Search Presentations
STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
But you may use the Capability Model now to help you identify topics. For example, if you want to move up one level under the content area “Functional Expertise,” you may search topics in the particular functional area to expand your knowledge.
Recorded content is searchable by Capability Model attribute and level in the CAS Online Library.
Refine Your Search
The presentation materials are offered in connection with CAS professional education offerings. © 2022 Casualty Actuarial Society. All Rights Reserved. The presentation materials may contain copyrighted content the use of which has not been specifically authorized by the copyright owner. You are permitted to view and print the materials for personal/professional noncommercial research purposes. Except for the foregoing, you agree not to reproduce, distribute, modify, create derivative works, or commercially exploit the presentation materials without prior written permission from CAS. Please direct any copyright permission inquiries regarding use of the presentation materials to acs@casact.org.
STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
But you may use the Capability Model now to help you identify topics. For example, if you want to move up one level under the content area “Functional Expertise,” you may search topics in the particular functional area to expand your knowledge.
Recorded content is searchable by Capability Model attribute and level in the CAS Online Library.
Valuation Issues in Europe and Asia
Merger and acquisition activity is picking up outside of the United States as shareholder interests play a larger role. What issues are unique to valuations in the European and Asian insurance markets? Are there differences between countries within these continents based on the maturity of the insurance market? Panelists will discuss these questions as well as highlight some of the specific considerations in performing valuations in each of those markets.
Source:
2000 Spring SIS- Valuation of Insurance Operations
Type:
concurrent
Keywords:
Merger and acquisition, performing valuations
Valuation of Insurance Operations in Latin America-The Big Picture
Insurance markets in Latin America opened wide to foreign investment in the 1990's. Many U.S and European insurance multinationals have invested hundred of millions of dollars establishing a presence in countries such as Mexico, Brazil, Chile and Argentina, to take advantage of the growth opportunities in these markets. How does it all happen? What roles do an investment banker, a legal adviser and a consulting actuary play in this process and what value do they bring to the process?
Source:
2000 Spring SIS- Valuation of Insurance Operations
Type:
concurrent
Moderators:
Camilo Salazar
Panelists:
Mark Rosen, Jaime Malagon
Keywords:
foreign investment, Insurance markets
Valuation Concepts as used in Internal Performance Measurements
Valuations are an important tool in the day to day operations of insurance companies. Such techniques are frequently used to evaluate the performance of a department as well as for employee incentive plans or allocation of capital in support of growth. The panelists will explore various situations where valuations are performed regularly as part of the management of the enterprise.
Source:
2000 Spring SIS- Valuation of Insurance Operations
Type:
concurrent
Keywords:
Valuations, management of the enterprise
Rating Agency View of Valuations
The rating process incorporates many of the issues and analysis considered when performing a valuation of a company, although the outcome is not to assign a final dollar "value" but rather a rating. Panelists from A.M. Best's and Standard & Poors will compare the valuation process to the rating process. Using case studies they will discuss some of the considerations when valuing a company and ways to use the information generated by the rating agencies as a tool.
Source:
2000 Spring SIS- Valuation of Insurance Operations
Type:
concurrent
Moderators:
Jonathan Godown
Panelists:
Matt Mosher, Bob Partridge
Keywords:
valuation process to the rating process
How to Value Intangibles
Often, the final purchase price for a company is higher than the value which results from standard valuation techniques. The resulting purchase price premium stems from intangible items that don't lend themselves to easy valuation, such as the quality of the management team, distribution systems, and market position. In this session, you will learn how experts with experience in valuing insurance companies place a value on such items and why valuation of these items often is the difference in a buy / no buy decision.
Source:
2000 Spring SIS- Valuation of Insurance Operations
Type:
concurrent
Moderators:
Allan Kaufman
Panelists:
Urban Leimkuhler, Susan Fleming
Keywords:
valuation, standard valuation techniques, management team, distribution systems, and market position
How Investment Bankers Value Insurance Companies
Investment bankers evaluate companies in many different ways, some of them very different from insurance professionals. This is probably not surprising, as they are looking at companies in all industries and need to use similar concepts. This session will portray the unique perspective of the investment banking community on insurance company valuations.
