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1 Reinsurance Interest Group Reinsurance Encounters Volume 32 Number 1 January 2014 Chairman s Message by Wade E. Sheeler, CPCU, CIC, CRM, ARe Wade E. Sheeler, CPCU, CIC, CRM, ARe, is corporate risk manager for Grinnell Mutual Reinsurance, a Midwest-based reinsurance and direct lines carrier. He has held various positions with Grinnell Mutual over the past several years, including ones in product development, auditing, reinsurance services, and education. He has served as an adjunct instructor at Drake University, Buena Vista University, Grandview College, and Des Moines Area Community College. Sheeler served as president of the CPCU Society Iowa Chapter from 2006 to He is a past regional governor and director for the CPCU Society. Sheeler also served as a member of the Budget and Finance Committee from 2002 to 2007 and rejoined the Committee in Sheeler has served as a member of the Loman Board of Trustees, currently serves on the Mentoring Advisory Council at the Vaughan Insurance Institute at the University of Iowa, and is a past president of the Heartland Chapter of Insurance Compliance Professionals. Sheeler is a graduate of Drake University with a bachelor s of business administration degree in insurance and risk management, a bachelor s degree in economics, and a master s of business administration degree. He earned the CPCU designation in In addition to earning the CPCU and ARe designations, Sheeler has also earned the AIAF, ARM, ARP, ARC, AIM, API, AIS, and AIM designations. Greetings from the Reinsurance Interest Group. This edition of Reinsurance Encounters is somewhat bittersweet and will bring many nostalgic memories to long-time readers. This will be our final edition of the newsletter. Effective as of the end of this year, the CPCU Society will no longer be publishing individual interest group newsletters but will be moving to a technical type of journal. Although you will still see articles from members of the Reinsurance Interest Group in the new publication, we will no longer have our own separate publication. This past year has been a busy one for the Reinsurance Interest Group. In addition to our annual Philadelphia Reinsurance Symposium, held in March of this year, we also cohosted the Dallas Reinsurance Symposium on September 16. Many, many thanks to Steve McElhiney and his staff at EWI Risk for all What s in This Issue the work that they did in putting together a great seminar. It was a pleasure to have so many great speakers. My favorite was John Doak, commissioner of insurance in Oklahoma. Commissioner Doak spoke of the great collaboration between the Oklahoma Insurance Department and carriers in Oklahoma after the devasting tornadoes that hit Moore, Oklahoma, earlier this year. Our industry should be proud of the outstanding work that we do in helping people deal with such horrific losses. We had great attendance at our panel discussion, Emerging Catastrophic Issues in Reinsurance, at the CPCU Society Annual Meeting. We had an overflowing crowd for this great presentation. Special thanks to Frank Nutter with the Reinsurance Association of America for serving as our moderator and to all of our panelists. continued on page 3 Chairman s Message... 1 Editor s Comments... 2 A Journey Through the Fundamental Requirement of Exhaustion... 4 The Money Needed to Be Paid Why Isn t It Loss... 7 The Mentorship Role for CPCUs... 8 Cedent or Cedant: Which Is Proper? Catastrophe Bond Market Fosters Innovation and Competition With the Traditional Reinsurance Market...11 New Member Announcement John L. Sullivan, CPCU, ARe...15

2 Editor s Comments by Richard G. Waterman, CPCU, ARe Richard G. Waterman, CPCU, ARe, is president of Northwest Reinsurance, Inc., a Minnesota-based management consulting firm specializing in the fields of insurance, reinsurance, and dispute resolution. He is the former president and chief executive officer of American Equity Insurance Company and GRE-RE of America Corp. Waterman has earned national recognition for his leading work in stragic planning and enterprise risk management tailored to a broad range of insurers, cedents, and reinsurers. In addition, he has served as an arbitrator or umpire on more than 150 arbitration panels to resolve industry disputes and has served as a neutral mediator, facilitator, or fact finder, helping parties settle disputes in a confidential setting. Waterman has been a member of the CPCU Society since 1978, is a member of the Reinsurance Interest Group, and is the editor of Reinsurance Encounters. This is the last edition of Reinsurance Encounters. After conducting internal and external focus group surveys and evaluating research on best practices, the CPCU Society decided to discontinue publication of interest group newsletters. In place of newsletters, the Society created a Technical Journal and a new member news publication. The quarterly Technical Journal will merge and streamline the specialized content of the fourteen interest group newsletters with the CPCU ejournal into one comprehensive publication. The first edition of CPCU Technical Journal is expected to be published in early The member news publication will be an online offering to Society members to provide updated Society, chapter, and interest group information about events, activities, and related member news when it becomes available. The first edition of Reinsurance Encounters (formerly RISE) was published in September 1982, thirty-one years ago. It was the first interest group newsletter published by the CPCU Society. Bruce Evans, a professor with the University of Dallas, was the first editor of RISE and served in that capacity for twenty-three years. At the beginning of his editorship tenure, Professor Evans described the mission of this publication as a communication channel for CPCUs who have a special interest in reinsurance to express themselves on significant industry topics. Among his high standards for authorship was Professor Evans s insistence that published articles should be challenging, relevant to the reinsurance industry, and written by distinguished reinsurance professionals. Professor Evans encouraged us to share our reinsurance knowledge with our colleagues, and he always offered to help us transform our ideas into a manuscript for publication. It was a pretty unnerving challenge for me to take over the editor s role from Professor Evans in Don t mess it up is a vivid memory that comes to mind. The challenge presented a valuable opportunity to build on the foundation that had been established by reaching out to a broad base of industry thinkers from all backgrounds and points of view who were graciously willing to write articles to be published in our reinsurance interest group newsletter. I have enjoyed the experience serving as your editor of Reinsurance Encounters for the past seven years and am deeply grateful for the tremendous support I have received from many distinguished authors who have written informative and thought-provoking articles to broaden and enhance our reinsurance knowledge. The featured articles in this final edition are a fitting capstone to exemplify our mission to publish insightful articles written by leading industry professionals that address a wide range of relevant contemporary topics. First, Scott Seaman and Jason Schulze explain the requirement to exhaust underlying layers of insurance before excess insurance policies may be called on to respond. Next, Andrew Boris provides a cogent analysis of a recent case concerning whether pre-judgment interest can be considered a loss for purposes of a reinsurance recovery presentation. Carla D Andre, a member of the Reinsurance Interest Group, wrote an interesting article about the CPCU mentoring program and her experience serving as a mentor. And whether you re just starting to explore this strange world of reinsurance or are an old pro, there are always new words and phrases to learn. To help us with the vernacular of a word all of us should know, Gene Wollan, a grand master of reinsurance terminology, offers his thoughts about the correctness of the words cedant and cedent. The final article illuminates the continued on page 3 2 CPCU Society Reinsurance Interest Group Reinsurance Encounters January 2014

