This document provides an agenda for the "ILS Asia - An Introduction to Life Settlements and Cat Bonds for Asia-Pacific Investors" conference taking place from October 13-15, 2010 in Hong Kong. The agenda outlines the schedule of presentations and workshops over the 3 days covering topics such as life settlements, catastrophe bonds, medical underwriting of life expectancy, and trends in Asian life expectancy. It lists over 35 industry speakers from areas including life settlements, insurance, asset management, and modeling agencies. The document promotes registering by July 16th to save up to $2,196 on attendance fees.
Register by July 16th and SAVE up to $2,196 for ILS Asia Summit
1. Register by July 16th
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An Introduction to Life Settlements and October 13 – 15, 2010
Cat Bonds for Asia-Pacific Investors Hong Kong
35+ industry leading speakers, including the following ILS thought
leaders & Asian investors:
Amir Gal-Or, Managing Rani Virdee, Managing Ron DíVari, Trevor Jones,
Partner, Infinity Private Director, Asia Pacific, The CEO, Product Specialist,
Equity HK CarbonNeutral Company NewOak Capital Nephila Capital
Miodrag Janjusevic, Madhu Gayer, Head of Franz Schmidpeter, Robert Quinn,
Chief Risk Officer, Sail Investment Risk and Managing Director, Vice President,
Funds HK Analytical Services, Asia, Augur Capital Wells Fargo
Northern Trust HK
Fresh content for Asia-Pacific: Keynote Speakers
• Asian investor perspectives on catastrophe bonds, life Climate Change and Demographics and
settlements, and other insurance-linked investments Asia-Pacific: The Likely Asian Pension Planning:
• Academic perspectives on climate change in Asia- Geographical Distribution Navigating Risks and
Pacific and the future effects of globalization of Climate-Related Impacts Liabilities
• Demographics and the future of Asian pension
planning Junji Hatano Stuart Leckie
Chairman and Chairman,
• Modeling perspectives on Japanese earthquake risk
CEO, Carbon Stirling
• The role of development banks in promoting cat bond Partners Financial
issuance throughout the region Asiatica HK
• A comparison of US and Asian life expectancy trends
Sponsors: Media Partners:
1-800-882-8684 • www.ilsasiasummit.com
2. Confirmed Speakers
Miodrag Janjusevic
Chief Risk Officer
Sail Funds HK
Amir Gal-Or
Managing Partner
An Introduction to Life Settlements and Cat October 13 – 15, 2010 Infinity Private Equity HK
Bonds for Asia-Pacific Investors Hong Kong Junji Hatano
Chairman and CEO
Carbon Partners Asiatica
Rani Virdee
Managing Director, Asia Pacific
The CarbonNeutral Company
Dear Colleague, Madhu Gayer
Head of Investment Risk and Analytical Services,
Asia, Northern Trust HK
Welcome to ILS Asia – the first ever
conference to bring catastrophe bond Stuart Leckie
other insurance-linked securities to s, life settlements,
the Asia-Pacific investor community. Chairman
Stirling Financial HK
In recent years, insurance-linked secu
rities have emerged as an important Andreas Muller
investors in Europe and the United new asset class for Head of Origination, Distribution & ILS
States. Whether in the form of catas
settlements, or other event-linked trophe bonds, life Investments, Munich Re
investments, insurance-linked secu
increasingly attractive due to their rities have become
healthy returns and low-correlatio Trevor Jones
markets. n with broader financial Product Specialist
Nephila Capital
At a time of increasing economic Ron DíVari
uncertainty, non-correlated investmen CEO
are entirely insulated from the gree ts – that is, those that
d and fear of traditional market cycle NewOak Capital
than ever in institutional portfolios s – make more sense
. But knowledge of ILS remains piece Mike Fasano
and Europe, and many Asian inves meal outside the States
tors have still not had the asset class President
satisfactory way. explained to them in a Fasano & Associates
John Wells
IQPC has been a pioneer of conferen Chairman
ces in this sector, helping to grow
bringing market participants into the asset class by Leadenhall Capital Partners
contact with a wide, diverse range
doing the same for Asia-Pacific, bring of investors. Now we’re
ing together an elite faculty of expe Robert Quinn
cat bonds, and risk-linked securities rts in life settlements, Vice President
for the benefit of Asian investors. Wells Fargo
Please take a moment to look throu Jeremy Leach
gh the attached agenda, and then Group Managing Director
me in Hong Kong this October – an make the decision to join
outstanding opportunity to enrich Managing Partners Ltd
important, non-correlated asset class your knowledge of this
.
