This document provides an overview of professional development opportunities for actuaries in the UK and European insurance markets. It describes the types of roles available in personal lines, small commercial lines, large commercial/Lloyd's markets, consulting firms, and brokers. It also discusses non-traditional roles in leadership positions. The roles discussed include pricing, reserving, capital modeling, analytics, and underwriting support. Consulting work described includes reserving, capital modeling, and personal lines analytics.
This document summarizes an agenda for the 7th annual conference on Liquidity and Cash Management for European Companies taking place on March 17-18, 2009 in Amsterdam. The conference will address responding to the financial crisis and embracing risk, with programming highlights such as the new banking landscape, fostering growth in a down market, and understanding counterparty risk with financial service providers. Over 270 finance and treasury professionals from across Europe attended the 2008 conference.
Middle Market Finance.
Beware of 'Sell the Business Hammers'
Business Transfers.
Owner Transfer Motives.
Transfer Timing.
Market Timing.
Owner Motives Matter.
Luc Dumontier of La Française Investment Solutions recommends that investors seeking stable returns through factor investing should select robust premia factors they understand, avoid factor timing which has proved difficult, and highly diversify their portfolios among multiple factors through equal risk contribution techniques. It is also important to capture non-academic premia factors beyond the standard value, carry, momentum and low risk factors to further diversify the portfolio.
Family Office Elite Magazine Winter 15 with global artsTy Murphy
Family Office Elite Magazine is dedicated entirely to Family Offices, HNWI and Wealth Management Firms. This publication delivers passionate and creative coverage to the global Family Office communities. We have contributions and editorials from many of the worlds recognized industry experts in wealth management and the Family Office Sector. Family Office Elite Magazine is a must for any serious professional who wants to stay apprised of current trends within this specialist sector.
The distinguished lecture from the Executive Director, Wealth Management Head of South and South East UK at UBS, Martyn Begbour. Exclusively for the University of Southampton Investment and Finance Society.
Introduction To Tap Strategies September 2011TAPStrategies
TAP Strategies is an outsourced wealth management firm that manages over £1 billion for its clients. It offers tailored portfolio solutions and additional services for brokers. TAP works with several investment managers including Portman Associates, EEA Fund Management, The Mansion Group, Montreux Capital, and Apollo Asset Management. TAP earns commission fees ranging from 3-4% initially plus trailing commissions of 0.25-0.5% from working with these investment managers.
ICP Corporate Finance is a corporate finance firm that provides mergers and acquisitions, private equity, and debt advisory services. They focus on mid-sized companies with revenues between €5-500 million across various industries. The firm has extensive experience completing numerous high-profile cross-border transactions and works with an international network of 37 corporate finance firms in 33 countries.
This document summarizes an agenda for the 7th annual conference on Liquidity and Cash Management for European Companies taking place on March 17-18, 2009 in Amsterdam. The conference will address responding to the financial crisis and embracing risk, with programming highlights such as the new banking landscape, fostering growth in a down market, and understanding counterparty risk with financial service providers. Over 270 finance and treasury professionals from across Europe attended the 2008 conference.
Middle Market Finance.
Beware of 'Sell the Business Hammers'
Business Transfers.
Owner Transfer Motives.
Transfer Timing.
Market Timing.
Owner Motives Matter.
Luc Dumontier of La Française Investment Solutions recommends that investors seeking stable returns through factor investing should select robust premia factors they understand, avoid factor timing which has proved difficult, and highly diversify their portfolios among multiple factors through equal risk contribution techniques. It is also important to capture non-academic premia factors beyond the standard value, carry, momentum and low risk factors to further diversify the portfolio.
Family Office Elite Magazine Winter 15 with global artsTy Murphy
Family Office Elite Magazine is dedicated entirely to Family Offices, HNWI and Wealth Management Firms. This publication delivers passionate and creative coverage to the global Family Office communities. We have contributions and editorials from many of the worlds recognized industry experts in wealth management and the Family Office Sector. Family Office Elite Magazine is a must for any serious professional who wants to stay apprised of current trends within this specialist sector.
The distinguished lecture from the Executive Director, Wealth Management Head of South and South East UK at UBS, Martyn Begbour. Exclusively for the University of Southampton Investment and Finance Society.
Introduction To Tap Strategies September 2011TAPStrategies
TAP Strategies is an outsourced wealth management firm that manages over £1 billion for its clients. It offers tailored portfolio solutions and additional services for brokers. TAP works with several investment managers including Portman Associates, EEA Fund Management, The Mansion Group, Montreux Capital, and Apollo Asset Management. TAP earns commission fees ranging from 3-4% initially plus trailing commissions of 0.25-0.5% from working with these investment managers.
ICP Corporate Finance is a corporate finance firm that provides mergers and acquisitions, private equity, and debt advisory services. They focus on mid-sized companies with revenues between €5-500 million across various industries. The firm has extensive experience completing numerous high-profile cross-border transactions and works with an international network of 37 corporate finance firms in 33 countries.
The document provides an executive summary of a report on allocating investments for impact. It discusses how impact investment aims to align private capital with social and environmental goals. While impact investment is growing, it still represents a small portion of global assets. The report calls on institutional investors to incorporate impact considerations into strategic asset allocation in order to help scale impact investment and more effectively address social and environmental issues. It provides some initial recommendations on how to implement impact within strategic asset allocation frameworks.
