Welcoming Remarks. Tom Ruggieri CEO

Transcription

1 Welcome!

2 Welcoming Remarks Tom Ruggieri CEO Advisen

3 Thank you to our sponsors!

4 Welcoming Remarks Rebecca Bole Director of Editorial Strategy and Products Advisen

5 Keynote Address Tom Bolt Director, Performance Management Lloyd s

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7 Agenda European Property and Casualty environment European D&O concerns Lloyd s Financial Institutions D&O Looking Forward Concerns < Pictu re to go here >

8 European Property and Casualty Environment More Than Ample Capital Marginal Investment Returns Flat economies leading to reduced original insurance volumes Increased Broker Concentration < Pictu re to go here >

9 Top priority risk scores in 2013 Europe Risk 1 High taxation Loss of customers/cancelled orders Changing legislation Cost and availability of credit Excessively strict regulation Cyber risk Price of material inputs Rapid technological changes Reputational risk Corporate liability 5.29 < Pictu re to go here >

10 Top priority risk scores in 2013 Europe 11 Poor/incomplete regulation Government spending cuts Theft of assets or intellectual property Fraud and corruption Inflation Talent and skills shortage Failed investment Interest rate change Insolvency risk = Corporate governance and internal oversight failure 4.89 < Pictu re to go here >

11 European D&O Concerns A sense that problems can be solved through regulation No more state of the art defense Growing efforts to create class action type lawsuits within the legal systems The business of law versus the practice < Pictu re to go here >

12 The macro view the clear links Culture Crisis Litigation < Pictu re to go Globalisation here > Deregulation

13 Influencing factors..? The Usual Suspects < Pictu re to go here >

14 Legal and Regulatory environment are we any safer Positive - Dodd-Frank Act - Jackson Reforms - Morrison Decision - Basel III - FPC/PRA/FCA - AIFM - FATCA Negative - 3rd party Legal Funding - ATE - Whistle Blowers - Increased Regulatory investigations < Pictu re to go here >

15 Is there another MIS-SELLING SCANDAL COMING OUR WAY? < Pictu re to go here > I m afraid the answer is No

16 There are many.. < Pictu re to go here - Withheld SIPP Interest - Exchange Traded Funds (ETF s) - Crowd Funding - Packaged Accounts/Bank Fees > - Interest Only Mortgages - Seed Enterprise Investment Schemes - Payday Loans - Card/Identity Protection Policies - Pension Mortgages - Auto Enrol Pension Schemes

17 Do we feel more comfortable? LOW Level of Comfort HIGH < Prior Year Deterioration Economic Factors Legal & Regulatory Environment Capacity Deployment Pictu re to go here > Risk Selection Coverage Breadth Pricing Adequacy

18 Questions for the Day How are underwriters and companies responding of increasing extraterritoriality by the US and others? Is European D&O just US D&O with a masking veneer? How prepared are underwriters for the effects of increased Cyber risk on companies and management liabilities? How should underwriters address the issue of taxation now being treated as much of an ethical issue rather than a legal economic issue? < Pictu re to go here > Could the product better meet the needs of risk managers and companies?

19 < Picture to go here > Be careful out there < Picture to go here >

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21 Advisen s Statistical View of the Marketplace David Bradford President, Research & Editorial Advisen

22 For more information regarding the data presented in this session contact

23 The Risk Manager s Perspective on the Management Liability Market

24 The Risk Manager s Perspective on the Management Liability Market Steve Fowler CEO The Institute of Risk Management Moderator

25 The Risk Manager s Perspective on the Management Liability Market Steve Fowler, CEO, The Institute of Risk Management Peter den Dekker, Insurance & Risk Manager, VimpelCom Chris McGloin, VP, Risk Management & Insurance, Invensys Maurizio Micale, Director of Corporate ERM and Insurance Management, ST Microelectronics Ronny Weidhase, Group Liability Insurance and Risk Manager, Adecco

26 The Risk Manager s Perspective on the Management Liability Market Peter Chris Maurizio Ronny Steve den Dekker McGloin Micale Weidhase Fowler VimpelCom Invensys ST Micro Adecco IRM

27 Morning Break

28 Thank you to our sponsors!

29 Class Action, Collective Action and No Action: Recent Developments in European Shareholder Litigation

30 Class Action, Collective Action and No Action: Recent Developments in European Shareholder Litigation Kevin LaCroix Executive Vice President RT ProExec Moderator

31 Class Action, Collective Action and No Action: Recent Developments in European Shareholder Litigation Kevin LaCroix, Executive Vice President, RT ProExec Noona Barlow, Head of Financial Lines Claims, Europe, AIG Isabelle Hilaire, Vice President, European Third Party Liability Product Manager, Chubb Hans Londonck Sluijk, Partner, Corporate Transactions, Houthoff Buruma

