Insurance Director Boot Camp Agenda (updated April 20, 2022)

July 19 -21, 2022
St. John's University Astor Place Campus
New York, New York

Tuesday, July 19, 2022

8:30 - 8:40
8:40 - 9:45
9:45 – 10:45
10:45 – 11:00
11:00- 12:15
12:15 – 1:30
1:30 – 2:30
2:30 – 3:30
3:30 – 3:45
3:45– 4:45
4:45 - 5:30
4:45 – 6:00
7:00 PM

Introduction and Program Overview

Stan Galanski; G58 Capital

The State of the Global Property/ Casualty Industry - (Michael Lagomarsino, AM Best)

This session provides attendees with an understanding of the size and scope of the industry, depicting industry composition, financial performance, trends in premium growth and policyholder surplus, major classes of business, emerging issues, and critical challenges.

Property: What You Don't Know About Managing Aggregates and Cat Models Can Hurt You (speakers to be announced shortly)

Insured natural catastrophe losses topped $116 billion in 2021. Property catastrophe exposures continue to grow as climate change contributes to increasingly large and frequent natural catastrophe claims globally. As insurers look beyond traditional reinsurance to manage the volatility of natural cat claims, the property cat bond market will exceed $12.8 billion in 2021. This session covers what you need to know about managing property exposure: cat models, aggregation, and how insurers can best protect their balance sheet against the volatility of natural catastrophe losses,

Networking break

Adequacy of Casualty Reserves: Everything You Wanted to Know About Actuarial Analysis but were Afraid to Ask (Albert J. Beer, Assistant Professor, St. John's University)

This session will focus on the various actuarial methodologies in establishing loss reserves; understanding loss development patterns, evaluating actuarial reserving triangles; and utilizing pricing studies to improve results.

Working Lunch: Relationship with the Rating Agencies – (Jieqiu Fan, Senior Financial Analyst, AM Best; Ciro DeFalco, G58 Advisors)

What are the role and operations of rating agencies, how can insurers most effectively communicate with rating agencies, what are the key factors in determining the financial strength ratings of insurers, and the emerging trends impacting rating?

Capital Modeling (speakers to be announced shortly)

What is a capital model? How are models integrated into decision-making within successful insurance companies? How can the capital model help the board in setting and modifying strategy?

Determining the Cost of Capital (speakers to be announced shortly)

This session discusses optimization of capital, including traditional sources of capital – policyholder surplus and reinsurance – as well as alternative sources of capital such as catastrophe bonds and insurance-linked securities

Networking Break

Enlightened Audit Committee Practices (Suzanne Soos, Partner, KPMG; Karin Hirtler Garvey, Director, USAA and Coaction Specialty; Nora Crouch, Director, Richmond National)

This session will focus on the Audit Committee's relationship and interaction with the CFO, external auditor and internal audit with an objective of maximizing integrity in financial reporting and transparency. The discussion will highlight the current and emerging priorities of Audit Committee members of property/casualty insurers.

Ten Things to Look for in your Audit Report (Rich Mayock, Partner, PWC)

This presentation is a primer on red flags and warning sides contained in the report of the external auditor.

Understanding Regulation: State; Federal; Global (Howard Mills, Senior Advisor, McKinsey & Company; Maureen Brundage, Director, Mapfre)

What are the critical issues in the mind of state regulators? How is the federal government balancing its involvement from TRIA to Federal Flood? What is happening outside of the U.S., and how does it impact my company?

Cocktails and Dinner with Guest Speaker Matt Mosher, President and CEO, A.M. Best

Wednesday, July 20, 2022

8:30 – 9:30
10:30– 10:45
10:45– 11:30
11:30 – 12:15
12:15– 2:00
2:00 - 3:00
3:00– 3:15
3:15 – 4:15
4:15- 5:15
5:15– 6:15
6:30 - 8:30

Benchmarking Operating Costs (Charles Gall, Associate Partner, Ward Benchmarking)

How does the cost structure of my company compare against the industry? How do we compare to our peers in specific areas ranging from finance to claims to information technology spending?

Cybersecurity - What Every Director Should Know (Mark Browne, Faculty Chair, St. John's University; Philip Edmundson, Founder and CEO, Corvus Insurance; William Altman, Principal Cyber Security Consultant, CyberCube)

How can the board be assured that the cyber risks of the company have been identified and quantified? What are the current best practices? How can the board assure compliance with relevant regulatory requirements regarding data privacy?

Networking Break

Your Claims Organization: Cost of Doing Business or Competitive Advantage (Jim Porcari, Insurance Resources International; Richard Poirier, President and CEO, Church Mutual Insurance Company)

What are the best metrics for your organization? Combined ratio? Return on Equity? Net Income? Return on risk-Adjusted capital? Growth in Book Value? What behaviors and outcomes are you seeking to incentivize?

Risk vs. Reward: Benchmarking Your Investment Portfolio (William Rotatori, Chairman and CEO, New England Asset Management)

How does your investment portfolio compare to the industry in terms of asset allocation, duration, and level of risk? Does your investment strategy support your financial objectives- growth in book value versus quarterly earnings.? How can the board determine risk tolerance and measure risk in the portfolio?