The article discusses the need for investment managers to optimize their trade management cycle in response to changing market and regulatory conditions. It outlines various environmental developments like increased market volatility, aging populations, and new regulations that are challenging existing business models. Investment managers are advised to return to their core investment objectives and rethink strategies, fund structures, and organizational setup. The "trade management cycle" encompassing trading, settlement, reconciliation and other processes also needs optimization. The article describes different strategic approaches managers could take like collaborating with software partners, developing solutions internally, using standardized software, or outsourcing secondary functions. Overall, quickly adapting operations while staying focused on investment goals will help managers survive future shifts.
This document discusses public versus private capital markets. It notes that typically only public finance is taught in business schools. Private finance deals with how investment and financing decisions are made in private companies. The capital markets can be segmented into public markets, like the stock exchange, which function like a supermarket for securities, and private markets, which are less organized. Different theories may be needed to explain behaviors in public versus private companies and markets. The document advocates developing a separate theory, called middle market finance theory, to address how capital and valuation issues are handled for medium-sized private businesses.
Kantox provides a transparent online platform for businesses to manage foreign exchange transactions. The platform displays live mid-market exchange rates and allows users to make spot trades and forward contracts in over 35 currencies with just one click. Kantox aims to bring more transparency to the opaque FX market by openly displaying fees, which average 80% lower than banks. The company has over 1,300 business clients in more than 40 countries that use the platform to benefit from Kantox's competitive rates and simplified FX management.
This document provides information about L&S Advisors, Inc., an investment counseling firm. It summarizes the firm's services and investment philosophy. L&S Advisors offers active portfolio management aimed at delivering absolute returns. They manage risk over market performance and believe this approach can achieve greater success for clients. The firm is focused on fiduciary responsibility, asset protection, and positive returns in any market condition.
This document discusses the EV/EBITDA valuation multiple. It begins by providing background on valuation techniques and the emergence of EBITDA as a valuation metric. It then defines key terms like enterprise value and EBITDA. The summary discusses some limitations of using the EV/EBITDA multiple, including that it does not properly account for investment needs of the business, does not explicitly reflect risk, and does not account for differing tax rates between companies. The document advocates relating EV/EBITDA multiples to economic drivers of value like the spread between return on invested capital and cost of capital, as well as earnings growth.
This chapter discusses foreign exchange and international financial markets. It begins by explaining how supply and demand affect currency exchange rates. International banks play a key role in the foreign exchange market by facilitating transactions between customers. Firms use the spot and forward markets to manage currency risk associated with international business. Arbitrage opportunities arise when temporary imbalances allow riskless profits from exchange rate differences. The chapter concludes by examining the global capital markets for bonds, equities, and other financial instruments.
This document discusses investment management and whether it should be considered a luxury or commodity. It covers various topics related to investment strategies including different asset classes, packaging and costs of investments, qualitative strategy analysis, and active versus passive management. The document also discusses challenges and opportunities in the current macroeconomic environment, and considerations for individual investors in building future portfolios.
Updated "Introduction to hedge fund data" lecture for MBA E416 Hedge Funds elective at London Business School, E416 Hedge Funds. Critical listing of key issues and open problems.
This document provides an overview of the hedge fund industry, including its principles, performance, size, business characteristics, and data. It discusses hedge funds as a commodity or product offered by private businesses for discerning clients. While the industry has grown significantly since the 2008 financial crisis, most hedge funds remain small businesses owned by their managers. Data on hedge fund performance and strategies is often limited due to self-reporting. The document concludes by emphasizing that hedge funds can help investors stay wealthy during economic downturns by providing unique risk premia not available through traditional index funds or ETFs.
joint us : http://bit.ly/Vf44rm
LEBIH BAIK BILA ANDA Hub:
CALL : 085285332266
PIN BB : 27062b62
FACEBOOK : http://www.facebook.com/ya.siregar
Ya Siregar
FinSec Consulting provides expert consulting services across many areas of the financial services industry, including clearing and settlement, custody, securities lending, payments, technology solutions, treasury and cash management, and performance and risk management. The presentation discusses several topics in detail, including:
1. TARGET2-Securities, the EU initiative to create a single capital market and settlement system to compete with other regions.
2. Collateral management processes that will be impacted by TARGET2-Securities and how to address changes required by various global market regulations.
3. FinSec's managed team approach, which provides advisory services, subject matter expertise, regular support and reports, and guidance on market intelligence and project scoping.
The document discusses the Swedish private equity market. It defines different types of private equity such as business angels, venture capital, and buyout firms. It provides statistics on the size and growth of the Swedish private equity industry, which has over 120 firms managing over 37 billion Euros in capital. Private equity funded companies in Sweden experience faster growth than non-funded companies and the industry contributes to job creation and economic growth. The private equity market in Sweden follows European standards and guidelines.
Recent regulations in Europe have affected the Swiss hedge fund industry by requiring foreign alternative investment funds marketed in Switzerland to have an asset manager located in Switzerland licensed by FINMA, as well as a local representative and paying agent. These requirements, which took effect on March 1, 2015, were implemented to regulate foreign funds similarly to the EU Alternative Investment Fund Managers Directive. Looking forward, Swiss funds will need to meet stringent institutional standards to compete against large players, while foreign funds may retain Swiss representatives to maintain a presence in Switzerland.