Vince Granieri
CFO & Chief Actuary
Kind regards, 21st Services
Jack Kettler
CEO
21st Services
Jean-Michel Paul
Alex Simon CEO
Acheron Capital
Program Director, Finance Confere
nces
IQPC Arthur Bowen
Managing Director
Tranen Capital
Franz Schmidpeter
Managing Director
Augur Capital
Attendee Breakdown by Company Type: Attendee Breakdown by Region:
Eduard Held
■ 15% Institutional Investors ■ 38% Asia ex-Japan Head of Products
5 15 8 Perils AG
5
■ 32% Hedge Funds & other Asset 5 ■ 10% Japan
Management Groups 12 38
8 ■ 12% Australia Robin Willi
■ 16% Insurance and Reinsurance and New Chief Investment Officer
8 32 Rigi Capital Partners
Companies Zealand 20
8
■ 8% Banks ■ 20% USA 10 Franz-Philippe Przybyl
16 12
CEO
■ 8% Life Settlement Companies ■ 12% Europe AlphaBridge Capital
■ 8% Law Firms ■ 8% Persian Gulf States David Lalonde
■ 5% LE Providers & Underwriters Senior Vice President
AIR Worldwide
■ 5% Modeling Agencies
Roger Tafoya
■ 5% Other COO
ISC Services
2 www.ilsasiasummit.com | 1-800-882-8684
3. Pre-Conference Workshops
Wednesday, October 13, 2010
8:00 – 10:30 Registration at 7:30 (Coffee will be served)
A An Introduction to Life Settlements for Non-Specialist Investment Audiences:
Valuation, Longevity Risk, and Strategies for Portfolio Diversification
Investing in life settlements is a complicated business, with a number of critical risks that need to and currency risks
be addressed by the investor in order to maximize returns. This workshop will provide investors, • Examining popular strategies for creating reliably-performing life settlement portfolios
fund managers, and others involved in the life settlements space with the tools they need to
manage and reduce risk, whether it’s the risk of longevity, the risk of incorrect valuation, the risk How you will benefit:
of sub-optimal policy selection, as well as legal and liquidity risks. An unmissable workshop for • Invest in confidence
those seeking to invest with confidence! • Get a comprehensive understanding of the risks involved with investing in life settlements
before you commit capital
What you will learn: • Walk away with the most cost-effective strategies for reducing the riskiness of your life
• Life settlements defined settlement investments
• Identifying the parties in the transaction: the policy holder, the agent, the broker, the provider
• Identifying the parties that aid the transaction: the LE provider, the asset servicer, the law firm, Franz-Philippe Przybyl Roger Tafoya
the financing entity CEO COO
• Understanding the major risks involved in life settlements transactions: longevity, origination AlphaBridge Capital ISC Services
11:00 – 1:30 Registration at 10:30 (Lunch will be served
B Making Better Use of Catastrophe Models
Catastrophe models are a criticial part of the puzzle for investors in non-life ILS, but there are • Gain a better sense of the ways catastrophe models are used in the structuring – and
few outside the modeling agencies themselves who understand exactly how the models are choice – of cat bond triggers
designed. In this workshop, take a look “under the hood” of some of the world’s most
important and popular catastrophe models, and learn how to make better use of models in How you will benefit:
your investment calculations. • Learn what the implications are of discrepancies between different catastrophe models
• Become a more sophisticated cat bond investor by better understanding the relationship
What you will learn: between modeled values and cat bond pricing
• Understand how catastrophe models combine actuarial science, engineering, seismology,
metereology and expert opinion David Lalonde
• Examine the interrelationship between hazard, inventory and vulnerability values within cat Senior Vice President
models AIR Worldwide
2:00 – 4:30 Registration at 1:30
C The Science and Art of Medical Underwriting of Life Expectancy
Life expectancy is the single most important variable in the return from life settlement - Chronic Myelogenous Leukemia: The dramatic impact of Gleevec in extending
investments. Attendees at Mike Fasano’s dinner workshop will gain an understanding of the longevity
details of medical underwriting and life expectancy analysis that will allow them to make more • The need for diversification by impairment
informed investment decisions.
How you will benefit:
What you will learn: • Forecast longevity more effectively
• Examining the debit methodology - an application of actuarial science • Become a savvier life settlements investor
•
Converting excess mortality from research literature into debits, or percentages, that are •
Negotiate more effectively, and enhance your returns
applied to mortality tables
• Development of Mortality Tables: The importance of understanding differences in mortality Mike Fasano Hasan Qureshi
associated with different demographic profiles and different populations President Actuary
• Adjustments for risk factors and other clinical variables Fasano & Associates Fasano & Associates
• Research based clinical judgment – The combination of research literature and clinical,
medical experience: Dr. John Iacovino
• Examining the impact of drug and other treatment developments on longevity: Medical Director
- AIDS Fasano & Associates
5:00 – 7:30 Registration at 4:30
D Cocktail Reception (By Invitation Only)
Dr. John Iacovino
Medical Director
Fasano & Associate
Sponsors: 3
4. Main Conference Day One
Thursday, October 14, 2010
7:30 Registration & Coffee 12:30 Networking Luncheon for All Attendees
8:30 Chairperson’s Opening Remarks 1:30 Risk Management for Life Settlements:
Strategies for Mitigating Interest Rate,
8:45 KEYNOTE GUEST ADDRESS Currency, Credit, Origination and Longevity Risk
Demographics and Asian Pension Planning: • Understanding – and prioritizing – the risks associated with life
Navigating Risks and Liabilities settlement investment strategies
•
Identifying the factors that will have an impact on Asian •
Examining the policy selection process – safeguarding against
pension planning: insurable interest and other potential procurement issues
- Population growth •
The valuation process – how this can help to mitigate extended
- Changes in demographics and age distributions longevity risk in a life settlement portfolio
- Income and GDP shifts • Pan-Asian perspectives on the suitability of various fund
• Translating economic and demographic pressures into asset structures
allocation strategies for Asian pension plans • Liquidity risk – using synthetics to manage liquidity including
• Examining the role of alternatives in future pension fund how to hedge liquidity and currency/credit risks associated with
investment strategies a life settlement portfolio
Stuart Leckie Ron D’Vari
Chairman CEO
Stirling Financial NewOak Capital
Jeremy Leach
9:30 The Future of the Asia-Pacific Insurance Industry:
Group Managing Director
Understanding the Need for Leadership
Managing Partners Ltd
• Forecasting the future impact of climate change on the future
of the Asian insurance and reinsurance industries Vince Granieri
• Understanding the Prisoner’s Dilemma as it related to the Asian CFO & Chief Actuary
insurance industry 21st Services
• Examining the need for leadership from the Asian insurance industry
• How every Asian insurance company can become part of the solution 2:15 Separating Fact from Fiction:
The Top 10 Myths About Life Settlements
Rani Virdee • The top 5 positive myths about life settlements
Managing Director, Asia Pacific • The top 5 negative myths about life settlements
The CarbonNeutral Company • Understanding how both positive and negative myths about life
settlements are propagated by the media
10:15 Morning Networking Break
Robin Willi
11:00 Life Settlements – An Appropriate Asset Class Chief Investment Officer
for Asian Pension Plans? Rigi Capital Partners
• A closer look at the risk-reward profile of life settlements, and
their suitability for Asian pension plans 3:00 Asian Investment Perspectives on the Life
• Strategies for managing the asset-liability mismatch Settlements Value Proposition
• Clarifying the role that life settlements should play within an • Understanding the role played by life settlements within an
institutional portfolio institutional portfolio
•
Identifying cultural issues surrounding the asset class for an
Vince Granieri
Asian investor base
CFO & Chief Actuary • Media issues and problems of perception
21st Services • Concerns around poorly performing funds in Australia and
Jack Kettler other parts of Asia
CEO
Miodrag Janjusevic
21st Services
Chief Risk Officer
Roger Tafoya Sail Funds HK
COO
Amir Gal-Or
ISC Services
Managing Partner
Infinity Private Equity Hong Kong
11:45 An Introduction to Cat Bonds for Non-Specialist
Investment Audiences: Karl Anderson
Correlation, Diversification & Tail Risk Chief Analyst
• Catastrophe bonds defined Tranen Capital
• Identifying the parties within the transaction – the sponsor, the
Arthur Bowen
structurer, and the investors – and understanding their motivations
Managing Director
• Correlation: are cat bonds truly uncorrelated with broader
Tranen Capital
financial markets? If not, why not?
