The document provides information about the 6th Insurance Linked Securities Summit taking place from July 15-17, 2009 in Bermuda. It summarizes that the summit will bring together over 300 senior professionals from the insurance and reinsurance industries to discuss the latest investment strategies for insurance linked securities, including catastrophe bonds, life settlements, and longevity risks. Attendees can choose from two conference tracks on life and non-life insurance linked securities and will hear from over 50 industry leaders across multiple panels and presentations over the 3-day event. Discounts are available for registering by April 24th.
2009 is a crucial year for the insurance linked securities market, with positive developments – including the issuance of new bonds from SCOR, Chubb, and Liberty Mutual. The 6th ILS Summit will discuss the need for enhanced transparency, reduced counterparty risk and better valuations which investors are demanding to ensure the long term future of the sector. It’s the largest ILS conference in the world, with more delegates, speakers, opportunities for networking than any other event.
The event brings together senior decision-makers from the entire insurance-capital
markets value chain, including institutional investors, insurance and reinsurance companies, hedge funds and banks. It’s the largest ILS conference in the world, with more delegates, more speakers, and more opportunities for networking than any other event on the market.
Following the huge success of our New York ILS Summit earlier this year, we’ve taken the
important decision to create two dedicated tracks for the life and non-life sides of the
industry. This ensures you maxmize your opportunities on-site, delivering a tailored-learning and networking experience based on your specific area of focus. We’ve also created a series of networking-focused champagne roundtable discussions, enabling you to brainstorm your biggest issues at the same time as making valuable contacts from the industry. And in response to feedback from both conferences, we’ve arranged an exciting guest presentation on the future of human longevity, to be delivered by Bernard Siegel, Executive Director of the Genetics Policy Institute, one of the world’s leading authorities on stem cell research and life enhancing technologies.
The 8th Insurance Linked Securities Summit in Bermuda is a must attend meeting for the entire insurance-capital markets value chain including institutional investors, insurance and reinsurance companies, hedge funds, banks, law firms, underwriters and life settlement providers.
The structure of the conference – with dedicated tracks for the life and non-life sides of the market – ensures you walk away with two full days’ worth of strategies and solutions on the critical issues facing your market.
Whether you have yet to invest in ILS, or are looking to diversify your portfolio and explore new products, the 7th Insurance Linked Securities Summit will ensure you make the right investment decisions by presenting a well-balanced perspective on the inherent risks and opportunities in the space, and the dynamic developments in technologies and tools so you can capitalize on this revolutionary asset class.
For more information, visit us at http://www.ilsnewyork.com
"2010 looks to be eventful for the life settlements market, with product structure innovations and investment strategies continuing alongside new regulatory pressures, shifting investment dynamics, and increasingly problematic PR.
With over 70% of speakers new for 2010, the 3rd Life Settlements & Longevity Summit will deliver perspectives and keynotes from fund managers and investors that you won’t find anywhere else.
Discussions at the 3rd Life Settlements & Longevity Summit include:
Multi-strategy hedge fund perspectives on accessing the longevity asset class
Transitioning to the tertiary market: Implications for investors, brokers and providers
Browndorf PEM workshop on engineering “fusion” life settlement hybrid products
Accessing the expanding Islamic finance market through Shari’ah-compliant longevity investments
Responding to the twin imperatives of privacy and transparency
Overcoming the challenge of negative PR
Investment best practices for pension funds and institutional investors
"
2nd Life Settlements & Longevity SummitAbby Lombardi
IQPC’s 2nd Life Settlements & Longevity Summit has been specifically designed to help you – the investor – make sense of the opportunities and pitfalls of this exciting investment class. With more seniors turning to life settlement options and the need to diversify with an uncorrelated asset, 2009 has been a year of opportunity in these investments. However, following the life expectancy revision in 2008, many investors lost money on their portfolios and there remains widespread uncertainty regarding LEs currently in place. Whether you’re an experienced investor or new to the market and still evaluating the suitability of the asset class, this conference delivers invaluable insights from investors, fund managers, and industry experts, ensuring you make the best possible decisions for superior returns.