Delta Lloyd has over 200 years of history as a reliable financial services provider in the Netherlands. Risk management is challenging given the volatile economic environment and changing regulatory landscape. Solvency II will introduce risk-based capital requirements instead of the current volume-based approach of Solvency I. This represents a major change that affects how available capital and required capital are calculated. Delta Lloyd aims to balance risk and return through tools like interest rate and equity hedging, while controlling multiple capital regimes and an increasing number of regulators.
This document discusses collaboration in corporate real estate and facilities management. It provides background on David Wright and his experience in various CRE/FM roles. It then summarizes DX, a logistics company he currently works with, outlining their network, market challenges, and investments. The document argues that to raise their profile and value, CRE/FM professionals must collaborate beyond just property deals by taking a holistic corporate approach and reinventing their role to facilitate collaboration across different business functions. It stresses the need to listen more, be creative, and make clients' lives easier in order to foster long-term partnerships with suppliers.
Operational Turnaround –Focus on Working Capital and Supply Chain-lecture by ...Igor Zax (Zaks)
Igor Zax CFA, founder of Tenzor Ltd, gave a new guest lecture Operational Turnaround –Focus on Working Capital and Supply Chain as part of a course “Mergers, MBOs and Other Corporate Reorganisations” by professor Paolo Volpin at London Business School 23 March 2012.
The lecture covers principles of distressed investments, corporate turnaround and operational due diligence. It also focuses on supply chain and working capital implications, use of asset backed lending, vertical integration and business model re-design.
The document summarizes the discussions from an Opalesque Roundtable event in London that addressed various topics related to hedge funds and alternative investments after the Brexit vote.
1) UK equity hedge funds were not well positioned for a Brexit vote and are now reconsidering their positioning given the possibility of a UK recession. Strategies discussed included being short on UK domestic stocks and long on global winners based in the UK.
2) Investors are rethinking their hedge fund allocations in light of market uncertainty and fee levels. While some strategies have performed well recently, others have struggled, leading investors to question their manager selection processes.
3) Liquidity constraints are pushing some managers away from less liquid strategies even if
The document provides an executive summary of a report on allocating investments for impact. It discusses how impact investment aims to align private capital with social and environmental goals. While impact investment is growing, it still represents a small portion of global assets. The report calls on institutional investors to incorporate impact considerations into strategic asset allocation in order to help scale impact investment and more effectively address social and environmental issues. It provides some initial recommendations on how to implement impact within strategic asset allocation frameworks.
The article discusses the need for investment managers to optimize their trade management cycle in response to changing market and regulatory conditions. It outlines various environmental developments like increased market volatility, aging populations, and new regulations that are challenging existing business models. Investment managers are advised to return to their core investment objectives and rethink strategies, fund structures, and organizational setup. The "trade management cycle" encompassing trading, settlement, reconciliation and other processes also needs optimization. The article describes different strategic approaches managers could take like collaborating with software partners, developing solutions internally, using standardized software, or outsourcing secondary functions. Overall, quickly adapting operations while staying focused on investment goals will help managers survive future shifts.
This document discusses public versus private capital markets. It notes that typically only public finance is taught in business schools. Private finance deals with how investment and financing decisions are made in private companies. The capital markets can be segmented into public markets, like the stock exchange, which function like a supermarket for securities, and private markets, which are less organized. Different theories may be needed to explain behaviors in public versus private companies and markets. The document advocates developing a separate theory, called middle market finance theory, to address how capital and valuation issues are handled for medium-sized private businesses.
Kantox provides a transparent online platform for businesses to manage foreign exchange transactions. The platform displays live mid-market exchange rates and allows users to make spot trades and forward contracts in over 35 currencies with just one click. Kantox aims to bring more transparency to the opaque FX market by openly displaying fees, which average 80% lower than banks. The company has over 1,300 business clients in more than 40 countries that use the platform to benefit from Kantox's competitive rates and simplified FX management.
This document provides information about L&S Advisors, Inc., an investment counseling firm. It summarizes the firm's services and investment philosophy. L&S Advisors offers active portfolio management aimed at delivering absolute returns. They manage risk over market performance and believe this approach can achieve greater success for clients. The firm is focused on fiduciary responsibility, asset protection, and positive returns in any market condition.
This document discusses the EV/EBITDA valuation multiple. It begins by providing background on valuation techniques and the emergence of EBITDA as a valuation metric. It then defines key terms like enterprise value and EBITDA. The summary discusses some limitations of using the EV/EBITDA multiple, including that it does not properly account for investment needs of the business, does not explicitly reflect risk, and does not account for differing tax rates between companies. The document advocates relating EV/EBITDA multiples to economic drivers of value like the spread between return on invested capital and cost of capital, as well as earnings growth.
This chapter discusses foreign exchange and international financial markets. It begins by explaining how supply and demand affect currency exchange rates. International banks play a key role in the foreign exchange market by facilitating transactions between customers. Firms use the spot and forward markets to manage currency risk associated with international business. Arbitrage opportunities arise when temporary imbalances allow riskless profits from exchange rate differences. The chapter concludes by examining the global capital markets for bonds, equities, and other financial instruments.
