IIF GLOBAL SEMINAR GLOBAL INSURANCE RISK AND CAPITAL MANAGEMENT. June 22-23, 2016 New York IN COOPERATION WITH

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1 IIF GLOBAL SEMINAR GLOBAL INSURANCE RISK AND CAPITAL MANAGEMENT June 22-23, 2016 New York IN COOPERATION WITH

2 COURSE DESCRIPTION IIF GLOBAL SEMINAR Global Insurance Risk and Capital Management We are delighted to welcome you to the IIF Global Seminar Global Insurance Risk and Capital Management, offered by the Institute of International Finance (IIF) in cooperation with Swiss Re. This two day seminar will examine the risk landscape and capital management themes in the insurance industry. Expert-led discussions on strategy, risk mitigation, and capital management will form the core of the agenda. Additional topics will include risk governance and culture, valuation, and risk appetite. Sessions will be led by an impressive range of expert industry practitioners with a strong emphasis on interactive, in-depth discussions. This seminar will convene senior professionals from around the globe and will offer excellent opportunities to benchmark practices and network. LEARNING OBJECTIVES Discuss key current and future topics and themes in insurance capital and risk management Gain insights to enhance your firm s capital and risk management strategies and leadership approaches Exchange knowledge with global industry leaders and experts through interactive dialogue Benchmark practices with global peers THANK YOU FOR JOINING US IN NEW YORK. This seminar will be eligible for 12 CPD/CE credits through the Chartered Institute for Securities & Investment (CISI), the Chartered Banker Institute, the CFA Institute, the Global Association of Risk Professionals (GARP), and the International Compliance Association (ICA). 2 GLOBAL INSURANCE RISK AND CAPITAL MANAGEMENT

3 WEDNESDAY JUNE 22 8:30 am 9:00 am REGISTRATION 9:00 am 9:15 am WELCOME AND INTRODUCTION Opening remarks; Introduction to the program George Brady, Senior Advisor and Insurance Lead, Institute of International Finance 9:15 am 10:15 am SESSION 1: THE RISK LANDSCAPE Importance of risk management in the insurance industry: investigating the foundations Panelists: George Brady, Senior Advisor and Insurance Lead, IIF Lutz Wilhelmy, Head Group Regulatory Risk Management, Swiss Re John Maroney, Head of Capital & Solvency, IAIS 10:15 am 11:15 am SESSION 2: DEVELOPING THE GLOBAL INSURANCE CAPITAL STANDARD (ICS) 11:15 am 11:45 am COFFEE BREAK Overview and update on the ICS and the final IAIS consultation; Implications of the ICS on risk and capital management; Q&A John Maroney, Head of Capital & Solvency, IAIS Michael McRaith, Director, Federal Insurance Office, U.S. Department of the Treasury 11:45 am 12:45 pm SESSION 3: APPROACHES TO STRATEGY AND CAPITAL MANAGEMENT Strategic allocation of capital sound practices to consider; Organizational and structural planning 12:45 pm 2:00 pm LUNCH Giovanni Gentile, Head Corporate Finance & Group Capital Management, Swiss Re 2:00 pm 3:15 pm SESSION 4: RISK MANAGEMENT CULTURE AND GOVERNANCE 3:15 pm 3:45 pm COFFEE BREAK Delegated risk management model (1 st, 2 nd, 3 rd lines of defense); Importance of risk culture, delegation of responsibilities, e.g. ALM, AM, UW, and governance to control; Core functions and how they relate; Core responsibilities and their segregation and balance to achieve good governance Moderated by: Andres Portilla, Managing Director, Regulatory Affairs, IIF Susan Krause Bell, Managing Director, Promontory Financial Group Raj Singh, Group Chief Risk Officer, Standard Life Plc Joel Steinberg, SVP, CRO, & Chief Actuary, New York Life Insurance 3:45 pm 5:00 pm SESSION 5: ORSA A COMPREHENSIVE METHODOLOGY TO ASSESS RISK MANAGEMENT? Industry case studies & group discussion Alietia Caughron, Vice President Risk & Economic Capital, CNA 5:00 pm 6:30 pm NETWORKING RECEPTION GLOBAL INSURANCE RISK AND CAPITAL MANAGEMENT 3