2009 is a crucial year for the insurance linked securities market, with positive developments – including the issuance of new bonds from SCOR, Chubb, and Liberty Mutual. The 6th ILS Summit will discuss the need for enhanced transparency, reduced counterparty risk and better valuations which investors are demanding to ensure the long term future of the sector. It’s the largest ILS conference in the world, with more delegates, speakers, opportunities for networking than any other event.
The event brings together senior decision-makers from the entire insurance-capital
markets value chain, including institutional investors, insurance and reinsurance companies, hedge funds and banks. It’s the largest ILS conference in the world, with more delegates, more speakers, and more opportunities for networking than any other event on the market.
Following the huge success of our New York ILS Summit earlier this year, we’ve taken the
important decision to create two dedicated tracks for the life and non-life sides of the
industry. This ensures you maxmize your opportunities on-site, delivering a tailored-learning and networking experience based on your specific area of focus. We’ve also created a series of networking-focused champagne roundtable discussions, enabling you to brainstorm your biggest issues at the same time as making valuable contacts from the industry. And in response to feedback from both conferences, we’ve arranged an exciting guest presentation on the future of human longevity, to be delivered by Bernard Siegel, Executive Director of the Genetics Policy Institute, one of the world’s leading authorities on stem cell research and life enhancing technologies.
The 8th Insurance Linked Securities Summit in Bermuda is a must attend meeting for the entire insurance-capital markets value chain including institutional investors, insurance and reinsurance companies, hedge funds, banks, law firms, underwriters and life settlement providers.
The structure of the conference – with dedicated tracks for the life and non-life sides of the market – ensures you walk away with two full days’ worth of strategies and solutions on the critical issues facing your market.
Whether you have yet to invest in ILS, or are looking to diversify your portfolio and explore new products, the 7th Insurance Linked Securities Summit will ensure you make the right investment decisions by presenting a well-balanced perspective on the inherent risks and opportunities in the space, and the dynamic developments in technologies and tools so you can capitalize on this revolutionary asset class.
For more information, visit us at http://www.ilsnewyork.com
"2010 looks to be eventful for the life settlements market, with product structure innovations and investment strategies continuing alongside new regulatory pressures, shifting investment dynamics, and increasingly problematic PR.
With over 70% of speakers new for 2010, the 3rd Life Settlements & Longevity Summit will deliver perspectives and keynotes from fund managers and investors that you won’t find anywhere else.
Discussions at the 3rd Life Settlements & Longevity Summit include:
Multi-strategy hedge fund perspectives on accessing the longevity asset class
Transitioning to the tertiary market: Implications for investors, brokers and providers
Browndorf PEM workshop on engineering “fusion” life settlement hybrid products
Accessing the expanding Islamic finance market through Shari’ah-compliant longevity investments
Responding to the twin imperatives of privacy and transparency
Overcoming the challenge of negative PR
Investment best practices for pension funds and institutional investors
"
2nd Life Settlements & Longevity SummitAbby Lombardi
IQPC’s 2nd Life Settlements & Longevity Summit has been specifically designed to help you – the investor – make sense of the opportunities and pitfalls of this exciting investment class. With more seniors turning to life settlement options and the need to diversify with an uncorrelated asset, 2009 has been a year of opportunity in these investments. However, following the life expectancy revision in 2008, many investors lost money on their portfolios and there remains widespread uncertainty regarding LEs currently in place. Whether you’re an experienced investor or new to the market and still evaluating the suitability of the asset class, this conference delivers invaluable insights from investors, fund managers, and industry experts, ensuring you make the best possible decisions for superior returns.
FERMA member association Airmic is grateful to Chartis for producing this guide to captive insurance companies.
Airmic invited partners to select an area of expertise and produce an introductory to intermediate level guide for the benefit of Airmic members. The intention of this guide is to provide members with an overview of the topic and provide information on the practical considerations when managing this important insurance issue.