Source:
2000 Spring SIS- Valuation of Insurance Operations
Type:
concurrent
Panelists:
John Waller, Matt Beizer
Keywords:
investment banking, insurance company valuations
How to Do a Valuation
This session will cover a number of basic finance and valuation concepts for people new to valuation techniques. Topics will include: how to calculate and incorporate the cost of capital; whether to discount cash; dividendable earnings or net income; and whether to include or exclude investment income on surplus. Various modeling techniques and valuation measures such as DCF models, multiples of earnings, and price to book multiples will also be explored.
Source:
2000 Spring SIS- Valuation of Insurance Operations
Type:
concurrent
Moderators:
Thomas Ryan
Panelists:
Orin Linden
Keywords:
basic finance and valuation concepts, valuation techniques, calculate and incorporate the cost of capital, dividendable earnings or net income, modeling techniques and valuation measures
Actual versus Expected Merger Results
The actual outcome from mergers and acquisitions is often different from expectations. The panelists will discuss their experiences with mergers and acquisitions and share some of the pitfalls, considerations and surprises they have encountered.
Source:
2000 Spring SIS- Valuation of Insurance Operations
Type:
concurrent
Moderators:
Robert Bennett
Panelists:
Paul Brehm
Keywords:
mergers and acquisitions, pitfalls, considerations and surprises
Accounting Considerations for Insurance Acquisitions
The session will discuss the important accounting matters that need to be considered in a purchase. Business considerations such as reserve covers, purchase accounting adjustments, reserve adjustments, restructuring charges, taxes and pooling of interest accounting will be discussed.
Source:
2000 Spring SIS- Valuation of Insurance Operations
Type:
concurrent
Panelists:
William Lowry, Paul Medini
Keywords:
accounting matters, reserve covers, purchase accounting adjustments, reserve adjustments, restructuring charges, taxes and pooling of interest accounting
Mergers, Acquisitions, and Actuaries: Do We Have the Right Stuff?
This session will explore the role that actuaries play in the hard-charging world of M&A. Do executives rely on the actuaries for more than loss reserving work? Whose valuation models carry more weight - the bankers or the actuaries? Do actuaries have the skill sets they need to ensure continued participation in these increasingly frequent engagements?
These questions will be addressed by three panelists who bring unique perspectives to the session. First, an overview will be offered based on the preliminary results of a survey being conducted by the Valuation, Finance, and Investment Committee of the CAS, exploring how actuaries are used during M&A engagements. Next, experiences will be shared from the inside - an actuary with several years of experience on an M&A team - and from the outside - a banker who works regularly with, and in opposition to, actuaries.
Source:
2000 Spring SIS- Valuation of Insurance Operations
Type:
concurrent
Panelists:
Paul Brehm, William Wilt
Keywords:
Valuation, Finance, and Investmen
How Do You Use Output From Catastrophe Models?
How can catastrophe model output be used in the pricing of risks? In the design of a reinsurance or retrocessional program? In a DFA analysis? Panelists will answer these and other questions as well as address U.S.- and international-based exposures. They will offer sample solutions for evaluating expected values and uncertainty that are associated with property catastrophe risk, as well as correlate catastrophe risk with other risk factors faced by an insurer.
Source:
2000 Fall SIS- Seminar on Catastrophe Issues
Type:
concurrent
Panelists:
Lixin Zeng, Rick Thomas
Keywords:
catastrophe model, pricing of risks, reinsurance or retrocessional program, DFA Analysis, property catastrophe risk
Insurance Company Catastrophe Strategy
Panelists with a variety of backgrounds working in companies that have different catastrophe issues will discuss how their companies are assessing, monitoring, and managing their catastrophe exposures. Each panelist will examine the strategies that companies employ to decide the level of reinsurance needs.
