Managing A Company In A Soft Market
Monday, March 13, 2006
8:00 a.m. - 9:30 a.m.

Prior to Hurricane Katrina, property/casualty combined ratios were at historic 10-year lows. Commercial lines rate levels were dropping for the first time in several years. Although Katrina and subsequent catastrophe activity will likely influence property rates and availability, casualty lines may continue in a soft market pattern. Even if the current soft market in property insurance disappears, history has shown that a return to a soft market will occur at some point. In this session, leading insurance executives will discuss their thoughts on managing a company in a soft market, with emphasis on the role of the actuary.

Moderator:
Brian Z. Brown, Consulting Actuary, Milliman
Panelists:
Michael Fusco, Executive Vice President and Chief Actuary, CNA Insurance Companies
Robert V. James, Senior Managing Director; President, CEO & Chief Operating Officer, Balboa Insurance Group

Town Hall Meeting - The Current State and Future of TRIA
Tuesday, March 14, 2006
11:40 a.m. - 12:40 p.m.

The Terrorism Risk Insurance Act (TRIA) expires on December 31, 2005. A recent U.S. Treasury study concluded that insurers are now better able to bear unexpected losses than they were before TRIA was enacted because industry surplus, a major source of insurer capacity, has returned to pre-September 11 levels. In addition, the study maintains that although TRIA was effective in terms of the purposes it was designed to achieve, namely to provide a transitional period during which insurers had enhanced financial capacity to write terrorism risk insurance coverage, the program does not need to be continued as it would discourage the development of the private reinsurance and other risk-transfer markets.

This session will debate the merits and conclusions of the Treasury study, whether terrorism risk is privately insurable, whether it should it be covered by the government only, and whether TRIA should remain in its current form.

Moderator:
Alejandra S. Nolibos, Consulting Actuary, Towers Perrin
Panelists:
Jack D. Armstrong, Assistant Vice President and Senior Regulatory Counsel, Liberty Mutual Insurance Company
Gregory W. Heidrich, Senior Vice President, Property Casualty Insurers Association of America