This guide has been written with a view to providing members with support when faced with such questions as...
- “What alternatives are available to buying cover in the commercial market?”
- “Can we save on premium spend and can we take more control of our risks?”
- “What do we need to do and what will it cost?”
If you already have a captive you may be asked to explain why and what it provides that the commercial market does not.
This is by no means a definitive guide; however we hope it will go some way to answer these questions and to help in your understanding of the world of captives and how they may work for your organisation.
This guide will take you through the life cycle of a captive from initial concept through to the benefit and uses and finally to exit strategies.
"2010 looks to be eventful for the life settlements market, with product structure innovations and investment strategies continuing alongside new regulatory pressures, shifting investment dynamics, and increasingly problematic PR.
With over 70% of speakers new for 2010, the 3rd Life Settlements & Longevity Summit will deliver perspectives and keynotes from fund managers and investors that you won’t find anywhere else.
Discussions at the 3rd Life Settlements & Longevity Summit include:
Multi-strategy hedge fund perspectives on accessing the longevity asset class
Transitioning to the tertiary market: Implications for investors, brokers and providers
Browndorf PEM workshop on engineering “fusion” life settlement hybrid products
Accessing the expanding Islamic finance market through Shari’ah-compliant longevity investments
Responding to the twin imperatives of privacy and transparency
Overcoming the challenge of negative PR
Investment best practices for pension funds and institutional investors
"
3rd Life Settlements and Longevity SummitAbby Lombardi
IQPC’s 3rd Life Settlements & Longevity Summit has been specifically designed to help investors make sense of the opportunities and pitfalls of this investment class. Whether you’re an experienced investor or new to the market and still evaluating the suitability of the asset class, this conference delivers invaluable insights ensuring you make the best possible decisions for superior returns.
Topics will include: Federal Oversight New Investment Structures (Fusion and Sharia-Compliant products) Transitioning to the Tertiary market and many others!
FERMA member association Airmic is grateful to Chartis for producing this guide to captive insurance companies.
Airmic invited partners to select an area of expertise and produce an introductory to intermediate level guide for the benefit of Airmic members. The intention of this guide is to provide members with an overview of the topic and provide information on the practical considerations when managing this important insurance issue.
This guide has been written with a view to providing members with support when faced with such questions as...
- “What alternatives are available to buying cover in the commercial market?”
- “Can we save on premium spend and can we take more control of our risks?”
- “What do we need to do and what will it cost?”
If you already have a captive you may be asked to explain why and what it provides that the commercial market does not.
This is by no means a definitive guide; however we hope it will go some way to answer these questions and to help in your understanding of the world of captives and how they may work for your organisation.
This guide will take you through the life cycle of a captive from initial concept through to the benefit and uses and finally to exit strategies.
"2010 looks to be eventful for the life settlements market, with product structure innovations and investment strategies continuing alongside new regulatory pressures, shifting investment dynamics, and increasingly problematic PR.
With over 70% of speakers new for 2010, the 3rd Life Settlements & Longevity Summit will deliver perspectives and keynotes from fund managers and investors that you won’t find anywhere else.
Discussions at the 3rd Life Settlements & Longevity Summit include:
Multi-strategy hedge fund perspectives on accessing the longevity asset class
Transitioning to the tertiary market: Implications for investors, brokers and providers
Browndorf PEM workshop on engineering “fusion” life settlement hybrid products
Accessing the expanding Islamic finance market through Shari’ah-compliant longevity investments
Responding to the twin imperatives of privacy and transparency
Overcoming the challenge of negative PR
Investment best practices for pension funds and institutional investors
"
3rd Life Settlements and Longevity SummitAbby Lombardi
IQPC’s 3rd Life Settlements & Longevity Summit has been specifically designed to help investors make sense of the opportunities and pitfalls of this investment class. Whether you’re an experienced investor or new to the market and still evaluating the suitability of the asset class, this conference delivers invaluable insights ensuring you make the best possible decisions for superior returns.