3 Chairman s Message continued from page 1 rapid expansion of the catastrophe bond market. Roland Goss walks us through the significant developments in the catastrophe bond market, explaining each of its primary components. The article also contains a number of endnote references to augment a better understand of the fast-moving expansion of the catastrophe bond market in competition with the traditional reinsurance industry. The Reinsurance Interest Group leadership committee is delighted to introduce and welcome John Sullivan, CPCU, ARe, who is the newest member of the committee. John is a vice president and an account executive with TransRe in New York. He works in the National/Specialty Unit, underwriting both property and casualty business. We look forward to working with John in our mission to develop high quality events and activities for the benefit of the Reinsurance Interest Group. Debra Ballen, CPCU, of the Insurance Institute for Business and Home Safety (IBHS) was the speaker at the Reinsurance Interest Group luncheon following the Reinsurance seminar. Debra always has some great videos to show of the amazing work that is being done at the IBHS. Please make sure to join us on March 5 and 6, 2014, in Philadelphia for our annual Reinsurance Symposium. Carla D Andre and Gordon Lahti are hard at work planning a spectacular seminar. Now for a little history of Reinsurance Encounters. This publication was the first intererest group newsletter from the CPCU Society. The first edition, then known as RISE, was published back in (The Reinsurance Interest Group is the oldest of the fourteen CPCU Society interest groups.) Over the past thirty-one years, we have had only two editors: Bruce Evans and Richard Waterman. This is simply an unbelievable record of service from these two gentlemen. Thank you seems inadequate for a record like that. As we move forward, I invite you to attend the various symposia that are sponsored by the Reinsurance Interest Group. We will be periodically publishing articles in the Society s new journal. It has been my pleasure to write articles for Reinsurance Encounters over the past year. Thanks to each of you for your support of and loyalty to our newsletter. It has been a privilege to serve as the editor of Reinsurance Encounters. I am enormously proud of the accomplishments we have achieved in communicating educational value for our Reinsurance Interest Group membership. I thank you, my colleagues, for your encouragement and support and thank our authors and the CPCU Society staff for their hard work and dedication. We look forward with optimism to working with the Technical Journal task force in its vital mission to communicate high quality educational information that is relevant to interest group members and the industry. Join the CPCU Society Conversation! Like our CPCU Society Facebook fan page and share our updates at Follow our Twitter feed and reply to or retweet relevant tweets to your followers at Use our hashtags, #cpcu and #cpcu13. Join our LinkedIn group, add your thoughts to our discussions, and start a discussion of your own at com/groups?gid= Sign up to be a member of The Institutes Community and read our spotlights for helpful industry news. Offer your advice, encouragement, and inspiration to young people pursuing the CPCU designation, starting their career in the insurance industry, and/or taking courses with The Institutes at https:// community.theinstitutes.org. CPCU Society Reinsurance Interest Group Reinsurance Encounters January

4 A Journey Through the Fundamental Requirement of Exhaustion by Scott M. Seaman, JD, and Jason R. Schulze, JD Scott M. Seaman, JD, is a partner in the law firm of Meckler Bulger Tilson Marick & Pearson LLP in Chicago. He is chairman of the firm s National Insurance Coverage Litigation and Counseling Practice. Seaman represents insurers and reinsurers in a wide range of insurance and reinsurance litigation and arbitration matters. Jason R. Schulze, JD, is a partner at Meckler Bulger Tilson Marick & Pearson LLP in Chicago. He represents insurers in a variety of matters, including mass tort, environmental, construction, and professional liability claims. Editor s note: Excerpted and reprinted with permission from Allocation of Losses in Complex Insurance Coverage Claims by Scott M. Seaman and Jason R. Schulze (Thomson Reuters 2012), available at thomson.com. by Thomson Reuters. All rights reserved. Congratulations to Reinsurance Encounters (and its predecessor RISE) for empowering members of CPCU s Reinsurance Interest Group with timely, informative, and thoughtprovoking content for over 31 years. Special thanks to Richard Waterman and Bruce Evans the only two editors this publication has ever known. It has been our honor to contribute an occasional article to this fine publication over the years. Although selecting authors, enticing them to submit their articles on time, choosing topics, editing submissions, and providing quality content is necessary for a publication to stand the test of time, we imagine that it can be tiring. In analyzing insurance claims and reinsurance cessions the fundamental issue of exhaustion often is presented. It is called exhaustion for good reason it also can be tiring. The Role Of Excess Insurance Excess insurance is secondary insurance coverage that attaches only after a predetermined amount of primary insurance or self-insured retentions has been exhausted. Thus, excess insurance is comprised of the next layers or levels of coverage above the primary insurance contract or the self-insured retention. The purpose of excess insurance is to protect the policyholder from catastrophic loss, or loss in excess of the coverage provided by the underlying insurance. Traditionally, premiums for excess insurance contracts were very low because excess insurers anticipated no involvement in defending the policyholder, minimal claims handling activity, and rarely being called upon to indemnify the policyholder against a settlement or judgment. Most excess liability insurance contracts are indemnity contracts as opposed to direct pay contracts. In other words, under most excess contracts the insurer promises to indemnify or reimburse a policyholder for sums paid by the policyholder in excess of the underlying coverage. Generally, indemnity contracts require that the policyholder s liability be fixed by a judgment against it or by a settlement agreement with the consent of the policyholder, the insurer, and the claimant. These requirements are commonly set forth in the insuring agreement, loss payable provision, or no-action clause of the insurance contract. In contrast, direct pay contracts obligate the insurer to pay on behalf of the policyholder. There are a variety of types of excess insurance, including umbrella insurance, stand-alone excess insurance, and following form excess insurance. In many instances, excess insurance may arise by coincidence where multiple primary insurance policies apply to the same loss and reference is made to the contracts other insurance clauses to prioritize coverage. Regardless of the type of excess insurance, the requirement of underlying exhaustion must be considered. Horizontal Versus Vertical Exhaustion Two major issues concerning exhaustion are commonly presented. The first is whether only exhaustion of the limits of insurance contracts and retentions directly underlying the subject excess insurance contract must be exhausted (vertical exhaustion) or whether all underlying limits and retentions for all periods implicated by a loss must be exhausted (horizontal exhaustion) before an excess insurance contract is obligated to respond. From the perspective of the excess insurance contract, the issue is whether phrases such as underlying insurance refers only to the schedule of underlying insurance listed in the excess contract or to all underlying layers of coverage and retentions in years implicated by the loss. Many times, the issue is resolved at least to some extent by the jurisdiction s rules regarding allocation methodology. In jurisdictions with the wisdom to require that a loss be prorated over all of the years impacted by that loss, horizontal exhaustion is a universal requirement. In jurisdictions that follow an all sums allocation approach, the policyholder generally is permitted to vertically spike in a year of coverage and to avoid exhausting underlying coverage in other years. However, policy language matters and even states with some law supporting an all sums allocation 4 CPCU Society Reinsurance Interest Group Reinsurance Encounters January 2014

