group rate. Also, the group rate will be available       your scooter and enjoy the fascination that
                        Tel: 1-800-441-1414                                                                      for 3 days pre- and post-event, based on availability.       is Bermuda.
                        Fax: (441)238-8968
     Website: www.fairmont.com/Southampton                                                                       About the Fairmont Southampton:                              With six unique restaurants and award-
                                                                                                                 Imagine shimmering turquoise seas, powdery pink              winning cuisine, including The Newport
                                                                                                                 sand beaches, exotic tropical gardens and spectacular        Room, the only AAA 5-Diamond restaurant
     Note: Contact hotel for directions and                                                                      sunsets, and you have envisioned the breathtaking            in the Caribbean/Atlantic region, you will be
     transportation suggestions.                                                                                 landscape surrounding The Fairmont Southampton               pampered from the moment you arrive.
                                                                                                                 resort in Bermuda.


6                    1-800-882-8684 •                                                                    www.ilsbermuda.com
About Our Sponsors
                                     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: www.coventry.com

                                     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: www.credit-suisse.com

                                     The Lifeline Program
                                     The Lifeline Program, based in Atlanta, Ga., is a division of Wm. Page and Associates, Inc. Founded in 1989, the
                                     company offers alternative investment opportunities for financial institutions, partners with insurance agencies and
                                     broker dealers to establish life settlement business lines, and assists seniors with retirement planning options.
                                     Website: www.thelifeline.com

                                     Abacus Settlements, LLC:
                                     Abacus Settlements, LLC: In the heart of New York's financial district - and at the forefront of today's burgeoning life
                                     settlement industry - is Abacus Settlements, LLC, a Life Settlement Provider that has distinguished itself with success in
                                     many measurable ways. Abacus Settlements, LLC is committed to establishing long-term relationships with producers,
                                     brokers and financial professionals. We believe in building trusting relationships by working fast, hard, and smart to help
                                     you realize the successful outcome you require. Website: www.abacussettlements.com

                                     Surrenda-link Investment Management:
                                     With UK£1.0 billion under management or advice (as at 31/12/08), Surrenda-link Investment Management is considered
                                     to be the largest and most established full service traded life policy specialist in Europe. Primarily, Surrenda-link designs,
                                     builds and manages funds for institutional investors based upon US Life Settlements and UK Traded Endowment Policies.
                                     In addition, the company provides portfolio management services for institutions wishing to purchase directly for their
                                     balance sheet.
                                     Traded Life policy portfolios have a low-correlation to traditional asset classes, being largely unaffected by interest rate or
                                     equity market movements and deliver attractive positive returns with minimal volatility:
                                     For almost two decades, Surrenda-link has been at the forefront of innovation with investments based upon life
                                     insurance policies. In 1992 Surrenda-link became the first company in the UK to devise and launch a TEP investment fund
                                     and in 2004 created what is thought to be the world's first Life Settlement-based stock exchange listed fund. Website:
                                     http://slinvest.co.uk

                                     Fasano Associates
                                     Fasano Associates is a leading underwriting firm, serving the life, annuity and life settlement markets, with particular
                                     expertise in over-65 and impaired life mortality. Fasano’s estimates of life expectancy are considered the most accurate in
                                     life settlement market, with an Actual to Expected accuracy ratio of 96% estimated in two successive independent
                                     actuarial evaluations. Contact Fasano at www.fasanoassociates.com. Website: www.fasanoassociates.com




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 6th 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 6th Insurance Linked Securities Summit, please contact Mario Matulich at (212) 885-2719 or
sponsorship@iqpc.com.