Topics will include: Federal Oversight New Investment Structures (Fusion and Sharia-Compliant products) Transitioning to the Tertiary market and many others!
Rob Siegel of X/Seed Capital Management at UCSC Baskin EngineeringMary Trigiani
Venture Capital and Universities -- a match made in ...
Robert E Siegel presents background and guidelines on venture capital investments for university-based startup founders.
Anyone who is attending the FRTB event in Toronto this Fall should check out this teaser content from Risk Books' latest title, The FRTB: Concepts, Implications and Implementation from GreenPoint's Sanjay Sharma and John "Jeb" Beckwith.
https://lnkd.in/eeVk4XM
TRADE LIKE A HEDGE FUND - Harness the Power Of Technology to Gain Market Edge...Geoffrey Hossie
Presentation by Geoffrey Hossie of Pairtrade Finder to the Marbella Business Institute, 24 February 2017.
An introduction to Pair Trading and Why It Matters To You.
Ecosystem Environment for Starting a Semiconductor CompanySteve Szirom
Management presentation on the complex ecosystem necessary for a successful semiconductor startup. Covers key issues: marketing, finacial, legal, PR, funding, and technology.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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
Register Today! Call : Dhaval Thakur @ +1-416-597-4754 or Email - dhaval.thakur@iqpc.com
2. Our most outstanding
6th
speaker faculty ever,
Insurance July 15 – 17, 2009
with 50+ ILS leaders
Linked Securities The Fairmont
Southampton, Bermuda
including…
Summit TM
www.ilsbermuda.com
Dear Colleague,
John Berger
President & CEO
2009 is a crucial year for the insur
ance linked securities market. Offe Harbor Point Re
ring a high potential for
growth and low correlation with glob
al share prices, the asset class has
held up well under
extremely challenging market cond Matthew Elderfield
itions, with many positive developm
ents – such as the issue of
new bonds from SCOR, Chubb, CEO
and Liberty Mutual – witnessed
in the first quarter of the
year. Nevertheless, it is clear that muc Bermuda Monetary Authority
h still needs to be achieved before
ILS comes of age as a
mature asset class suitable for the
full spectrum of potential investors. Dirk Lohmann
Enhanced transparency,
reduced counterparty risk and
better valuations are just a few CEO
of the things that investors are
demanding to ensure the long term
future of the sector. Secquaero
If you want to make sense of the Jay Vadiveloo
opportunities represented by this
exciting asset class, make sure
you join us at the 6th Insurance Watson Wyatt Professor of
Linked Securities Summit. Takin
g place in Bermuda from July
15 – 17, 2009, the event brings toge Actuarial Science
ther senior decision-makers from
the entire insurance-capital
markets value chain, including instit University of Connecticut
utional investors, insurance and reins
urance companies, hedge
funds and banks. It’s the largest ILS
conference in the world, with more
Bernard Van der Stichele
delegates, more speakers,
and more opportunities for networkin
g than any other event on the mark
Portfolio Manager
et.
Ontario Teachers’ Pension Plan
Following the huge success of our
New York ILS Summit earlier this year,
Board
we’ve taken the
important decision to create two
dedicated tracks for the life and
non-life sides of the
industry. This ensures you maxm
Michael Fasano
ize your opportunities on-site, deliv
ering a tailored-learning and
networking experience based on your
President
specific area of focus. We’ve also
created a series of
networking-focused champagn
Fasano & Associates
e roundtable discussions, enab
ling you to brainstorm your
biggest issues at the same time as
making valuable contacts from the
industry. And in response to Patrice Horner
feedback from both conferences,
we’ve arranged an exciting gues
t presentation on the
future of human longevity, to Vice President
be delivered by Bernard Siegel,
Executive Director of the North Atlantic Asset Management
Genetics Policy Institute, one of
the world’s leading authorities on
stem cell research and life
enhancing technologies.
