Insurance Risk & Capital Americas 2022

TRACK 1: INSURANCE ERM 

TRACK 2: INSURANCE ASSET RISK 

10:20 CHIEF RISK OFFICER PANEL: HEADWINDS FOR THE INDUSTRY – WHICH RISK FACTORS HAVE THE POTENTIAL TO DISRUPT AND DERAIL AND HOW DO YOU POSITION FOR THE FUTURE?

• How has the role of the CRO changed and how does the focus and role of the risk team need to evolve in order to be best positioned for the challenges ahead?
• Connecting risks to strategic opportunities in addition to protecting downsides
• Disruptors on the horizon: What are the factors that could make insurance companies look and operate differently?
• Black Swans and Grey Swans: which risks are on you radar?
• Impacts of war and geopolitical concerns; growing social unrest; cyber resilience; inflation; climate; talent management;
• How well does the current risk toolbox apply to today's emerging risks?
• Where are the shortfalls and what changes need to be made?
• How are you identifying and managing future emerging risks?
• What steps are you taking to ensure these future risks are factored into your modelling process?
• Leveraging the right tools and insights to model and respond to emerging risks.

Moderator:
Roger Chen, Head of Enterprise Risk Analytics and Reporting,
NEW YORK LIFE INSURANCE COMPANY

Panellists:
Ophelia Engelhardt-Funke, Chief Risk Officer, Hannover Re
Edward Wilson, Chief Risk Officer, Global Atlantic Financial Group
Nick Silitch, Senior Vice President, Chief Risk Officer, Prudential Financial

10:20 ESG INTEGRATION & ENGAGEMENT: IDENTIFYING RISKS AND OPPORTUNITIES

• Understand how a comprehensive framework can help identify opportunities and mitigate risks for both conventional and responsible bond portfolios. With a particular focus on corporates, securitized, sovereigns.
  

Speaker:
Erin Bigley, CFA, Head—Fixed Income Responsible Investing, AllianceBernstein

10:40 INVESTMENT LEADERS PANEL: PICKING AN INVESTMENT STRATEGY - NAVIGATING ESCALATING GEOPOLITICAL TENSIONS AND RISING INFLATION AND INTEREST RATES

• Deglobalisation and increased political risk: What risk to investment opportunities does all of this pose as we search for more yield?
• How are we looking at geopolitical risks when we are considering asset selection? (oil prices, Ukraine, China)
• Can we expect rising rates to finally offer some relief for insurers?
• How should we consider the impacts of higher interest rates on assets-liabilities management? Would certain ALM strategies, say the bar-bell approach or other approaches, be more appealing under a rising interest rate environment?
• Top tips: Which sectors and geographies are going to be in demand in 2022 and 2023 and why?
• Which sectors are going to be most affected by inflation and which are going to be benign?
• What action, if any are insurers taking on their portfolio as a result of inflation to reposition their balance sheet?
• Innovation in the portfolio -what strategies are insurers deploying to add additional value?
• New yield enhancement opportunities - Which asset classes are insurers seeking out for new yield enhancing opportunities?
• What is exciting right now in the illiquids space? What trends are we seeing in terms of private asset and alternative investments?
• How well can we match our liabilities to some of these newer classes?
• How can we meet regulatory, rating agency and ESG expectations on clean/green, liquid and high yield when there is a lot of dynamic tension between each?

Moderator: 
Kamyar Moud, Director ALM and Investment Strategy, New York Life Insurance Company

Panellists:
T.C.Wilson, Chief Investment Officer, The Doctors Company
Stephen Radis, Vice President, Investments, Metlife
Xiaowei Han, Vice President, Head of ALM, TIAA

11:00 PANEL DISCUSSION: HUMAN CAPITAL AND THE GREAT RESIGNATION - HOW DOES THE INSURANCE INDUSTRY STAY RELEVANT AND ABLE TO COMPETE FOR TOP TALENT?