5 may recognize that horizontal exhaustion is a fundamental principle, reflecting the way in which excess insurance operates and the distinction between primary and excess insurance. See, e.g., Kajima Const. Services, Inc. v. St. Paul Fire and Marine Ins. Co., 879 N.E.2d 305 (Ill. 2007). To be sure, the answer to the question of whether the policyholder is required to horizontally exhaust or may vertically exhaust is important, but the issue of what must happen in order for the applicable underlying coverage (whether one year or all years implicated by a loss) to exhaust has been presented with increased frequency in recent years. What Does It Take To Exhaust Underlying Coverage: Actual Versus Functional Exhaustion There is general agreement that the attachment point of the excess contract must be reached before an excess contract is required to respond. However, the second major disputed issue concerns what constitutes exhaustion. Specifically, the issue is whether the underlying exhaustion required to implicate an excess insurance contract may be satisfied solely by payment of claims by the underlying insurer or insurers or whether some type of functional exhaustion will be accepted. Assume for the examples to follow that the policyholder has a primary liability insurance policy with $500,000 in per occurrence limits and an excess policy sitting above the primary with $1,000,000 in per occurrence limits in a single year of coverage implicated by a loss. Sometimes the alleged functional exhaustion may take the form of the policyholder specifically paying the sum representing the gap between the amount of underlying limits and the amount paid on a claim by the underlying insurer. In this example, if the claim is settled for $800,000, with the primary insurer paying only $400,000 of its $500,000 in applicable limits, the policyholder may pay $100,000 representing the difference between the amount paid by the primary insurer and the primary insurance limits. The policyholder then may seek the remaining $300,000 from the excess insurer claiming that, by paying the difference, the primary policy limits were functionally exhausted. Other times, the policyholder alleges functional exhaustion by virtue of the total amount of the loss exceeding the underlying limits. In our example, the policyholder might argue that the $800,000 settlement exceeds the primary limits by $300,000 and seek that amount from the excess insurers. Functional exhaustion disputes exist with respect to both traditional and long tail claims. Fundamentally, like many coverage issues, exhaustion requirements are a matter of interpretation and application of the contract requirements. Review of the contract language is required as multiple provisions may address the issue and, of course, there are differences in the language employed from excess contract to excess contract. Many of the functional exhaustion decisions purport to turn on whether or not the court determines the language of the contract to be clear with respect to exhaustion requirements. However, the conflicting decisions cannot always be reconciled by differences in contract language. Cases allowing functional exhaustion generally rely upon Zeig v. Massachusetts Bonding & Insurance Co., 23 F.2d 665 (2d Cir. 1928). This old decision involved a burglary loss under a first-party insurance contact, was predicated upon the court s determination that the policy was ambiguous, and expressly recognized that a different result would attain where warranted by the contract language. Several decisions over the past several years have not permitted functional exhaustion and have held that exhaustion of the underlying limit must be accomplished by the actual payment of the amount of limits by the underlying insurer. See, e.g., Comerica Inc. v. Zurich American Ins. Co., 498 F. Supp. 2d 1019 (E.D. Mich. 2007) (rejecting functional exhaustion by insured s payment of the difference between the amount paid by primary insurer and policy limit and holding actual payment of losses by the underlying insurer is required); Qualcomm, Inc. v. Certain Underwriters at Lloyd s, London, 73 Cal. Rptr. 3d 770 (Cal. App. 2008) (finding language of excess contract, when read in context of function of excess contract, requires actual payment by underlying insurer of no less than the underlying limits). Recently, the United States Court of Appeals for the Second Circuit held that the policyholder must establish actual exhaustion by payment of claims. Ali v. Federal Ins. Co.,719 F.3d 83, 94 (2d Cir. 2013). The contract language of one of the excess insurers policies provided that excess liability coverage shall attach only after all... Underlying Insurance has been exhausted by payment of claim(s) and exhaustion of the Underlying insurance occurs solely as a result of payment of losses thereunder. The other excess insurer s policy stated the excess coverage shall attach only after all such Underlying Insurance has been exhausted, and that exhaustion occurs solely as a result of payment of losses thereunder. The Second Circuit agreed with the District Court that the express language establishes a clear condition precedent to the attachment of the Excess Policies by expressly stating that coverage does not attach until payment of the underlying losses. The Second Circuit noted that the District Court did not hold that the underlying insurers must make payments before the obligations under the excess policies are reached, as the court did not specify which party was obligated to make the requisite payments. The District Court noted that the maintenance clause did not relieve the insurers from coverage even if underlying coverage was not maintained, but rather the insurer shall not be liable to a greater extent than if the condition had been complied with. The policyholders simply sought a declaration that the excess policies coverages are triggered once the respective attachment points are reached. The Second Circuit distinguished its earlier Zeig decision, noting there is nothing errant about interpreting an exhaustion clause in an excess liability policy differently than a similar clause in a first-party property policy, that the freestanding federal common law Zeig interpreted and applied no longer exists, and that excess insurers have good reason to require actual payment up to the attachment continued on page 6 CPCU Society Reinsurance Interest Group Reinsurance Encounters January

6 A Journey Through the Fundamental Requirement of Exhaustion continued from page 5 points of the relevant policies, thus deterring the possibility of settlement manipulation. Apart from arguing ambiguity, policyholders often argue that, where the policyholder pays the difference between the amount actually paid by the underlying insurer and the attachment point of the excess policy, the excess insurer is no worse off by reason of functional exhaustion by settlement and it would be unjust to limit the policyholder s ability to settle. The argument, however, does not fully comport with the realities of excess insurance. Excess insurers receive only a small premium relative to the large limits of liability provided, making excess insurance available at a reasonable cost. The excess insurer does not solely rely upon claims being settled for an amount in excess of the attachment point of the policy, it relies upon the claims implicating the excess contract after being subjected to the claims adjustment process of the underlying insurers such that the underlying insurers have reviewed and analyzed the claim, determined that there is coverage, and determined that the settlement is reasonable such that the underlying insurers agree to pay the settlement amount. In the above examples, the policyholder has been advocating for functional exhaustion often after having resolved any disputes with the primary insurers. However, another situation is presented where the primary insurer attempts to tender limits in an effort to terminate its defense obligation. These efforts generally are resisted by policyholders and, in the absent of express policy language permitting the primary insurer to do so, courts generally hold that such cutting and running is not permitted. The Exhausting Examination In any event, proper exhaustion (whether it is vertical or horizontal under the controlling law and whether or not functional exhaustion is permitted) of underlying coverage is required. Although insurance and reinsurance professionals must have an appreciation for the applicable legal standards and policy language relative to exhaustion, this often marks only the beginning of the journey into evaluating exhaustion. A determination of proper exhaustion, of course, requires an understanding and application of the various limits of liability. Insurance contracts may contain a host of applicable limits of liability: per occurrence; per claimant; per accident; per claim; and aggregate limits. The limits may apply separately to property damage, bodily injury, or personal injury. Alternatively, contracts may contain combined single limits, such that payments made on bodily injury and property damage combine to reduce the limits of liability. Some contracts contain aggregate limits, while others do not. Aggregate limits may apply to all losses under the contract or only to some types of losses such as operations, premises, or products/completed operations claims. Aggregates may apply on a policy basis or an annual basis. One consideration relevant to analyzing exhaustion is determining whether the claims and payment are, and historically have been, applied properly against the limits. For instance, where the insurance contract only contains product aggregates, payments made on ongoing operation claims should not be applied against the aggregate. Similarly, payments made on workers compensation claims, for example, should not be charged against general liability contract limits. Many times, the determination is straightforward, but that is not always the case. In recent years, the issue of characterizing asbestos-related bodily injury claims against asbestos defendants who installed (as well as manufactured or distributed) asbestos containing products as products/completed operations claims or non-product (ongoing operations) claims has been vigorously litigated in several cases. Where issues of proper impairment or exhaustion are presented, insurers often require an audit or review to determine the proper status of underlying impairment or exhaustion. Often an examination of the specific costs allegedly exhausting or impairing underlying coverage is undertaken to determine that they are properly applied to the applicable limits. Sometimes costs are reviewed to determine whether the dollars involved are defense costs or indemnity dollars. Under most commercial general liability policies defense costs are payable on a supplementary basis (i.e., they do not erode or impair the limits of liability). Thus, treating defense costs as indemnity costs may result in premature exhaustion of the primary policies and adversely impact the timing of impact or ultimately the extent of impact to excess policies. Many excess contracts do not provide coverage for defense costs, in which case defense costs should not be used to impair the excess contract limits. When defense costs are covered under excess policies, under some policies defense costs are payable within limits (i.e., erode limits) and under others policies they are payable in addition to limits. Usually, it is easy to identify whether costs are defense costs (e.g., counsel fees) or indemnity (e.g., settlement payments or payments made to satisfy a judgment against the policyholder). Other times, such as in the case of evaluating environmental remedial investigative and feasibility study costs, the answer requires reference to the law in the controlling jurisdiction as well as analysis of the costs themselves to determine whether they are defense costs or indemnity. In some instances, the application and impact of deductibles and self-insured retentions also must be considered. The review of specific items may establish that some components of an otherwise covered claim are improperly included. Many corporate policyholders are aggressive in the costs for which they seek recovery from their insurers and may include items that are not covered or rely upon highly inflated future cost estimates to maximize their recovery. Costs of doing business, maintenance, regulatory compliance, economic loss, civil fines, and facility improvements, for example, may not be covered damages under thirdparty liability contracts. In some instances, there may be issues as to whether payment actually has been made by or on behalf of the policyholder and underlying insurers. Potential items for review include invoices, cancelled checks, and loss runs. Generally, the policyholder bears the burden of establishing proper exhaustion in coverage 6 CPCU Society Reinsurance Interest Group Reinsurance Encounters January 2014