4 THURSDAY JUNE 23 9:00 am 10:30 am SESSION 6: FUTURE TRENDS AND EMERGING RISKS IN VALUATION, RISK MODELS, AND STRESS TESTING 10:30 am 11:00 am COFFEE BREAK Valuation and risk models - relation to stress testing; Internal models Henry Essert, Insurance Risk Management Leader, PwC Lutz Wilhelmy, Head Group Regulatory Risk Management, Swiss Re Moderated by: Ningxin Su, Policy Associate, IIF 11:00 am 12:15 pm SESSION 7: RISK APPETITE APPROACHES TO ASSURANCE AND IMPLEMENTING IMPROVEMENTS Implementing an approach that works; Terminology and foundation; Involving the entire global operations; Assurance and improvements; Stakeholder identification and communication Timothy Carmon, Vice President Risk Management, Enterprise Risk and Actuarial, MassMutual 12:15 pm 1:30 pm LUNCH 1:30 pm 2:15 pm SESSION 8: THE CASE FOR INCORPORATING CATASTROPHE RISK ASSESSMENT AND COVERAGE INTO ERM The risk landscape has changed substantially during the last two decades and the importance of managing catastrophic risks has become evident as the number of natural disasters and their impact increase. There is a large catastrophe insurance gap and corporations will have to incorporate this type of risk into their ERM frameworks. The use of innovative insurance products, including capital markets solutions, will be critical to address the coverage gap. Madelyn Antoncic, Executive Director, Principal Global Investors 2:15 pm 2:45 pm COFFEE BREAK 2:45 pm 3:45 pm SESSION 9: IS THERE A PATH TOWARDS REGULATORY CONVERGENCE? The ICS, the forthcoming FRB Consolidated Capital Rules and Solvency III Daniel Rabinowitz, Global Head of Regulatory Capital Policy, AIG 3:45 pm 4:45 pm SESSION 10: PANEL AND GROUP DISCUSSION ON THE FUTURE WHAT DOES IT HOLD FOR PRACTITIONERS? Regulation and beyond; New trends in digitalization and innovation Moderated by: George Brady, Senior Advisor and Insurance Lead, IIF Madelyn Antoncic, Executive Director, Principal Global Investors Henry Essert, Insurance Risk Management Leader, PwC Daniel Rabinowitz, Global Head of Regulatory Capital Policy, AIG 4:45 pm 5:00 pm PROGRAM CONCLUSION AND WRAP UP 4 GLOBAL INSURANCE RISK AND CAPITAL MANAGEMENT

5 SPEAKER PROFILES George Brady, Senior Advisor and Insurance Lead, Institute of International Finance George became a member of the Regulatory Affairs Department at the IIF in January 2016 as Senior Advisor and Insurance Lead. Previously, he held the position of Deputy Secretary General of the IAIS, served as International Counsel and Manager of International Relations at the National Association of Insurance Commissioners, and Assistant General Counsel at the Reinsurance Association of America. John Maroney, Head of Capital and Solvency, IAIS Secretariat and Vice-Chair, IAIS Capital, Solvency and Field Testing Working Group, International Association of Insurance Supervisors (IAIS) John Maroney is Head of Capital and Solvency at the International Association of Insurance Supervisors (IAIS). Previously he was appointed Head of Financial Stability and a member of the IAIS management team in 2013, after joining the Secretariat in His responsibilities include management of the Capital and Solvency team. John is also co-vice chair of the Enterprise and Financial Risk Committee of the International Actuarial Association (IAA) and manages the relationship between the IAA and IAIS. Prior to joining the IAIS, John was CEO of the Institute of Actuaries of Australia, co-founder and director of Professional Financial Solutions (PFS), partner of Trowbridge Deloitte, executive director of the Life Investment and Superannuation Association, Australian Government Actuary and a senior manager at AMP. John is a Fellow of the Institute of Actuaries of Australia and has a Bachelor of Arts degree in actuarial studies from Macquarie University. Lutz Wilhelmy, Head Group Regulatory Risk Management, Swiss Re Lutz Wilhelmy is heading Group Regulatory Risk Management. This role comprises Swiss Re's global governmental relationships, handling the group supervision of the Swiss financial market authority FINMA, and consulting regulators on economic risk based solvency regimes. Prior entering his current role, Lutz has been working as deputy head and head of Swiss Re's Solvency II Implementation Program. Before this, he has led the development of the Internal Model for the Swiss Solvency Test, which is the Swiss version of Solvency II. Lutz holds a diploma in physics and a Ph.D. in mathematics. He is a fully qualified actuary and serves as a member on the board of the Swiss Actuarial Association, titular member at the Actuarial Association of Europe, and liaison officer at the International Association of Actuaries. GLOBAL INSURANCE RISK AND CAPITAL MANAGEMENT 5