This document discusses investment management and whether it should be considered a luxury or commodity. It covers various topics related to investment strategies including different asset classes, packaging and costs of investments, qualitative strategy analysis, and active versus passive management. The document also discusses challenges and opportunities in the current macroeconomic environment, and considerations for individual investors in building future portfolios.
Updated "Introduction to hedge fund data" lecture for MBA E416 Hedge Funds elective at London Business School, E416 Hedge Funds. Critical listing of key issues and open problems.
This document provides an overview of the hedge fund industry, including its principles, performance, size, business characteristics, and data. It discusses hedge funds as a commodity or product offered by private businesses for discerning clients. While the industry has grown significantly since the 2008 financial crisis, most hedge funds remain small businesses owned by their managers. Data on hedge fund performance and strategies is often limited due to self-reporting. The document concludes by emphasizing that hedge funds can help investors stay wealthy during economic downturns by providing unique risk premia not available through traditional index funds or ETFs.
joint us : http://bit.ly/Vf44rm
LEBIH BAIK BILA ANDA Hub:
CALL : 085285332266
PIN BB : 27062b62
FACEBOOK : http://www.facebook.com/ya.siregar
Ya Siregar
FinSec Consulting provides expert consulting services across many areas of the financial services industry, including clearing and settlement, custody, securities lending, payments, technology solutions, treasury and cash management, and performance and risk management. The presentation discusses several topics in detail, including:
1. TARGET2-Securities, the EU initiative to create a single capital market and settlement system to compete with other regions.
2. Collateral management processes that will be impacted by TARGET2-Securities and how to address changes required by various global market regulations.
3. FinSec's managed team approach, which provides advisory services, subject matter expertise, regular support and reports, and guidance on market intelligence and project scoping.
The document discusses the Swedish private equity market. It defines different types of private equity such as business angels, venture capital, and buyout firms. It provides statistics on the size and growth of the Swedish private equity industry, which has over 120 firms managing over 37 billion Euros in capital. Private equity funded companies in Sweden experience faster growth than non-funded companies and the industry contributes to job creation and economic growth. The private equity market in Sweden follows European standards and guidelines.
Recent regulations in Europe have affected the Swiss hedge fund industry by requiring foreign alternative investment funds marketed in Switzerland to have an asset manager located in Switzerland licensed by FINMA, as well as a local representative and paying agent. These requirements, which took effect on March 1, 2015, were implemented to regulate foreign funds similarly to the EU Alternative Investment Fund Managers Directive. Looking forward, Swiss funds will need to meet stringent institutional standards to compete against large players, while foreign funds may retain Swiss representatives to maintain a presence in Switzerland.
Delta Lloyd has over 200 years of history as a reliable financial services provider in the Netherlands. Risk management is challenging given the volatile economic environment and changing regulatory landscape. Solvency II will introduce risk-based capital requirements instead of the current volume-based approach of Solvency I. This represents a major change that affects how available capital and required capital are calculated. Delta Lloyd aims to balance risk and return through tools like interest rate and equity hedging, while controlling multiple capital regimes and an increasing number of regulators.
This document discusses collaboration in corporate real estate and facilities management. It provides background on David Wright and his experience in various CRE/FM roles. It then summarizes DX, a logistics company he currently works with, outlining their network, market challenges, and investments. The document argues that to raise their profile and value, CRE/FM professionals must collaborate beyond just property deals by taking a holistic corporate approach and reinventing their role to facilitate collaboration across different business functions. It stresses the need to listen more, be creative, and make clients' lives easier in order to foster long-term partnerships with suppliers.
Operational Turnaround –Focus on Working Capital and Supply Chain-lecture by ...Igor Zax (Zaks)
Igor Zax CFA, founder of Tenzor Ltd, gave a new guest lecture Operational Turnaround –Focus on Working Capital and Supply Chain as part of a course “Mergers, MBOs and Other Corporate Reorganisations” by professor Paolo Volpin at London Business School 23 March 2012.
The lecture covers principles of distressed investments, corporate turnaround and operational due diligence. It also focuses on supply chain and working capital implications, use of asset backed lending, vertical integration and business model re-design.
The document summarizes the discussions from an Opalesque Roundtable event in London that addressed various topics related to hedge funds and alternative investments after the Brexit vote.
1) UK equity hedge funds were not well positioned for a Brexit vote and are now reconsidering their positioning given the possibility of a UK recession. Strategies discussed included being short on UK domestic stocks and long on global winners based in the UK.
2) Investors are rethinking their hedge fund allocations in light of market uncertainty and fee levels. While some strategies have performed well recently, others have struggled, leading investors to question their manager selection processes.
3) Liquidity constraints are pushing some managers away from less liquid strategies even if
The document summarizes the discussions from an Opalesque Roundtable event in London that took place in early July 2016. The roundtable included hedge fund professionals from firms like HSBC, Man Group, Schroders, Lutetia Capital, Eurex, and Societe Generale.
Key topics discussed included:
- How UK equity hedge funds were positioned going into the Brexit vote and their strategies in the aftermath.
- Views on the potential long-term risks of Brexit for UK-based hedge funds.
- Challenges of investing in hedge funds via small teams and different fund structures.
- Competition between fundamental equity managers and quant funds.
