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Luxembourg Rendezvous 2008
Programme
Day One: Wednesday 20 February
08.00 Registration and coffee
08.55 Welcome from Chair
Tomas Wittbjer, Global Head of Insurance, IKEA, IKANO
09.00 Keynote: Business risk and market fluctuations
• What are the effects of the liquidity crisis on insurance, and captives in particular?
• What are the implications of the crisis for insurers’ Asset Liability Management practices?
• What is the outlook for capacity and prices?
Christian Schmidt, senior economist, Swiss Re
09.50 Breakout A: Insurance investments: How the Reinsurance Directive
will change the way you invest.
• Investments and making your captive profitable
• How the Reinsurance Directive will effect your investment strategy
• Any remaining problems in maintaining adequate collateral capacity
• Optimising your returns- implementing a global investment strategy
John Morrey, general manager, Contractors' Casualty & Surety
Reinsurance Company
Breakout B: Solvency II: What you need to know
Essential information and updates on Solvency II
Is the Solvency II framework suitable for captive reinsurance companies?
• What about the standard formula?
• What about Corporate Governance rules?
• What are the consequences of Solvency II for fronting activities?
Marc Lauer, chief operating officer, Foyer
Solvency II: A practical roadmap for implementation
• Assessing the implementation of Solvency Test on Captives in Switzerland
• Implications of European Framework Directive and QIS3
• Suggested implementation approach and benefits
Fabrice Frere, managing director, Aon Global Risk Consulting Luxembourg
Benjamin Jacob, senior consultant, Aon Global Risk Consulting Switzerland
Click here for presentation: Benjamin Jacob and Fabrice Frere.pdf
10.40 Refreshment break
11.20 Global captive strategies: Examining the developments in captives,
how you should respond and preparing for the future.
• Trends and developments on the Global stage
• How the captives respond to change
• The future: what to expect
• Case study: The integration of Global Casualty Programmes following the merger of two companies.
Malcolm Cutts-Watson, leader, Willis International Captive Practice
Danh Duong, manager, ArcelorMittal
12.00 Solvency II: A practical study
Understanding the practical effects of Solvency II, based on case studies and expert opinion.
How to prepare for Solvency II
• Internal models- does it make sense for captives?
• What are the major changes we can expect?
• Timetable of Solvency II
Ming Roest, senior consultant, Towers Perrin
Denmark- Solvency 1 ½ Case study
• Lessons learnt
• Implementation in 2007
Lars Andersen, office head, Nordic Region, Marsh Management Services
Solvency II: Will it kill captives?
• QI3 Study Results
• Solvency II and the small business
Jerome Lecoq, senior manager, Deloitte
1pm Lunch
2.20 Breakout A: Improving and innovating: Exploring strategies for
getting the most out of your captive.
Panel discussing how they have used captives to great effect.
Moderator: Hugh Rosenbaum, retired principal, Tillinghast-Towers Perrin
Panellist: Ralf Oelssner, vice president, Corporate Insurance for Lufthansa
German Airlines and president, German Risk Managers Association
Panellist: Pierre Cambier, risk manager, AGC Europe and president of BELRIM
Panellist: Dieter Schmitt, director, Adidas International Re.
Panellist: Alan Fleming, executive director, AIRMIC
Breakout B: Multiple captive strategy: combining captives, multi domicile
opportunities, optimising exit strategy
Exploring the current dynamics of global
Exploring the current dynamics of global captives
A more structured approach to captive usage
Global captive program design
Why have more than one captive?
Optimisation of your captives
Clive James, group managing director, Aon Global Insurance Managers
3.10 Regulators panel discussion
A discussion of the hottest topics and a chance to ask your questions.
Moderator: Hugh Rosenbaum, retired principal, Tillinghast-Towers Perrin
Panellist: Victor Rod director, Commissariat aux assurances
Panellist: Marisa Attard, director, Insurance Business Unit,
Malta Financial Services Authority
Panellist: Charlotta Carlberg, head of unit, Legal Deaprtment
Panellist: Michael Graham, deputy director of finance, Guernsey Financial Services Commission
4.10 Refreshment Break
4.30 Tax Law: Maintaining the domiciling of a captive in any favourable EU jurisdiction
• The use of national CFC legislation to challenge the establishment of captives in other jurisdictions
• The EU response based on the principle of freedom of establishment
• Cadbury Schweppes and the Reinsurance Directive: the recognition that captives are not
artificial arrangements.
• Arguments allowed to demonstrate the business substance of a captive in a given EU jurisdiction
Guy Soussan, partner, Steptoe & Johnson
5.20 Roundup from Chair and end of day one
Day Two: Thursday 21 February
08.45 Coffee
09.25 Welcome from Chair
Tomas Wittbjer, global head of Insurance, IKEA, IKANO
09.30 Keynote: Regulatory issues and Reinsurance Directive implementation
• State of Implementation of the Reinsurance Directive
• Treatment of third country insurers
• Impact of Solvency II
Karel Van Hulle, head of the Insurance and Pensions Unit, European Commission
10.30 Breakout A: Benchmarking a captive: Knowing where you stand
and what to expect
• Benchmarking European owned captives- a recent survey
• What conclusions can be drawn from comparator benchmarking
• Benchmarking limitations
• Developing a captive based on benchmarking
Position paper: Jonathan Groves, EMEA captive consulting leader, Marsh
Panellist: Olivier Moumal, vice president risk management, Belgacom Group
Breakout B: Measuring the financial performance of captives
• Capital requirements
• Exposure analysis
• Key financial ratios
• Rating captives
Clive Thursby, manager of business development, emerging and
alternative markets, AM Best Europe Ltd
11.20 Refreshment break
12.00 Breakout A: Optimising the financing of employee benefits
• How companies are approaching the use of captives to support employee benefits in Europe
• New leading edge initiatives emerging
• How companies are approaching the use of captives to support employee
benefits in the US, and understanding this from a European perspective
Mark Cook, consultant, Towers Perrin
Karin Landry, director, Spring Consulting Group
Breakout B: Unbundling of services: Examining the best methods
for buying policies to ensure cost efficiency and practicality
• Services needed by Direct captives versus Reinsurance captives
• Compliance issues
• In-house versus outsourced management
Anders Bjaernehall, director risk management, Akzo Nobel Insurance Management
12.50 Lunch
2.10 Standards for risk management, standards for captives
• Update on Risk Management standards
• Update on Captive best practices
• The IAIS Guidance paper on captives
• Who will benefit most from standards?
Moderator: Hugh Rosenbaum, retired principal, Tillinghast-Towers Perrin
Panellist: Pierre Sonigo, secretary general, FERMA
Panellist: Karin Landry, director, Spring Consulting Group
Panellist: Edwin Meyer, general manager, ArcelorMittal
3.00 Insurer's Perspective: A presentation from Zurich
What is causing increased interest?
Contingent capital program
Aggregate stop loss
Multiple line, including difficult to insure exposures
Dual trigger
Robert Curtis, senior vice president- head of underwriting, Zurich Global Corporate
3.50 Emerging Risk: Inherent part of enterprise risk management in insurance
• Increasing interdependency of risks
• Advantages of risk: identification at an early stage
• How to incorporate emerging risks into strategic planning
Dr Petra Korndoerfer, risk manager, Central Division Integrated
Risk Management Munich Re
4.30 Closing comments from Chair and end of conference
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