6 SPEAKER PROFILES Michael T. McRaith, Director, Federal Insurance Office (FIO) Michael T. McRaith was appointed by U.S. Department of the Treasury Secretary Timothy Geithner to serve as the Director of the Federal Insurance Office (FIO) in June As Director of FIO, McRaith advises the Secretary on domestic and prudential international insurance matters of importance. FIO monitors all aspects of the insurance sector, including access to affordable insurance for traditionally underserved communities and consumers, minorities and low- and moderate income persons. McRaith also serves as a non-voting member of the Financial Stability Oversight Council (FSOC). Director McRaith is responsible for coordination of Federal efforts and the development of Federal policy on prudential aspects of international insurance matters. As FIO Director, McRaith represents the United States at the International Association of Insurance Supervisors (IAIS) and in other bi-lateral and multi-lateral international insurance matters. McRaith also serves on the IAIS Executive Committee and as Chair of the IAIS Technical Committee. Immediately prior to his appointment as FIO Director in June 2011, McRaith served more than 6 years as the Director of the Illinois Department of Insurance. Prior to his public service, McRaith practiced law for fifteen years in Chicago. McRaith received his J.D. from Loyola University of Chicago and his B.A. from Indiana University. McRaith serves on the Boards of Directors for the American Foundation for Suicide Prevention Chicago Chapter, and the AIDS Foundation of Chicago. Giovanni Gentile, Head Corporate Finance & Group Capital Management, Swiss Re Giovanni Gentile is a Managing Director and head of Corporate Finance and Group Capital Management at Swiss Re. Giovanni Gentile's responsibilities include structuring and executing all external funding transaction including equity, hybrid capital, contingent capital and bank borrowing. He leads the Group's business, capital & funding plan and is responsible for the Group's capital steering and performance management. He oversees the rating capital models and leverage and is responsible for Swiss Re's relationship with Rating Agencies and banks. Before joining Treasury, Giovanni Gentile held different positions within the Business, Risk Management, Finance and Legal Department at Swiss Re. In his last role as Head of Regulatory Affairs, he was responsible for managing group-wide relationships with regulators and policy makers and actively contributed in setting industry standards for best practice economic valuation and capital frameworks. Giovanni Gentile holds a Ph.D. in mathematics from the ETH Zurich, a CFA and FRM. Andrés Portilla, Managing Director, Regulatory Affairs, Institute of International Finance Andrés Portilla is the Managing Director of the Regulatory Affairs Department at the IIF. He is in charge of leading the activities of the Regulatory Affairs department which cover a wide range of issues, including topics related to prudential standards (both on capital and liquidity) for banks and insurance companies, systemic risk, resolution, financial infrastructure, international accounting, securities and issues around emerging markets regulatory practice. The Department also spearheads the dialogue and interaction with international regulators and policy makers in the above areas. Mr. Portilla has over 18 years of experience on financial regulatory issues. In his native country, Colombia, he occupied positions in the regulatory affairs departments at the national Banking Association as well as commercial financial institutions. He also practiced law in the area of banking and financial markets. Mr. Portilla holds a JD and a Specialized Degree on Banking Law from University of Rosario in Colombia, a Masters in Comparative Law LL.M from Pennsylvania State University in the US and a MBA from Bocconi University in Italy. 6 GLOBAL INSURANCE RISK AND CAPITAL MANAGEMENT

