Risk Management and Insurance solutions for Banks and Fund/ Asset Managers with focus on Russian Market

Transcription

1 28 th March 2012 Risk Management and Insurance solutions for Banks and Fund/ Asset Managers with focus on Russian Market Up to date Risk profile and new Risk control and Risk transfer Solutions Miller Insurance Services Limited is authorised and regulated by the Financial Services Authority

2 Banks and Financial Institutions Loss Developments in the Financial Institutions Sector Legal Framework and Compliance Consequences for the ongoing coverage development and integrated Risk control 2

3 Financial Institutions Loss Developments Cases: Price manipulation allegations WestLB Proceedings against Trader (from 2007, Quantum then ca EUR 600 Mio?) Leasing Losses Romania various Banks , combined Quanta xs EUR 50 Mio. Carbon Trading Scandal Czech Rep., Poland, Estonia, Liechtenstein ( Quantum EUR 28 Mio.) Carbon Trades Investigation Deutsche Bank RWE, Allegation Tax Fraud Traders ( Quantum EUR 180 Mio.) Wikileaks Data misuse Heros Management bad faith counterparty Credit Agricole Kerviel case findings 3

4 Banks and other Financial Institutions Legal Framework - Compliance Basel II Op Risk adjustment of regulations for AMA, Assessment of outsourcing of activities AIFM additional Compliance for Fondsmanager and Custodian Bank Business with new Opportunities and new Risk Profiles? New Data Protection Regulations worldwide Reaction to card fraud SEF Rules on OTC Trades WGSD Rules and Analysis - consequences for Stock Markets with recent events 4

5 Banks and other Financial Institutions Legal Framework - Compliance Latest: UK Bribery Act 2010 Swiss Banking Secrecy UBS Trader Loss approx 2.3 bn SFR Madoff Settlements FINRA amendmend rules 31st Dec coverage relevant Shipping and Aviation Fund settlements Prospectus Law relevant verdicts Bad Debt related cases settling ( CDO/ CDS/ etc.) compliance rules 5

6 What we deem Financial Institution: Banking corporate, retail and investment banking Insurance Investment management Commodity trading Bank IT processing platforms Stockbrokers Stock exchanges Armoured vehicle carriers Bank captives Fund managers closed-end, open-end, venture capital, private equity, Hedge Fund 6

7 What Miller offers to Banks: All Liability classes, incl : D&O, Bankers PI, Trustee PI All crime related areas/ Specie: Bankers Blanket Bond, Electronic and Computer crime, Cyber Coverage Cash in Transit/ contingency, Vault, Warehoused deeds, etc. Kidnap/ Extortion Credit or debit Cards losses Bancassurance product and design support Specialist FI claims multi jurisdictional support 7

8 What Miller offers to Stock Brokers/ Security Trading Entities All Liability classes, incl : DO, Bankers PI, Trustee PI, All crime related areas/ Specie Incomplete transaction cover Commodity Broking cover via Marine Department Unauthorised Trading cover Selected special solutions: Cross border specific clauses and wordings with local jurisdiction capabilities in Europe, US, South America and Asia 8

9 What Miller offers to Fund and Asset Managers, Investment Managers/ Family offices D&O, PI, Crime for: Closed end and open end Fund Managers Asset and Investment Managers Private Equity Venture Capital Fund of Fund Structures Selected Special Solutions: Fund claim against Fund manager cover Trustee cover for family offices 9

10 What Miller offers to Stock Exchanges and IT Processing Platforms D&O, PI, Crime With wide ranging extensions for foreign outsourcing structures, Consequential loss coverage Damage to reputation cover Downtime cover solutions Incomplete transaction Trading Fraud with Third or First party loss solutions Selected special solutions: Special Stock market and special IT Processing Platform wording with Own loss PI and consequential loss cover 10

11 What Miller offers to Building Societies Combined D&O, PI and BBB covers Distribution arms coverage extensions and umbrella solutions Mortgage Impairment schemes Cash in Transit/ contingency, Vault, Warehoused deeds, etc. Credit or debit Cards Bancassurance product and design support Special solutions: Specific Distribution umbrella solutions cross border / occurrence vs. claims made and group schemes 11

12 What Miller offers to CIT Carriers All risks of physical loss and damage to cash, stocks, securities, etc. under control of the Assured Infidelity of employees Bullion in Transit and storage Unusual items carried covered ( High value items, incl. Fine Art, etc.) Selected special solutions: Wide definition of employee and securities Vicarious liability cover constructions and contingency tie-ins 12

13 What Miller offers to Independent Financial Advisors + M&A Advisory Consultants (D&O) PI and Crime programmes Locally compliant Cross border solutions Trustee extensions Long extended reported periods Limited Exclusionary language Warranty and Indemnity policies for target clients to cover longer warranties in SPAs Special solutions: Bespoke wording for larger entities and Umbrella solutions for Pools 13

14 Risk Control and Management 1) Op Risk Tool Partners worldwide 2) Solvency II working Group for captives and Mutuals 3) Specialists in Fraud Control and Certification Bribery Act 2010 UK 4) Conferences for Regulatory Update and consequential Risk Mapping against market capabilities 5) Expert Survey Partners for optimised transparency in Risk valuation and pricing Anonymised peer group review as to coverage standards per location, recent focus US and Asia as well as specific countries ( SIR DO Germany, Bribery Act UK Crime cover, Switzerland Wikileaks clauses ) 14

15 Risk Management + Insurance of Banks and Financial Institutions Up to date Risk profile and new Risk control and Risk transfer Solutions - Many Thanks for your attention, Alexander Dreyer, Miller Insurance Service Ltd, Head of European and International Financial Institutions ; alexander.dreyer@miller-insurance.com 15