- Issues around hedge fund fees, capacity
Schroders is an established global asset management firm with over 200 years of experience. They manage funds domiciled across multiple jurisdictions and distribute through various channels. Schroders joined Calastone to increase automation of fund dealing and processing from distributors into their fund ranges. Since implementing Calastone, Schroders has seen increased straight-through processing rates, reduced costs per transaction, and eliminated reconciliation issues. They have also expanded their use of Calastone for additional business units and regions.
ATO risk assessments: Your client may be an ATO targetRedchip
In an attempt to increase their communication with taxpayers, the ATO has introduced an Income Tax Profile scheme. Although the risk assessment reports distributed do increase transparency from the ATO, they also generate much confusion and concern – or at the other end of the spectrum, disregard and indifference.
If your client receives an assessment outlining them as high-risk, you need to be prepared to answer their questions and take action. Where has this data come from? What does it mean to be high-risk? Is your client facing an ATO audit?
This webinar gives you an overview of the Income Tax Profile process, what it means for your clients, and tips and tricks for dealing with any issues that may arise.
The document discusses challenges that European small and mid-sized tech companies face in attracting financial and strategic investors. It notes that companies need to build awareness and familiarity with investors over time through regular communication and meetings. While around 50% of fundraising and M&A processes in Europe do not complete, the current environment provides opportunities as investors have significant available capital and are actively looking for deals in Europe. The document provides recommendations for companies to research and regularly update top investors on their business and engage in conferences and meetings to facilitate relationships.
This document provides an overview of approaching venture capital firms for early-stage funding. It discusses the current investment themes and size of investments for one VC firm. It offers advice on when raising VC money makes sense versus alternative options, and what VCs look for in potential investments. The document outlines the typical VC screening and due diligence process, emphasizing the importance of having a concise initial presentation deck to grab their attention. It provides tips for networking and persistence when approaching VCs, and highlights key terms to understand in a potential investment term sheet.
Competing Effectively in a Fragmented Market: The Route to a More Profitable ...Tez Wu
This document discusses consolidation in the global accountancy market, with the Big Four accounting firms (Deloitte, PwC, EY, and KPMG) earning approximately two-thirds of the top-end market share. It also discusses strategies for smaller accounting firms to compete effectively in this fragmented market, such as focusing resources, deepening client relationships, developing industry expertise, and adopting a demand-driven business model focused on client needs rather than available services. Developing industry-focused groups requires in-depth industry knowledge and integrating these groups formally into the firm's organizational structure.
1) The document provides an introduction and overview of investing basics from the perspective of an experienced portfolio manager.
2) It discusses how technological advances over the past few decades have greatly increased access to investing for ordinary individuals by reducing trading costs and providing free access to company information.
3) The individual investor now has many low-cost options available like discounted brokerages, lower trading fees, and free access to company financial filings and news online.
Finance Economics revisited, a primer (abstract) - MaverlinnOlivier Coispeau
This is the abstract of a presentation delivered by Olivier Coispeau in September 2015. The presentation highlights conditions for renewed economic and financial analysis.
This document summarizes trends in the global legal profession as of 1996, including:
- Law firms were globalizing and expanding internationally, especially into Asia. Two models of international expansion were common: small representative offices or larger local offices staffed by local and seconded lawyers.
- Transatlantic mergers between major US and UK firms were speculated but had not occurred yet. Accounting firms were seen as a growing threat as they expanded into legal services.
- Growth areas for law firms included project finance, technology, media, and IP work. Mid-sized firms faced an uncertain future with consolidation expected. Winning business through tenders was becoming more common.
- Financial performance in law firms was driven by leverage
1. Scaale is a venture resource group that applies global context to companies through sales, capital, and talent. It has over 200 professionals with 30 years of experience helping companies with IPOs, M&A, fundraising, and international growth.
2. The document discusses listing a company on the Spanish MAB (Alternative Investment Market) as an efficient way to gain visibility, funding, and an exit compared to other options like venture capital or traditional banking. Some benefits highlighted are lower costs, the potential for growth in Spain and Latin America, and a proven track record.
3. Managing a company listed on the MAB from the US is possible
Private Debt Investor is a global publication tracking the institutions, the funds and the transactions shaping the private debt markets.
What's included?
Seven things you need to know about Europe.
How to avoid an over-reliance on the UK, using a pan-European approach.
Blackrock's Stephen Caron on Europe's untapped prospects.
A European roundtable revealing opportunities in specialisation, regulation and the growth of markets outside the UK.
The document discusses how owners and charterers can protect themselves in the future shipping industry from 2025-2025. It notes that risks may increase or change and opportunities may also change. The origins and evolution of marine insurance and P&I clubs are reviewed, showing how they have adapted to cover emerging risks over time. Good, appropriate insurance through a P&I club is recommended to help owners and charterers save money, avoid liability, and have peace of mind. P&I clubs provide loss prevention services and global claims handling to assist members. Looking ahead, new technologies may increase safety but also bring new risks like cyber attacks or extreme weather due to climate change. Marine insurance will likely continue to evolve to address changing risks and
Deloitte is one of the big four professional services firms, along with PwC, EY, and KPMG. It has 193,000 employees across more than 150 countries providing audit, tax, consulting, enterprise risk and financial advisory services. Deloitte is the second largest professional services network globally. It was founded in 1845 by William Welch Deloitte and has since expanded its services and global presence through mergers and acquisitions. Deloitte serves customers through its expertise in various industries and processes as well as its stable audit business and trusted brand.
