WEDNESDAY, JUNE 7. 8:15 a.m. Registration and Continental Breakfast

Transcription

1 WEDNESDAY, JUNE 7 8:15 a.m. Registration and Continental Breakfast 8:45 a.m. Welcome and Opening Remarks Yann Le Pallec, Head of Global Ratings Services, S&P Global Ratings 8:55 a.m. U.S. Insurance 2017 Sector Outlooks Moderator: Benjamin Bubeck, Managing Director and Lead Analytical Manager, North America Financial Services Ratings, S&P Global Ratings Deep Banerjee, Director and Sector Lead, S&P Global Ratings Tracy Dolin-Benguigui, Director and Sector Lead, S&P Global Ratings 9:30 a.m. Executive Perspectives: Views from Life Insurance CEOs Three chief executives from leading U.S. life insurance and annuity providers will share their views on the industry, the opportunities and challenges that their companies are facing in the rapidly changing environment we live in. These leaders will explore perspectives on how life insurers are allocating capital, financing their business, enhancing risk management, addressing long-term global demographic trends, and adapting to evolving regulation. Moderator: Carmi Margalit, Senior Director and Analytical Manager, S&P Global Ratings Eileen McDonnell, Chairman and Chief Executive Officer, Penn Mutual Life Insurance Co. Rodney Martin, Jr., Chairman and Chief Executive Officer, VOYA Financial, Inc. Eric Steigerwalt, Incoming President and Chief Executive Officer, Brighthouse Financial 10:30 a.m. Coffee Break S&P GLOBAL RATINGS AGENDA 1

2 11:00 a.m. Concurrent I: Property/Casualty Sector Trends After several profitable years the U.S. property/casualty industry recorded a small underwriting loss in The deterioration was driven by a return to a more normal level of catastrophe losses, less benefit from reserve releases, continued competitive pressure on rates in commercial lines, and higher than anticipated claims in personal auto. Is this the beginning of a sustained downward trend, or can insurers adjust quickly and stop the slide in underwriting profitability? Our panel will explore these and other trends affecting the P/C sector. Moderator: John Iten, Director, S&P Global Ratings Tracy Dolin-Benguigui, Director and Sector Lead, S&P Global Ratings Robert Hauff, Managing Director, Wells Fargo Securities Brian Meredith, Managing Director, UBS Investment Bank Concurrent II: U.S. Annuity Market Trends: More Risk or More Opportunity Join us as we explore trends in the US annuity market including demographics and consumer needs, product features and sales trends, suitability issues and consumer behavior, and risk and opportunity for insurers. Moderator: Michael Gross, Director, S&P Global Ratings Tom Burns, Chief Distribution Officer, Allianz Life Insurance Company of North America and Chief Executive Officer of Allianz Life Financial Services, LLC Will Fuller, President of Lincoln Financial Group Annuity Solutions, Lincoln Financial Group Jana Greer, Chief Executive Officer and President of Individual & Group Retirement, American International Group, Inc. 12:00 p.m. Lunch and Keynote Speaker Aaron Klein, Fellow Economic Studies Policy Director, Initiative on Business and Public Policy, The Brookings Institution 1:15 p.m. Concurrent I: Mergers & Acquisitions: Does Bigger Always Mean Better? With a growing interest from international companies looking to diversify and others looking to expand scale and offerings given the low interest rate and pricing environments M&A continues to be a popular strategy, but are insurers getting their bang for their buck? What aspects of a deal make it attractive? What are the most effective ways to integrate new companies and what risks could prevent deals from being successful? Our panel will discuss the merits of growing through M&A, the risks imbedded, and the long term value they provide. Moderator: Stephen Guijarro, Director, S&P Global Ratings Nigel Frudd, Managing Executive Officer, Head of Global M&A and Group Counsel, Sompo Holdings Inc. X. Rick Niu, President and Chief Executive Officer, Starr Strategic Holdings LLC Andrea Vittorelli, Global Insurance Chairman, JP Morgan S&P GLOBAL RATINGS AGENDA 2

