New Capital; Same Strategies?
In the past three years there has been a dramatic change in the global reinsurance company line-up. While "household name" reinsurers have closed their doors or been placed into run-off, a significant number of new reinsurance companies have been formed and subsequently taken public. While the companies and their capital are new, their management teams are made up of seasoned reinsurance executives. How are these companies different from the reinsurers of the 1990's? While there is speculation that the market will soften in the near future, how will these companies avoid making the same mistakes of the last soft market?

A panel including a senior reinsurance executive, senior investment banking executive, and senior insurance equity analyst will discuss their unique perspectives on the new millennium reinsurers and how they differ from those of the 1990's.

Moderators:
Bruce Fell, FCAS, Senior Vice President, JLT Re Solutions, Inc.

Panelists:
David S. Cash, Chief Actuary & Chief Risk Officer, Endurance Specialty
Brian Moon, Director, Global Financial Institutions Group, Deutsche Bank
Chris Winans, Vice President, Lehman Brothers

Dysfunctional Family
Following the disastrous soft market of the early 1980's, the reinsurance industry recognized the need for actuaries' perspectives on risk, exposure, and price. Actuaries now have essential roles in gathering clients' underwriting data; in pricing, underwriting and reserving; and in the general management of reinsurers, cedents, and brokers. But after the most recent market downturn of 1998-2001, many reinsurers are already publishing ultimate combined ratios over 150%, even excluding the 2001 terror attacks. How did the actuarial profession contribute to that? Are we doomed or is there hope?

Can this actuarial family be saved?

Therapist:
Sarah Krutov, FCAS, Vice President and Chief Reserving Actuary, SCOR US

Panelists:
Paul J. Kneuer, FCAS, Chief Actuary, Holborn Corporation
Richard A. Lino, FCAS, Consultant, Lino Consulting
Issac Mashitz, FCAS, Chief Pricing Actuary, Swiss Reinsurance America Corporation