Nassim Nicholas Taleb spent 21 years as a risk taker (quantitative trader) before becoming a researcher in philosophical, mathematical and (mostly) practical problems with probability.
Taleb is the author of a multivolume essay, the Incerto (The Black Swan, Fooled by Randomness, and Antifragile) covering broad facets of uncertainty. It has been translated into 36 languages.
In addition to his trader life, Taleb has also written, as a backup of the Incerto, more than 50 scholarly papers in statistical physics, statistics, philosophy, ethics, economics, international affairs, and quantitative finance, all around the notion of risk and probability.
Taleb is currently Distinguished Professor of Risk Engineering at NYU's Tandon School of Engineering (only a quarter time position). His current focus is on the properties of systems that can handle disorder ("antifragile").
Taleb refuses all honors and anything that "turns knowledge into a spectator sport".
Taleb traveled the conventional route of education to real-life and theory to practice in inverse sequence from the common one, moving from the practical to the philosophical to the mathematical. He started as a trader, then got a doctorate in mid-trading career; he wrote literary books before writing technical papers, and his work became progressively more technical and formal with time.
Sponsor: Aon Insurance Managers (Bermuda) Ltd.
Join us for a networking reception at the Royal Bermuda Yacht Club (RBYC). Established in 1844, the RBYC is an important part of Bermuda’s history and boasts an extensive collection of maritime history. Enjoy the beautiful views of Hamilton Harbour at sunset from the Club’s terrace, accompanied by the soothing sounds of local Tropicana Steel Pan. For guests staying at the Fairmont Southampton, enjoy the quick boat shuttle service provided to and from the reception.
Boat Shuttle Times:
Fairmont Southampton Hotel
4:45 pm Boat will depart from Waterlot Dock
7:30 pm Boat will return to Waterlot Dock
Please arrive early for departure times as boat will leave on schedule.
Breakfast & Registration
Sponsors: LOGiQ3 Group
Keynote Address: Risk and Fragility
Why do long-term insurers have a much better track record than the finance industry in managing, structuring, and distributing risks? Taleb will present the main traps in empiricism which consists of building risk models on the wrong type of variables. The session will also highlight the defects of Value at Risk (“Var”), which can be shown to increase exposure to tail risks. Alternatively, Taleb will explore the concept of fragility as a more robust notion than “risk”, both operationally and analytically, as well as the associated notion of antifragility, the ability to grow from disorder.
Speaker: Nassim Nicholas Taleb
Changing Accounting Standards: Understanding the Implications for Long-Term Business
During the next few years IFRS and US GAAP accounting for long-term products will undergo significant change. Attempts to converge these standards have stalled and thus both the US FASB and IASB are issuing new standards for long duration contracts. Panelists in this session will highlight the impending changes for each regime and examine the significant impacts to the long-term industry.
Moderator: Stewart Ritchie, PwC
Presenters: William Hines, Milliman; Sean Kelly, PwC
Sponsor: Marsh Management Services (Bermuda) Ltd.
The Rise of Insurance Innovation and InsurTechs
There has been major growth and attention recently placed on innovation in our industry, with an estimated $1.7B being invested across 173 insurance tech startups in 2016. Join the panel experts in an invigorating and interactive discussion to gain insight into the current investment landscape in insurtech/fintech, what companies are doing to pivot and evolve, and how insurtechs are meeting the demands of today’s consumers.
Moderator: Chris Murumets, LOGiQ3 Group
Speakers: Chris Jones, Blake, Cassels & Graydon LLP; Dustin Yoder, Sureify
Effective legal counsel works with a company’s risk practitioners to understand the underlying issues and produce viable, tangible solutions needed to implement a successful reinsurance agreement. This session will examine the challenges of today’s modern and complex reinsurance treaties covering long-term liabilities, and provide legal perspective on the most common and significant issues that arise during negotiations.
Speakers: Scott D. Silverman, Global Atlantic Re Limited; Thomas M. Kelly, Debevoise & Plimpton LLP
Bermuda Monetary Authority Update
Hear the latest from the BMA on the continuing evolution of the BSCR framework and its ongoing collaboration at the supervisory colleges.
Speakers: Craig Swan, Ricardo Garcia, Gary Thomas, BMA
Networking Reception: The Dock at Waterlot Inn
Join us for a networking reception at this scenic waterside lounge. The reception will be a great opportunity to meet with your peers and expand your contacts throughout Bermuda’s long-term insurance and reinsurance sector.
Sponsor: Athene Life Re Ltd.
Wi-Fi and AV Sponsor: PwC
We invite you to attend this unique event focused on the long-term reinsurance industry in Bermuda. Hear from leading industry experts about key trends and policies impacting your business, and earn up to six hours of actuarial and accounting CPD credit.
Bermuda International Long Term Insurers and Reinsurers (BILTIR) was created to serve as a formal association representing the long-term insurers and reinsurers in Bermuda.
The primary focus of BILTIR is to act as an advocate for Bermuda’s life and annuity industry for public policy that supports the industry marketplace, including regulatory requirements, other Bermuda Monetary Authority or Bermuda government issues, and tax matters with various jurisdictions. BILTIR strives to provide a consistent and coherent voice for concerns of the long-term (re)insurance sector in Bermuda.
The Fairmont Southampton
Guest Rooms Rates $209
(ROOMS MUST BE BOOKED BY AUGUST 25, 2017 TO RECEIVE CONFERENCE RATE)
Tel: 866 540 4497
Maps & Directions
101 South Shore Road
Southampton, Bermuda SN02