Navigating the World of Reinsurance Protection When Loss Strikes

Transcription

1 Navigating the World of Reinsurance Protection When Loss Strikes March 16-17, 2016, Hamilton Princess Hotel, Hamilton, Bermuda The Reinsurance Association of America (RAA), in conjunction with the Association of Bermuda Insurers and Reinsurers (ABIR), presents Re Claims: Navigating the World of Reinsurance Protection When Loss Strikes, March 16-17, Bermuda Re Claims is a two-day program designed to provide all levels of claims and underwriting professionals with indepth knowledge of the most critical areas of reinsurance claims analysis and management. General sessions and interactive workshops led by the industry s leading experts give practical approaches to dealing with today s challenges and preparing for tomorrow s emerging concerns. Taught by industry experts from Axis Re, RenaissanceRe, XL Catlin, Allied World Assurance, PartnerRe, Markel Global Re, JLT Re, Guy Carpenter, Transatlantic Re, Argo Group, and more, the program offers a lively and challenging agenda and an unmatched opportunity to interact with top industry executives. Case Studies and Workshops Detailed case studies are an integral component of the course and will be facilitated by skilled reinsurance claims professionals and attorneys, providing hands-on experience in assessing and resolving complex reinsurance issues and claims. Advanced calculation workshops will offer realistic reinsurance billing scenarios. These facilitated discussions will illustrate the need for detailed examination of various types of loss and expenses in accordance with contract terms. Course Objectives Examine the strategic importance of the claims department Apply contract language in the presence of loss Participate in case study workshops to apply real world fact patterns Perform and manage complex case management Understand the arbitration process via role playing Identify/manage potential reinsurance coverage disputes Apply loss and expense calculation under contractual terms Provide educational updates on current trends via breakout sessions Audience: The program targets insurance and reinsurance company employees at all levels; intermediaries; attorneys specializing in reinsurance; insurance company professionals; and regulators/staff. Members of ABIR receive a special Association Partner registration rate. Contact Ann-Marie Mwombela at mwombela@ reinsurance.org or at with questions about the program or for help with registration. With Thanks to Our Sponsors:

2 WORKING AGENDA (SEE AGENDA UPDATES AT WEDNESDAY, MARCH 16, :00 a.m. Registration/Breakfast 8:30 a.m. Welcome and Introduction Marsha Cohen, SVP, RAA 8:45 a.m. Panel Discussion: How Claims is an Integral Part of a Reinsurance Organization The Claims Department does much more than pay claims. This panel of underwriters and claims professionals will discuss the multiple ways the claims department contributes to a company s bottom line. Moderator: Ellen Clarke, VP, Axis Re Panelists: Dawn Dinkins, SVP & Claims Manager, Reinsurance, XL Catlin Paul DeGiulio, SVP General Casualty and Healthcare Claims, Allied World Assurance Michael Schummer, SVP & Casualty Team Lead, Munich Re America Rebecca Roberts, SVP, Underwriting, RenaissanceRe 10:00 a.m. KGM Re Case Study Participants will break into groups to analyze claim facts, application of contract clauses and reinsurance billing. The breakout groups will be facilitated to maximize the benefits of this analytical and learning process. Discussion Leaders: Kenneth Graham, SVP, PartnerRe Edward Ellis, VP, Claims, Markel Global Re Jeanne Kohler, Partner, Carlton Fields Jorden & Burt Marybeth Rice, VP, Head of Complex Claims, NA, Partner Re John Dietz, General Counsel, JLT Re Louis Schwartzberg, Deputy General Counsel, JLT Re 11:30 a.m. Case Study Wrap-Up Discussion Kenneth Graham, SVP, Partner Re John O Connor SVP, Claims Manager, Axis Re Noon Lunch 1:00 p.m. Complex Case Management Edward S. Ellis, VP, Claims, Markel Global Re Kenneth Graham, SVP, Partner Re The nature of reinsurance often involves managing high value claims, requiring the claims professional to understand the legal and business implications of coverage issues on both insurance and reinsurance contracts. As cases develop the insurance and reinsurance claims professionals need to evaluate, develop and implement strategic solutions to resolve complex matters, while working closely to ensure appropriate settlements and timely recoveries. Discussion will include the essential elements of both Excess of Loss and Pro-Rata contract claims. The following will be included in the discussion: Cradle to Grave Finding Coverage Understanding Intent Underlying Disputes Utmost Good Faith Contract Compliance Follow the Fortunes 2:15 p.m. Expense Calculation Workshop: Who Gets the Money? This is a team exercise using real world examples to determine relevant contract clauses and how programs work together. Participants will test their aptitudes for logic and numbers when asked to calculate reinsurance recoverable under various contractual scenarios. Facilitators will review relevant contract clauses and then work with participants to calculate amounts due when applying the contractual provisions to realistic claim scenarios. Ellen Clarke, VP, Axis Re Marybeth Rice, VP, Head of Complex Claims, NA, PartnerRe Mark DiTaranto, VP, Unit Manager Claims, XL Catlin Patrick Queally, SVP, Guy Carpenter Edward Ellis, VP, Claims, Markel Global Re 3:45 p.m. Emerging Issues - Breakout Sessions Litigation Funding Dorothy Cory-Wright, Partner, Sidley Austin Susan Stone, Partner, Sidley Austin Litigation is becoming an asset and investors are increasingly pouring money into firms that finance commercial litigation in anticipation of significant returns. Many business executives fear this influx of investors cash will lead to more lawsuits and increased legal costs. The speakers will discuss the expansion of commercial litigation funding from Australia and the U.K. to Europe and the U.S. and its potential implications for the insurance industry. Unique Issues Affecting the Reinsurance Industry Arising Out of 2015 Winter Storms Lloyd Gura, Partner, Mound Cotton Wollan & Greengrass A number of carriers have attempted to recoup losses from reinsurers for damage from ice damming arising out of 2015 winter storms in the Northeast U.S. The claims have been lodged under per-occurrence reinsurance (agenda continues on following page)