Source:
2000 Fall SIS- Seminar on Catastrophe Issues
Type:
concurrent
Panelists:
Scott Belden, Eric Lemieux
Keywords:
catastrophe issues, assessing, monitoring, and managing their catastrophe exposures
Changes in the Reinsurance Industry
What does the reinsurance industry look like today in the U.S. and around the world? In this session, panelists will discuss how much capacity is available in various geographical regions, standard and nonstandard product coverage features, and relative rate-level adequacy.
Source:
2000 Fall SIS- Seminar on Catastrophe Issues
Type:
concurrent
Panelists:
Michael Lomax, Matthias Weber
Keywords:
how much capacity is available in various geographical regions, standard and nonstandard product coverage features, and relative rate-level adequacy
Impact of "Use of Models" SOP on DFA Applications
As DFA evolves as a generally accepted actuarial technique, the casualty actuary will be faced with professional issues related to the actuary's compliance with the applicable Actuarial Standards of Practice from the Actuarial Standards Board. This panel will present the latest available perspective on an actuary's obligations under the proposed Actuarial Standard of Practice regarding "Using Models Outside the Actuary's Area of Expertise (Property & Casualty)."
Source:
2000 Dynamic Financial Analysis Seminar
Type:
concurrent
Panelists:
Paul Kinson, Ronald Kozlowski, A. Thorlacius
NAIC/Regulators Roundtable
DFA has gained substantial popularity within the property-casualty actuarial community in the last several years. DFA is currently used by property-casualty insurers in the evaluation of alternative business strategies and opportunities, and in the assessment of risk. So, where does DFA stand with regulators? In this session, the panel will discuss current regulatory developments, how regulators are currently applying DFA techniques, and how the role of DFA might change in the future. This session will also provide a forum for the audience to ask questions.
Source:
2000 Dynamic Financial Analysis Seminar
Type:
concurrent
Moderators:
Joseph Wallen
Panelists:
Chester Szczepanski, Victoria Lusk, Therese Vaughan, John Purple
Investment and Asset Strategies
The first panelist in this session will present a framework for understanding the downside risk exposure presented by an organization's investment and operations strategy, identifying revisions to the investment strategy that can position the organization for upside gains without additional downside exposure. This discussion, based on the author's call paper, also examines methods for presenting the analysis results to senior management.
A second panelist will discuss the use of DFA in selecting strategies, e.g., asset mix, reinsurance levels, capital structure, business mix and the like. In many of these discussions, DFA users have selected measures of each of risk and reward to compare strategies. In this presentation, a case study focusing on the asset mix question will be used to illustrate possible statistics that combine risk and reward measures to rank strategies.
Source:
2000 Dynamic Financial Analysis Seminar
Type:
concurrent
Panelists:
Gerald Kirschner, Susan Witcraft
Mitigation Efforts and Plans
Panelists will discuss what loss mitigation programs have been developed and how savings have been calibrated. In addition, the presentation will discuss how programs will be updated in the future and what other efforts are being pursued. Actuarial issues in loss mitigation programs for hurricanes and earthquakes are key topics for this seminar.
Source:
2000 Fall SIS- Seminar on Catastrophe Issues
Type:
concurrent
Panelists:
Michael Walters, Rudy Trevino
Keywords:
loss mitigation programs, hurricanes and earthquakes
Assessing Balance Sheet Protection Using DFA
Three speakers will discuss how DFA can be utilized to assess the risk on a company's balance sheet. One panelist will discuss his firm's global economic model, which includes asset and liability simulations as well as evaluation of potential increased correlation during extreme events. Another panelist will present a case study that illustrates how DFA is used to evaluate the effectiveness of alternative risk management vehicles. A third panelist will discuss how DFA is utilized to analyze the balance sheet impact of a multiyear reinsurance transaction that protects against both underwriting and capital markets exposures.
Source:
2000 Dynamic Financial Analysis Seminar
Type:
concurrent
Panelists:
Donald Mango, Joan Lamm-Tennant, Lawrence Berger
The Value Proposition of DFA
This session will provide various perspectives on ways in which performing DFA analysis has provided value within an organization. Senior executives from insurance companies and consulting firms will share their experiences in using DFA-type analyses to address a variety of real-world problems. The discussion will highlight the ways in which DFA helped identify solutions that weren't otherwise obvious, and how suboptimal decisions may have been made if DFA had not been performed.