•
Getting to grips with optimal diversification strategies
3:45 Afternoon Networking Break
Trevor Jones
Product Specialist
Nephila Capital
4 www.ilsasiasummit.com | 1-800-882-8684
5. 4:30 Trends in Asian Life Expectancy: 1. What Asian Investors Need to Know about the State of
A Comparison with the United States US Life Settlements Regulation
• Defining key regulatory terms: STOLI and “insurable interest”
• Understanding how life expectancy trends are distributed across
• Understanding how life settlements regulation varies from state
Asia-Pacific
• Measuring the impact of “lifestyle Westernization” on Asian to state, and examining the implications for foreign purchasers
longevity trends of 2nd hand life insurance policies
• Regulatory changes on the horizon: the evolving dynamic
• Forecasting future life expectancy trends: should we expect
unstoppable LE extension, a levelling off, or a reversal? between the NAIC and NCOIL regulatory models, and the
• Identifying the major divergences between US and Asian possible involvement of the federal government
mortality behavior, and incorporating understanding of these
differences into life settlement investment strategies 2. Longevity Swaps
An Effective Risk Management Tool for Asian Pension Funds?
Mike Fasano • Examining the recent growth of the longevity swaps market in
President the United Kingdom
Fasano & Associates •
Comparing the situation of Asian pension funds with their
Dr. John Iacovino counterparts in the UK
• How suitable is the longevity swap transaction as a liability-
Medical Director, Senior Consultant
Fasano & Associates offload mechanism for Asian pension funds?
• Possible issues around counterparty credit risk and pricing
5:15 Interactive Champagne Roundtable Discussions
After a jam-packed day of big picture keynotes, panel discussions, case 3. Examining the Role of Development Banks in Promoting
studies, and presentations, ILS Asia gives you the chance to meet and Cat Bond Issuance in Asia
• Understanding the role of the World Bank in promoting cat
brainstorm with small groups of your peers during our interactive
champagne roundtable discussions. This is a great opportunity to make bond issuance in Asia
• Examining the prospects for sovereign cat bond issuance by the
valuable contacts from your area of interest, and to deep-dive into the
tricky details that you may have missed in the course of the day’s Philippines, Indonesia, China and India
• Development bank perspectives on the timelines for the development
sessions – all while sipping a chilled glass of bubbly!
of the market, and the most suitable categories of investor
Delegates will choose from the following roundtables.
Moderations are to be announced. For updates, please 4. Insurers’ Roundtable: Is ILS a Suitable Risk Management
check the website at www.ilsasiasummit.com. Tool for Asian Insurers?