32 Class Action, Collective Action and No Action: Recent Developments in European Shareholder Litigation Noona Isabelle Hans Kevin Barlow Hilaire Londonck Sluijk LaCroix AIG Chubb Houthoff Buruma RT ProExec

33 Enforcement Actions: Antitrust and Anticorruption Laws in Europe and Beyond

34 Enforcement Actions: Antitrust and Anticorruption Laws in Europe and Beyond John Barlow Partner Holman Fenwick Willan LLP Moderator

35 Enforcement Actions: Antitrust and Anticorruption Laws in Europe and Beyond John Barlow, Partner, Holman Fenwick Willan LLP Philippe Aerni, Global Head Professional & Financial Services Director, Swiss Re Corporate Solutions James Cooper, Partner, Clyde & Co. Francis Kean, Executive Director of FINEX Global, Willis

36 Enforcement Actions: Antitrust and Anticorruption Laws in Europe and Beyond Philippe Aerni Swiss Re James Cooper Clyde & Co Francis Kean Willis John Barlow Holman Fenwick

37 Conference Luncheon

38 Thank you to our sponsors!

39 Management Liability in a Global Business Environment

40 Management Liability in a Global Business Environment Guillaume Deschamps Deputy Director, FINPRO Continental Europe Marsh Moderator

41 Management Liability in a Global Business Environment Guillaume Deschamps, Deputy Director, FINPRO Continental Europe, Marsh Cristiana Baez-Safa, Chief Underwriting Officer, Commercial Risks, XL Christoph Leuzinger, Global CUO Management Liability, Zurich Edward Smerdon, Partner, Sedgwick

42 Management Liability in a Global Business Environment Cristiana Christoph Edward Guillaume Baez-Safa Leuzinger Smerdon Deschamps XL Zurich Sedgwick Marsh

43 Management Liability Exposures of Private Companies

44 Management Liability Exposures of Private Companies David Bradford President, Research & Editorial Advisen Moderator

45 Management Liability Exposures of Private Companies David Bradford, President, Research & Editorial, Advisen Dominik Bark, Regional Manager of Financial Lines, EMEA, Zurich Klaus Stubkjaer Andersen, Head of FINEX Denmark, Partner, Willis Géraud Verhille, Head of Commercial Management Liability & Fidelity, AIG

46 Management Liability Exposures of Private Companies Dominik Bark Zurich Klaus Stubkjaer Andersen Willis Géraud Verhille AIG David Bradford Advisen

47 Afternoon Break

48 Thank you to our sponsors!

49 D&O Coverage Issues

50 D&O Coverage Issues Rebecca Bole Director of Editorial Strategy and Products Advisen Moderator

51 D&O Coverage Issues Rebecca Bole, Director of Editorial Strategy and Products, Advisen Henk Bakker, Chief Underwriting Officer, HCC Global Matthew Carr, Underwriting Director for Commercial D&O, ANV Nilam Sharma, Global Head of the Insurance Liability Group, INCE & Co

52 D&O Coverage Issues Henk Matthew Nilam Rebecca Bakker Carr Sharma Bole HCC Global ANV INCE & Co Advisen

53 The View from the Top

54 The View from the Top Tom Ruggieri CEO Advisen Moderator

55 The View from the Top Tom Ruggieri, CEO, Advisen Thibaud Hervy, Co-Managing Director, HCC Global Peter McKenna, Financial Lines Leader EMEA, AIG Paul Schiavone, Global Chief Underwriting Officer, Special Lines, Zurich David Walters, Executive Director, Financial and Professional Risks, Gallagher London

56 The View from the Top Thibaud Peter David Paul Tom Hervy McKenna Walters Schiavone Ruggieri HCC Global AIG Gallagher Zurich Advisen

57 RM Questions Issues protecting attorney client privilege- Confi agreements are not a solution, what should we do? Why is there not pre-emptive coverage for regulatory violations, at least Side A? Global issues driving local compliance creating lots of demands for middle management for local coverage. How should they handle? Directors want black and white coverage but coverage is complex and grey. How do we solve? Brokerage compensation needs transparency

58 Bolt s Questions Could the product better meet the needs of risk managers and companies? How are underwriters and companies responding to increasing extraterritoriality by the US and others? Is European D&O just US D&O with a masking veneer? How prepared are underwriters for the effects of increased Cyber risk on companies and management liabilities? How should underwriters address the issue of taxation now being treated as much of an ethical issue rather than a legal economic issue?