7-8/10/2014 EUROPE THE PREMIER RISK CONFERENCE FOR THE INSURANCE COMMUNITY LONDON

Transcription

1 CAPITAL MANAGEMENT MARKET RISK ALM GOVERNANCE ASSET ALLOCATION INVESTMENT STRATEGIES STRESS TESTING REPORTING 7-8/10/2014 LONDON THE PREMIER RISK CONFERENCE FOR THE INSURANCE COMMUNITY Now in its ninth consecutive year, Insurance Risk is proud to announce that our annual European conference will take place in London on 7-8 October Bringing together some of Europe s leading thinkers and practitioners in risk management and regulation, the extended agenda for this year s event will include multiple streams and additional special sessions showcasing new research. KEY SPEAKERS INCLUDE: Karel Van Hulle Professor, Business and Economics Department, KU LEUVEN and GOETHE UNIVERSITY FRANKFURT John Scott Chief Risk Officer Zurich Global Corporate, ZURICH INSURANCE GROUP Michael F. Consedine Insurance Commissioner, PENNSYLVANIA INSURANCE DEPARTMENT Lead sponsor: Presentation sponsors: Hosted by:

2 7-8/10/2014 LONDON Welcome... Dear Colleague, On behalf of Insurance Risk I am pleased to announce the date of the Insurance Risk Europe conference which will take place on 7-8 October 2014 in London. This will be our ninth consecutive year running the conference and our aim, as always, is to provide expert insight and practical guidance on the key issues facing the risk profession in the industry. The volume of regulation facing the industry and the speed of its implementation is putting unprecedented pressure on firms while the wider economic environment also continues to present challenges, in particular the difficulties created by continued low interest rates. To discuss these and other issues, we are bringing together Europe s leading thinkers and practitioners in regulation, risk and asset management. Sessions over the course of two days will provide a forum for sharing best practice and discussing cutting-edge solutions to the challenges facing the sector. Highlights include: Readiness for 2016: preparedness for Pillars I, II and III The development and calibration of global insurance capital standards Risk management of alternative investments (infrastructure, loans, private equity, mortgages and alternative beta) Collateral management: an opportunity or a problem? Balance sheet transformation: the metrics for optimal asset allocation Optimising risk and reward in an ultra-low rate environment The early adopters: how Scandinavian insurers have adapted to Solvency II-type regimes Capital management at leading insurers New product development: the shift to capital-light products The internal model application and approval process Forward projections of capital for the Orsa Pillar III: making reporting work for you Stress testing as a supervisory tool Risk culture: embedding regulatory requirements in the business With a blend of lively debate and incisive commentary delivered through panel discussions, practical case studies and in-depth presentations, Insurance Risk Europe is not to be missed. I look forward to welcoming you to London. Yours faithfully, Rob Mannix Insurance Risk editor, Risk.net To secure your place please contact us on: Online: Tel: +44 (0) nina.farmaki@incisivemedia.com

3 7-8/10/2014 LONDON Who will you meet? 2014 Speakers include CHIEF ACTUARIES CHIEF RISK OFFICERS CHIEF RISK ANALYSTS HEADS OF SOLVENCY II HEADS OF RISK HEADS OF OPERATIONAL RISK HEADS OF ASSET ALLOCATION CHIEF FINANCIAL OFFICERS CHIEF INFORMATION OFFICERS CHIEF INVESTMENT OFFICERS CHIEF TECHNOLOGY OFFICERS HEADS OF ALM HEADS OF AUDIT HEADS OF COMPLIANCE HEADS OF INVESTMENT MANAGEMENT TREASURERS Romain Paserot Director of Insurance Supervision, ACPR Jan Parner Deputy Director General, THE DANISH FINANCIAL SUPERVISORY AUTHORITY Simon Gadd Group Chief Risk Officer, LEGAL & GENERAL What we have to offer you: COMPREHENSIVE AGENDA: Featuring 6 Group CROs, this year s cutting-edge agenda will include interactive panel discussions, comprehensive case studies and presentations, delivered by leading regulators and practitioners NETWORKING: Our agenda will provide you with more than four hours of networking with leading risk professionals TWO STREAMED FORMAT: This two-day, two stream event will enable you to tailor the programme to your specific interest, with sessions covering; What makes a successful CRO in the current environment Investment under the prudent person principle Asset allocation under Solvency II The Orsa forward projection of capital requirements: Business application How to manage assets and generate return NEW RESEARCH: This year s agenda features groundbreaking research on the role of the CRO and CFO in strategic planning POST-CONFERENCE WORKSHOP ON OPERATIONAL RISK MANAGEMENT: Our focused workshops are intentionally kept to a small number of delegates and are delivered by an expert in their field providing you with a unique opportunity to develop your knowledge, network and ask the questions specific to you. Angela Darlington UK Life Chief Risk Officer, AVIVA Renzo Avesani Chief Risk Officer, UNIPOL GROUP Andrew Hitchcox Group Chief Risk Officer, KILN Eberhard Müller Chief Risk Officer, HANNOVER RE Annette Olesen Group Chief Risk Officer, NORDEA, LIFE & PENSIONS Thomas C. Wilson Group Chief Risk Officer, ALLIANZ SE Graham Cox Senior Vice President, CRO for the Americas region, Global Risk Management, METLIFE Alex Hindson Chief Risk Officer, AMLIN AG Erik Ranberg Chief Investment Officer, GJENSIDIGE FORSIKRING