Media Partners

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6th Insurance Linked Securities Summit

  • 1. Register by April 24th & SAVE up to $798! 6th Insurance Linked Securities Summit TM The Fairmont July 15 – 17, 2009 Southampton, Bermuda Delivering the Latest Investment Strategies for Insurance Linked Securities including P&C Securitization, Cat Bonds, Life Settlements and Longevity Risks “A great conference in a great location. Rarely is networking as enjoyable as at IQPC’s excellent ILS Summit in Bermuda.” - Craig Seitel, CEO, Abacus Settlements 50+ industry-leading speakers, including the following ILS innovators & investors: John Berger Steven Bloom Thomas Schmitt Paul Schultz President & CEO Senior Portfolio Analyst Managing Partner President, Investment Harbor Point Re APG Investments Augur Capital Banking AON Benfield Matthew Elderfield Bernard Van der Stichele John Seo Steven Vestbirk CEO Portfolio Manager Managing CEO Bermuda Monetary Ontario Teachers’ Pension Principle Royal Ark Asset Authority Plan Board Fermat Investments Management Featuring 2 Tracks for Life and The only ILS conference in the Non-Life ILS, Enabling You to: world delivering… • Examine the future of the liquidity landscape for insurance • 300 senior decision-makers from institutional investors, hedge linked securities funds, asset managers, insurance & reinsurance companies, brokers, banks and law firms • Get the full benefit of new investor safeguards and collateral management techniques for catastrophe bonds • Dedicated conference tracks for the life and non-life sides of the ILS fence, allowing you to maximize your learning • Leverage the most effective diversification and analytics opportunities throughout the 3-day event tools to optimize your investment portfolio • Interactive roundtable sessions on your most pressing issues, • Harness innovations in synthetic products, ILWs, exchange- enabling you to brainstorm solutions with your peers traded products, and risk modeling techniques • More than 20 hours of extended networking opportunities, • Achieve visibility over changing LE estimates and understand ensuring you walk away with valuable new contacts from the industry the implications for your existing and future life settlement portfolios • 50+ industry-leading speakers, delivering more content on ILS than any other event in the world • Understanding the impact of regulatory changes on the sector Major Sponsors Sponsors Media Partners 1-800-882-8684 • www.ilsbermuda.com
  • 2. Our most outstanding 6th Insurance July 15 – 17, 2009 speaker faculty ever, Linked Securities The Fairmont with 50+ ILS leaders Southampton, Bermuda Summit TM including… Dear Colleague, www.ilsbermuda.com John Berger 2009 is a crucial year for the insur President & CEO ance linked securities market. Offe Harbor Point Re growth and low correlation with glob ring a high potential for al share prices, the asset class has extremely challenging market cond held up well under Matthew Elderfield itions, with many positive developm new bonds from SCOR, Chubb, ents – such as the issue of CEO and Liberty Mutual – witnessed year. Nevertheless, it is clear that muc in the first quarter of the Bermuda Monetary Authority h still needs to be achieved before mature asset class suitable for the ILS comes of age as a full spectrum of potential investors. Dirk Lohmann reduced counterparty risk and Enhanced transparency, better valuations are just a few CEO demanding to ensure the long term of the things that investors are future of the sector. Secquaero If you want to make sense of the Jay Vadiveloo opportunities represented by this you join us at the 6th Insurance exciting asset class, make sure Linked Securities Summit. Takin Watson Wyatt Professor of 15 – 17, 2009, the event brings toge g place in Bermuda from July ther senior decision-makers from Actuarial Science markets value chain, including instit the entire insurance-capital utional investors, insurance and reins University of Connecticut funds and banks. It’s the largest ILS urance companies, hedge conference in the world, with more and more opportunities for networkin delegates, more speakers, Bernard Van der Stichele g than any other event on the mark et. Portfolio Manager Following the huge success of our Ontario Teachers’ Pension Plan New York ILS Summit earlier this year, important decision to create two we’ve taken the Board dedicated tracks for the life and industry. This ensures you maxm non-life sides of the ize your opportunities on-site, deliv ering a tailored-learning and Michael Fasano networking experience based on your specific area of focus. We’ve also created