Valuation of Insurance and Reinsurance Companies

This past year has been a very difficult one for (re)insurance stocks. Two years ago many companies were valued at 200% to 300% of book value; today many are trading well below book value. This session will examine the reasons for these deteriorating valuations, including a discussion of whether valuation models have changed or whether the declines in value are purely due to diminished perceptions of reserve adequacy and future profitability. The speakers will discuss the approaches that they use to value companies and their view of the difficult current state of the industry. They will also discuss why (re)insurance company valuations are so low relative to other industries and what changes the industry needs to make to improve its perception on Wall Street.

Moderator:
Jeffrey L. Dollinger, Senior Vice President, Risk Capital Re

Speakers:
James R. Fisher, Managing Member, Fisher Capital Corp, LLC
Myron M. Picoult, Director, Wasserstein Perella Securities, Inc.
Michael F. Klein, FCAS, Assistant Vice President, St. Paul Companies

Insurance Securitization - The State of the Market

The panel will discuss the securitization of insurance liabilities and the transfer of risk to the capital markets. The speakers will include executives in the business of structuring these deals, and in the business of investing in the securities. They will describe the deals being done today, and will provide their vision of the future of securitization.

Moderator:
Peter Senak, FCAS, Senior Managing Director, Gerling Global Financial Products

Speakers:
Morton Lane, Senior Managing Director, Gerling Global Financial Products
Kenneth Clark, FSA, Senior Vice President, Lincoln Re
David Govern, Vice President, Goldman Sachs & Company

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