4 PROGRAMME DAY 1: 7/10/14, LONDON - MORNING 8.00 Registration and refreshments 8.50 Welcome remarks 9.00 KEYNOTE: John Scott, Chief Risk Officer for Zurich Global Corporate, ZURICH INSURANCE GROUP 9.40 NEW RESEARCH: The role of the CRO and CFO in meeting business challenges? How does the current environment influence the value of our companies? How can risk and finance influence value through capital allocation, balance sheet management and risk underwriting? Thomas C. Wilson, Group Chief Risk Officer, ALLIANZ SE PANEL: Under pressure: industry readiness for 2016 Expectations from supervisors CRO s concerns Elements of preparedness for Pillars 1, 2 and 3 The challenge of following the updates in Level 2 and 3 while dealing with implementation Moderator: Karel Van Hulle, Professor, Business and Economics Department, KU LEUVEN and GOETHE UNIVERSITY FRANKFURT Romain Paserot, Director of Insurance Supervision, ACPR Annette Olesen, Group Chief Risk Officer, NORDEA LIFE & PENSIONS Thomas C. Wilson, Group Chief Risk Officer, ALLIANZ SE Morning break and opportunity to network STREAM 1: Regulation and Risk STREAM 2: Capital and Investment strategies PANEL: The Orsa forward projection of capital requirements: business application Can regulatory requirements present opportunities for the business? How to ensure the company s risk profile is fully reflected in the Orsa? Putting your assumptions about risk at the heart of your business planning Kevin Borrett, Head of Risk, UNUM Roger Dix, Chief Risk Officer, WESLEYAN ASSURANCE SOCIETY Further panellists to be confirmed, please visit the event website for further updates PANEL: New product development Product innovation VA and systemic risk (impact on GSIIs) Uncertainty of how VA hedging programs will be treated under SII How are companies changing their product mix? Moderator: Representative from STATE STREET Panellists to be confirmed, please visit the event website for further updates

5 PROGRAMME DAY 1: 7/10/14, LONDON - MORNING/AFTERNOON Pillar III reporting in the real world Key challenges in moving to a live environment for Pillar III reporting Automating the Solvency reporting and SRC processes Integrating Solvency II and IFRS reporting cycles Enhancing Solvency and IFRS data for business decision making purposes Brian Heale, Senior Director Business Development, MOODY S ANALYTICS Collateral management: the new world The move to a central clearing regime Implications for cleared derivative use in the insurance industry Threat or opportunity? Collateral transformation and liquidity Oversight matters: asset safety and transparency Andrew Melville, EMEA Head of Insurance Product & Strategy, NORTHERN TRUST The generation game: savings for the new millennial Latest approach on how insurers should position their propositions to appeal to Generation Y Results from the survey of millennials by millennials focused on Australia, Brazil, China, Japan, the UK and the USA Future challenges and opportunities Paul Traynor, Head of Insurance International, BNY MELLON Internal model application and approval process Regulatory uncertainty Is the model a decision-making tool or a way to reduce your capital requirement? Shared experience and concerns regarding IMAP; pitfalls and lessons learnt from previous applicants Speaker to be confirmed, please visit the event website for further updates Lunch and opportunity to network CASE STUDY: Internal model: governance and use How does NN Group handle prioritization of internal use and compliance with SII Does our internal model explain the movements in our Balance Sheet and Solvency Ratio? Model validation what makes the model fit for (local) use? How to make the best business use of the models and to make the model accessible? Practical experience on using an internal model Jorg Sauren, Internal Model Owner, NN GROUP How Skandia formulates its risk strategy Håkan Ljung, Group Chief Risk Officer, SKANDIA LIV Investment under the prudent person principle What to expect from the supervisor Supervisory approach to PPP A walkthrough of the regulation A case study of alternative investments Jan Parner, Deputy Director General, FINANSTILSYNET;Member of the Management Board, EIOPA Group supervision Resolving capital fungibility Being able to utilise capital as needed What can you do to move capital around? Speaker to be confirmed, please visit the event website for further updates