7 litigation. Insurers understandably may insist upon verification of underlying exhaustion. Sophisticated policyholders recognize that, to reach higher layers of coverage, exhaustion must be established. They also recognize that lack of cooperation in providing proof of exhaustion jeopardizes their insurance recovery and sends the message to its insurers that it has concerns as to whether there has been proper exhaustion. Practical considerations confronting the insurer such as the costs of reviewing documents and the extent to which policyholders and courts will permit review and challenges to exhaustion also come into play. Accordingly, there is no one-sizefits-all approach to evaluating underlying exhaustion. For more information, please contact Scott Seaman at and Jason Schulze at com. The Money Needed to Be Paid Why Isn t It Loss by Andrew S. Boris Andrew S. Boris is a partner in the Chicago office of Tressler LLP. His practice is focused on litigation and arbitration of insurance coverage and reinsurance matters throughout the country, including general coverage, first-party property, professional liability, environmental, and asbestos cases. Reinsurance claims disputes come in many forms and teach those involved in the process that every claim requires close analysis. By way of example, it is not uncommon for the characterization of the money that a cedent paid as part of an underlying judgment or settlement to be determinative of whether reinsurance is available (and if so, at what percentage). More specifically, the question of whether the cedent is seeking loss, defense expenses, or indemnity payments can be difficult to discern in some circumstances. The recent case of Seneca Insurance Co. v. Everest Reinsurance Company 1 highlights this issue. In the Seneca case, the cedent issued a direct directors and officers insurance policy to the Kentucky Lottery Corporation for, among other things, claims involving wrongful employment practices with a $10 million limit of liability. Seneca procured facultative reinsurance from Everest Re with a $5 million limit of liability, excess of a $5 million self-insured retention in connection with its direct directors and officers policy. The reinsurance certificate specifically stated that the liability of the reinsurer would follow that of the cedent except as otherwise provided in the certificate. Importantly, the certificate obligated the reinsurer to pay its proportion of any underlying settlements. In addition, the certificate obligated the reinsurer to pay its proportion of expenses in the ratio that the reinsurer s loss payment bore to the cedent s gross loss payment. Further, the cedent was obligated to pay court costs and interest on any judgment or award. The Kentucky Lottery Corporation was sued by two former employees and there were allegations of employees being terminated for refusing to give false testimony at a workers compensation hearing, of retaliatory discharge, of civil rights violations, of libel, of slander, and of violations of the Kentucky wage statutes and regulations. Following prolonged and extensive litigation (and a significant appeal process), the underlying court judgments resulted in a liability for the cedent in the amount of $6,949, (an amount that was insured by the directors and officers liability policy that was facultatively reinsured). In turn, the cedent sought $1,949, from its facultative reinsurer, representing the reinsurer s alleged obligation for the underlying employment claim after accounting for the $5 million self-insured retention. The reinsurer refused to indemnify the cedent and raised a number of issues to defend its position, ranging from the insurability of punitive damages to the purported late notice of the subject claim to the reinsurer. Importantly, the reinsurer also raised the question of how certain components of the judgments entered against the cedent s insured should be characterized. More specifically, the question of whether the award of interest by the judge overseeing the underlying employment case (in excess of $2 million) should properly be considered loss or interest on a judgment for purposes of the reinsurance presentation. The cedent argued that the underlying judgments did not include interest on any judgment as those terms were referenced in the facultative certificate at issue. In turn, the cedent argued that that the interest judgments from the underlying action should be characterized as prejudgment interest and were loss for purposes of the reinsurance presentation. The importance of the distinction was critical. If the interest judgments were not characterized as loss, the reinsurer argued that the $5 million self-insured retention had not been fully exhausted relieving the reinsurer of any obligation to indemnify the cedent. The court rejected the cedent s arguments and ruled that it would be improper to consider the continued on page 8 CPCU Society Reinsurance Interest Group Reinsurance Encounters January

8 The Money Needed to Be Paid Why Isn t It Loss continued from page 7 underlying interest judgments as anything but true interest. In turn, the court ruled that because the interest judgments totaled more than $2 million, the reinsurer had no obligation whatsoever because the $5 million self-insured retention for loss had not been satisfied. In so ruling, the court determined that the reinsurer had no obligation for any expenses (including interest) absent an indemnifiable loss under the reinsurance contract at issue. The court s straight-forward approach to the questions presented will be seen by many as refreshing and pragmatic. Before the court addressed significant questions about the potential insurability of punitive damages or whether the cedent s alleged late notice should be determinative of the cedent s ability to recover reinsurance, it addressed the fundamental question of whether the cedent s loss presentation demonstrated that the applicable self-insured retention was exhausted. It is not uncommon for cedents to submit loss presentations to their facultative reinsurers that do not necessarily include loss and seek the recovery of expense. Cedents argue that the expenses were incurred in the defense of a potentially indemnifiable claim and that but for the defense that was paid by the cedent, there would have been a resulting loss within the meaning of the reinsurance contract. Thus, even in situations in which the cedent was not required to make an indemnity or a loss payment, cedents rely on the follow the fortunes and follow the settlements doctrines to argue that reinsurers should be held responsible for such expenses. Obviously, every case stands on its own facts and applicable law, but this case stands for the proposition that reinsurers are not so obligated. In the end, the importance of the Seneca decision may extend past the court s specific holding of whether the underlying interest judgments should be considered interest or loss for purposes of potential reinsurance cover for the certificate at issue and focus more on the court s requirement that there must be an indemnifiable loss before the reinsurer is required to pay expenses. For more information, please contact Andrew Boris at Endnote 1 Seneca Insurance Co. v. Everest Reinsurance Company, 2013 U.S. Dist. Lexis (S.D.N.Y. October 17, 2013). The Mentorship Role for CPCUs By Carla D Andre, CPCU Carla D Andre, founder and president of D Andre Insurance Group, Inc., Miami, Florida. Carla D Andre s career spans thirty-plus years around the globe, as she has been a member of senior management for Swiss Reinsurance Group, XL Capital, and Aon Risk Services and has served in retail brokerage positions at firms that now form part of Marsh. Her insurance brokerage firm launched four years ago and is certified at the federal, state, and county levels. The client base includes both public- and private-sector policyholders, and the firm is focused on developing and launching new insurance products. D Andre s passion for developing new risk products was the catalyst for her joining the CPCU Society Reinsurance Interest Group. D Andre has earned the CPCU, CLU, and ARe designations as well as an MBA degree in finance. Licensed in both the propertycasualty and life and health lines, she is a writer, a speaker, an award recipient, and a mentor to those in insurance and risk management. Additionally, she chairs the American Management Association s Insurance and Risk Management Council, an educational not-for-profit organization. Becoming a Chartered Property Casualty Underwriter (CPCU ) elevates an insurance professional to one of the most highly regarded professional levels within a vast industry, employing millions worldwide. Does being a CPCU, then, impute the responsibility of mentorship of industry talent on us because we are CPCUs? I don t believe it imputes the responsibility to CPCUs, but I do believe CPCUs are well positioned to mentor industry talent and encourage knowledge and professionalism through the study of the CPCU curriculum. I have mentored industry colleagues for over thirty years and find it purposeful, appreciated, and rewarding. I did so because l had the benefit of being mentored by CPCUs in my early career and wanted to return the value in like kind. I would like to see mentoring, especially CPCU mentoring, grow, creating a momentum that benefits our industry and all involved. 8 CPCU Society Reinsurance Interest Group Reinsurance Encounters January 2014