Franz-Philippe Przybyl
Chairman & CEO
BAC Berlin Atlantic Capital AG
Thomas Schmitt
We look forward to meeting you Managing Partner
in sunny Bermuda this July, at the
key meeting of the year for
the ILS investment community! Augur Capital
Richard Lowther
Kind regards,
COO
Validus Managers
The 6th Insurance Linked Securities
Summit Advisory Board
Wai-Keung Tang
James Bryce Managing Partner
Eddie Stone
President & CEO Alpha-Value Asset Management
Managing Director
IPC Re
Plainfield Asset John Seo
Management Managing Principle
Karsten Bromann
Fermat Investments
Managing Partner &
Colin Rainier
Chief Risk Officer
Managing Director
Solidum Partners
Hannover Re
Who Will Attend:
Craig Seitel
Mike Fasano
CEO
■ 12% Pension Funds &
President
Abacus Settlements
Institutional
Fasano & Associates
Investors
Bill Dubinsky
■ 18% Hedge Funds
Alan Buerger
Managing Director
CEO
■ 3%
Swiss Re 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
Register Today! Call : Dhaval Thakur @ +1-416-597-4754 or Email - dhaval.thakur@iqpc.com
2
3. Main Conference Day 1
Thursday, July 16, 2009
Registration & Coffee Identifying the Opportunities in the
7:45 9:30
Bermuda Insurance Market
Bradley Kading, President & Executive Director,
Welcome & Chairman’s Opening Remarks
8:30
Association of Bermuda Insurers and Reinsurers
Michael Crane, Managing Director, Coventry
Insurance and the Capital Markets: Is the Financial
9:50
Crisis Accelerating or Reversing the Convergence
“Risk, Reward & Reinsurance”:
8:45
Process?
Opening
Looking into the Future of the Examining the obstacles to insurance-capital markets convergence:
Keynote •
Global Reinsurance Industry Identifying potential growth areas for the trading of insurance risk
Address •
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
participants
• Reinsurance & risk management: How should a reinsurance
• A look to 2010 and beyond: What future challenges await us?
company calculate its optimal level of exposure?
Morton Lane, President, Lane Financial
• Challenges and opportunities: A closer look at the pressures that
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
Networking Break
11:00
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)
Looking into the Future of P&C Insurance The Institutionalization of the Life Insurance
11:45
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
Networking Lunch sponsored by:
12:45
The Broader Spectrum of Non-Life ILS: Exchange- Examining the Latest Breed of Synthetic Life
1:45
Traded and OTC Catastrophe Derivatives, Industry Settlement Products: Understanding the
Loss Warranties (ILWs), and Securitized Reinsurance Advantages to Traditional Cash Investments in Life
Settlements
Analyzing the structure of an ILW: How does it work?
•
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
3
Sponsors:
4. The View from the Investment Community: Examining
2:45
The View from the Investment Community: Understanding
the Most Effective Strategies for Diversifying Your
the Role Played by Life Settlement Products Within a
Portfolio with P&C Insurance Products
Robust, Well-Diversified Investment Portfolio
Identifying the advantages of P&C insurance products:
•
Examining the peculiar characteristics of life settlements as an asset class
•
• Lack of correlation with the stock market
Understanding the investment horizons, and expected return rates, of
•
• Relatively high returns compared with other non-correlated asset
cash and synthetic life settlement products
classes
Determining a role for life settlement products within a well-rounded
•
• Identifying the drawbacks of securitized P&C insurance products for
investment portfolio
the investor community:
Identifying the tools needed to reduce due diligence “costs of carry”
•
• Lack of standardization in P&C insurance products
for investors
• Relatively high transaction costs
• Assessing the liquidity of life-settlement securities
• Significant ordinary investment horizons
• Examining the precise role to be played by life-settlement investment
• Achieving visibility over the full spectrum of product structures
products within a diversified, resilient investment portfolio
available to investors
Franz-Philippe Przybyl, CEO, Berlin Atlantic Capital AG
• Examining the most effective hedging strategies for a non-life ILS portfolio
Gene Miao, Managing Director, Highland Capital
Charles Flynn, Portfolio Manager, Mariner Investment Group
Wai-Keung Tang, Managing Partner, Alpha-Value
Greg Hagood, Principal & Co-Founder, Nephila Capital