6 PROGRAMME DAY 1: 7/10/14, LONDON - AFTERNOON CONTINUED Afternoon break and opportunity to network PART 1: EIOPA and national supervisory authorities What are the respective roles for EIOPA and the national supervisory authorities in implementing Solvency II? Respective roles in the forthcoming approval processes eg internal models How will differences of opinion in interpreting the Solvency II rules be resolved? How will EIOPA ensure convergence in supervisory practices across Europe Jarl Kure, Principal Expert, EIOPA PART 2: PANEL: Solvency II: An un-level playing field? Examining some of the potential sources of divergence Are some regulators more eager to apply capital add-ons than others? Are some regulators easier in terms of approving internal models than others? Are some regulators more concerned about some risks, e.g. sovereign bond risk, than others? Do some regulators put more restrictions on capital mobility, qualifying assets, etc., than others? What can be done to level the playing field? How would greater disclosure, either to the public or to EIOPA help, support convergence? What is the role of EIOPA in helping convergence? Would it make sense to evaluate a common test or benchmark portfolio to evaluate the possible differences across regimes? Jan Parner, Deputy Director General, FINANSTILSYNET;Member of the Management Board, EIOPA Jarl Kure, Principal Expert, EIOPA Eberhard Müller, Chief Risk Officer, Group Risk Management, HANNOVER RE Gregor Pozniak, Secretary General, AMICE CRO PANEL: What makes a successful CRO How to function with authority: cultural norms and values How to influence business decisions Effective use of the risk management function and regulation How independent should a CRO be? Balance between long term sustainability of companies and short term pressure Simon Gadd, Group Chief Risk Officer, LEGAL & GENERAL Angela Darlington, UK Life Chief Risk Officer, AVIVA Renzo Avesani, Chief Risk Officer, UNIPOL GROUP Andrew Hitchcox, Group Chief Risk Officer, KILN Networking reception

7 PROGRAMME DAY 2: 8/10/14, LONDON - MORNING 8.20 Registration and refreshments 8.50 Welcome remarks 9.00 INTERNATIONAL REGULATION: The development and calibration of the global insurance capital standards (BCR and ICS) Michael F. Consedine, INSURANCE COMMISSIONER, PENNSYLVANIA INSURANCE DEPARTMENT (tentative) 9.40 PANEL: Use of stress tests in supervision Divergence between the EIOPA technical spec and EC s Delegated Acts Appropriate presentation of the results to the market Will the results be used to restrict firms capital plans? To what extent is the stress test part of your ORSA Emmanuel Van Grimbergen, Group Risk Officer and Member of the Management Committee, AGEAS (tentative) Further panellists to be confirmed, please visit the event website for further updates Morning break and opportunity to network Asset allocation under Solvency II What metrics are companies using to achieve optimal asset allocation? Where is the regulation affecting you as a business? How can it be utilised to benefit your business? Investment strategy of the post-solvency II world. Will Solvency II drive investment in different assets? The change in investor profile when moving from Solvency I to Solvency II Speaker to be confirmed, please visit the event website for further updates Evaluation and risk management of alternative assets Type of risks involved Risk and return New classes and new challenges in managing risk How to capture alternatives in internal models? Will regulation change the shape of the insurance investment market? Representative from STATE STREET Improving risk adjusted returns through insurance portfolio optimisation Challenges in portfolio construction Portfolio construction process Strategic optimisation approaches Tactical optimisation approaches Vinaya Sharma, Senior ERM Actuary, FSA, PRM, CERA, QUANTITATIVE RISK MANAGEMENT Lunch and opportunity to network

