Insurance and Risk Linked Securities Conference

Platinum Level 

Sponsored by Dewey & LeBoeuf LLP 

Sponsored by Towers Watson 

Pre-Registration - Grand Hyatt - Gallery 

Reception - Grand Hyatt - Gallery 
Hosted by Standard & Poor's

Introduction  

SIFMA 

Continental Breakfast

Hosted by Darcy Versions I & II

Welcoming Remarks 

Paul Puleo 
Head of Financial Institutions Goup - Capital Markets and Treasury Solutions, North America 
Deutsche Bank

Market Perspective: Is the Insurance Risk Linked Securities Market at Risk of Looking Forward Through the Rearview Mirror? 

In 2011, facing a broader credit market crisis, questions of sovereign solvency and unprecedented aggregation of insured/reinsured industry losses, the ILS market seemed slow to awaken from a winter's slumber.  As if on cue, by mid-year, industry observers began to question the ILS market's relevance and potential early demise, when it was slow to reach 2010 prognostications for growth - let alone introduce new product - as other more traditional tools (such collateralized reinsurance, ILWs and "private transactions") seemed by default poised to challenge the consensus alternatives.   Representatives of a cross section of leaders from the ILS market will examine broadly the ILS sectors' relevance, where it has been and what the future holds - and the perennial question - keys to its growth.

Moderator:  

Michael Halsband / Conference Chair
Director, Capital Markets and Treasury Solutions

Deutsche Bank

Panelists: 

Rupert Flatscher 
Head of Risk Trading Unit 
Munich Re

William O'Farrell 
Chief Reinsurance Officer  
ACE Group 

Dr. John Seo
Co-Founder and Managing Principal  
Fermat Capital Management, LLC

Philippe Trahan  
Ontario Teachers' Pension Plan  
Director, Insurance-Linked Securities Group

Issuer Perspectives

The past year has seen significant issuance activity in the catastrophe bond and sidecar space.  New issuers as well as newer risks have come to the market for the first time even as repeat issuers have accessed the market for significant new capacity.  This panel will discuss the state of the market from the Issuers' perspective.
 

Moderator: 

Shiv Kumar
Managing Director
Goldman Sachs

Panelists: 

J. Paschal Brooks III
Executive Vice President
Validus Managers

Ted Kim  
Head of Financial Strategy and Capital Markets 
Aetna  

Tim Richison
Chief Financial Officer
California Earthquake Authority

Break
Hosted by Cadwalader, Wickersham & Taft LLP

ILS Market 2012 and Beyond: The Investor Perspectives  

Panelists will discuss driving factors affecting their investment decision on whether, when and how to invest in the ILS sector. Topics covered will include whether investments should be made on a direct or indirect basis.  How do the various investor classes assess relative value and their views on secondary trading and the importance of liquidity?  Investors will provide thoughts on the importance or lack thereof of diversity in their ILS portfolios.  Additionally, investors will provide their views on the merits on taking catastrophe risk in non-security forms. 

Moderator: 

Judy Klugman
Managing Director
Swiss Re Capital Markets

Panelists: 

Brett Houghton 
Managing Principal 

Fermat Capital Management LLC 

Martin Jones  
Chief Investment Officer

Coriolis

Niraj Patel
Vice Senior Trader and Portfolio Manager
Genworth Financial 

Ben Rockmuller 
Vice President - Associate Portfolio Manager 
Oppenheimer Funds  

Lessons Learned from 2011: Diversifying vs Peak Perils and Type of Execution (144A cat bond, private note format, collateralized re)

The panel speakers will discuss their different philosophy and experience regarding whether (i) diversification is appropriate when investing in insurance risk and (ii) the form of risk transfer matter.