a series of President networking-focused champagn e roundtable discussions, enab ling you to brainstorm your Fasano & Associates biggest issues at the same time as making valuable contacts from the feedback from both conferences, industry. And in response to Patrice Horner we’ve arranged an exciting gues future of human longevity, to t presentation on the Vice President be delivered by Bernard Siegel, Genetics Policy Institute, one of Executive Director of the North Atlantic Asset Management the world’s leading authorities on enhancing technologies. stem cell research and life Franz-Philippe Przybyl Please take a few moments to revie Chairman & CEO w the at-a-glance agenda on the BAC Berlin Atlantic Capital AG visit our website www.ilsbermuda.com following pages, and then for the more detailed program. Thomas Schmitt We look forward to meeting you Managing Partner in sunny Bermuda this July, at the the ILS investment community! key meeting of the year for Augur Capital Kind regards, Richard Lowther COO The 6th Insurance Linked Securities Validus Managers Summit Advisory Board Wai-Keung Tang James Bryce Managing Partner President & CEO Eddie Stone Managing Director Alpha-Value Asset Management IPC Re Plainfield Asset John Seo Karsten Bromann Management Managing Principle Managing Partner & Fermat Investments Chief Risk Officer Colin Rainier Solidum Partners Managing Director Hannover Re Craig Seitel Who Will Attend: CEO Mike Fasano President ■ 12% Pension Funds & Abacus Settlements Fasano & Associates Institutional Investors Bill Dubinsky Managing Director Alan Buerger ■ 18% Hedge Funds CEO Swiss Re ■ 3% Family Offices Coventry & Endowment Funds ■ 8% Asset Managers ■ 21% Insurance & Reinsurance “It was very well attended and the discussions were very Companies interesting. The organization of the event was perfect.” ■ 12% Banks ■ 8% Law Firms – Urs Ramseier, Head of Insurance-Linked Securities, Horizon 21 ■ 10% Life Settlement Companies ■ 4% LE Providers ■ 4% Modeling Agencies 2 1-800-882-8684 • www.ilsbermuda.com
  • 3. Main Conference Day 1 Thursday, July 16, 2009 7:45 Registration & Coffee 9:30 Identifying the Opportunities in the Bermuda Insurance Market 8:30 Welcome & Chairman’s Opening Remarks Bradley Kading, President & Executive Director, Association of Bermuda Insurers and Reinsurers Michael Crane, Managing Director, Coventry 9:50 Insurance and the Capital Markets: Is the Financial Crisis Accelerating or Reversing the Convergence 8:45 “Risk, Reward & Reinsurance”: Opening Process? Looking into the Future of the Examining the obstacles to insurance-capital markets convergence: Keynote • Global Reinsurance Industry Address • Identifying potential growth areas for the trading of insurance risk • Defining the role that reinsurers must play in by capital market participants the recovery of the global economy • Understanding the impact of regulatory changes on the • Examining the future in new and innovative reinsurance products relationship between insurance companies and capital market • Reinsurance & risk management: How should a reinsurance participants • A look to 2010 and beyond: What future challenges await us? company calculate its optimal level of exposure? • Challenges and opportunities: A closer look at the pressures that Morton Lane, President, Lane Financial will continue to produce innovation within the reinsurance Followed by a panel discussion featuring... industry in 2010 and beyond Matthew Elderfield, CEO, Bermuda Monetary Authority John Berger, President & CEO, Harbor Point Re Craig Seitel, CEO, Abacus Settlements Paul Siegert, President & CEO, Insurance Studies Institute 11:00 Networking Break 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) 11:45 Looking into the Future of P&C Insurance The Institutionalization of the Life Insurance Securitization: Translating Today’s Challenges into Secondary Market: “Tradable Paper” Tomorrow’s Innovations • Ensuring credit measurements • Examining early indications from the 2009 storm season and its impact • Best practices & standards on pricing structures • Industry data reporting • Comparing 2009 cat bond structures with those of the past • Portfolio measurements & reporting • Evaluating the ability of the market to meet the needs of new • Investment securitization, structures & practices investors • Audit procedures • The 2009 cat bond pipeline: Which products are proving Paul Siegert, President & CEO, Insurance Studies Institute most popular with investors? Michael Byl, President, Strategic Directions Management Karsten Bromann, Managing Partner & Chief Risk Officer, Brian Tijan, Director, Life Finance Group, Credit Suisse