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Insurance Valuation - September 2013  -  September 10-12, 2013

8:00 am

DAY ONE - Tuesday, September 10 - Life Program

  • Registration and continental breakfast open for all attendees 
9:00 am

Valuing Life Insurers

  • How life insurers make money
  • Life insurance financial statements: identifying key ratios, line items and disclosures
  • U.S. GAAP vs. statutory accounting
  • Key accounting rules that apply to life insurers
  • Drivers of value
  • Current state of the industry
  • Evaluating the quality of the balance sheet and earnings
  • Market valuation techniques: identifying key multiples, selecting comparables
  • Intrinsic value approaches: actuarial valuation and embedded value
12:00 pm

Lunch

1:00 pm

Actuarial Valuation

  • Assessing methodologies and evaluating results
  • Key assumptions and sensitivities
  • Actuarial valuation case study
2:30 pm

Break

2:45 pm

Life Intrinsic Valuation, Walk Through of Actuarial Valuation, and Life Exercise

3:45 pm

American Equity Case Study

  • A practical application of the concepts and techniques discussed
8:00 am

DAY TWO - Wednesday, September 11 - P&C Program

  • Registration opens for P&C attendees only
  • Continental breakfast opens for all attendees
8:30 am

Introductions/Review of Overview & Questions

9:00 am

Valuing P&C Insurers Part I

  • The P&C business model
  • P&C company financial statements: identifying key ratios, line items, and disclosures
  • U.S. GAAP vs. statutory accounting
  • Drivers of value
  • Evaluating the quality of the balance sheet and earnings
  • The impact of reinsurance on financial statements
  • Market valuation techniques: identifying key multiples, selecting comparables
  • Calculating forecasted Book Value/Share
10:30 am

Break

10:45 am

Valuing P&C Insurers Part I (cont.)

1:00 pm

Lunch

2:00 pm

Valuing P&C Insurers Part I (cont.)

3:00 pm

Break

3:15 pm

Endurance Case Study: Market Valuation of a P&C Insurer

  • A case study in market valuation
8:30 am

DAY THREE - Thursday, September 12 - P&C Program (cont.)

  • Continental breakfast opens 
9:00 am

Valuing P&C Insurers Part II

10:30 am

Break

10:45 am

Actuarial Model and Dividend Discount Model

1:00 pm

Lunch

2:00 pm

Bristol West Case Study: Market Valuation & Dividend Discount Modeling

5:00 pm

Conclusion of Seminar

Jukka Lipponen, CFA
President, Independent Insurance Analysts LLC

As President of Independent Insurance Analysts, Jukka has more than 20 years of experience in insurance and financial services. He currently provides independent investment analysis and credit research on life and P&C companies to institutional investors, as well as buyers and distributors of insurance company products.

Mr. Lipponen's prior positions include Senior Vice President at Keefe, Bruyette & Woods and President and Managing Director at The Townsend & Schupp Company. He is a CFA charter holder and holds a BBA and MBA from Florida Atlantic University.

William Wilt, CFA
President, Assured Research LLC

William Wilt  is the president of Assured Research, LLC, a research and advisory firm with experience researching and analyzing business and product development initiatives, insurance companies, as well as financial, operational and investing trends in the property/casualty insurance industry.

Bill's nearly 25-year career in insurance encompasses a range of professional roles.  Bill began his career as an actuary at a major reinsurance company and continued in the actuarial profession at a Big Four accounting firm.  Bill spent five years as a senior analyst at Moody's Investors Service, followed by seven years at Morgan Stanley, where he was the lead equity analyst following over 20 (re)insurance stocks.  Prior to forming Assured Research, Bill worked in corporate development at two insurance companies where he oversaw M&A, risk management and business development, as well as rating agency relations.

Bill is a Fellow of the Casualty Actuarial Society and a Chartered Financial Analyst with degrees from Franklin and Marshall College and New York University's Stern School of Business.

Event Date:
September 10-12, 2013
Event Location:
Downtown Conference Center
157 William Street
New York, NY, US
Registration Fee:
$1,195 Life Program (Day 1) $2,195 P&C Program (Days 2-3) $2,995 Full program (Days 1-3)
Your registration includes all program work materials, plus continental breakfast and lunch for each day you are registered.

This program is designed for:

  • Investment banking analysts and associates
  • Insurance company financial managers
  • Corporate development officers
  • Buy & sell-side sector analysts
  • Regulators
  • Rating agency professionals
  • Accountants and actuaries who provide advisory services to insurers

This program presumes a strong working knowledge of accounting and finance concepts as well as a basic familiarity with the insurance industry.