Moderator: 

Cory Anger  
Managing Director
GC Securities

Panelists: 

Frank Majors 
Co-Founder and Managing Principal 
Nephila Capital

Stephen Rooney
Partner
Dewey & LeBoeuf LLP 

Caleb Wong  
Portfolio Manager and Chief Quantitative Investment Strategist  
Oppenheimer   

Luncheon / Keynote Address 
Hosted by Sidley Austin LLP

Luncheon Presentation 

 “The Year of Living Dangerously” Or, What We Do and Do Not Understand About Great Quakes and How That Impacts Risk Transfer    

Ross S. Stein 

Geophysicist 

U.S. Geological Survey 

Introduction by: 

Michael Halsband / Conference Chair
Director, Capital Markets and Treasury Solutions

Deutsche Bank

  1:30pm - 2:10pm  

Hazard Modeling U.S. Hurricane: Different Views of Nationwide or Regional Exposures 

The panel speakers will discuss their different approaches and views in assessing property catastrophe risks.  Models' industry exposures databases, hazard vulnerability and frequency are compared.

Moderator: 

Sean McCarty 

Managing Director 

Aon Benfield Investment Banking Group

Panelists: 

Kent David 

Vice President, Consulting Service Group 

EQECAT, Inc.  

David Lalonde 

Senior Vice President  

AIR Worldwide Inc.

Eyal Shnaps 

Manager Risk Markets

RMS

Concurrent Sessions 

Panel 1: The Issuance Process - Is There Room for Improvement? 

A panel discussion looking at all stages of the issuance process, with a particular focus on ways in which it might be improved. Consideration will be given to the reduction of costs, the minimizing of structural complexity and the contraction of the timeline. 

Moderator: 

Sean Casey
Managing Director, Insurance Solutions Group
BNP Paribas 

Panelists: 

Martin Jones  

Coriolis    

Mal Wattman  

Cadwalader, Wickersham and Taft LLP 

Panel 2: Mortality & Longevity: Diversifying Perils 

The panel will discuss contemporary trends in the life & pensions ILS market, reviewing a range of risk transfer technologies between sponsors and the capital markets.  The panel will then look at market developments in both the U.S. & Europe, illustrating these developments by the use of case studies.

Moderator: 

Alex Cowley
Managing Director, Insurance Solutions Group
UBS Securities LLC

Panelists: 

Luca Albertini
Chief Executive Officer
Leadenhall Capital Partners LLC

Dale Mensik
Director
Deutsche Bank Securities Inc.  

Break 

Hosted by PwC 

Concurrent Sessions

Panel 1: Important Legal Developments Impacting Cat Bonds and Weather Derivatives 

This instrumental discussion will include: Section 621 of Dodd-Frank, the Regulation AB reproposal, distinguishing "Insurance" from "Swaps" under Dodd-Frank and Cat Bond Documentation Standards in the Wake of Recent Losses.  

Moderator: 

Andrew Macan 

Vice President, Corporate Counsel and Secretary
The Chubb Corporation

Panelists: 

David Alberts  

Mayer Brown

Michael Groll 

Dewey & LeBoeuf LLP  

Michael Madigan   

Sidley Austin LLP 

Mal Wattman  

Cadwalader, Wickersham and Taft LLP

Panel 2: Is Embedded Value Life Securitization Poised for Resurgence? 

Despite limited market activity, embedded value securitization has been a much talked about product in recent years. This panel will explore the motivations and alternatives available to life insurance companies to unlock embedded value, and why this product may be ready for a resurgence. The panelists will also discuss key considerations from both the issuer and investor perspective, as well as address the impact of recent and upcoming regulatory developments.

Moderator:  

Charles Laplante 

Director

Swiss Re Capital Markets

Panelists: 

Gregg Clifton  

Chief Financial Officer

Aurigen Reinsurance Company

Gary Martucci  

Director

Standard and Poor's

What Comes Next?: Expansion of ILS Perils and Risks  

Several other sessions focus on the impact of structure on market development: both pending innovations and lurking threats.  This panel will focus on another important component of market development: emerging perils and risks.  What items do sponsors have on their wish lists?  How have and how will investors respond?   What have we seen recently and what might we see in the near future? 

Moderator: 

Bill Dubinsky
Managing Director 
Willis Capital Markets & Advisory

Panelists: 

Luca Albertini  

Chief Executive Officer

Leadenhall Capital Partners LLP

Craig Hupper   

Transatlantic Re

Dirk Lohmann  

Chairman and managing Partner

Secquaero Advisors Ltd.

Tony Rettino 

Founding Principal

Elementum Advisors, LLC  

Conference Adjourns