8 PROGRAMME DAY 2: 8/10/14, LONDON - AFTERNOON PANEL: How to manage assets and generate the return? Liability aware strategies that offer attractive risk and return profiles Where can we find yield and should we still hunt within a single asset class? How investment strategies are being modified in anticipation of a rise in rates How to measure risk when you take an investment decision What are the global insurance asset management trends that we expect to emerge over the next 5 10 years? Moderator: Representative from STATE STREET Erik Ranberg, Chief Investment Officer, GJENSIDIGE Bruce Porteous, Head of Solvency 2 Regulatory Development, STANDARD LIFE Robert Groves, Head of Investment & ALM, FRIENDS LIFE PANEL: Ways to invest in infrastructure Measures to foster investment from a European perspective State of play and future prospects Political risk in infrastructure Dealing with the fragmentation of the market Investor and credit rights Giorgio Chiarion Casoni, Head of Unit, Directorate General for Economic and Finance Affairs, Financing of climate change, infrastructure policies and Euratom, EUROPEAN COMMISSION Further panellists to be confirmed, please visit the event website for further updates Afternoon break and opportunity to network PANEL: Risk culture How do you really embed Solvency II in the business? What does a risk-driven business look like? What risks are on the horizon? José Morago, Group Risk Director, AVIVA; Deputy Chairman of the Institute of Risk Management (IRM) Paul Gallagher, Global Head of Compliance and Operational Risk, Group Risk, AEGON Graham Cox, Senior Vice President, CRO for the Americas region, Global Risk Management, METLIFE Alex Hindson, Chief Risk Officer, AMLIN AG First experiences of a G-SII with recovery and resolution planning Purpose of the Recovery Plan Key recovery options and indicators Selection of stress scenarios Communication and information management First experience with resolution planning, cooperation with group supervisors Reinhard Eckl, Senior Regulatory Officer, Global Regulatory Affairs, ALLIANZ SE Chairman s closing remarks End of the conference

9 SPONSORS Lead sponsor: STATE STREET State Street Corporation (NYSE: STT) is one of the world s leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $27.5 trillion in assets under custody and administration and $2.4 trillion* in assets under management as of March 31, 2014, State Street operates in more than 100 geographic markets worldwide, including the U.S., Canada, Europe, the Middle East and Asia. For more information, visit State Street s website. statestreet.com * Assets under management include the assets of the SPDR Gold ETF (approximately $34 billion as of March 31, 2014), for which State Street Global Markets, LLC, an affiliate of SSgA, serves as the distribution agent. Presentation sponsors: BNY MELLON BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of December 31, 2013, BNY Mellon had $27.6 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. bnymellon.com MOODY S ANALYTICS Moody s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services and research, including the proprietary analysis of Moody s Investors Service, Moody s Analytics integrates and customizes its offerings to address specific business challenges. Moody s Analytics is a subsidiary of Moody s Corporation (NYSE:MCO), which reported revenue of $3.0 billion in 2013, employs approximately 8,400 people worldwide and maintains a presence in 31 countries. Moody s Analytics provides its insurance clients with high performance modelling tools and a comprehensive enterprise risk management capability, helping them to evolve their business performance so that they can succeed in a complex and increasingly volatile market moodysanalytics.com

10 SPONSORS Presentation sponsors: NORTHERN TRUST Northern Trust is an established and trusted provider of asset servicing and asset management solutions to leading global insurance companies. We assist insurers in a range of capacities, from helping them ensure adherence to complex regulatory and accounting reporting requirements and supporting their investment management processes, to supporting performance and risk management. Northern Trust also continues to actively prepare for the challenges posed by a changing regulatory and investment environment, and is helping insurers formulate and fine-tune their approach to meeting tomorrow s challenges. northerntrust.com/eu-insurance QRM Quantitative Risk Management is the world s leading enterprise risk management consulting firm. QRM develops industry-leading risk management principles, practices, and models, and provides clients with the advice, knowledge, and tools necessary to adopt those innovations, thus increasing their risk-adjusted returns. For over 20 years, QRM has partnered with clients to enhance their ability to measure risk, identify profitable opportunities, and make sound financial decisions. With offices in Chicago, London, and Singapore, QRM has established over 250 long-term engagements with top financial institutions from the banking, finance, and insurance industries worldwide. QRM.com We are pleased to announce that this event has been independently evaluated for Continuing Professional Development purposes by The CPD Certification Service. This means that our event will now comply with universally accepted principles of Continual Professional Development (CPD) and has been structured to meet the criteria of personal development plans. For more information on CPD credits please visit cpduk.co.uk/