Asset Management
Stephen Velotti, Portfolio Manager, Juniperus Capital
Steven Vestbirk, CEO, Royal Ark Asset Management
Patrice Horner, Vice President, North Atlantic Asset Management
Michael Crane, Managing Director, Coventry
Networking Break
3:45
Interactive Champagne Roundtable Discussions
4:30
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 B: Life
Track A: Non-Life
1. Modeling Longevity
1. Collateral Management for Cat Bonds
Debating actuarial approaches to modeling life expectancy
Discussing new collateral management techniques and their
effectiveness in reducing counterparty risk
2. Regulation in Life Settlements
Understanding the impact of new state and federal regulations on the
2. Catastrophe Modeling Techniques
long-term future of the life settlements industry
Discussing the most effective modeling strategies for common (and not
so common) catastrophes
3. Synthetic Life Settlement Products
Discussing investment strategies based on new synthetic life settlement
3. The Growth of the ILW Market
structures
Assessing the growth prospects – and steps towards standardization –
of the ILW market
Cocktail Reception sponsored by
5:30
Main Conference Day 2
Friday, July 17, 2009
Coffee & Registration How Long Will We Live in the 21st
8:00 9:45
Century? Analyzing the Future
Chairman’s Opening Remarks Interplay Between Medicine,
8:30
Technology, Mortality & Disease Keynote
Looking into the Future of the ILS Liquidity
8:45 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
Networking Break
John Seo, Managing Principle, Fermat Capital Management 10:45
Thomas Schmitt, Managing Partner, Augur Capital
4 Register Today! Call : Dhaval Thakur @ +1-416-597-4754 or Email - dhaval.thakur@iqpc.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)
Beyond Catastrophe Risk: The Future of Insurance Trends in Longevity and Actual/Expected Analyses
11:30
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
Managing Credit Risk in Cat Bond Transactions: Assessing the True Implications of 2009 Regulatory
12:15
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
Networking Lunch
1:15
Towards a More Sophisticated Understanding of An Actuarial Study in Mortality Risk: Creating a
2:15
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
Issuers’ Perspectives on the Future of the Cat Bond A Pension Funds’ Perspective on Investing in
3:00
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
End of Conference
4:00
“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
5
Sponsors:
6. Pre-Conference Workshops
Wednesday, July 15th 2009
Managing a Portfolio of Longevity Risks Optimizing a Portfolio of Catastrophe Risks
A B Leveraging the Latest Analytical &
Longevity risk can provide an investment portfolio with
Optimization Techniques for Superior Returns
diversification benefits, but engineering the portfolio can itself
(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:
that are available? Attending this 3-hour long workshop will
• Examining the mechanics of a diversified portfolio of
provide you with a detailed knowledge of cat risk portfolio
longevity risks
creation, making you a better investor in this exciting asset class.
• Analyzing changes to the VBT tables
What you will learn:
• Understanding the calculations used in longevity tables
• Achieving visibility over the full spectrum of diversification
How you will benefit:
strategies:
OR
• Understand how to recognize and subsequently reconcile
• 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
geographical regions (US, Japan, Europe, etc)
• Get to grips with the medical underwriting and longevity
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 Relax beneath a rainbow of umbrellas at our
participants of the 6th Insurance Linked Securities 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
the group rate. Also, the group rate will be available your scooter and enjoy the fascination that
Southampton, Bermuda
for 3 days pre- and post-event, based on availability. is Bermuda.
Tel: 1-800-441-1414
Fax: (441)238-8968
About the Fairmont Southampton: With six unique restaurants and award-
Website: www.fairmont.com/Southampton
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 Register Today! Call : Dhaval Thakur @ +1-416-597-4754 or Email - dhaval.thakur@iqpc.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 Dhaval Thakur 1-416-597-4754 or
dhaval.thakur@iqpc.com.
Media Partners
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Sponsors: