Reinsurance: The Investment Community's View
The year 2002 was one of major change in the reinsurance industry, with the fallout from September 11, increases in asbestos reserves, and further adverse development from late 90's casualty business being somewhat offset by significantly improved pricing in most reinsurance segments. The speakers, both senior members of the insurance investment analyst community, will present some of the views of the investment community with respect to the issues of the day and the short- and long-term prospects for the reinsurance industry.

Moderator:
David Drury, FCAS, Senior Vice President & Chief Actuary, Tempest Re US

Panelists:
Don Kramer, Vice Chairman, ACE Limited
Brian Meredith, Senior Property Casualty Insurance Analyst, Banc of America Securities

Terrorism: A Reinsurance Market and Risk Modeling Update
Assessing risk from terrorism and reinsurance coverage implications has never been more dynamic. During the last year, the federal government has passed legislation providing the insurance market with backstop coverage, we have been through a key complete renewal cycle for reinsurance coverage, and modeling firms have launched capabilities that uniquely evaluate the risk.

During this general session, the first speaker will present an outline of the Terrorism Risk Insurance Act of 2002 (TRIA) and its impact on the reinsurance market, commenting on both traditional and stand-alone terrorism programs as well as available market capacity. The second speaker will provide the status of modeling for the terrorism hazard: the range of models presently being offered by various vendors including general methods employed. Audience participation will be encouraged as we explore the reliance on such models by both the primary and reinsurance marketplace.

Moderator:
John L. Tedeschi, ACAS, Managing Director, Guy Carpenter & Company, Inc.

Panelists:
Lara Mowery, Senior Vice President, Guy Carpenter
William I. Riker, Chief Operating Officer - Renaissance Reinsurance Ltd., President and Chief Operating Officer - RenaissanceRe Holdings Ltd.