3 Concurrent II: Life Insurance Sector Trends A panel of industry analysts will discuss current trends and prospective views in the life insurance industry. Topics of focus will highlight opportunities and challenges for the sector and emphasize macroeconomic trends, interest rates, regulatory landscape, growth prospects tied to demographic and technological changes, mergers and acquisitions, capital and liquidity, as well as other rating drivers that could influence the sector s credit strength. Moderator: Neil Stein, Director, S&P Global Ratings Deep Banerjee, Director and Sector Lead, S&P Global Ratings John Nadal, Managing Director, Credit Suisse Donna Halverstadt 2:15 p.m. Coffee Break 2:45 p.m. Executive Perspectives: Views from Property/Casualty CEOs Has the recent trend of favorable underwriting results turned and how is the P/C market responding to other factors such as the new administration, developments in risk management and the continued pressure to holding excess capital? A panel of three property/casualty executives will discuss competitive pressures, pricing and underwriting environment, and evolving regulatory developments. Our panel of experts will discuss a broad range of topics, including the impact of M&A and reinsurance pricing, and how they may affect today and tomorrow s management strategies. Moderator: Kevin Ahern, Managing Director and Analytical Manager, S&P Global Ratings Michael Foley, Chief Executive Officer, Zurich North America Constantine (Dinos) Iordanou, Chairman and Chief Executive Officer, Arch Capital Group Ltd. Christopher Williams, Chief Executive Officer, Tokio Marine HCC 3:45 p.m. The World of Investments: CIO Perspectives on Investments and Capital Markets With close to $4 trillion of assets under management, insurance companies in the U.S. are one of the largest institutional investors in the capital markets. From plain vanilla treasuries to alternative investments, insurers remain heavily involved in the ever-changing and challenging capital markets. Among other things, this panel of investment experts will discuss the investment strategies of insurers, key asset classes that they are investing in, impact of the low interest rate environment, and emerging risks and opportunities on the horizon. Moderator: Deep Banerjee, Director and Sector Lead, S&P Global Ratings Eric Kirsch, Chief Investment Officer, AFLAC, Inc. Lisa Longino, Senior Vice President/Senior Managing Director, Head of U.S Global Portfolio Management, MetLife Inc. Douglas J. Peebles, Chief Investment Officer, Fixed Income, Alliance Bernstein 4:45 p.m. Cocktail Reception S&P GLOBAL RATINGS AGENDA 3

4 THURSDAY, JUNE 8 8:00 a.m. Registration and Continental Breakfast 8:30 a.m. Welcome and Opening Remarks Craig Parmelee, Managing Director, Global Head of Financial Services, S&P Global Ratings 8:45 a.m. The Reinsurers Conundrum - Relevance, Resilience & Realignment While global reinsurance premium rates are softening at a decreasing rate, the softer for longer pricing environment is proving to be deeper and longer-lasting than many market participants had anticipated a few years ago. Despite an increase in interest rates in the U.S., an environment flush with capital from traditional players and alternative capital providers creates a challenging market dynamic for the sector. Emerging risks due to changing regulatory and tax regimes add further complexity for reinsurers to navigate. Although a few segments such as mortgage, cyber, flood, and life reinsurance offer opportunity and seem to provide hope, it may not be enough, and reinsurers may need to pursue tactical realignments that keep M&A an option. Our panel of chief executives will reflect on these pivotal issues facing the sector and focus on the broader perspectives around relevance, resilience, and the actions taken to realign to these market dynamics. Moderator: Taoufik Gharib, Senior Director, S&P Global Ratings Albert Benchimol, President and Chief Executive Officer, AXIS Capital Holdings Ltd. Emmanuel Clarke, President and Chief Executive Officer, PartnerRe Ltd. Michael Sapnar, President and Chief Executive Officer, Transatlantic Holdings Inc. 9:45 a.m. Changing Regulatory Landscape S&P Global Ratings expects ongoing regulatory reform and uncertainty to continue to shape the global insurance industry for many years. A wide range of topics will be discussed by the panelists, including the future of Dodd Frank & DOL under the Trump administration, capital and solvency rules, and the interplay of local and international regulations including Group supervision and the U.S./EU Covered Agreement. We will address how heightened regulatory scrutiny may change the global insurance industry's competitive landscape over time, which is already suffering from a prolonged period of low interest rates and softening pricing. Moderator: Tracy Dolin-Benguigui, Director and Sector Lead, S&P Global Ratings Peter Hartt, Director of Insurance, New Jersey Department of Banking and Insurance and State Insurance Commissioner Representative, Financial Stability Oversight Council Tracey Laws, Senior Vice President and General Counsel, Reinsurance Association of America Thomas Sullivan, Associate Director, Federal Reserve Board of Governors S&P GLOBAL RATINGS AGENDA 4