3 AGENDA - WEDNESDAY, MARCH 16, continued covers, which typically allow carriers to aggregate winter storm claims from any single event within a 7 to 14 day period. Ice dams typically occur over a longer period of time than the 7 to 14 day timeframe allowable under per occurrence treaties. Ice dams form at roof s edge during winter and prevent melting snow from draining properly, which can cause leaks and damage to the structure s interior. Ice-dam damage was a major problem for insurers during last winter s record-setting snowfall in the Northeast U.S. The speakers will address the unique reinsurance wording and coverage issues affecting the reinsurance industry. Solvency II and the Impact on the International Insurance Market The nature and scope of the Solvency II regulations for the (re)insurance industry will be analyzed along with the impact these will have on the international underwriting and claims environment. 4:30 p.m. Reception THURSDAY, MARCH 17, :00 a.m. Breakfast 8:30 a.m. Identifying and Handling Potential Reinsurance Coverage Disputes Arthur Gang, SVP & Associate General Counsel, Partner Re An overview of the most frequent issues in reinsurance coverage disputes will be presented. Topics for discussion include: Discovery of Reinsurance Extra-Contractual Obligations/Excess of Contract Limits Access to Records Notice of Loss Is the claim covered by the Reinsurance Contract? Aggregation & Number of Occurrences Allocation Dispute Resolution 10:00 a.m. Emerging Issues - Breakout Sessions Cyber Risk Claims Lewis Hassett, Partner, Morris, Manning & Martin This session will review the rise of cyber risk claims, including industry data detailing the types of claims and costs. The session also will detail insurer responses, including CGL exclusions and new stand-alone policies. Collection Issues for Alternative Capital Funding Barry Weissman, Shareholder, Insurance and Reinsurance, Carlton Fields Jorden Burt With alternative financing (Sidecars, CAT Bonds, etc.) becoming an accepted method for reinsurers to raise funds and provide coverage to cedents, the next step is dealing with the claims that are going to arise when things go wrong. This section is going to discuss preparing for the claims, methods for handling the claims, and the future of the alternate financing. Drones: What s All the Buzz About? Carl Poedtke, III, Partner, DLA Piper Matthew Grosack, Associate, DLA Piper The global commercial drone market is predicted to reach $2.07 billion by 2022 with the US market approaching $105 million in revenue and 700,000 units in This session will provide a bird s eye view of the regulatory, coverage and legal landscapes around the ownership and use of unmanned aerial vehicles. Discussion points will include privacy, revised FAA regulations expected to be released this spring, bodily injury and property damage liability, personal vs. commercial use, interference with manned aircraft and recent court cases involving drone use and the impact to both insurance and reinsurance coverages. 11:00 a.m. ABC Insurance Company Case Study Participants will break into groups to analyze a claim fact. The case study will address the application of contract clauses. The groups will be facilitated to maximize the benefits of this analytical learning process. Noon Discussion Leaders: Beth Levene, EVP & Chief Claims Officer, Transatlantic Re Patrick Queally, SVP, Guy Carpenter Beth Levene, EVP & Chief Claims Officer, Transatlantic Re Dawn Dinkins, SVP & Claims Manager, Reinsurance, XL Catlin Mark DiTaranto, VP, Unit Manager Claims, XL Catlin ABC Case Study Working Lunch 2:00 p.m. Mock Arbitration Many treaty and some facultative reinsurance disputes are resolved through arbitration by a panel of industry professionals. Learn what happens in arbitration and help decide the issues in this interactive session involving a hypothetical disagreement. Umpire: Paul Monsees, Partner, Foley & Lardner Witnesses: Alison Purvey Adams, VP Claims Manager, Axis Capital Bermuda Kevin Williams, Head of Claims Emerging Markets, Argo Group Arbitrators: G. Kathleen Karnell, Complex Claims Director, TransatlanticRe Jennifer Devery, VP, Litigation Director, RenaissanceRe 4:30 p.m. Closing Remarks and Adjournment