• Post Covid labour market dynamics – what trends are we seeing?
• The Great Resignation & the talent gap – are we doing enough to replace retirees with young blood?
• The Great Resignation and its implications to operational readiness and achieving business and strategic goals?
• How should we consider risk assessment on the Great Resignation? Pros and cons of it, and mitigation strategies and actions?
• Where is the pipeline coming from? Where do we look to for young talent?
• Cross industry skill shortages
• How does the risk profession become a profession of choice?
• Investing in talent – attracting, managing and maintaining.
• To what extent can an effective D, E & I programme help with the attracting and nurturing talent?
• What impact is the hybrid /virtual model having on people capital/talent management?
• How effective is the hybrid working model proving to be and is it sustainable?
• How are different firms approaching the evolving virtual/hybrid work environment structure?
• Is the business model operating at optimum capacity within this hybrid structure?
• How can firms adapt culture and operating methods to match hybrid/flexible working?

Moderator:
Chris Cundy, Managing Editor, InsuranceERM

Panellists:
Adam Seager, Chief Risk Officer – Americas, Argo Global
Brian A. Coleman, Vice President, Global Risk Management, Combined Insurance, a Chubb Company
Paul Wigham, Senior Vice President, Risk & Controls, Oscar Health

11:20 THE SECOND PHASE OF THE ENERGY TRANSITION

Speaker: Christopher J. Leslie, Executive Chairman, Americas, Macquarie Asset Management – Real Assets

TRACK 1: INSURANCE ERM 

TRACK 2: INSURANCE ASSET RISK 

PANEL DISCUSSION: MAKING DIVERSITY, EQUITY AND INCLUSION REAL AND RELEVANT – WHAT DOES A TRULY INCLUSIVE ENVIRONMENT LOOK LIKE AND HOW DO WE GET THERE?

• Engaging with D, E and I from a business strategy perspective – recognising the opportunities an inclusive environment presents and the business risks from not engaging.
• Ensuring diverse groups are enabled to interact fully as part of the business.
• Talent management challenges – how can a truly inclusive approach help address the talent gap.
• Is the hybrid working environment counter-productive to D,E & I progress, or is it a positive thing?
• How can risk managers leverage the strength of DEI to identify, measure and mitigate risks? – risk perception vs. risk reality, emerging risks, multiple lens approach?
• Shared experience of D,E & I journeys within firms:
• How are firms tackling it?
• What has worked and what hasn't? 

Moderator:
Ronan McCaughey, Deputy Editor & Commercial Editor, InsuranceERM

Panellists:
Brian A. Coleman, Vice President, Global Risk Management, Combined Insurance, a Chubb Company
Cheryl Rosario, Head of D&I and CSR, Munich Re
Julie O'Driscoll, Senior Vice President, SCOR Global Life, Chief Risk Officer, US & Canada

PANEL DISCUSSION: MANAGING INCREASING COMPLEXITY IN THE INVESTMENT PORTFOLIO. AS INSURERS CONTINUE TO FEEL THE SQUEEZE AND THE SEARCH FOR YIELD ENHANCEMENT OPPORTUNITIES WIDENS, ARE THEY BEING PUSHED TOO FAR INTO RISKY ASSETS?

• What should the role of illiquids and risky assets be on an insurer's balance sheet?
• What's hot and what's not? Which are the riskier assets that insurers are looking to?
• As the exposure to illiquids continues to rise and become more intricate and challenging – where are the complexities and how well placed are we to tackle these added risks?
• Has our risk monitoring capability advanced and evolved sufficiently?
• Is our investment tool kit fit for purpose when looking at illiquids and, if not, what should we do about it?
• How do we get a greater insight in order to better manage the risk and capitalise on opportunities?
• Regulation challenges with respect to illiquids – what is the best approach?
• Reporting and accounting considerations for illiquid investments
• How can insurers leverage 3rd-party asset managers in a risk-responsive manner?

Moderator:
Jason Huibregtse, Director of Investment Risk and Planning, CUNA Mutual Group

Panellists:
Lisa Cadotte, Vice President, Investment Risk & Operations, Northwestern Mutual
Mike Huff, Senior Director, Portfolio Management and Asset Allocation, TIAA
Phillip Titolo, Head of Direct Private Investments, MassMutual
David E. Czerniecki, CFA, Chief Investment Officer, Nassau Financial Group

TRACK 1: INSURANCE ERM 

TRACK 2: INSURANCE ASSET RISK 

• What data sources are you using?
• How are you addressing data quality and availability issues?
• How are you managing and reconciling multiple data sources?
• What aspects are you choosing to outsource vs. manage in house?
• As a sector, how do we collectively need to approach data if we want to achieve net zero?
• Next steps 

