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Exposures and Experiences In the London Market

Casualty Actuaries in Reinsurance Seminar on Reinsurance Robin N. Murray, FCAS, MAAA June 7-8, 2004 . Exposures and Experiences In the London Market. 2004 Towers Perrin. Agenda . Employers in the London Market Roles for Actuaries Exposures Experiences Repatriation.

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Exposures and Experiences In the London Market

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  1. Casualty Actuaries in Reinsurance Seminar on Reinsurance Robin N. Murray, FCAS, MAAA June 7-8, 2004 Exposures and Experiences In the London Market • 2004 Towers Perrin

  2. Agenda • Employers in the London Market • Roles for Actuaries • Exposures • Experiences • Repatriation • 2004 Towers Perrin

  3. Employers in the London Market • Underwriting Organizations • Lloyd’s • Company Markets • Intermediaries • Reinsurance Brokers • Managing General Underwriters • Consultants • Actuarial • Catastrophe Modeling

  4. Roles for Actuaries • Pricing and Underwriting • Reserving and Financial Reporting • Financial Planning and Modeling • Systems Development • Strategic and Operational Leadership

  5. Exposures by Distribution Source • Insurance Exposures • Open Market Risks • U.S. Binders/Lineslips/Programs • UK Programs • UK Direct Exposures • International Programs • Reinsurance Exposures • Traditional Insurers • U.S. and Canada • Europe • Middle East • Japan • Captive Insurers • Specialty Insurers

  6. Exposures by Class of Business • Capacity Risks • Directors & Officers/Errors & Omissions • Catastrophe Risks • Marine • Energy • Aviation • Property • Surplus Lines • Casualty risks • Property risks • Specialized Underwriting • Terrorism • Political Risk • Fine Art

  7. Experiences • Proximity of market participants in the City • Face-to-face communications more common between market participants • Exposures rarely seen/underwritten by insurance professionals in the U.S. • Distance between underwriter and original risk in U.S. or elsewhere • Subscription market characteristics and impact on risk selection • Actuarial staff selection and competencies • Supply and demand for actuarial talent • Implementation of pricing controls • Introduction of internal underwriting/pricing audits • Analysis of market cycle by class of business and benchmarking • Use of management information from pricing as input to planning/forecasting

  8. Coming home . . . • Perspective on • People • Risk • Insurance Cycle • Next time around?

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