11 VENUE POST-CONFERENCE WORKSHOP, 09/10/14, LONDON Latest strategies for managing operational risk 9.00 Registration and coffee 9.30 INTRODUCTION. Operational risk management best practices in the insurance industry Morning break A practical implementation guide Afternoon break Operational risk measurement End of the seminar Governance Lunch All speakers to be confirmed. Please check the event website for all further updates. Venue The Waldorf Hilton, London Aldwych, London, WC2B 4DD, United Kingdom T: +44 (0) Contact us FOR INFORMATION ABOUT THE CONFERENCE CONTACT: Olga Korzhova Conference Manager T: +44 (0) E: olga.korzhova@incisivemedia.com FOR INFORMATION OR OPPORTUNITIES CONCERNING SPONSORSHIP PLEASE CONTACT: Antony Chambers Publisher T: +44 (0) E: antony.chambers@incisivemedia.com FOR INFORMATION CONCERNING REGISTRATION TO THE CONFERENCE PLEASE CONTACT: Nina Farmaki T: +44 (0) E: nina.farmaki@incisivemedia.com FOR MARKETING ENQUIRES PLEASE CONTACT: Victoria Cozens Senior Marketing Executive T: +44 (0) E: victoria.cozens@incisivemedia.com

12 7-8/10/2014 LONDON BOOKING FORM DELEGATE TYPE EARLY BIRD book by 22 August 2014 FULL PRICE After 22 August 2014 Insurance companies / pension funds / regulators VAT 1,499 + VAT Investment banks/ vendor/ consultant/ other service providers 2,699 + VAT 2,999 + VAT REGISTRATION DETAILS Please complete your details below in block capitals TITLE FIRST NAME FAX ADDRESS LAST NAME JOB TITLE/POSITION DEPARTMENT COMPANY TELEPHONE POST/ZIP CODE COUNTRY PAYMENT DETAILS I enclose a cheque payable to Incisive Financial Publishing Ltd. Please debit my AMEX VISA MAESTRO MASTERCARD ISSUE NUMBER: VALID FROM: EXPIRES: card no. security no. ACCOUNT ADDRESS (if different from above) VENUE The Waldorf Hilton, London Aldwych, London WC2B 4DD, United Kingdom T: +44 (0) SIGNATURE DATE Please sign here to confirm you have read, understand and agree to all the terms and conditions below SIGNATURE Disclaimer: We accept bookings on the understanding that if we cannot meet our obligations because of circumstances beyond our control, we will not be held liable for loss suffered by you or a third party. This includes (without limitation) a change in the programme or an alteration to the venue and/or speakers. Venue Rules:You must comply with all rules, regulations, and other reasonable instructions of the owner of the venue at which the event is taking place. Photography: Photography and/or recording (whether visual or aural) of the proceedings of the event without our prior written consent are strictly prohibited. Personal Effects: We are not responsible otherwise liable to you for loss or damage to your personal property while you are in attendance at the venue at which the event is taking place. Liability: Except in relation to personal injury/death arising from our negligence or fraud, we shall not be liable to you for any sum greater than the amount you are liable to pay to attend the event. Cancellation/Substitution: Cancellations must be received in writing more than three weeks before the event. If a cancellation is received within three weeks of the event the delegate fee will be payable in full. Cancellations more than three weeks before the event are subject to a 10% administration fee. A substitute delegate is always welcome, but the organiser MUST be notified in advance of the event to avoid incurring a charge. Delegate substitutions may NOT be made at the event. If you do not attend the event or notify us of your intention to cancel, the full fee will still be payable. Payment: Payment must be received before the event start date. If we have not received payment in full by the event start date, you will be required to provide a credit card guarantee on the day to gain entry. Data Protection: By registering for Insurance Risk Europe, Incisive Financial Publishing Limited will send you further information relating to this event. In addition we will send you information about our other relevant products and services which we believe will be of interest to you. If you do not wish to receive other relevant information from Incisive Financial Publishing Limited via a particular medium, please tick the following relevant boxes: Mail Tel Incisive Financial Publishing Limited will also allow carefully selected third parties to contact you about their products and services. If you do not wish to receive information from third parties via any of the following media please check the relevant boxes: Mail Tel 4925/14