9 CPCUs are well positioned to mentor talent because they are most often all of these: 1) leaders in their fields of expertise; 2) managers or part of management, including senior and executive level management; 3) committed to CPCUs professional ethics, which are often used as the ethical standard reference within the industry; and 4) committed to ongoing knowledge advancement and the sharing of knowledge. In business today, tighter business margins and a quicker pace may reduce or eliminate a firm s ability to develop talent or provide a formal training program. Firms that do formally train talent can invest in only a small percentage of applicants who line up to be chosen. Realistically, the incorporation of technology has changed work habits and patterns, often dehumanizing the personal interface and combining what once was a common in-person business work environment with a learning session. Thus, both the formal and informal programs, previously in place to identify, develop, and encourage talent are fewer to be found. However, it is still as necessary as ever for our industry to attract and develop top talent. I submit that CPCUs can contribute to the industry s professionalism by acting as informal mentors to our colleagues and continuing the professional relationship long past the achievement of the CPCU designation. Informal Versus Formal Mentorship A lot has been written on mentorship and the mentor-mentee relationship. Thus, there are volumes of material available for the reader to reference and source on the subject. As a CPCU for thirty-three years, I have witnessed and participated in both formal and informal programs. Both types of training programs add value and can be used simultaneously to assist, guide, care, and direct a mentee who looks to the mentor as a source of knowledge that will refine, define, and accelerate his or her professional development and career. It is from this deep well of personal experience and involvement that I continue to support the position that CPCUs can and should bring their exceptional mentorship value to our industry. CPCUs like me are committed to industry professionalism. It is this high standard of commitment that will be the natural draw for a CPCU to participate in a mentor-mentee relationship. Collectively, we can fill some of the training and development void that exists today. Interestingly enough, in the mentor-mentee relationship, roles can change depending on who holds the expertise and as careers develop. I have found that individuals I have mentored at some point may swap roles and mentor me. Thus, it can work both ways because we create a culture of professional sharing and teaching with appreciation and respect for the value shared. Below, I capture three recent mentoring moments in which I had the privilege to be involved, supporting my contribution to mentorship as a CPCU. A 2013 Designee and New Media Connections Early in 2013, I received a call by an individual who said he was contacting all CPCUs in the area, as he was soon to be a CPCU and wanted to introduce himself. He had used LinkedIn to find me, and because he was reaching out as a CPCU to a fellow CPCU, I remained interested in knowing more about this caller. That individual was Mr. Austin James, CPCU, ARM, of inpac, a surplus lines brokerage firm expanding into Miami. Following the call, I met with Austin and encouraged him to attend the annual conference to receive his designation and to work with me to build up the CPCU Society South Florida/Miami Chapter. He agreed to do both and honored me by extending an invitation to share in his celebration dinner as a newly designated CPCU, Class of 2013, at the CPCU Society Annual Meeting. Remaining in touch, we are now developing business opportunities mentoring each other depending on the skills needed. As two CPCUs, one just designated and one long-standing, we switch roles on who is the mentor or mentee of the moment, and we both benefit. A Career Promotion: CPCU Student and Ten-Year Mentor-Mentee Relationship In the New York Daily News October 14 Columbus Day write-up, an article captured my mentorship of Ms. Christine Caruso, who now holds the newly appointed position for Starr Indemnity and Liability Company as a professional and personal lines claims manager and CPCU student. Christine is a bright and talented professional who was asked about our mentor-mentee relationship over the past ten years. In the article, she states: It was important to me that I would make the right, well-informed and carefully thoughtout decisions, as I knew that every decision would potentially affect my next opportunity. She has been my professional rock. When I look back at my career advancement and where I stand today, I wouldn t be there if it wasn t for Carla guiding me. When I met Carla over ten years ago while planning the 2003 Columbus Day Parade as volunteers through the Columbus Citizen s Foundation in New York City, she was an executive in the insurance industry. I expressed my interest in insurance, and she told me to stay in touch. I did just that and continue to do so. Carla now has her namesake brokerage and advisory firm she heads in Miami, Florida, and has stayed committed to me as a professional. I have passed CPCU 2 to date through Carla s encouragement. College Mentorship to Career Professional and CPCU Studies As with Christine, my commitment to professional mentorship often span years per mentee. This is the case with Mr. Justin Rissolo, a professional who qualified for and worked in a D Andre Insurance Group s company internship position while earning his degree in risk management and insurance at St. John s University School of Risk Management, Insurance, and Actuarial Science. Justin is now an employee in Aon Risk Services of New York s Account Executive Group and has turned to me to seek advice on pursuing his professional development and insurance education through the CPCU curriculum. continued on page 10 CPCU Society Reinsurance Interest Group Reinsurance Encounters January

10 The Mentorship Role for CPCUs continued from page 9 Cedent or Cedant: Which Is Proper? by Eugene Wollan, JD As Justin reviews his options for professional study, he states: I would also like to mention how our informal mentorship has been ongoing since the beginning of my internship at D Andre Consulting to show that even after my internship was completed, I turn to you for professional direction and advice. To me, it is now more important than ever to know that you will take the time to serve as a resource for me. The CPCU Mentorship Privilege in Service to Our Industry As CPCUs, we strengthen the professional level of our industry when we combine the course curriculum and designation with our commitment to mentor talent. It is a natural fit, given all that we stand for, and easy for us to do! CPCUs can lead in the mentorship of industry talent. That is why, as a CPCU, I continue to mentor young professionals whom I met through my membership in The Columbus Citizen s Foundation; my position on the Executive Advisory Board for St. John s University School of Risk Management, Insurance, and Actuarial Science; past corporate positions; The Institutes and the CPCU Society; and the student internship program underway at D Andre Insurance Group. A CPCU since 1980, I credit the CPCU achievement as a large part of my success. I want to see others realize that same momentum, networking, and knowledge from their CPCU studies as I have and still do! That is why I congratulate Austin and encourage Christine, Justin, and others to become CPCUs, as well as my fellow CPCUs to mentor industry talent as a part of our professional commitment and standing. Gene Wollan, formerly senior partner and now senior counsel to the firm of Mound Cotton Wollan & Greengrass, has more than sixty years of experience in insurance and reinsurance. Reinsurance Encounters Editor Richard Waterman asked me to prepare a short article about the dispute over whether the proper spelling is cedent or cedant. Being naturally rebellious, however, I ve decided to exceed the limits of my brief and offer a few observations on the concept of ceding in general. My online dictionary defines cedent (or cedant, take your choice; as far as I m concerned, it makes no difference) as a party who passes a financial obligation to an insurer or a reinsurer. Fair enough. But why that term in that context? Outside the insurance world, cede refers to a surrender or yielding of something of value (for example, in the treaty ending the Franco-Prussian War of 1870, France ceded Alsace Lorraine to Germany). A financial obligation is certainly something of value, but is it being surrendered or yielded? Not really. It s simply being passed along. Because the term is common in the world of reinsurance, I suppose its origin relates to the international genesis of that world. Hence, the use of treaty instead of contract or policy. Reinsurance transactions, to be sure, are sometimes confined within the limits of a single country, but almost all of them cross national boundaries. That makes it only natural for an international term to be used in describing those transactions. Reinsurance, like most fairly arcane subjects, has acquired a jargon of its own. Cede is a good example. It has little to do with the everyday world around us, but everything to do with our own special little world. Some folks seem to think that the use of such specialized terms represents a deliberate plan to keep outsiders from understanding the mechanics and complexities of our world, but I prefer to think that it s just one more example of an industry developing its own language that gives those within that world quick and easy access to its workings. Editor s note: Cedent has historically been the preferred spelling in articles published in RISE/Reinsurance Encounters instead of the alternate spelling cedant. 10 CPCU Society Reinsurance Interest Group Reinsurance Encounters January 2014

