Main Conference Day 2: Friday, January 29, 2010

Track A: Non-Life (Cat Bonds and other forms of P&C Insurance Securitization)

Track B: Life (Life Settlements, Longevity Risk & Life Insurance Securitization)

9:30 Keynote Address: When Models Disagree: A Fund Manager's Perspectives On The Investment Implications Of Conflicting Catastrophe Models

• Comparing applications for catastrophe models: ILS vs. traditional reinsurance
• Understanding how different applications make use of different analytical modules
• A closer look at the way modules interact in indemnity-style transactions compared with parametric-style transactions
• Getting to grips with the "fudge-factor" in catastrophe models: Why cat bond analyses disagree more frequently than reinsurance analyses
• Addressing the suspicion of "model-shopping" by sponsors of catastrophe bonds
• Understanding the implications for investors in catastrophe bonds: Does model divergence really matter, and what can investors do about it?

John Seo
Managing Principal
Fermat Capital

10:15 Raising the Bar: Establishing Standards for Information Quality and Transparency in Catastrophe Bond Transactions

• Issues with property exposure data, and why they exist
• Establishing consistent benchmarks across multiple transactions and multiple models
• Evaluating sponsor exposure processes and information quality
• Information quality guidelines for sponsors and investors

Glen Daraskevitch
Senior Vice President
Karen Clarke

Extended Regulatory Double Session

Moderated By:

Michael Freedman
SVP, Government Affairs
Coventry

The Evolution of Regulation of the Secondary Market in Life Insurance

• Regulatory attitudes towards STOLI and the emerging consensus on "insurable interest"
• An overview of the proliferation of life settlement regulations and what it means for consumers, companies and investors
• The relationship between the regulators and legislators regarding life settlements: where it has been and where it's going

Panelist:

Senator Neil Breslin
Chairman, Insurance Committee
New York State Senate

Representative George Keiser
President-Elect
NCOIL

The Role of the US Federal Government in Life Settlements & Insurance

• IRS Revenue Rulings 2009-13 and 2009-14 - what has been happening since these rulings took effect in August 2009?
• What is the proper role of the SEC in life settlements?
• Capitol Hill Update: What will happen with life settlements and life insurance in 2010 and beyond?

Kirk Van Brunt
Partner
Locke Lord Bissell & Liddell

Steve Washington
ProConsul Advisors LLC

Track A: Non-Life

Track B: Life

11:30 Enhancing the Deal Flow: Creating a Dialogue Between Issuers and Investors in order to Reduce the Disconnect Between Supply and Demand

• Understanding the disconnect between deals being brought to market and capital looking for a home
• Understanding the interrelationship between pricing levels, hurricane activity, investor interest and sponsor interest
• Identifying possible solutions to the deal flow problem:
• o Making the deal flow more regular, to improve the interplay between supply and demand o Improving the transparency of the deal flow o Increasing the frequency of new issues through smaller-sized, more standardized transactions
• Creating stronger dialogue between issuers and investors to remove the obstacles to the growth of the market
• What’s next? A look to the ILS deal flow in 2010 and beyond

Karsten Bromann
Managing Partner & CRO
Solidum Partners

Paul Schultz
President, Investment Banking
AON Benfield

Insa Adena
Head of Advanced Risk Intermediation
Allianz

Christian Bruns
Fund Manager
Clariden Leu

Making Securitization Mainstream: A Vision Of Future Life Markets

• A closer look at past securitization attempts: Tarrytown, Legacy, AIG
• Examining the obstacles to mainstream securitization:
• Inadequate transparency and fee disclosure
• Residual lack of "comfort factor" among rating agencies
• Understanding the importance of increased clarity and standardization of the general methods for predicting life expectancies
• Establishing rating agency standards for assessing credit risks associated with securitization transactions
• Examining the possible risks of securitization

Kurt Gearhart
Executive Director, Life Finance Group
Credit Suisse

Brian Casey
Partner
Locke Lord Bissell & Liddell

Anatoly Burman
Senior Managing Director
Aladdin Capital Management

David Marinoff
Managing Director
Guggenheim Capital

12:15 New Hybrid Loss Triggers: Bridging The Desirability Gap Between Sponsors And Investors

• Examining the desirability gap between indemnity and parametric bond triggers
• Understanding the capital implications of different trigger structures
• Enhancing granularity in loss allocation by structuring synthetic protection in smaller units
• Understanding the role that hybrid loss triggers will play in the future of catastrophic risk transfer