ABN AMRO
ACA Capital Holdings
AEGON USA
Aetna, Inc.
AFLAC Inc.
Allstate Insurance
American Appraisal Assocs.
American Capital Strategies
American Fidelity Assurance
Arkansas Insurance Dept.
Assuran
AXA Financial
Bank of Bermuda
Barclays Global Investors
Bernstein Investment Research 
Centene Corp
Centerview Partners
Charles Schwab
Chubb & Son
Cincinnati Financial Corp
Citigroup Global Markets
Credit Suisse
Deloitte
Denver Investment Advisors
Deutsche Bank
Duff & Phelps
Emerald Advisers
Equinox Management Partners
Erie Insurance Company
FAFAdvisors
Farallon Capital Management
FBL Financial Group
Financial Stocks, Inc.
First Nonprofit Insurance Co.
Folksamerica Reinsurance
Forethought Financial Services
Friedman Billings Ramsey
FTN Midwest Securities
Generali Holding Vienna AG
Genworth Financial
Gill and Roeser
Glitnir Securities
Guy Carpenter & Co.
HBK Investments
HCC Insurance Holdings
HSBC USA
Hartford Financial Services
Harvard University
Houlihan Lokey Howard & Zukin
Hudson Insurance
ING Insurance Company of America
JPMorgan Chase
KeyBancCapital Markets
Lazard, Freres & Co.
Liberty International Underwriters Canada
MassMutual Financial Group 
Manning & Napier Advisors
McKinsey & Company
Menta Capital
Merrill Lynch & Co.
Met Life
Mystic Capital Advisors
National Life Group
Navigant Consulting
NOVA Casualty Company
OFI Insitutional  Asset Management
Ohio Mutual Insurance
Palo Alto Investors
Penn National Insurance
Piper Jaffray & Co.
PricewaterhouseCoopers
ProAssurance Corporation
QBE Reinsurance Corporation
RBC Capital Markets Corporation
Robert W. Baird & Co.
Reed, Conner & Birdwell
RLI Insurance
RBC Capital Markets
Sage Advisory Services
Sandler O'Neill & Partners
Scotia Capital
Selective Insurance Group
Sentry Insurance
Standard & Poor's Corporation
State of Wisconsin Investment Board
The Midland Company
Turnberry Capital Partners
UMB Financial Corporation
U.S. Bancorp
United Guaranty Corp.
Unum Group
W.R. Berkley Corp
Wells Fargo Bank
Western & Southern Life Insurance
XL Capital
Event Date:
September 10-12, 2013
Venue:
Downtown Conference Center
157 William Street
New York, NY, US
Phone:
212-618-6990
Accommodations:
Although lodging is not provided as part of this program, the hotels listed below are convenient to the Downtown Conference Center. Please call the Downtown Conference Center to inquire about negotiated rates or with any other lodging related questions: (877) 322-6338.
 
Millennium Hilton
55 Church St.
212-693-2001
(800) Hiltons 
 
Gild Hall
15 Gold St.
(212) 232-7700
(800) 268-0700
 
Seaport Inn 
33 Peck Slip
(212) 766-6600 
 
Hampton Inn Seaport
320 Pearl St.
(212) 571-4400
 
Conrad New York
102 North End Ave.
(212) 945-0100 
 
New York Marriott Downtown
85 West St.
(212) 962-3860
(800) 242-868 
 
Eurostars Wall Street 
129 Front St.
(212) 742-0003
 
Wall Street Inn 
9 S William St.
(212) 747-1500
 
Ritz-Carlton Battery Park 
2 West St.
212-344-0800
 

CFA Institute

Up to 21.5 Hours of Professional Development Credit

SNL Knowledge Center is registered with CFA Institute as an Approved Provider of professional development programs. This program is eligible for up to 21.5 CE credits hours as granted by CFA Institute (P&C program = 14 hours, Life program = 7.5 hours). If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE Diary upon request.

National Association of State Boards of Accountancy

Up to 25.5 Hours of CPE Credit

Participants who complete Insurance Valuation qualify for up to 25.5 hours of CPE credit (P&C program = 16.5 hours, Life program = 9 hours). Program Level: Intermediate. Delivery Method: Group-Live. SNL Knowledge Center is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.

What is the dress code?
Business casual

Do I need a laptop? A calculator?
Participants attending either P&C program will need to bring a laptop and calculator. 

Is there required pre-reading?
No.  We strongly encourage you to review the suggested materials prior to the start of the program.

What is the cancellation policy?
Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another SNL Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit.

Attendee substitutions from the same company may be made at any time.

In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee.

"No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.

SNL Knowledge Center reserves the right to cancel/change programs, content, speakers or venue at any time. SNL Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. SNL Knowledge Center will not be held liable for any costs incurred by registrant due to individual registration cancellation. In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, SNL Knowledge Center will refund the registrant's tuition in full, however SNL Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding SNL Knowledge Center's refund, complaint or program cancellation policy, please call us at (434) 951-7786.
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