11 Catastrophe Bond Market Fosters Innovation and Competition With the Traditional Reinsurance Market by Roland C. Goss Roland Goss practice focuses on reinsurance disputes, reinsurance transactional counseling, and the defense of class actions and other complex litigation and arbitration matters. He has been responsible for the arbitration and litigation of reinsurance issues relating to many different lines of insurance, the jury trial of a major insurance market conduct class action lawsuit, and a thirtyseven-state collaborative market conduct examination of a life insurance company. Goss has counseled clients on reinsurance strategies and represented the ceding insurer to the largest fully collateralized reinsurance catastrophe bond ever marketed. He created and serves as blog master of Reinsurance Focus, an award-winning blog focusing on reinsurance and arbitration matters, and has written and spoken extensively on reinsurance, insurance coverage and class action-related issues. Editor s note: Effective January 1, 2014, Roland Goss became a managing shareholder of the Washington, D.C., office by Carlton Fields Jorden Burt, PA. This article first appeared on the firm s website, ReinsuranceFocus.com, and was published by HarrisMartin Publishing. This article does not constitute legal or other professional advice or service by Jorden Burt LLP and/or its attorneys. The past twelve months have seen significant development in both the catastrophe bond and the traditional reinsurance markets. The cat bond market has matured and developed, there has been a $35 billion infusion into the reinsurance market, and price competition has developed between the markets. The recently released analyses on the first quarter of 2013 from three major reinsurance brokers active in these markets, Aon Benfield, Guy Carpenter and Willis Re, along with anecdotal evidence from specific transactions and companies, demonstrates that the markets are having a marked effect on each other, with increased price competition and new contract terms which have been beneficial to cedents. 1 I. The Development of the Cat Bond Market The cat bond market continues to be robust. A large dollar amount of bonds matured during the first quarter of 2013, and all of the new issues during that quarter came from ceding insurers which previously had participated in the cat bond market. Nine cat bonds are reported to have been issued during the first quarter of The new cat bond issues reinsured a variety of risks, including medical benefit claims levels, United States hurricane risks, Florida hurricane risks, Louisiana hurricane risks, North Carolina hurricane risks, earthquake risks generally and New Madrid earthquake risks. Some cat bonds have covered more than one risk. For example, Nationwide Mutual had two bond issues in the first quarter of 2013 that covered both hurricane and earthquake risks, and The Cincinnati Insurance Company ceded both New Madrid earthquake and severe convective storm or tornado risks to a new cat bond. 3 The conventional wisdom is that bonds which have a diversity of risks or risk locations tend to have greater market appeal. However, even most of the new cat bonds with a single insured risk and a narrow geographic territory reportedly have been substantially oversubscribed. While part of the increased activity in the cat bond market no doubt stems from the increasing understanding and maturity of this market, the increased demand for these collateralized securities also likely has been the result of the persistent low interest rate environment the United States and the rest of the world has been living with over the past five years. Institutions, which are a target investor market for cat bonds, have been willing to purchase cat bonds with more risk in order to achieve a much better return than is available in the investment grade securities market. 4 The vast majority of the new cat bonds featured indemnity triggers. One cat bond, reinsuring Turkish earthquake risks, was issued with a parametric trigger. While parametric triggers were prevalent in the early years of the cat bond market, their use in cat bonds has become increasingly scarce. A recent cat bond from Allstate features an industry loss trigger that is based upon industry losses modeled by Property Claims Services, adding some diversity to the market. 5 New cat bonds have included new and interesting features, which may increase the risk of loss to bond holders but provide added business flexibility to the ceding insurers. The fact that issues with such new features still are oversubscribed is a testament to the strength of the demand for cat bonds. For example: Expansion of the scope of ceded risks: The parametric trigger on the Turkish Catastrophe Insurance Pool multi-year bond, Bosphorus 1 Re, is based upon data from selected geographic points in the risk area. The bond provides the option to increase the number and geographic dispersion of such data points during one of the annual resets, which would effectively expand the geographic scope of the ceded risks. 6 The market s acceptance of the potential expansion of the scope of the insured risks during an annual reset is an interesting development. Allianz Argos recently sponsored a cat bond covering multiple perils over a broad geographic area, including U. S., Caribbean, Central America, and Mexican hurricane and U. S. and Canadian earthquake risks. 7 The recent two issues of the Tradewynd Re Ltd. series of bonds involving risks ceded by AIG covers a very broad range of risks, including commercial property, energy and engineering, aerospace, marine, residential, high net worth residential, auto, yacht, fine art, oil refining, chemical operations, power generation and other energy-related facilities. 8 continued on page 12 CPCU Society Reinsurance Interest Group Reinsurance Encounters January

12 Catastrophe Bond Market Fosters Innovation and Competition With the Traditional Reinsurance Market continued from page 11 Longer maturity: Previously issued cat bonds typically have two or three year maturities. The new cat bond covering risks ceded by Louisiana Citizens Property Insurance (Pelican Re Ltd ) has a longer four year term. 9 Given the almost historically low pricing on the new bonds being issued this year, the business benefit to a cedent of locking in such low pricing for a fully collateralized reinsurance cover for four years is obvious. Flexible attachment points: The attachment points of different cat bonds vary widely. For example, Pelican Re Ltd had a relatively low attachment point of $200 million, but the new 2013 Pelican Re bond reportedly attaches at $389 million. 10 However, the 2013 bond reportedly includes a feature which permits Louisiana Citizens to change the attachment point to facilitate the overall management of its reinsurance facilities, potentially moving the attachment point lower, a feature frequently described in reinsurance parlance as a drop down feature. 11 Everglades Re , covering risks ceded by Florida Citizen s Property Insurance, provides Citizens with unusual flexibility in the setting of the attachment point on the second year reset in a narrow band that is not limited by the modeling of the risks, providing Citizens with greater flexibility in constructing its reinsurance layers. 12 A recent cat bond sponsored by The Travelers Companies, Inc. had a similar feature. 13 As reinsurance programs become more complex for cedents, with a combination of single and multi-year traditional reinsurance and cat bond covers, such flexibility is likely to facilitate the construction of more cost-efficient programs, and perhaps more importantly reinsurance structures which do not have gaps. Perhaps the biggest news in the cat bond market in the first quarter of this year has been the dramatic reduction in the cost of new bonds to ceding insurers. When a new cat bond is taken to market, the ceding insurer or sponsor and the selling brokers target a desired size and price for the issue. The new cat bonds issued in the first quarter of 2013 have upsized, or increased in dollar size from the target size, by an average of 40% over the initial target. 14 At the same time, however, the coupon rate paid to investors has declined by an average of 16%. 15 This combination, along with the fact that some new issues have been oversubscribed by 100% or more, reflects the high demand that such bonds continue to have. 16 There is no doubt that the cat bond market has been developing in ways that are advantageous to ceding insurers, in terms of the size of the risk transfers, pricing, bond features and the number and diversity of bond purchasers. Commentators have pointed to two potential developments in this market, which are already starting to occur, as significant breakthroughs in the further development of the cat bond market. First, it has been suggested that risks other than traditional property and casualty risks (i.e., earthquake and windstorm risks) may be securitized. 17 The securitization of medical benefit claims by Aetna Life is a step in this direction. Second, while the ceding insurers in cat bonds have to date mostly been large insurers, some commentators have suggested that due to the reduction of the pricing and the transaction costs of such bonds, this market may begin to see participation by smaller ceding insurers. 18 Two recent cat bonds illustrate the expansion of cat bonds into previously unserved market segments. First, American Coastal Insurance Company, a relatively small specialty insurer, recently was the ceding company for the Armor Re Ltd. (Series ) catastrophe bond, which covers both hurricanes and tropical storms. 19 Second, the Florida Municipal Insurance Trust, which is the insurer to the Florida League of Cities, recently sponsored its first cat bond providing reinsurance cover for Florida named storms. 20 These types of developments may portend a marked change in the cat bond market. In its Reinsurance Market Outlook after the end of the first quarter of 2013, reinsurance broker Aon Benfield stated that it is now clear that the ILS and collateralized markets can be competitive with traditional reinsurance in peak zones. 21 Ceding insurers which have participated in both the cat bond market and the traditional reinsurance market are finding that the markets are increasingly competitive, which may be one reason that the effective rate on line being paid by ceding insurers in both markets has been declining significantly. One broker has concluded that the cat bond market has consistently offered more aggressive rates than the traditional reinsurance market. 22 Anecdotal evidence has been seen of ceding insurers shifting risk transfers from one market to the other, while at the same time participating in both to maintain relationships and market access and foster competition between the two markets. II. The Development of the Traditional Reinsurance Market Some traditional reinsurers are viewing the development of the cat bond market as a threat to their operations, 23 which is understandable as an increasing number of insurers of cat risks use the capital markets to cover some of their most volatile risks. This area of risk transfer has, for a long time, been dominated by the traditional reinsurers, with occasional forays into the market by hedge funds and other sources of capital that frequently have been limited to short term participations or specialized involvement through side cars or specialty start up reinsurers. The cat bond market provides ceding insurers with fully collateralized, multi-year risk transfer facilities, which of course is a highly desirable type of cover for a ceding insurer, especially at the same time that revisions to the Credit for Reinsurance Model Act and Regulations likely will result in a decline in the ability of cedents to require fully collateralized traditional reinsurance facilities. Given the very restrictive investments permitted for the funds associated with cat bonds and restrictive reinsurance trust agreements, most, if not all, cat bonds permit the ceding insurer to take full financial statement credit for cessions to the capital markets. The unease of some traditional reinsurers probably is increased by the increased flexibility of cat bonds, the high demand for such bonds, and the example of Allstate Insurance stating that it was reducing its 12 CPCU Society Reinsurance Interest Group Reinsurance Encounters January 2014

