2017 BERMUDA INTERNATIONAL

LIFE & ANNUITY CONFERENCE

 
 

PROGRAM HIGHLIGHTS

KEYNOTE SPEAKER

irrational lab medium 002Nassim Nicholas Taleb

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.

 

MONDAY, SEPTEMBER 18, 2017, 5:30 pm - 7:30 pm - WELCOME RECEPTION

Royal Bermuda Yacht Club

Sunset photo 3Sponsor: 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.

 

 

AGENDA TUESDAY, SEPTEMBER 19, 2017

Tuesday September 19, 2017

8:00-9:00am

Breakfast & Registration

Sponsors: LOGiQ3 Group

 

 

9:00-10:30am

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

 

 

10:30-11:00am

Networking Break

Sponsor: EY

 

 

11:00-12:00pm

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

 

 

12:00-1:00pm

Lunch

Sponsor: Marsh Management Services (Bermuda) Ltd.

 

 

1:00-2:30pm

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

 

 

2:30-3:00pm

Networking Break

Sponsor: EY

 

 

3:00-4:00pm

Legally Speaking

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

 

 

4:00-5:00pm

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

 

 

5:00-6:30pm

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

 

 

Register

 

BERMUDA INTERNATIONAL LONG TERM INSURERS AND REINSURERS

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.

 
 

About Us

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.

HOTEL INFORMATION

The Fairmont Southampton

http://www.fairmont.com/southampton-bermuda/

southampton@fairmont.com

Guest Rooms Rates $209
(ROOMS MUST BE BOOKED BY AUGUST 25, 2017 TO RECEIVE CONFERENCE RATE)

Room Reservations

https://aws.passkey.com/go/biltir2017


Tel:  866 540 4497


Maps & Directions

101 South Shore Road

Southampton, Bermuda SN02

2017 Conference Sponsors