Solidum Partners Kai Morgenstern, Vice President, Renaissance Re Henning Ludolphs, Head of Insurance-Linked Securities, Hannover Re 12:45 Networking Lunch sponsored by: 1:45 The Broader Spectrum of Non-Life ILS: Exchange- Examining the Latest Breed of Synthetic Life Traded and OTC Catastrophe Derivatives, Industry Settlement Products: Understanding the Loss Warranties (ILWs), and Securitized Reinsurance Advantages to Traditional Cash Investments in Life • Analyzing the structure of an ILW: How does it work? Settlements • Comparing ILWs and ELFs • Taking a closer look at the existing market for synthetic life settlement • ILWs as reinsurance vs. exchange traded products products • Managing counterparty risk in ILWs and exchange traded products • Understanding the advantages and disadvantages of cash investments • ILWs as cat bond and retro reinsurance alternatives in the current in life settlements versus synthetic products market • Using synthetic life settlements as a hedging mechanism against • ILW portfolio simulation exercise: How much would you have made mortality risk with ILWs in your portfolio in 2005, 2006, 2007 & 2008? • Identifying the most effective structures for synthetic life settlement Alex Krutov, Managing Director, Century Atlantic Capital products Aashh K. Parekh, Director, Global Public Markets, TIAA-CREF • Examining the importance of having clean, accurate life policy data Eamonn Ling, Head of Investment, Catalyst Investment Group Jason Liddell, Vice President, Credit Suisse Sponsors: 3
  • 4. 2:45 The View from the Investment Community: Examining the Most Effective Strategies for Diversifying Your The View from the Investment Community: Understanding Portfolio with P&C Insurance Products the Role Played by Life Settlement Products Within a • Identifying the advantages of P&C insurance products: Robust, Well-Diversified Investment Portfolio • Lack of correlation with the stock market • Examining the peculiar characteristics of life settlements as an asset class • Relatively high returns compared with other non-correlated asset • Understanding the investment horizons, and expected return rates, of classes cash and synthetic life settlement products • Identifying the drawbacks of securitized P&C insurance products for • Determining a role for life settlement products within a well-rounded the investor community: investment portfolio • Lack of standardization in P&C insurance products • Identifying the tools needed to reduce due diligence “costs of carry” • Relatively high transaction costs for investors • Significant ordinary investment horizons • Assessing the liquidity of life-settlement securities • Achieving visibility over the full spectrum of product structures • Examining the precise role to be played by life-settlement investment available to investors products within a diversified, resilient investment portfolio • Examining the most effective hedging strategies for a non-life ILS portfolio Franz-Philippe Przybyl, CEO, Berlin Atlantic Capital AG Charles Flynn, Portfolio Manager, Mariner Investment Group Gene Miao, Managing Director, Highland Capital Greg Hagood, Principal & Co-Founder, Nephila Capital Wai-Keung Tang, Managing Partner, Alpha-Value Stephen Velotti, Portfolio Manager, Juniperus Capital Asset Management Patrice Horner, Vice President, North Atlantic Asset Management Steven Vestbirk, CEO, Royal Ark Asset Management Michael Crane, Managing Director, Coventry 3:45 Networking Break 4:30 Interactive Champagne Roundtable Discussions After a jam-packed day of big picture keynotes, panel discussions, case studies, and presentations, the 6th ILS Summit gives you the chance to meet and brainstorm with small groups of your peers during our interactive champagne roundtable discussions. This is a great opportunity to make valuable contacts from your area of interest, and to deep-dive into the tricky details that you may missed in the course of the day’s sessions. MUST ATTEND! Track A: Non-Life Track B: Life 1. Collateral Management for Cat Bonds 1. Modeling Longevity Discussing new collateral management techniques and their Debating actuarial approaches to modeling life expectancy effectiveness in reducing counterparty risk 2. Regulation in Life Settlements 2. Catastrophe Modeling Techniques Understanding the impact of new state and federal regulations on the Discussing the most effective modeling strategies for common (and not long-term future of the life settlements industry so common) catastrophes 3. Synthetic Life Settlement Products 3. The Growth of the ILW Market Discussing investment strategies based on new synthetic life settlement Assessing the growth prospects – and steps towards standardization – structures of the ILW market 5:30 Cocktail Reception sponsored by Main Conference Day 2 Friday, July 17, 2009 8:00 Coffee & Registration 9:45 How Long Will We Live in the 21st Century? Analyzing the Future 8:30 Chairman’s Opening Remarks Interplay Between Medicine, Technology, Mortality & Disease Keynote 8:45 Looking into the Future of the ILS Liquidity • Examining the factors that will continue to play Guest Landscape: Identifying the Sources of Tomorrow’s a role in the extension of longevity: Address Investment Capital • Biotechnology & genetic engineering • Comparing the situation with life- and non-life insurance linked securities • Nanotechnology • Analyzing the attractiveness of insurance linked securities from the • Improvements in diet investor standpoint • Medical advancements in the treatment of cancer, respiratory • Evaluating the suitability of insurance linked securities from the and heart disease viewpoint of different investment horizons • Examining the factors likely to increase levels of mortality: • Quantifying the future liquidity contributions from: Major pension • Obesity & the “sedentrification” of the Western lifestyle funds, Endowment funds, Family offices, Wealth management • Flu and the risk of pandemics companies, Funds of funds and other, niche investors • Population growth and geopolitical tensions • What more needs to happen to thaw out the marketplace? • Combining the factors into a unified model: How will our longevity Paul Schultz, President, Investment Banking, AON Benfield be influenced by changes in 21st century life? Bernard Van der Stichele, Portfolio Manager, Ontario Bernard Siegel, Executive Director, Genetics Policy Institute Teachers’ Pension Plan Board John Seo, Managing Principle, Fermat Capital Management 10:45 Networking Break Thomas Schmitt, Managing Partner, Augur Capital 4 1-800-882-8684 • www.ilsbermuda.com
  • 5. 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 Beyond Catastrophe Risk: The Future of Insurance Trends in Longevity and Actual/Expected Analyses Securitization • A demographic analysis of longevity extension Dirk Lohmann, CEO, Secquaero • Trends in mortality improvement • Different methods of actual to expected analysis • How to apply actual/expected analytic techniques to improve portfolio performance Mike Fasano, President, Fasano & Associates 12:15 Managing Credit Risk in Cat Bond Transactions: Assessing the True Implications of 2009 Regulatory Delivering New Investor Safeguards through Radical Changes: Examining the Impact of New Regulatory Transparency, Continuous Collateral Monitoring & Pressures on the Long-Term Future of the Life Changes in Permitted Investments Settlements Market • A closer look at the impact of the Lehman Brothers’ collapse on the • Reviewing the regulatory developments of 2009 so far: global Cat bond market • Life settlement regulation changes on a state-by-state basis • Understanding how the components of investment risk interact • The implications of the Congressional hearings in late Spring (interest rate risk, reinvestment risk & credit risk) • Examining the state of regulatory consensus around Stranger- • Implementing new permitted investment rules for the assets to be Originated Life Insurance (STOLI) used within Cat bond collateral • Disintermediation, the competitive landscape, the future of the life • Designing collateral top-up provisions in the event of a reduction in settlements market asset values Craig Seitel, CEO, Abacus Settlements • Enhancing the transparency of Cat bond collateral through web- Michael Freedman, SVP, Governmental Affairs, Coventry based interfaces and continuous monitoring techniques Richard Lowther, COO, Validus Managers Donald Thorpe, Head of Insurance-Linked Securities, Fitch Ratings Karsten Bromann, Managing Partner & Chief Risk Officer, Solidum Partners 1:15 Networking Lunch 2:15 Towards a More Sophisticated Understanding of An Actuarial Study in Mortality Risk: Creating a Catastrophe Risk: Lifting the Lid on Evolving More Transparent Understanding of the Factors that Catastrophe Modeling Techniques Influence Longevity • Examining the changes in catastrophe models since Katrina in 2005 • Examining the need for greater education and fundamental research • Understanding the most effective modeling techniques for dealing work on life settlements with uncertainty in loss numbers • Identifying the misconceptions that have damaged the life settlements • What happens when the models disagree? Getting to grips with the industry and isolated it from mainstream asset classes best strategies for dealing with conflicting risk models • Overcoming the difficulties of gaining access to life settlements data • Are increases in computing power altering the capabilities of 21st • Using transparency within estimations of mortality risk in order to century modeling software? grow the investor pool for life-connected insurance linked securities Speaker to be confirmed. Please check the website for updates Jay Vadiveloo, Watson Wyatt Professor of Actuarial Science, and announcements. University of Connecticut 3:00 Issuers’ Perspectives on the Future of the Cat Bond A Pension Funds’ Perspective on Investing in Pipeline: Removing the Roadblocks to Future Longevity Risk Issuances • Which investment structures are more attractive to pension funds • Determining the extent to which “de-risking” in the reinsurance from a hedging perspective? industry means a flight from the capital markets by issuers • Understanding the interplay between the longevity risk and life • Will Cat bonds take on an increasing or decreasing proportion of total settlement markets reinsurance capacity in 2009? • Developing a portfolio of complementary longevity risks • Will newly transparent Cat bond structures be sufficient to remove the • Examining the progress towards tradable indices to give secondary spectre of counterparty risk from new Cat bond issues? market exposure to holders of both longevity and mortality risk • Is the “golden age” of new Cat bond issues still ahead of us, or in the • Overcoming the challenges of developing transparent pricing in past? longevity risk Mark Van Zanden, Outwards Reinsurance Business • Examining the feasability of pension scheme buy-outs as an Group Leader, Catlin Insurance alternative to investments in longevity risk Beat Holliger, Managing Director, Capital Markets, Jacob Bourne, Principal, Enduring Investments Munich Re America John Fitzpatrick, President, Pension Corporation Steven Bloom, Senior Portfolio Analyst, APG Investments 4:00 End of Conference “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 Sponsors: 5
  • 6. Pre-Conference Workshops Wednesday, July 15th 2009 Managing a Portfolio of Longevity Risks Optimizing a Portfolio of Catastrophe Risks A Longevity risk can provide an investment portfolio with B Leveraging the Latest Analytical & diversification benefits, but engineering the portfolio can itself Optimization Techniques for Superior Returns (Workshops A & B will run concurrently) Lunch will be served be a challenging task. Considerations must be made for the For investors new to catastrophe risks, there are bewildering underwriting techniques, types of impairment, and even the array of different risks, regions, sourcing channels and maturity prospect of changing longevity estimates. This interactive levels available for portfolio diversification. But what does the workshop will address the challenges to developing a profitable “optimal” allocation strategy look like, and how should and diversified portfolio. investors align their risk/reward tolerance with the many options What you will learn: • Examining the mechanics of a diversified portfolio of that are available? Attending this 3-hour long workshop will provide you with a detailed knowledge of cat risk portfolio longevity risks • Analyzing changes to the VBT tables creation, making you a better investor in this exciting asset class. • Understanding the calculations used in longevity tables What you will learn: • Achieving visibility over the full spectrum of diversification How you will benefit: strategies: • Understand how to recognize and subsequently reconcile OR • Diversification by asset class (equity, debt, commodities & ILS) imbalances in your portfolio • Diversification by subsectors (wind, quake, life) and • Customize portfolio goals to appropriate risk appetite levels • Get to grips with the medical underwriting and longevity geographical regions (US, Japan, Europe, etc) • Diversification by sourcing channels (cat bonds, ILWs, analysis processes sidecars, exchange-traded products) Workshop leader to be confirmed. Please check the • Diversification by maturity (<1 year, 2-5 years, >5 years) website for updates and announcements. How you will benefit: 1:30 – 4:30 • Understand how to balance diversity levels with your required risk-reward tolerance • Achieve visibility over the risk metrics for each region and peril combination • Overcome the pricing difficulties of infrequent historical events Workshop leader to be confirmed. Please check the website for updates and announcements. The A-Z of Cat Bond Engineering: Creating Truly Effective Cat Bond Structures for the Benefit of All C Market Participants For those on the structuring side, getting