Moderator:
Chris Cundy, Managing Editor, InsuranceERM

Panellists:
Guenter F Kryszon, CPCU, Global Executive Underwriting Officer, Property, Markel Corporation
Adam Wise, VP, Senior Managing Director, Natural Resources and Sustainable Solutions, Manulife
Sheri Wilbanks, Group Risk Management Head of P&C Climate & Sustainability, Axa, Senior Project Manager to the NZIA

PANEL DISCUSSION: ESG: DATA & EMBEDDING FOR ASSET RISK - THE JOURNEY SO FAR

• What progress have you made with your ESG framework and what bumps have you encountered along the way?
• What metrics and tools are you using to support your decisions?
• Which decisions have had a material impact to the portfolio?
• How are ethical and moral investment decisions approached?
• How are you identifying and assessing transition risks within the portfolio?
• How are you balancing the need to transition away from polluting assets whilst maintaining the required levels of returns in the portfolio?
• How have you addressed the challenge of data gaps and inconsistent data?
• What data sources are you using?

Moderator:

Vincent Huck, Editor, Insurance Asset Risk

Panellists:
Dan Finn, Managing Director, Conning
Carol Jeppesen, Head of US, UN Principles for Responsible Investment (PRI)
Stacey Agretelis, Head of Investments Sustainability, Aflac Global Investments

TRACK 1: INSURANCE ERM 

TRACK 2: INSURANCE ASSET RISK 

• Cyber resiliency: anticipating and preparing for the future dimensions of cyber attacks
• What will the nature of cyber attacks be in the future and what is our biggest fear?
• Potential threat and repercussions of a cyber attack on infrastructure
• What steps are firms taking to anticipate and prepare for the potential future dynamics and facets of cyber attacks?
• Identifying areas of vulnerability – how does this change as business structures and technology evolves?
• How do you measure resiliency and the ability to recover?
• What processes are in place to respond to a large- scale cyber event and where are the gaps?
• Engaging with exec management
• How will we react sufficiently and appropriately enough to instil confidence in our stakeholders?
• 3rd party risk management
• Key challenges
• What is the role of the risk team in 3rd party outsourcing and onboarding partners?
• Engaging and working effectively with other stakeholders
• Balancing growth and business needs with the need for proper data protection
• What does 'good' look like for a 3rd party risk management programme?
• Measuring and managing 3rd party risk 

Moderator:
Ronan McCaughey, Deputy Editor & Commercial Editor, InsuranceERM

Panellists:
Brandon McCreary, CMA, AVP, Global Risk Management, Combined Insurance
Daniel Gorecki, Chief Information Security Officer, Ascot Group
Preeti Gureja, SVP, Enterprise Risk Management, Chubb

PANEL DISCUSSION: PRIVATE EQUITY INSURANCE INVESTMENT TRENDS – IS THE BUYING SPREE SET TO CONTINUE AND WHAT ARE THE IMPLICATIONS FOR THE INDUSTRY?

• The economic rationales on PE's entry into the insurance industry, and the relevant risk analysis on the business strategy? Is there an alternative to the PE approach?
• Is the trend set to continue and what is the outlook for PE insurance investment?
• Role of the Bermudian insurance industry in this trend
• How is this pattern altering the insurance landscape and what are the long-term implications for the industry?
• Where are the risks?
• Do private equity firms have a complete and sufficient understanding of the insurance business and their liabilities?
• Are PE firms suitable partners to support insurers long term liabilities?
• Are they invested in the right assets?
• Will the PE firms still have the appetite 20-30 years from now?
• Risk tolerance on assets - as PE backed insurer firms seek out riskier assets, are insurers being pushed into more complex assets than they are comfortable with? Is there ground for ethical considerations and concerns?
• What is the regulatory standpoint?
• Are the regulators currently able to get a clear picture of the risk?
• Can we expect increased regulatory scrutiny or changes in this space?
• Legacy and Run Off businesses – managing the risks associated with discontinued businesses

Moderator:
Chip Stevens, Senior Managing Director, Global Head of Structured Private Credit and Alternatives, Global Head of Macro and Derivatives Aflac Global Investments

Panellists:
Adam Lei, VP, ERM, ALM & Inforce Management, National Western Life Insurance Company
Nakul Nayyar, Head of Investment Risk, Guardian Life
Thomas M. Dawson, Partner, McDermott Will & Emery LLP

TRACK 1: INSURANCE ERM 

TRACK 2: INSURANCE ASSET RISK 

• Trends in nat cat losses
• Drivers of change
• To what extent is climate change influencing these trends?
• Evolution in exposures (urbanisation, construction, coastlines) & their implications
• How are insurers seeking to improve modelling capabilities for secondary perils?
• Are the existing models predominantly based on historical data still fit for purpose?
• How reliable and useful are they for reflecting the current situation?
• What does the future hold for climate change catastrophe models?
• Use of forward looking & Physical models
• Data and validation challenges 

Moderator:
Chris Cundy, Managing Editor, InsuranceERM

Panellists:
Maryam Haji, VP, Head of Catastrophe Research, Risk Management, TransRe
Robin Lang, Senior Vice President, Head of Risk Oversight, Renaissance Re
Erdem Karaca, Head Cat Perils Americas, Senior Vice President, Swiss Re

• Securitised asset classes
• What securitised opportunities are people pursuing to manage and diversify credit risk?
• Are rated structures offering insurers a new investment source?
• What are the regulatory implications of rated securities?
• CLOs – the benefits and challenges
• Esoteric opportunities
• Picking the right manager
• What are the challenges/risks of entering potentially new securitised assets?
• Risks and opportunities in the emerging market space
• What factors do managers look for when researching emerging market opportunities?
• Has the Russian-Ukraine situation put a dampener on the EM investment business?
• What do geopolitical tensions mean for emerging market investments?
• What risks and opportunities are insurers seeing?
• Which EM areas are insurers focussing on now?

Moderator:
Eric W. Solfisburg, Head of Investment Product Consulting at MassMutual

Panellists:
Amit Agrawal, Head of Fixed Income, Axa XL
Mike Lohmeier, CIO, Impact Community Capital
Sanjana Raturi, Head of Credit Risk, New York Life

TRACK 1: INSURANCE ERM 

TRACK 2: INSURANCE ASSET RISK 

• Examples of practical application of new tech – where/what are the success stories?
• Challenges & risks surrounding onboarding new tech
• Incorporating and embedding new tech into existing infrastructure and models
• Where can new tech be most impactful for insurers?
• New distribution methods and channels introduced by new technology. Are they threats or opportunities? How can incumbents benefit from the new distribution channels?
• Which factors are inhibiting growth?
• What tech innovation do we need to meet the demands and challenges of the future insurance market place?
• How can the regulatory landscape be more enabling?
• How do you build a culture that embraces and drives innovation? 

Moderator:
Ronan McCaughey, Deputy Editor & Commercial Editor, InsuranceERM

Panellists:
Ross McGee, AVP, US Risk, Argo Global
Greg Richardson, Chief Risk and Strategy Officer, Trans Re
Daniel Sinclair, Vice President, Corporate Development, Head Co-operators Corporate Venture Fund, Co-operators Group Limited

• NAIC capital rating methodology review
• What is the driver for change?
• Status update from RBC Investment Risk and Evaluation Working Group – progress to date
• Why the need for change?
• What is driving the change and why the aggressive timeline?
• Limitations and shortfalls of existing NAIC C1 factors
• Overview of timelines and proposed changes
• Finding a consensus amongst different stakeholders - who is set to gain and who will lose?
• Would this set off a portfolio optimization (with respect to the new C1 requirement) wave within the insurance industry?
• S&P capital methodology review
• Areas of review
• Proposed changes -what can we expect and what are the implications?
• How concerned should we be?
• What do these combined proposed changes mean for the industry?
• What are the implications for the different asset classes?
• How are companies going to respond in terms of investment strategies?

Moderator: 
Vinaya Sharma, Managing Director, Head of Insurance Business Development, QRM

Panellists:
Halina von dem Hagen, Treasurer and Global Head of Capital Management, Manulife
Bill Schwegler, Senior Director, Financial Policy, Government & Policy Affairs, Transamerica
Xiaowei Han, Vice President, Head of ALM, TIAA