Presentation led by Steve Elliott from HydroFormer Project Management Services Ltd, within the 'Organisation' stream at the APM Project Management Conference 2016.
Per Strömberg: "How can the financial system support the real economy?"Global Utmaning
A presentation held by professor Per Strömberg, Swedish House of Finanice, at the high level seminar "Towards a sustainable financial system" hosted by the Stockholm based think tank Global Challenge in cooperation with London School of Economics and The Swedish House of Finance on September 12th 2013.
introduction to money is foundation of money and function and roleMengsongNguon
This chapter discusses the roles of governments and security dealers in the money market. It describes how governments, such as the U.S. Treasury, are major borrowers in the money market through instruments like Treasury bills. Security dealers facilitate trading and obtain funding through repurchase agreements to deal in government securities. The money market brings together temporary cash surpluses and deficits and is regulated by governments.
Similar to Michael Stefan - Actuarial Society 2011 Convention Template (20)
introduction to money is foundation of money and function and role
Michael Stefan - Actuarial Society 2011 Convention Template
1. 2011 CONVENTION 8 – 9 NOVEMBER
Professional development opportunities in
the UK & European actuarial marketplace
Michael Stefan
Hanover Search & Selection, London, UK
2. 2011 CONVENTION 8 – 9 NOVEMBER
Purpose
1. Presentation is targeted at South African Short Term Insurance actuaries who are
interested to know about market opportunities in the UK / European market
2. Not intended as a “recruitment exercise” but rather to show the types of roles that are
available, and to outline some specific features of these markets
3. We will cover both actuaries working in “traditional” actuarial positions (pricing, reserving
etc) as well as non traditional roles (leadership or “C” suite positions, broking,
underwriting, banking, quantitative analytics, insurance linked securities etc)
4. Most of the detail relates to the UK, however, other countries will be covered at a higher
level (ie a bit less detail). Presentation will probably be more useful to experienced /
qualified professionals, although student opportunities will also be covered briefly
5. Views expressed here are my own and not necessarily those of my employer
2
3. 2011 CONVENTION 8 – 9 NOVEMBER
Some definitions
1. Chief Actuary and Group Actuary usually mean the same thing
2. In the UK, “short term insurance” as a term is generally not used; instead, following terms
are used and inter-changeable (first two are most common)
1. Non life
2. General Insurance or “GI”
3. Property & Casualty (aka P&C), more of a US term that has made its way to the UK
3. PL = Personal Lines; CL = commercial lines
3
4. 2011 CONVENTION 8 – 9 NOVEMBER
Personal Lines
• Personal lines is self explanatory
• Motor / private car / “auto” – largest, and usually least profitable product
• Household insurance (buildings & contents); some may be familiar with US term
“homeowners”
• Travel and pet are also underwritten by most larger firms
• Priced using GLM pricing tools
• Usually huge teams comprised of pricing actuaries, students, “statisticians”, actuaries
with no exams etc; the Top 3 Private Insurers have c staff each in the technical pricing
area
• Teams usually combine actuaries studying for exams with statisticians who do the
same work but don’t study; that usually is not an impediment to career progression
and some of the most senior personal lines actuaries have never “qualified”
• A very large proportion of personal lines insurers have their actuarial teams OUTSIDE
London, meaning less competition for jobs but also lower salaries; usually attract
those seeking a quieter, “country” lifestyle
4
5. 2011 CONVENTION 8 – 9 NOVEMBER
Small Commercial
• “Small Commercial”
• Also called “SME” (small & medium enterprise) business
• Examples: motor fleet, taxi, commercial property, business interruption etc.
• Usually priced using GLM pricing tools, as long as there is enough data
• Some attempt by some insurance companies to price traditional commercial lines
using GLM pricing tools (best example is marine)
• Actuarial teams tend to be much smaller, but again, there is a combination of actuarial
and non actuarial types
• Most positions based in London
5
6. 2011 CONVENTION 8 – 9 NOVEMBER
Large Commercial / Lloyds
• No agreed definition really exists, but usually called the “Lloyds and London Market” (or just
London Market)
• Many companies will “trade” via both Lloyds and non-Lloyds distribution channels; they will
usually do so on both an insurance and reinsurance basis
• Lloyds was set up around 1688 in a coffee house, and has grown from a traditional marine
insurer to a diversified market
• Lloyds is not an insurance company – it is an insurance market of members
• In 2009, over £21.97 billion of gross premium was transacted in Lloyd's, and it achieved a
record pre-tax profit of over £3.8 billion
• Won’t go into the details of Lloyds market – it has a very complex structure and those
wishing to find out more are encouraged to use the Internet
6
7. 2011 CONVENTION 8 – 9 NOVEMBER
Large Commercial / Lloyds (cont’d)
• Insurance products aimed at large risks / corporations