Source:
2000 Dynamic Financial Analysis Seminar
Type:
concurrent
Moderators:
Joan Lamm-Tennant
Panelists:
Robert Mueller, Peter Wick
Using an Efficient Frontier in DFA
Is the efficient frontier (EF) reliable enough to use for asset allocation? In this session, panelists will track the performance and stability of EF analyses. Based on a paper that measures the effect of noise in the risk/return space on EF, the session will include discussions on how this research has been used in practical business applications.
Source:
2000 Dynamic Financial Analysis Seminar
Type:
concurrent
Moderators:
Joan Lamm-Tennant
Panelists:
Gerald Kirschner, William Blatcher, John Denman
Capital Adequacy and Allocation Case Studies
This session will present discussion of two papers prepared for the call paper program. The first paper will discuss the use of the American Re Risk Management System (ARMS) to model a company's liabilities, reinsurance programs, runoff of existing business, and future business plan, in order to estimate the total capital required to support the corporation's underwriting activities, and the portion of that total required capital allocated to each operating division. Key results, assumptions, data choices, and possible next steps will be presented.
The second paper will present a case study based on a moderate-sized commercial lines insurance company. The goal of this analysis is to obtain an above-average return on equity by setting profitability targets for each of its underwriting divisions that reflect the cost of capital needed to support each division's contribution to the overall underwriting risk. The methodology used to allocate the cost of capital as well as a final recommendation will be presented.
Source:
2000 Dynamic Financial Analysis Seminar
Type:
concurrent
Panelists:
Donald Mango, Glenn Meyers, John Mulvey
Asset Class Modeling
This session will focus on the specifics of asset class modeling: What is an asset class? Why do we model asset classes and what approach do we take to modeling them? What asset classes are relevant to DFA? This session will also contrast the traditional mean-variance covariance approach against a more sophisticated approach, and examine portfolio optimization in an asset/liability framework.
Source:
2000 Dynamic Financial Analysis Seminar
Type:
concurrent
Panelists:
Stephen Britt, Bill Pauling, John Mulvey
Securitized Risks: Engineering and Empirical Analysis with DFA Concepts
During the last several years securitized products have become an alternative source of capital for the insurance industry. The first part of this session will focus on the basics of insurance-linked securities including typical terminology and pricing factors. The effect on the cedant's balance sheet as well as pros and cons versus traditional reinsurance will be discussed. The second part of this session will present a case study of how a medium-size primary insurer used DFA concepts to evaluate a catastrophe reinsurance program with both private and public components, the performance of which relies heavily on public risk securitization.
Source:
2000 Dynamic Financial Analysis Seminar
Type:
concurrent
Panelists:
John Rollins, Markus Schmutz
Demutualization-A DFA Case Study
DFA is an effective tool for determining capital needs under various scenarios. The results of the application of DFA techniques may indicate that demutualization is an appropriate strategy. Elements of the DFA model are directly applicable to the preparation of actuarial appraisal of economic value, a critical step in the demutualization process. This panel will present an example of the historical financials of a mutual insurance company, the application of DFA to select a strategy, and then an application of a model to perform an actuarial appraisal of economic value.
Source:
2000 Dynamic Financial Analysis Seminar
Type:
concurrent
Panelists:
Kevin Bingham, Stephen List
Considerations for Catastrophe Reinsurance vs. Securitization
The technical and accounting issues associated with catastrophe reinsurance and securitization are at the center of this presentation. Panelists will discuss pricing considerations and tax and financial reporting. Both buyer and seller perspectives will be explored.
Source:
2000 Fall SIS- Seminar on Catastrophe Issues
Type:
concurrent
Panelists:
John Kiernan
Keywords:
catastrophe reinsurance, securitization, pricing considerations and tax and financial reporting