• Comparing the risk management needs of Asian insurance
companies with their counterparts in Europe and the United States
• Identifying the unique advantages and disadvantages of ILS
from the perspectives of Asian insurers
• Regional perspectives on the choice of trigger: Modeling
challenges and the pros and cons of idemnity, parametric, and
hybrid loss triggers
• Considerations on the kinds of risk most suitable for
securitization in Asia
6:15 End of Main Conference Day One
Main Conference Day Two
Friday, October 15, 2010
7:45 Registration & Coffee 9:30 The Role of the Reinsurer in a Cat Bond
Transaction: An Introduction for Asian
8:30 Chairperson’s Opening Remarks Insurance Companies
• Examining the role of the reinsurance company with a cat bond
8:45 KEYNOTE ADDRESS transaction
Climate Change and Asia-Pacific: • Evaluating the suitability of cat bonds for Asian insurance companies
Examining the Likely Geographical Distribution • A closer look at recent Japanese ILS transactions:
of Climate-Related Impacts - Muteki by Zenkyoren in May 2008
• Examining the current state of climate change science regarding - Midori by JR East in October 2007
impacts across Asia-Pacific • Considerations on trigger structures and collateral arrangements
• Identifying the major sources of disagreement and uncertainty
Andreas Muller
regarding climate models
Head of Origination, Distribution & ILS Investments
• Understanding the implications for insurance companies and
Munich Re
governments on a country-by-country basis
Junji Hatano 10:15 Morning Networking Break
Chairman and CEO
Carbon Partners Asiatica
Sponsors: 5
7. About Our Sponsors
Augur Capital has two business segments: insurance arbitrage & Based in Minneapolis, Minnesota, we offer quality diagnostics through a team of
private equity Augur Capital acts as an asset manager and experienced underwriters and cutting-edge proprietary software that provides industry-
investment advisor for US and German life insurance policies. leading senior diagnostics.
Augur issued a couple of funds investing in US and German life policies. With it´s www.21stservices.com
worldwide partners and investments (e.g. cash.life, the market leader in German
secondary life insurance policies) Augur offers unique services as an independent asset ISC Services was founded in 2005 with the goal of becoming the
manager to investors. In the private equity sector Augur Capital is Germany’s leading “market leader” in providing high quality, customized life expectancy
firm with focus on investments in banks, insurance companies and other financial assessments. To support this effort, ISC Services assembled a team of
services business in Europe. experienced and highly qualified medical underwriters, physicians and actuaries whose
www.augurcapital.com primary goal is to deliver consistently accurate assessments using the strictest quality
control methods. To support of its professional staff, ISC Services has developed a
Wells Fargo is a leading provider of collateral solutions in the ILS space. In proprietary LE calculator, an electronic underwriting manual, and a software system to
the past five years Wells Fargo has established billions of dollars of trust efficiently manage the flow of business and create seamless and secure
accounts used in lieu of insurance and ILS related letters of credit. Our trust communications. ISC Services is unique in its ability to use table ratings, extra deaths,
team is dedicated to the insurance and ILS trust concept and work only on temporary flat extras, and to provide individual mortality based on impairment specific
such transactions. Key to our success is our desire not only to understand the trust curves. ISC Services calculator includes the unique capabilities to “wear off" the excess
concept, but also to understand the business behind the transactions for which we are mortality and correctly "age-up" LEs by reentering the mortality curve, at the right
asked to be trustee. Additionally, our deposit product options give our clients an time, when re-dating an LE.
enhanced rate of return and the safety and liquidity required in these transactions www.iscservices.com
while keeping their money safe and free from market value fluctuations. To discuss
our trust product with Wells Fargo directly please contact Robert Quinn at Nephila was founded in London by Frank Majors and Greg Hagood in
robert.g.quinn@wellsfargo.com. 1997 as part of Willis Limited, the world’s third largest reinsurance broker.
www.wellsfargo.com As part of its growth strategy, the company relocated to Bermuda in 1999
to establish a local presence and to deepen existing relationships in the world's largest
Utilizing the various benefits of Life Insurance products, Tranen catastrophe reinsurance center.