• Casualty / Liability
• Marine (incl Hull, Cargo etc)
• Power & Utilities / Energy
• Aviation / Space / Satellite
• Property
• Financial Lines (D&O, E&O, PI, Crime & Fidelity etc)
• Sports / Events (eg concert cancellations)
• Piracy / kidnap & ransom
• Weird & Wonderful (famous actors, The Titanic, rock stars, footballers etc)
• Actuarial teams can vary – the largest employers will have between 40 and 50 actuaries
and students (not to mention catastrophe modellers, risk specialists etc); the smallest can
have just 2 or 3
• Supported by a large amount of actuaries working in consulting firms as well as brokers
7
8. 2011 CONVENTION 8 – 9 NOVEMBER
Large Commercial / Lloyds (cont’d)
• Actuaries have traditionally been involved in reserving, and so this is probably the most
mature discipline, and also the one where the greatest numbers of actuaries work in
• Some of the first actuaries to work in the Lloyds market started around mid to late 80s, and
virtually most companies are within a mile of the Lloyds building on Lime St
• Capital modelling has also featured very heavily since c 2004, and a huge issue now with
the advent of Solvency II
• Pricing is a bit harder to generalise; due to lack of data, pricing usually done in a bespoke
manner, with some lines only having 5-10 rating factors
• Pricing actuaries often sit with the underwriting teams; giant strides have been made to
integrate pricing actuaries into Lloyds / London Market, and most underwriters are now
familiar with (and accept) actuarial input; some “pockets of resistance” still exist (eg D&O)
8
9. 2011 CONVENTION 8 – 9 NOVEMBER
Large Commercial / Lloyds (cont’d)
• Qualification wasn’t always critical to succeeding in the Lloyds market, and a number of
senior actuaries exist who have never sat exams
• Communication / inter-personal / “soft skills” are critical – even the largest Lloyds insurers
are much smaller than their personal lines equivalents
• Easy to lose yourself in a team of 100 actuaries – stand out much more in a team of 4 or 5
• Actuaries within smaller teams (3-5 people) will have “mixed” roles, though as teams get
larger, positions become a lot more rigid
• Chief Actuary may or may not report to CRO; sometimes the Chief Actuary IS the CRO!
9
10. 2011 CONVENTION 8 – 9 NOVEMBER
Typical Structure
10
CFO / FD
Chief Actuary
(aka “Group
Actuary”)
Head of
Pricing
(+3-5 staff)
Head of
Reserving
(+8-10 staff)
Head of
Capital
(+3-7 staff)
11. 2011 CONVENTION 8 – 9 NOVEMBER
Or This…
11
CRO
(maybe an
actuary)
Chief Actuary
(aka “Group
Actuary”)
Head of
Pricing
(+3-5 staff)
Head of
Reserving
(+8-10 staff)
Head of
Capital
(+3-7 staff)
12. 2011 CONVENTION 8 – 9 NOVEMBER
Or This…
12
CFO / FD
Chief Actuary
Head of
Pricing
(+3-5 staff)
Head of
Reserving
(+8-10 staff)
Head of
Capital & Risk
(aka “CRO”)
Head of
Capital
(+3-5 staff)
Catastrophe
team
13. 2011 CONVENTION 8 – 9 NOVEMBER
Consulting
• Consulting firms have provided general insurance actuarial consulting services since the
late 80s
• Most of the “Big 4” will have teams of 50-80 GI actuaries and students, with a number of
“non-audit”, “pure” consulting firms
• Traditionally, consulting firms provided reserving services to the Lloyds and London Market;
this involved both “outsourcing the reserving process” (i.e. Consulting Firm A does the
reserving for Syndicate X as they don’t have an actuarial team) as well as providing
opinions on reserves / signing off reserves
• Client mix has changed in the last 3 years due to the Solvency II – many consulting firms
are now targeting larger clients (typically, multi-national personal lines insurers) as they
provide much larger engagements and hence much larger fee income
13
14. 2011 CONVENTION 8 – 9 NOVEMBER
Consulting – typical work
• Reserving
• Audit support work
• Reinsurance modelling / advising on reinsurance purchase / optimisation
• Building / reviewing capital models and support work (eg documentation)
• Secondments
• Personal lines analytics – risk pricing, price optimisation, using statistical techniques to
detect claims fraud
• (Less common) Pricing and underwriting reviews for larger commercial / Lloyds clients
Change in client mix (away from mostly Lloyds to a balance of Lloyds and personal lines) has
meant there are many more opportunities for personal lines actuaries to gain experience of
Lloyds work (via working for a consulting firm)
14
15. 2011 CONVENTION 8 – 9 NOVEMBER
Brokers
• Probably not all that different from brokers in SA, with the exception that the “analytics”
teams of UK brokers are a) much larger and b) have a far greater mix of non actuaries (who
are nevertheless mathematicians, but they just don’t take exams)
• Work is related to the placement process for (re) insurance, and much of that work involves
catastrophe modelling (some brokers in London have 20-25 cat modellers)
• Requires a very specific type of personality – very good communication skills, but willing to
sacrifice ego and willingness to accept that “the broker is king” and all work is related to the
broking process
• Some actuaries have morphed into brokers – responsible for fee revenue; idea is that their
highly analytical background can be used to come up with innovative ways of transferring
risk BUT I have yet to be convinced by their sales ability!