the trigger design and • Identifying structural innovations within 2009 cat bonds: Towards collateral guarantees right are absolutely essential to the success and greater transparency of both credit and catastrophe risks 5:00 – 8:00 resilience of each cat bond. In this extended session, Lixin Zeng – a How you will benefit: globally recognized expert in insurance portfolio optimization and • Leverage cat bond risk structures to minimize basis risk and risk management – will teach you how to structure an effective cat maximize transparency bond, ensuring you avoid all the pitfalls involved in this highly • Understand how to create effective new collateral structures for complex process. the next generation of Total Return Swaps (TRS) What you will learn: • Selecting the most appropriate risk mechanism from the “trigger Lixin Zeng, Portfolio Manager, Alpha Cat Fund menu” – choosing between Hybrid, Indemnity, Industry, Parametric, Indexed & Modeled Welcome drinks and hors d'oeuvres will be served “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 About the Venue IQPC has secured a reduced-rate room block for participants of the 6th Insurance Linked Securities Relax beneath a rainbow of umbrellas at our private Beach Club, hit the links for a round Summit. For reservations, please contact the hotel of golf, grab your racket for a tennis match, The Fairmont Southampton directly at 1-800-441-1414 before June 16th. Be sure snorkel your way around the reefs, ride the 101 South Shore Road to mention you are attending IQPC’s ILS Summit for waves on a jet ski, explore the island on Southampton, Bermuda the group rate. Also, the group rate will be available your scooter and enjoy the fascination that Tel: 1-800-441-1414 for 3 days pre- and post-event, based on availability. is Bermuda. Fax: (441)238-8968 Website: www.fairmont.com/Southampton About the Fairmont Southampton: With six unique restaurants and award- Imagine shimmering turquoise seas, powdery pink winning cuisine, including The Newport sand beaches, exotic tropical gardens and spectacular Room, the only AAA 5-Diamond restaurant Note: Contact hotel for directions and sunsets, and you have envisioned the breathtaking in the Caribbean/Atlantic region, you will be transportation suggestions. landscape surrounding The Fairmont Southampton pampered from the moment you arrive. resort in Bermuda. 6 1-800-882-8684 • www.ilsbermuda.com
  • 7. About Our Sponsors 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: www.coventry.com 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: www.credit-suisse.com The Lifeline Program The Lifeline Program, based in Atlanta, Ga., is a division of Wm. Page and Associates, Inc. Founded in 1989, the company offers alternative investment opportunities for financial institutions, partners with insurance agencies and broker dealers to establish life settlement business lines, and assists seniors with retirement planning options. Website: www.thelifeline.com Abacus Settlements, LLC: Abacus Settlements, LLC: In the heart of New York's financial district - and at the forefront of today's burgeoning life settlement industry - is Abacus Settlements, LLC, a Life Settlement Provider that has distinguished itself with success in many measurable ways. Abacus Settlements, LLC is committed to establishing long-term relationships with producers, brokers and financial professionals. We believe in building trusting relationships by working fast, hard, and smart to help you realize the successful outcome you require. Website: www.abacussettlements.com Surrenda-link Investment Management: With UK£1.0 billion under management or advice (as at 31/12/08), Surrenda-link Investment Management is considered to be the largest and most established full service traded life policy specialist in Europe. Primarily, Surrenda-link designs, builds and manages funds for institutional investors based upon US Life Settlements and UK Traded Endowment Policies. In addition, the company provides portfolio management services for institutions wishing to purchase directly for their balance sheet. Traded Life policy portfolios have a low-correlation to traditional asset classes, being largely unaffected by interest rate or equity market movements and deliver attractive positive returns with minimal volatility: For almost two decades, Surrenda-link has been at the forefront of innovation with investments based upon life insurance policies. In 1992 Surrenda-link became the first company in the UK to devise and launch a TEP investment fund and in 2004 created what is thought to be the world's first Life Settlement-based stock exchange listed fund. Website: http://slinvest.co.uk Fasano Associates Fasano Associates is a leading underwriting firm, serving the life, annuity and life settlement markets, with particular expertise in over-65 and impaired life mortality. Fasano’s estimates of life expectancy are considered the most accurate in life settlement market, with an Actual to Expected accuracy ratio of 96% estimated in two successive independent actuarial evaluations. Contact Fasano at www.fasanoassociates.com. Website: www.fasanoassociates.com 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 6th 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 6th Insurance Linked Securities Summit, please contact Mario Matulich at (212) 885-2719 or sponsorship@iqpc.com. Media Partners Sponsors: 7
  • 8. For more information about the 6th Insurance Linked Securities Summit, please visit our website at www.ilsbermuda.com or call 1-800-882-8684. 6th Insurance 5 EASY WAYS TO REGISTER: 1 2 Web: www.ilsbermuda.com Call: 1-800-882-8684 or 1-646-378-6026 Linked TM 3 4 Email: info@iqpc.com Fax: 1-646-378-6025 Securities 5 Mail: IQPC 535 5th Avenue, 8th Floor, New York, NY 10017 Summit INVESTOR Register and Pay by Register and Pay by Register and Pay by Register and Pay by Standard Price PRICING: The Fairmont Southampton, July 15 – 17, 2009 Bermuda 4/24/09 5/8/09 5/22/09 6/19/09 Conference (save $600) (save $500) (save $400) (save $200) Only $1,199 $1,299 $1,399 $1,599 $1,799 REGISTRATION CARD All –Access Pass (Conference + (save $798) (save $698) (save $598) (save $398) (save $198) 2 Workshops) $2,099 $2,199 $2,299 $2,499 $2,699 YES! Please register me for Workshops Only $549 each $549 each $549 each $549 each $549 each 6th Insurance Linked STANDARD Register Register Standard PRICING: and Pay by and Pay by Price 5/22/09 6/19/09 Securities Summit TM Conference (save $800) (save $400) ❑ Conference Only $1,999 $2,399 $2,799 ❑ All Access Pass All-Access Pass (Conference + (save $998) (save $598) (save $198) ❑ Workshop(s): Choose your Workshop(s) ❑ A OR ❑ B ❑C 2 Workshops) $2,899 $3,299 $3,699 Workshops Only $549 each $549 each $549 each Name ________________________________________________________ Job Title ______________________________________________________ Please see the website at www.ilsbermuda.com for an explanation of Investors and Solution Providers. Organization __________________________________________________ Please note multiple discounts cannot be combined. Approving Manager ____________________________________________ A $99 processing charge will be assessed to all registrations not accompanied by credit card payment at the time of registration. Address ______________________________________________________ MAKE CHECKS PAYABLE IN U.S. DOLLARS TO: IQPC * CT residents or people employed in the state of CT must add 6% sales tax. City __________________________________________________________ TEAM DISCOUNTS For information on team discounts, please contact IQPC Customer Service at State ________________________________________________________ 1-800-882-8684. Only one discount may be applied per registrant. SPECIAL DISCOUNTS AVAILABLE Zip __________________________________________________________ A limited number of discounts are available for the non-profit sector, government organizations and academia. For more information, please Phone ________________________________________________________ contact customer service at 1-800-882-8684. DETAILS FOR MAKING PAYMENT VIA EFT OR WIRE TRANSFER Fax __________________________________________________________ JPMorgan Chase - Penton Learning Systems LLC dba IQPC: 957-097239 ABA/Routing #: 021000021 Reference: Please include the name of the attendee(s) and the event number: E-mail ________________________________________________________ 10920.006 PAYMENT POLICY ❑ Please keep me informed via email about this and other related Payment is due in full at the time of registration and includes lunches, events. refreshment and detailed conference materials. 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, please visit www.iqpc.com/cancellation SPECIAL DIETARY NEEDS ❑ Charge my ❑ Amex ❑ Visa ❑Mastercard ❑ Diners Club If you have a dietary restriction, please contact Customer Service at 1-800- 882-8684 to discuss your specific needs. Card #____________________________________Exp. Date___/___ ©2009 IQPC. All Rights Reserved. The format, design, content and arrangement of this brochure constitute a trademark of IQPC. Unauthorized ❑ I cannot attend, but please keep me informed of all future events. reproduction will be actionable under the Lanham Act and common law principles. 8 1-800-882-8684 • www.ilsbermuda.com