Capital operates a diversified strategy by managing variables of The investment philosophy is based on the premise that institutional investors are
value, contestability and projected maturities, carrying the strategy forward by attracted to the non-correlated, relatively high-yielding returns offered by insurance
selecting from two options of the realization of profits, being a classic buy and hold linked instruments. The instruments in which Nephila invests have evolved over time,
strategy, where policies would be held until maturity, and an alternative arrangement along with investors’ risk appetite. The company currently manages multiple
whereby policies are structured as managed portfolios for resale into the secondary investment vehicles and managed accounts exclusively for sophisticated institutional
market. While we are constantly seeking to improve and develop our methodology, investors.
our primary focus remains on the twin-pillars of risk management and capital In addition to insurance linked instruments (which are predominantly focused on
preservation. Our philosophy is based upon a preference for consistency and natural catastrophe risk) the company has been trading weather risk since 2000 and
sustainable growth while reducing volatility and aggressive, short-term tactics. launched a dedicated weather vehicle in 2005.
www.tranencapital.com www.nephila.com
Managing Partners Limited (MPL) is a highly Established in 1971 the Bermuda Stock Exchange (BSX) is now the world’s
reputable, multi-disciplined investment house that leading fully electronic offshore securities market, with a current market
specialises in managing alternative assets classes. capitalization (excluding mutual funds) in excess of US$200 billion.
MPL is a market leader in the field of traded policy funds (in particular TLPs) an asset There are 650 securities listed on the BSX of which nearly 350 are
class that is renowned for its low risk, inherent guarantees and balanced growth offshore funds and alternative investment structures. Trading occurs daily
characteristics. The board of MPL and it subsidiaries has over 70 years’ collective and settlement on a rolling T+3 basis using BEST, the BSX’s Central Limit Order Book
experience in asset and fund management. MPL is registered in the Cayman Islands trading mechanism which is tightly integrated with the Exchange’s clearing,
where it is recognised by the Cayman Islands Monetary Authority as a Fund Manager settlement and depository platforms. The success of the BSX lies in its innovative
where it manages a number of collective investment schemes and regulated mutual approach to new products and markets and its ability to offer a ‘commercially
funds. MPL has offices in mainland Europe and the City of London where its sensible’ regulatory environment. The Exchange specializes in listing and trading of
subsidiary, MPL Investment Management Limited is based. MPL Investment capital market instruments such as equities, debt issues, funds (including Hedge Fund
Management Limited is regulated by the Financial Services Authority by virtue of being structures), derivative warrant programmes and Insurance Linked Securities, including
the Appointed Representative of Sturgeon Ventures LLP. Catastrophe Bonds.
www.managing-partners.com www.bsx.com
21st Services was created in 1998 with the goal of creating a new
standard of excellence in life expectancy analysis. Fasano Associates is a leading underwriting firm, serving the life,
To accomplish this goal, 21st Services produced the first-ever annuity and life settlement markets, with particular expertise in
software program for evaluating life expectancies. This innovative over-65 and impaired life mortality. Fasano’s estimates of life expectancy are considered
product helped transform the evaluation process from a subjective "guess" to a more the most accurate in life settlement market, with an Actual to Expected accuracy ratio
objective, consistent methodology. Since then, 21st Services has continued to innovate of 96% estimated in two successive independent actuarial evaluations. Contact Fasano
and refine the evaluation process. Now 21st is expanding its service in new markets. at www.fasanoassociates.com.
Sponsorship And Exhibition Opportunities
Sponsorships and exhibits are excellent opportunities for your company to showcase its products and services to high-level, targeted decision-makers
attending the Insurance Linked Securities Summit Asia. IQPC and Finance IQ help companies like yours achieve important sales, marketing and
branding objectives by setting aside a limited number of event sponsorships and exhibit spaces – all of which are tailored to assist your organization
in creating a platform to maximize its exposure.
For more information on sponsoring or exhibiting at the Insurance Linked Securities Summit Asia, please contact Mario Matulich at +1 212-885-2719
or sponsorship@iqpc.com.
Media Partners
Sponsors: 7
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An Introduction to Life Settlements and Cat October 13 – 15, 2010
Bonds for Asia-Pacific Investors Hong Kong
Sponsors:
1-800-882-8684 • www.ilsasiasummit.com