Working Lunch –Deploying Tomorrow's Technology Today (William Bloom, Director, Duck Creek Technologies; Gail McGiffin, GEM Advisors)

What are market-leading technologies today that have the potential to be game-changers? What are the most important trends in Information Technology investment? What questions should I be asking the CIO?

The Value of a Strong Underwriting Culture (Elizabeth Mitchell, Director,Selective Insurance; Patty Roberts, Director, James River Group Holdings; Christine LaSale, Diretor, Beazley, PLC)

What are the techniques of underwriting risk, both on an individual risk basis and across a portfolio, to optimize underwriting results; how are data and analytics changing the underwriting process? How can directors best assess the quality and efficacy of underwriting in the organization?

Networking Break

Innovation through Data and Analytics ( Maroun Mourad, President, Life & Growth Markets, Verisk; Adam Kornick, President of Insuretech, Porch Group; John Lucker, Chief Strategy & Analytics Officer, Universal Fire & Casualty))

Insurers are in the business of paying claims, with loss payments having by far the largest impact on an insurer's financial performance. Is your claims organization seem like a competitive advantage, both internally and by your customers? How can directors assess the operating efficiency and effectiveness of your claims personnel?

Enterprise Risk Management Priorities (Dr. Paul Walker, Executive Director, Center for Excellence in ERM, St. John's University; Arya Yarpezeshkan, Chief Risk Officer, Global Specialty, AIG)

What is the Board's role in managing enterprise risk? What is an appropriate risk appetite? How does the Board assess, evaluate and prioritize risks facing the business?

When Things Go Wrong - Navigating Troubled Waters (Sam Liss, Director, Argo Group and Verisk Analytics; LoriAnn Lowery-Biggers, Director, Copper Point Mutual)

Earnings miss? Adverse loss development? Ratings downgrade? Activist investor? How can the Board interact with management, investors and other stakeholders during a crisis?

Cocktails and Dinner with Brian Duperreault, former Chairman and CEO American International Group, Ace Ltd. and former President and CEO Marsh & McLennan Companies

Thursday, July 21, 2022

8:30 – 9:15
9:15 – 10:15
10:15- 10:30
10:30 – 11:15
11:15 – 12:15
12:15 – 1:45
1:45– 2:45
2:45 – 3:45

The Board's Role in Culture and Tone at the Top (LoriAnn Lowery-Biggers, Director, Copper Point Mutual; Maureen Brundage, Director, Mapfre; Sue Davies, Chief Human Resources Officer, Markel Corp.)

Successful insurers have a strong culture that emphasizes core values such as professionalism, integrity, technical expertise, respect, and teamwork. What is the board's role in creating, monitoring, and maintaining a healthy corporate culture?

Pay for Performance: Trends in Executive Compensation (Denise Lowsley, Chief People Officer, Hanover Insurance; Joe Mallin, Partner, Pay Governance)

What are the latest trends in executive compensation; what is fair to shareholders? What is the proper balance between executive compensation compared to the overall employee universe;

Networking Break

Maintaining the Talent Pool: CEO, Executive, and Board Succession (Greg Jacobson, CEO, The Jacobson Group; LoriAnn Lowery-Biggers, Director, Copper Point Mutual; Dom Addesso, Board Chair, BMS Re and Clearview Risk)

What are the best practices in developing executive talent; what should a succession plan look like; how should the board participate in the development of executive leadership style and skills; and what about Director succession?

The Board's Role in Executing ESG Strategy (Andrea Keenan, EVP, A.M. Best; Thomas N. Kelly, Partner, KPMG)

ESG strategy goes far beyond not investing in companies with poor environmental track records. Investors and internal stakeholders are driving an increased focus on environmental concerns ranging from the carbon footprint to the use of renewable energy – but also on social and governance issues involving hiring, advancement; working conditions; and the composition of management and the board. Is your board a leader or laggard?

Working Lunch: Diversity, Equity and Inclusion: Implications on Talent and Culture (Brett Carter, Jacobson Associates; Ivy Kudsinga, Chief Culture and Talent Officer, Chubb)

Understanding "Alternative" Markets: Excess & Surplus Lines (E&S), Lloyd's and the Managing General Agents (Brian Brown, FCAS, MAAA, Milliman; Hank Watkins, Regional Director & President , The Americas, Lloyd's; Brian Cohen, CEO, Arden Insurance Services)

Often called the "safety valve" of the insurance industry, surplus lines insurers have traditionally filled the need in the market by covering risks declined by admitted insurers. It is a $70 billion market and growing. How does it work, and what's ahead? Lloyds of London is the largest insurer in that market, while Managing General Agents continue to their role and relevance in the global market.

Mergers & Acquisitions: Value Creator or Destroyer? (Scott Littlejohn, Head of Insurance and Investment Banking - Americas, Deutsche Bank)

Broker and MGA acquisitions continue at unprecedented levels of valuation. "Hard market" growth has reduced the pressure on insurers to acquire or merge. What is your company's M&A strategy, and is it fit for purpose?

Wrap Up and Depart