15
16. 2011 CONVENTION 8 – 9 NOVEMBER
Non Traditional Roles – “C” suite
• Small number of highly ambitious actuaries who have broken beyond the actuarial “box”
• Most common one is going into a “C” suite position – CRO, CFO, COO, CEO, CIO
• Requires a combination of skills
• Excellent inter-personal skills and the ability to communicate high level concepts efficiently
• Ability to manage multiple stakeholders and “play the political game”
• Diverse range of experience – not one for “technical specialists”
• May or may not have an MBA
• Direct and frequent access to the CEO / Board and ability to interact with them
• Excellent technical understanding of insurance risk AND strong understanding of financial markets
risk
• Strong management and delegation skills – managing / delegating what you are not good at
personally
16
17. 2011 CONVENTION 8 – 9 NOVEMBER
Banking
• 2004 – 2008 saw a huge demand for actuaries to move into banking, but the market fell
after late 2008
• A lot of the demand was for actuaries to work in teams that were involved in Insurance
Linked Securities (either analysing / structuring, or selling / trading, or both)
• Many didn’t like the hours, pressure and ILS issuance fell to the floor in 2009 – hence many
returned to more traditional roles; other opportunities have existed in equity research, and
the very strong technical actuaries have morphed into quants
• Interestingly, there are far more French qualified actuaries working in the banking sector
(both in France and the UK) compared to “British-trained”, FIA/FFA actuaries; I would
suggest that is due to the fact that French actuaries spent 5-6 years at university and study
A LOT of financial mathematics
17
18. 2011 CONVENTION 8 – 9 NOVEMBER
Underwriting
• Small number (c 20) of GI actuaries that have gone into underwriting; a few in personal
lines (dual “Director of Pricing & Underwriting” roles are common) and a few have even
gone into a fully blown underwriting career
• The key skill is to make things simple for the underwriting team that you work for; you have
to remember that they are your customer, and the mathematical / statistical ability of 90% of
London Market underwriters is extremely low
• That being said, they are very canny people and can be very good at making money; as
their “numbers person”, ability to “keep it simple” is often valued
• Most actuaries will usually start out as the “numbers person” for one specialist division / line
of business and in time, they will have underwriting authority
• Usually happens in more technical lines where there is lots of data and actuarial
involvement is commonplace (eg marine, property etc; less common in D&O and so on)
18
19. 2011 CONVENTION 8 – 9 NOVEMBER
Opportunities for contractors
• Solvency II has led to a huge increase in the demand for actuaries and most of the general
insurance firms now employ contractors
• There is some debate now as to what the term “contractor” really means and several terms
can be used inter-changeably:
• Contractor
• Freelancer
• Consultant / Independent consultant
• They will usually work via their own limited company, which is tax efficient; this company
can be just them, although, in rare cases, you find they actually go into a partnership with 1
or 2 other people and effectively we have a “super small” consulting firm
• Although contracting is very common now in the life industry, there are probably c 30-40 GI
contractors (both qualified and students)
19
20. 2011 CONVENTION 8 – 9 NOVEMBER
Continental Europe
• Brief recap of qualification systems: Gold standard of: UK, US CAS exams, German, Swiss
• Most other actuaries in Europe qualify after graduation from university: France, Spain, Italy
etc
• FIA / FFA qualified actuaries are extremely well respected in the Continental European
market, especially in Germany and Switzerland
• To some extent, the European market can be broken down into a few “sub-sections”
• “Mediterranean” market – France, Spain, Portugal, Italy; actuaries generally qualify at university
• France – recruitment often done on the basis of alumni networks from the leading universities
(“Grandes Ecoles”)
• Germany / Switzerland – both markets are very similar; German is not needed in business but very
helpful; both countries have strong, exam based actuarial systems; actuaries have very high
mathematical ability
• Nordics – not many actuaries and very few leave / come in
• BeNeLux – strong Northern European business culture
• Eastern Europe – very much the “Wild East”, not much talent and governance not always great
20
21. 2011 CONVENTION 8 – 9 NOVEMBER
The Holy Grail
• The skill set described here is almost impossible to find, but it more or less represents the “ultimate
actuary” that is highly sought after in the UK / Anglo Saxon European markets:
• FIA / FFA / CAS Qualified with 15-25 years experience
• Pragmatic and commercially focused: doesn’t get bogged down in endless detail and remembers
insurance companies are businesses that are there to make money
• Understands technical insurance risk as well as financial risks
• Has worked in a number of departments (not just actuarial – reinsurance, claims, underwriting, product
management, marketing) and perhaps has also worked as a consultant (MBA optional)
• Ability to disseminate complex information to everyone, from a student to a CEO
• Well dressed, professional, likes networking
• Able to delegate, manage and supervise; does not micro-manage people
• Geographically mobile
21
22. 2011 CONVENTION 8 – 9 NOVEMBER
A section on visas / work permits
• UK Government has very recently (Sep 2011) put actuaries back on the “skills shortage” list
(was removed around 2007), meaning it should be much easier and quicker to obtain work
permits
• Experience in other countries tends to be mixed:
• Difficult but feasible for very experienced staff in Switzerland (esp with the “mega” insurers)
• Relatively easy in Belgium, Italy and Germany (at all levels)
• Less data for Spain, France etc
• Very few non-EU nationals working in the Nordics and Central / Eastern Europe, mainly due to the
limited size of the local markets there; however, those markets are very short in expertise
22
23. 2011 CONVENTION 8 – 9 NOVEMBER
And finally…
• Ability / willingness to speak multiple languages and (most importantly) immerse
themselves in a local culture that will be different from their own
23
24. 2011 CONVENTION 8 – 9 NOVEMBER
Thank you and please provide feedback!
Michael.Stefan@Hanoversearch.com
+44 7960 509 854