4 Reinsurance Association of America Reinsurance Education Institute Continuing Education Credits Prerequisites or Advanced Training Required: None Instructional Method: Group-Live Offering CPA CPE Credits: The Reinsurance Association of America is registered with the National Association of the State Boards of Accountancy (NASBA) as a sponsor of continuing education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN Web site: The RAA is also registered with the Society of Financial Examines (SOFE) and the Insurance Regulatory Examiners Society (IRES) as an approved provider of continuing education credits. The RAA is also a licensed sponsor with the New York State Board of Public Accountancy. CPCU CPD Credits: CPCUs attending ReUnderwriting will be awarded CPD points under the Continuing Professional Development Program for CPCUs. Continuing professional development (CPD) credits are authorized by the CPCU Society. CLE Credits: Continuing Legal Education (CLE) credits vary by state and are authorized by state bar associations. Applications will be filed with individual states as requested by attorney attendees. For information on administrative policies such as complaint and refund, please contact our offices at Re Scholar Program Certificate of Reinsurance Education For those who wish to pursue a Certificate of Reinsurance Education, Re Claims is part of the Reinsurance Education Institute s Re Scholar Program. The program recognizes those professionals who achieve a high standard of reinsurance education by completing the Re Scholar curriculum. The curriculum for certification, which is designed and taught by RAA member-company professionals, consists of five core courses: Re Claims: Navigating the World of Reinsurance Protection When Loss Strikes Re Basics: Demystifying Reinsurance A Basics of Property/Casualty Reinsurance Course Re Contracts: The Art of Designing Reinsurance Contracts and Programs Re Underwriting: Building Professional Expertise Re Finance: The ABCs of Financial Reporting and Analysis Individuals who complete all five courses will be awarded the Institute s Re Scholar Certificate. Contact Ann-Marie Mwombela, mwombela@reinsurance.org or , for details on the Re Scholar program.

5 Registration: Bermuda Re Claims Navigating the World of Reinsurance Protection When Loss Strikes March 16-17, 2016, Hamilton, Bermuda Name Title Company/Organisation Address Town Country Post Code Telephone Payment for: $1475 Registration $1395 RAA Partners/Sponsors $1325 RAA Members $1095 Government Entities $ 850 Insurance Regulators REGISTRATION: The registration fee includes program materials, breakfasts, lunches, networking breaks, and reception. PAYMENT OPTIONS Register online at To ensure the security of all credit card information, please go online to www. reinsurance.org to use our secure site to process registrations with credit card payments. or Mail this form with payment. Check or money order enclosed/payable to the Reinsurance Association of America. Payment must accompany registration form and be in US dollars only. Mail form to: Reinsurance Association of America 1445 New York Avenue, NW, 7th Floor Washington, DC Cancellation: If you are unable to attend, a substitute delegate is welcome. Refunds will be made for cancellations received in writing no later than Wednesday, March 2, Thereafter, we regret that no refunds can be made. Venue: Hamilton Princess Hotel 76 Pitts Bay Road Pembroke HM 11, Bermuda Tel: Attendees receive a special room rate of $389 so be sure to mention the RAA Re Claims roomblock when making your reservation. (Special rate expires 2/13/16 or when roomblock is sold out.) For sponsorship or exhibiting opportunities contact Ann Marie Mwombela mwombela@reinsurance.org For information about the program or registration contact Johnetta Riley, riley@reinsurance.org or Register online at