5 10:45 a.m. Coffee Break 11:15 a.m. Executive Perspectives: Views from Global Insurance Broker CEOs Chief executives from three leading global insurance brokers will discuss key developments in the brokerage sector and their strategies as they navigate their businesses against a dynamic backdrop including a very active M&A environment, changing geopolitical landscape, and digitization. Panelists will also discuss their views on current trends in the insurance markets such as insurance pricing and exposures, alternative capital, and cyber risk and how these trends are impacting their broker counterparts. Moderator: Julie Herman, Director, S&P Global Ratings Greg Case, President and Chief Executive Officer, AON plc Steve DeCarlo, Chief Executive Officer, AmWINS Group, Inc. Dan Glaser, President and Chief Executive Officer, Marsh & McLennan Companies, Inc. 12:15 p.m. The Future of Insurance: Positioning for Success in an Era of Exponential Change Advances in technology and its increasing role in our everyday lives has served as a catalyst for disruptive change to a number of industries over the course of the last decade. Companies in areas as diverse as data, retail, and media have had to undergo profound change to adapt to an evolving landscape. Automation, fintech, blockchain, and artificial intelligence are but a few of the many forces influencing the strategy of established insurers and creating opportunity for new entrants. Our panel of experts will provide perspective on the future of the insurance industry and how they are positioning their companies for future success. Moderator: Lawrence Wilkinson, Senior Director and Analytical Manager, S&P Global Ratings Naveen Agarawal, Vice President and Chief Customer Officer, Prudential Financial, Inc. Adam Bellin, Founder, HC Safety Michael Ian Coles, Chairman and Chief Executive Officer, Cedent 1:00 p.m. Lunch S&P GLOBAL RATINGS AGENDA 5

6 1:30 p.m. Roundtable Discussions Interactive sessions to discuss the current state of a hot topic that impacts the insurance sector. 2:30 p.m. Conclusion Criteria Analysts from Criteria Advisory and the Insurance Practice will be available to discuss your questions relating to criteria and their underlying assumptions. We will also address questions as they relate to the complexities with the application of criteria. Steven Ader, Senior Director, S&P Global Ratings Ron Joas, Senior Director, S&P Global Ratings Patricia Kwan, Director, S&P Global Ratings Enterprise Risk Management Join our ERM specialists as they discuss S&P s latest findings and focus areas of Enterprise Risk Management (ERM) as we keep up with volatile geopolitical, macroeconomic, risk and regulatory landscapes. You will also learn about our ERM criteria, its application, benchmarking, impact on ratings, and the review process. Stephen Guijarro, Director, S&P Global Ratings Katilyn Pulcher, Associate Director, S&P Global Ratings Robert Roseman, Senior Director, S&P Global Ratings Mortgage, Title and Bond Sectors Join our team as they discuss the outlook, trends and topical issues related to mortgage, title and bond insurers. Also engage in discussions pertaining to increasing re/insurers interest in GSEs credit risk transfer and bond insurers exposure to issuers in Puerto Rico. Hardeep Manku, Director, S&P Global Ratings David Veno, Director, S&P Global Ratings U.S. Health Insurance Join our team as they discuss the outlook and trends for U.S health insurers, including an updated status of the ACA and broader marketplace conditions. Joseph Marinucci, Senior Director, S&P Global Ratings James Sung, Associate Director, S&P Global Ratings S&P GLOBAL RATINGS AGENDA 6