7 Susan Krause Bell, Managing Director, Promontory Financial Group SPEAKER PROFILES Susan Krause Bell is a Managing Director at Promontory Financial Group. She advises clients on new and ongoing regulatory and supervisory issues, such as the Dodd-Frank Act and Basel and Financial Stability Board issuances, and ongoing supervisory priorities, including capital, enterprise risk management, risk culture and corporate governance. She has worked extensively on financial stability issues, including advising nonbank financial institutions that are under consideration by FSOC for designation as systemically important. Prior to joining Promontory, Susan worked for 20 years at the Office of the Comptroller of the Currency, where she served as senior deputy comptroller for international affairs, senior deputy comptroller for bank supervision policy, and deputy comptroller for economic analysis and strategic planning. She was a member of the Basel Committee on Banking Supervision, as well as chair of the Federal Financial Institutions Examination Council s Supervision Task Force, which coordinated supervisory policies among the U.S. banking agencies. Susan has a Ph.D. in economics from the University of Southern California and a B.A. in mathematics from UCLA. Raj Singh, Group Chief Risk Officer, Standard Life plc Appointed Group Chief Risk Officer in January 2013, Raj Singh is responsible for developing strategies to manage financial, strategic and operational risk across the Standard Life group. Before joining Standard Life, Raj had acquired extensive experience in financial services worldwide. In 2011 he established advisory firm Accredere AG in Switzerland, advising financial institutions on capital, risk, and reinsurance issues, and remains a non-executive Board member. From 2007 to 2011, Raj was Group Chief Risk Officer at Swiss Re Insurance Company Ltd in Switzerland, where he was also a member of the Executive Board and Committee. Before this, he was Group Chief Risk Officer at Allianz SE in Germany, a position he held from Prior to this he held various senior positions at Citibank from 1988 to He is a member of the Advisory Board at the International Center for Insurance Regulation at Goethe University in Frankfurt, Germany. Joel M. Steinberg, Senior Vice President, Chief Risk Officer and Chief Actuary, New York Life Joel Steinberg is Senior Vice President, Chief Risk Officer and Chief Actuary of New York Life Insurance Company. He is a member of New York Life's Executive Management Committee and is responsible for leading the company's enterprise risk management practice and for oversight over all actuarial functions, including product pricing, financial reporting and the determination of required capital. Joel joined New York Life in 1983 and has previously held positions as Chief Financial Officer for the Life and Annuity Businesses and Head of U.S. Individual Life Pricing. He received a B.A., in Mathematics from the University of Pennsylvania and is a member of the North American CRO Council, a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. GLOBAL INSURANCE RISK AND CAPITAL MANAGEMENT 7