13 traditional reinsurance in favor of increased participation in the cat bond market. 24 The traditional reinsurance market has not been static, however. Analyses by reinsurance brokers report that there has been an infusion of approximately $35 billion into the traditional reinsurance market. 25 Total capital of reinsurers was reported to be $505 billion as of December 31, 2012, the highest level ever reported. 26 With substantial risks being shifted to the capital markets, however, reinsurers face questions of how to put their capital to effective use. There have been at least two important changes in the reinsurance market as a result of the competition of the cat bond market and the influx of capital. First, a soft reinsurance market has developed, at least in the United States, with significant downward pressure on reinsurance rates for some types of risks. 27 Second, a number of reinsurers have altered their business model, providing services as fund managers, deploying third-party capital through side cars and other vehicles or sponsoring cat bonds themselves. 28 For example, Munich Re offers risk trading services through insurance linked securities issuance and trading consulting services to compliment its traditional reinsurance solutions. 29 Other reinsurance companies launching divisions to manage third-party investor capital include Aspen Insurance Holdings Limited, 30 Lancashire Holdings 31 and Sirius International Group, Ltd. (the Bermuda based reinsurance group of White Mountains Insurance Group, Ltd.). 32 Other reinsurers have developed and sell shares of reinsurance funds, which may be unregistered investment funds composed of a variety of catastrophe risks. These funds have started to attract substantial institutional investors. For example, Blue Capital Global Reinsurance Fund, Ltd., which is wholly owned by Montpelier Re Holdings Ltd., recent came to market with its second cat reinsurance fund, Blue Capital Global Reinsurance Fund. The most recent issue of this reinsurance fund encompasses the following perils: United States earthquake and windstorm; Japanese earthquake and windstorm; and European windstorm. Institutional asset managers such as Baillie Gifford, F&C Asset Management and Prudential plc reportedly have purchased shares of the Blue Capital fund, with Prudential reportedly buying approximately twenty percent of the most recent issue of this fund. 33 Finally, Munich Re, Swiss Re and Zurich American sponsored at least six cat bonds between July 2012 and December This is not a new development. In the early years of the cat bond market reinsurers sponsored many of the issues to obtain retrocessional coverage. It is ironic that a capital market that some reinsurers helped to develop has become a source of serious competition for them. Conclusion The cat bond market has undergone substantial development over the past couple of years, and there is no longer any doubt that it is having an impact on the traditional reinsurance market. At the same time, the traditional reinsurance market is undergoing significant development. The most recent developments of the cat bond market have occurred during years in which there has been a relatively low level of losses from hurricanes and other events covered by cat bonds, few cat bonds have experienced losses from catastrophes which have occurred, and low returns for investment grade investments have encouraged investments in cat bonds. It remains to be seen how the cat bond and reinsurance markets will fare when catastrophes result in significant losses for cat bonds and the new reinsurance structures or returns on investment grade investments increase. Endnotes 1 See Aon Benfield s, Executive Summary Alternative Market Capital Flows and Record Reinsurance Capital Drive Materially Better Terms for Reinsurance Buyers, available at Documents/ _re_market_outlook_ april_1_external.pdf (April 1, 2013), Guy Carpenter, April 1 Renewals See Reinsurance Pricing Stabilize Amid Dynamic Capital Growth, available at com/2013/04/09/april-1-renewals-seereinsurance-pricing-stabilize-amid-dynamiccapital-growth/ (April 9, 2013), and Willis Re, 1st View available at documents/publications/reinsurance/willis_ Re_1st_View_April_Renewals_report pdf (April 1, 2013). 2 See The Artemis alternative risk transfer blog has detailed stories concerning new and outstanding cat bonds, other alternative risk transfer vehicles, their relationship with traditional reinsurance and a comprehensive deal directory. 3 See Cincinnati Financial reveal details of trigger point for Skyline Re cat bond, available at cincinnati-financial-reveal-details-of-triggerpoints-for-skyline-re-cat-bond/ (Feb. 12, 2013) and Artemis deal directory at artemis.bm/deal_directory/skyline-re-ltdseries-20131/, directory/caelus-re-2013-ltd-series-20131/, and caelus-re-2013-ltd-series-20132/. 4 Cat bonds frequently are rated by Standard & Poor s. Although such ratings are not always made public, the two tranches of the medical benefit claim bond sponsored by Aetna Life reportedly were rated BB+ and BBB+ (which might be considered a low investment grade), while the hurricane and earthquake risk bonds reportedly were rated at below investment grade, from B to BB+. The Artemis blog s deal directory may include a reference to the bond s rating if the rating is available. See artemis.bm/deal_directory/. 5 See With Sanders Re catastrophe bond Allstate brings a new trigger to market, available at (May 3, 2013). This bond was issued in two tranches, covering United States earthquake and hurricane risk, with following fire risks. One tranche, rated BB+ by Standard & Poor s, doubled in size from $100 to $200 million, while the BB rated second tranche finalized at the target $150 million level, with a coupon rate lower than anticipated. See Allstate s Sanders Re catastrophe bond completes and lists in Bermuda, available at bm/blog/2013/05/07/allstates-sanders-recatastrophe-bond-completes-and-lists-inbermuda/ (May 7, 2013). 6 See Bosporus 1 Re cat bond upsizes to 250m, price guidance drops, available at artemis.bm/blog/2013/04/11/bosphorus- 1-re-cat-bond-upsizes-to-250m-priceguidance-drops/ (April 11, 2013) and Artemis deal directory at deal_directory/bosphorus-1-re-ltd/. continued on page 14 CPCU Society Reinsurance Interest Group Reinsurance Encounters January