David Lalonde
SVP
AIR Worldwide

Amy Stern
Executive Vice President
Willis Capital Markets & Advisory

Lixin Zeng
Portfolio Manager
Alpha Cat Fund

Keynote Guest Address: The Evolving Parameters of Human Longevity: Biotech Perspectives on the Ability of Medical Technology to Enhance the Human Lifespan

• Examining the factors that will continue to play a role in the extension of longevity:
• Biotechnology & genetic engineering
• Improvements in diet
• Medical advancements in the treatment of cancer, respiratory and heart disease
• Examining the factors likely to increase levels of mortality:
• Obesity & the "sedentrification" of the Western lifestyle
• Flu and the risk of pandemics
• Population growth and geopolitical tensions
• Combining the factors into a unified model: How will our longevity be influenced by changes in 21st century life?

Bill Caldwell
CEO
Advanced Cell Technology

2:00 Fund Managers' Perspectives On ILS Portfolio Construction: Identifying The Most Effective Combinations Of Trigger, Peril And Collateral Structures

• Understanding the full range of diversification strategies:
• Diversification by peril (wind, quake, life)
• Diversification by geography (US, Europe, Asia, South America)
• Diversification by investment type (cat bonds, ILWs, sidecars, exchange-traded products
• Identifying the most effective diversification combinations for conservative, moderate, and high levels of risk tolerance
• Fund manager perspectives on new collateral arrangements: Expressing a preference between treasuries, floating KfW notes, and triparty repo

Niraj Patel
Managing Director, Credit Derivatives and ILS
Genworth Investments

Luca Albertini
CEO
Leadenhall Capital Partners

Alex Krutov
Managing Director
Century Atlantic Capital

Peter Vloedman
Co-Founder
Anchor Risk Advisors

Actuarial Perspectives On Older Age Mortality: Examining The Shift In Life Expectancies And The Implications For Life Settlement Values

• Charting the evolution of actuarial perspectives on older age mortality
• Understanding how different actuarial groups perform mortality calculations
• Is it an asset or a liability? Principles for determining whether a life insurance policy represents a buying opportunity or "a falling knife"

Eddie Stone
Managing Partner
Stone Beach Capital

Michael Mandell
Managing Member
Highbrook Capital

Dr. S. Jay Olshansky
Professor of Epidemiology
University of Illinois at Chicago

3:15 Examining Uncertainties In Climate Models: Forecasting The Impact Of Best And Worst Case Climate Scenarios On The Future Of The ILS Market

• Identifying the key uncertainties in climate models
• Understanding what model uncertainties reveal about best and worst case future climate scenarios
• What is the role of regional models in climate understanding?
• Determining the economic consequences of model uncertainties
• Analyzing the possible implications for the future of the ILS market

Dr. Lenny Smith
Professor of Statistics
London School of Economics

Dr. Pauline Barrieu
Reader in Statistics
London School of Economics

The European Life Settlements Markets: Achieving A Better Understanding Of The Sources And Motivations Of European Investment Capital

• Identifying the sources and types of European investment capital
• Examining the geographical dispersal of European investors throughout Denmark, Norway, the Netherlands, Switzerland, Luxembourg, Germany, France and the UK
• Understanding the role that life settlements play in European asset allocation strategies
• Overcoming the obstacles to attracting European investment capital

Franz-Philippe Przybyl
CEO
Berlin Atlantic Capital

Beat Hess
Managing Partner
AA Partners

Heinz Kubli
Managing Partner
Fundabilis

4:00 Integrating ILS Into USAA's Property Catastrophe Reinsurance Program

• The importance of collateralized coverage (both traditional and ILS) to a reinsurance program
• The pros and cons of ILS as compared to traditional reinsurance
• Issues that can arise from having mismatches in coverage between traditional and ILS-backed reinsurance
• Determining where ILS-backed coverage can fit into an overall reinsurance structure

Kyle Freeman
FCAS, MAAA, Catastrophe Risk Management
USAA

Further Afield... Exploring New Investment Opportunities In Asia & Latin America

• Identifying the sources and types of Asian and Latin American investment capital
• Examining the geographical dispersal of Latin American investors throughout Argentina, Chile, Brazil, Venezuela and Colombia
• Examining the geographical dispersal of Asian investors throughout Thailand, Malaysia, Singapore, Hong Kong, and Australasia
• Overcoming the obstacles to attracting Asian and Latin American investment capital

Wai-Keung Tang
Managing Partner
Kappa Life