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

 

 

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

 
 

2018 BERMUDA INTERNATIONAL

LIFE & ANNUITY CONFERENCE

 

Register

 

BILTIR non-members $750

 

 

PROGRAM HIGHLIGHTS

Morning Keynote Address: Generations and the Rhythms of History

howeNeil Howe

Neil Howe is President of LifeCourse Associates and the Demography sector head at Hedgeye Risk Management, an independent financial research firm. Howe is a renowned authority on generations and social change in America. An acclaimed bestselling author and speaker, he is the nation’s leading thinker on today’s generations—who they are, what motivates them, and how they will shape America’s future.


A historian, economist, and demographer, Howe is also a recognized authority on global aging, long-term fiscal policy, and migration. He is currently a senior associate at the Center for Strategic and International Studies (CSIS) and the Global Aging Institute, both in Washington D.C. Howe has co-authored numerous studies for CSIS (including the Aging Vulnerability Index and pioneering studies on pension reform in China and South Korea).


Howe has written over a dozen books on generations, demographic change, and fiscal policy, many of them with William Strauss. Howe and Strauss’ first book, Generations (1991), is a history of America told as a sequence of generational biographies. Vice President Al Gore called it “the most stimulating book on American history that I have ever read” and sent a copy to every member of Congress. Newt Gingrich called it “an intellectual tour de force.” Of their book The Fourth Turning (1997), The Boston Globe wrote, “If Howe and Strauss are right, they will take their place among the great American prophets.”


Howe and Strauss originally coined the term “Millennial Generation” in 1991, and wrote the pioneering book on this generation, Millennials Rising (2000). His work has been featured frequently by media outlets including The Washington Post, The New York Times, CNN, and CBS’ 60 Minutes.

 

Previous works include On Borrowed Time (1989; reissued 2004), a pioneering call for budgetary reform Howe co-authored with Peter G. Peterson, as well as The Graying of the Great Powers (2008) with Richard Jackson.

 

Howe received his B.A. at U.C. Berkeley and later earned graduate degrees in economics and history from Yale University.

 

 

Afternoon Keynote Address: Reaffirming Our Purpose

jordanJoe Jordan

Joe Jordan, inspirational speaker and behavioral finance expert, is the author of the award-winning book Living a Life of Significance. The book has sold over 100,000 copies, is translated in five languages and was featured in Nick Murray’s “The Advisor’s Essential Library.”


Formerly, Joe ran insurance sales at Paine Webber and more recently was a senior vice president at MetLife. He was responsible for retail product development and started their fee-based financial planning program and behavioral finance department.


Joe is also a founder of the Insured Retirement Institute and has been featured on the cover of Life Insurance Selling magazine.


For three consecutive years, he has been honored by Irish America magazine as one of the “Top 50 Irish Americans on Wall Street.”

 

He was inducted into the Fordham Football Hall of Fame and has played rugby for the New York Athletic Club for 30 years. 

 

WEDNESDAY, SEPTEMBER 26, 2018, 5:30 pm - 7:30 pm - WELCOME RECEPTION

Hamilton Princess Marina

2018 boatSponsor: Aon Insurance Managers (Bermuda) Ltd.

Join us for a networking reception at the Hamilton Princess Marina. Enjoy the breath-taking views of Hamilton Harbour at sunset accompanied by the soothing sounds of a local steel pan musician. For guests staying at 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 THURSDAY, SEPTEMBER 27, 2018

Thursday, September 27, 2018

8:00-9:00am

Breakfast & Conference Registration

Sponsors: LOGiQ3 Group

 

 

9:00-10:30am

Generations and the Rhythms of History: What’s Ahead for Our Lifestyles, Our Workstyles, and Our Financial Assets

Successive generations don’t think or act the same way at the same age-about politics, consumption, saving, employment, or retirement. There is in fact a long-term rhythm of history, set in motion by generational change, which promises to upend civic life and accelerate history over the next decade. Combined with massive global demographic aging in the 2020s, this rhythm will have a huge impact on financial markets and attitudes toward risk. Neil Howe will take us through the lives of today’s living American generations-Silent, Boomers, Xers, Millennials, and beyond. And he will explain how each is transforming its new phase of life and how investors can best mitigate risk and seize the opportunities presented by the challenges they will all encounter.

Speaker: Neil Howe

 

 

10:30-11:00am

Networking Break

Sponsor: EY

 

 

11:00-12:00pm

Energy Economics

Given the complexity and interconnectedness of today’s global markets, changes in the underlying drivers of an economy, such as interest rates or energy prices, can start a chain reaction with unpredictable outcomes. In this session Gail Tverberg will look at the health of today’s economy by examining the interdependent relationships between the cost of energy, interest rates, and current sovereign debt levels. The session will introduce important fundamental concepts related to the supply, demand, and cost of energy that are essential components to improving economic forecasting.

Speaker: Gail Tverberg

 

 

12:00-1:00pm

Lunch

Sponsor: Marsh Management Services (Bermuda) Ltd.

 

 

1:00-2:30pm

Reaffirming Our Purpose

As baby-boomers enter retirement, the U.S. and many European countries are facing unprecedented economic and social changes. Many of these individuals are grossly unprepared for retirement and face considerable uncertainty around the future levels of government-sponsored retirement programs. In this session Joe Jordan brings a passionate reminder that the life insurance industry is the only industry capable of meeting this challenge with proven solutions. Through the products we offer, retirees can secure their independence, their dignity, and their legacy. This session will highlight the intrinsic value of our industry and rekindle the audience’s commitment and passion for developing innovative product solutions and maintaining the financial strength of our industry.

Speaker: Joe Jordan

 

 

2:30-3:00pm

Networking Break

Sponsor: EY

 

 

3:00-4:00pm

Emergence of ILS in the Life Industry

Insurance-Linked Securities (‘ILS’) have long been an integral part of the non-life insurance industry, however more recently ILS has started to make an impact on the life industry. In this session a panel of experts will provide an update of the ILS market and discuss how ILS life funds are deploying capital within the life insurance and reinsurance sector.

Moderator: Anup Seth, Aon

Panel:  Jasdeep Singh, Aon; Luca Tres, Securis ILS Management Ltd.; Casper Young, Legal & General Re.; Marcel Grandi, Credit Suisse ILS

 

 

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 Great Sound Lawn

Join us for a networking reception overlooking Bermuda’s extraordinary Great Sound, with picturesque views stretching to the western end of the Island. 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

 

BILTIR non-members $750 

 

BERMUDA INTERNATIONAL LONG TERM INSURERS AND REINSURERS

Welcome to 2018 Bermuda International Life and Annuity Conference sponsored by Bermuda International Long Term Insurers and Reinsurers. This is our fifth annual conference that is uniquely focused on the long-term insurance industry in Bermuda. Apart from the many excellent networking opportunities, the event features leading industry experts and stimulating panel discussions. The conference will provide you with insight on the latest trends and issues facing the industry and your company.

 

Earn up to six hours of actuarial and accounting professional development credit. Enjoy the conference and thank you for joining us.

 
 

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, 2018 TO RECEIVE CONFERENCE RATE)

Room Reservations

https://aws.passkey.com/go/biltir2018


Tel:  866 540 4497


Maps & Directions

101 South Shore Road

Southampton, Bermuda SN02

2017 Conference Sponsors