14 Catastrophe Bond Market Fosters Innovation and Competition With the Traditional Reinsurance Market continued from page 13 7 See Artemis deal directory at artemis.bm/deal_directory/blue-danube-ii-ltdseries-20131/. 8 See Artemis deal directory at artemis.bm/deal_directory/tradewynd-reltd-series / and bm/deal_directory/tradewynd-re-ltdseries /. 9 See Artemis deal directory at artemis.bm/deal_directory/pelican-re-ltdseries-20131/. 10 See Pricing tempts Louisiana Citizens into Pelican Re 2013 cat bond, available at tempts-louisiana-citizens-into-pelican-re cat-bond/ (April 5, 2013). 11 See Pelican Re 2013 cat bond features novel on-request drop-down, available at (April 11, 2013). 12 See Citizens hails 40% cost-savings made with Everglades Re 2013 cat bond, available at citizens-hails-40-cost-saving-made-witheverglades-re-2013-cat-bond/ (April 2, 2013) and Artemis deal directory at artemis.bm/deal_directory/everglades-re-ltdseries-20131/. 13 See Travelers achieves greater flexibility with Long Point Re III catastrophe bond, available at blog/2013/05/20/travelers-achieves-greater- flexibility-with-long-point-re-iii catastrophe-bond/ (May 20, 2013). 14 See Catastrophe bonds upsize by 40% on average so far in 2013, available at catastrophe-bonds-upsize-by-40-on-averageso-far-in-2013/ (April 9, 2013). 15 See Catastrophe bond coupons drop by average 16% during marketing in 2013, available at blog/2013/04/10/catastrophe-bond-couponsdrop-by-average-16-during-marketingin-2013/ (April 10, 2013). 16 Ceding insurers renewing their participation in the cat bond market in the first quarter of this year generally experienced risk adjusted price decreases of 20% to 70% for U.S. hurricane and earthquake risks. See ILS pricing drops by up to 70% as reinsurance capital rises: Aon Benfield, available at blog/2013/04/03/ils-pricing-drops-by-up-to- 70-as-reinsurance-capital-rises-aon-benfield/ (April 3, 2013). For example, Florida Citizens 2013 Everglades Re cat bond reportedly came in at a final cost to the ceding insurer of 40% less than the prior year s Everglades Re 2012 cat bond, and was two times oversubscribed. See Citizens hails 40% cost-savings made with Everglades Re 2013 cat bond, available at citizens-hails-40-cost-saving-made-witheverglades-re-2013-cat-bond/ (April 2, 2013). 17 See Aon Benfield, Reinsurance Market Outlook at 1, available at reinsurance/ (April 1, 2013). 18 See ILS pricing drops by up to 70% as reinsurance capital rises: Aon Benfield, available at blog/2013/04/03/ils-pricing-drops-by-up-to- 70-as-reinsurance-capital-rises-aon-benfield/ (April 3, 2013). 19 See Armor Re catastrophe bond rated by S&P, more details emerge, available at (May 2, 2013). American Coastal is an admitted Florida specialty company targeting garden-style condominiums. See amcoastal.com/. American Coastal had total admitted assets of $286,679,202 as of March 31, See pdf/acic%20balance%20sheet.pdf. This is a $183 million one year bond rated by Standard & Poor s at BB+, with a coupon of 4.25%. See Artemis deal directory at bm/deal_directory/armor-re-ltd-series-20131/. 20 See $20m Sunshine Re Ltd. catastrophe bond privately placed by Towers Watson, available at (May 13, 2013). This is a very small $20 million three year bond. There is no rating reported and a coupon rate of 9.25%. See the Artemis deal directory at sunshine-re-ltd-series-20131/. 21 Aon Benfield, Reinsurance Market Outlook, at 1 available at (April 1, 2013). 22 Aon Benfield, Reinsurance Market Outlook at 6, available at (April 1, 2013). 23 See Emerging model of fast capital threatens traditional reinsurers: Willis Re, available at emerging-model-of-fast-capital-threatenstraditional-reinsurers-willis-re/ (April 2, 2013). 24 See Emerging model of fast capital threatens traditional reinsurers: Willis Re, available at emerging-model-of-fast-capital-threatenstraditional-reinsurers-willis-re/ (April 2, 2013). 25 See Willis Re, 1st View at 3 available at Publication/Willis_Re_1st_View_April_ Renewals_report pdf (April 1, 2013) and Emerging model of fast capital threatens traditional reinsurers: Willis Re, available at emerging-model-of-fast-capital-threatenstraditional-reinsurers-willis-re/ (April 2, 2013). 26 Aon Benfield, Reinsurance Market Outlook at 2 available at (April 1, 2013). 27 See broker Guy Carpenter s analysis of the market, available at com/2013/04/09/april-1-renewals-seereinsurance-pricing-stabilize-amid-dynamiccapital-growth/. 28 See Willis Re, 1st View at 3, available at Publication/Willis_Re_1st_View_April_ Renewals_report pdf (April 1, 2013) and Ability to attract, deploy third-party capital important for reinsurers: Aon Benfield, available at ability-to-attract-deploy-third-party-capitalimportant-for-reinsurers-aon-benfield/ (April 9, 2013). 29 See business/non-life/risk_trading/default.aspx. 30 See Offer third-party backed alternative reinsurance capacity or lose out: Aspen CEO, available at blog/2013/05/01/offer-third-party-backedalternative-reinsurance-capacity-or-lose-outaspen-ceo/ (May 1, 2013). 31 See Lancashire reacts creatively to thirdparty reinsurance capital, settled Sandy ILW, available at blog/2013/05/02/lancashire-reacts-creativelyto-third-party-reinsurance-capital-settlessandy-ilw/ (May 2, 2013). 32 See Sirius Group launches reinsurance capital markets and ILS efforts, available at (May 15, 2013). 33 Prudential grows its allocation to Blue Capital Global Reinsurance Fund, available at (May 13, 2013). 34 See 14 CPCU Society Reinsurance Interest Group Reinsurance Encounters January 2014

15 New Member Announcement John L. Sullivan, CPCU, ARe by Richard G. Waterman, CPCU, ARe We are pleased to welcome John Sullivan as the newest member of the Reinsurance Interest Group Leadership Committee. Sullivan has spent more than twenty years in the insurance and reinsurance industry. He started his career at Industrial Risk Insurers in San Francisco as a property underwriter, learning highly protected risk insurance. While there, he worked on accounts ranging from aircraft and semiconductor manufacturing to casinos and real estate. He moved to Employers Re as a property treaty underwriter, working in the National Accounts Unit and serving an extensive client base. Sullivan is now a vice president with TransRe in New York City, where he is an account executive in the National/Specialty Unit, underwriting both property and casualty business. He holds the CPCU, ARe, and ALCM designations as well as a bachelor s degree in business administration. He is looking forward to representing TransRe as a member of the Reinsurance Interest Group. John L. Sullivan, CPCU, ARe CPCU Society Reinsurance Interest Group Reinsurance Encounters January

16 CPCU Society 720 Providence Road, Suite 100 Malvern, PA Reinsurance Interest Group Reinsurance Encounters Address Service Requested The Reinsurance Interest Group newsletter is published by the CPCU Society Reinsurance Interest Group. Reinsurance Interest Group Chairman Wade E. Sheeler, CPCU, CIC, CRM, ARe Grinnell Mutual Reinsurance Company Editor Richard G. Waterman, CPCU, ARe Northwest Reinsurance Inc. CPCU Society 720 Providence Road, Suite 100 Malvern, PA (800) 932-CPCU (2728) Statements of fact and opinion are the responsibility of the authors alone and do not imply an opinion on the part of officers, individual members, or staff of the CPCU Society. 2013, Society of Chartered Property and Casualty Underwriters All rights reserved. CPCU is a registered trademark of The Institutes. FacebookLinkedIn

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