8 SPEAKER PROFILES Alietia Caughron, Vice President of Enterprise Risk Management, CNA Alietia Caughron is Vice President of Enterprise Risk Management at CNA where she is responsible for leading the company s Enterprise Risk & Economic Capital teams. The Enterprise Risk team maintains the company s risk register, performs enterprise stress & scenario testing, sets and implements policies for model risk and emerging risk management, and drives the group s Own Risk & Solvency Assessment (ORSA). The Economic Capital team maintains the company s internal capital model, as well as the allocation of its risk-adjusted capital for pricing purposes, reinsurance purchasing and M&A activities. Prior to joining CNA, Alietia lead predictive modelling teams at Swiss Re and Homesite Insurance Group. Before moving into the predictive modelling space, Alietia spent several years in pricing and risk management consulting. Alietia holds a Ph.D. in Mathematics from the University of Missouri- Kansas City. She is currently Chair of the Casualty Actuarial Society s Committee for the Theory of Risk. Henry Essert, Insurance Risk Management Leader, PwC Henry Essert leads PwC s insurance sector risk management practice, which focuses on solvency and capital management, asset liability management and operationalizing risk strategies, compliance with related regulatory expectations and management and directors roles and responsibilities in managing risk. He has over 35 years of experience in the insurance industry including leading advisory projects in the U.S. and globally, directing the insurance industry advisory practice at leading asset management and consulting firms, CRO of major global insurer. Henry holds an MSc in Mathematics from McMaster University. He is a Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries and a Fellow of the Canadian Institute of Actuaries. Timothy Carmon, Vice President, Strategic and Operations Risk, MassMutual Tim is a member of the Strategic and Operations Risk area of Enterprise Risk Management (ERM), focusing on internal control compliance. Tim joined MassMutual in 2006 as part of a team to implement a sustainable program to assess internal controls over financial reporting. Since joining the company, Tim has been strategic in developing a risk-based approach towards effectively assessing internal controls related to financial reporting and developed an enterprise tool to assess that risk. Tim also leads efforts in ERM including geographic risk concentration, ORSA and other regulatory risk compliance, liquidity risk management, model governance, and risk maturity assessment. Tim is also involved with overall risk governance and ERM communications and education. Prior to joining MassMutual, Tim worked at Deloitte in the Audit and Assurance Department with a focus on the life insurance industry. Tim graduated from the University of Richmond in Richmond, VA with a BS in Accounting and a BA in Religion. 8 GLOBAL INSURANCE RISK AND CAPITAL MANAGEMENT

9 SPEAKER PROFILES Madelyn Antoncic, Ph.D., Former Vice-President and Treasurer, World Bank; Executive Director, Principal Global Investors Madelyn joined Principal Global Investors in 2015 as Executive Director Institutional Investment Solutions. She has more than 25 years of economic and financial industry experience. Most recently, Madelyn was vice president and treasurer of the World Bank where she oversaw assets of official sector institutions, comprising central banks, pension funds, sovereign wealth funds and other international financial institutions, as well as of the World Bank Group s pension. She also oversaw the World Bank s derivatives portfolio; its funding program; its capital management; and several businesses including engaging with client countries on central bank reserves management, debt management strategies, banking and risk management solutions. She began her career at the Fed, held senior positions at Goldman Sachs, Barclays Capital and Lehman. Madelyn holds a Ph.D. in Economics with a minor in Finance from New York University and is on the board of Overseers of Weill Cornel Medical College. Daniel Rabinowitz, AIG Vice President, Global Head of Regulatory Capital Policy, American International Group, Inc. In his capacity as Vice President, Global Head of Regulatory Capital Policy, Daniel L. Rabinowitz now serves as AIG s lead diplomat to AIG s global and domestic regulators and peers on matters concerning capital, leverage, liquidity and internal risk allocation for the AIG Group. From , Mr. Rabinowitz served as President and CEO of The Athena Group, LLC, a diversified real estate developer and real estate fund manager which invested for itself and sponsored three active investment funds. Mr. Rabinowitz was brought in by the shareholders of Athena to lead and manage a multi-year workout and restructuring of Athena and each of its funds. He successfully completed the restructuring of Athena and the wind-down of its funds in Prior to accepting the leadership of Athena, Mr. Rabinowitz was engaged in the private practice of law in New York City, in his own offices and as a partner at Shearman and Sterling. Before that, he served as a federal prosecutor in the United States Department of Justice and a federal law clerk. He has served as a Visiting Lecturer at the Yale Law School and in 1998 was awarded the Thurgood Marshall Award of the Association of the Bar of the City of New York. Mr. Rabinowitz was educated at Harvard College and the Yale Law School. GLOBAL INSURANCE RISK AND CAPITAL MANAGEMENT 9

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