4 - 6 p.m.

Registration

6 - 7 p.m.

Welcome Reception

7:30 - 8:30 a.m.

Breakfast

8:30 - 8:35 a.m.

Welcome and Introductions

8:35 - 10 a.m.

General Session: Update on the International Financial Reporting Standards for Mutual Insurance Companies
The Securities and Exchange Commission remains committed to its proposal to require publicly-traded U.S.-based firms to adopt international financial reporting standards (IFRS) within the next two years.

How should you prepare for the transition from generally accepted accounting principles (GAAP) to IFRS? And could the move from GAAP to IFRS help or hinder your company's efforts to shorten its time to close?

Ken Croarkin
Amper, Politziner & Mattia, P.C.
Edison, N.J.

10 - 10:15 a.m.

Break

10:15 - 11:15 a.m.

General Session: Overview of the New Model Audit Rule
What does the new Model Audit rule (effect in 2010) on internal control really mean? Why all companies will feel the effects of the new internal control standards in some way. This session will walk attendees through a readiness plan for their company.

Bradley Diericx
Partner, Insurance Practice Chair
Blackman Kallick
Chicago, Ill.

Steven Baer
Internal Control Practice Leader
Blackman Kallick
Chicago, Ill.

11:15 - 11:30 a.m.

Break

11:30 a.m. - 12:30 p.m.

Concurrent Sessions

1. The CFO's Role in Managing the Company and Board through Challenging Financial Times
• What types of financial information do CFOs need to convey to their boards and how should it be delivered?
• How CFOs can provide leadership when crisis-affected forecasts and strategic plans go awry.

Bradley Diericx
Partner, Insurance Practice Chair
Blackman Kallick
Chicago, Ill.



2. Impact of Reinsurance on Financial Statements
   “Reinsurance” may be used by a ceding company to increase underwriting capacity, to limit underwriting risk, or to partner with another insurance company for sharing risk. This session will review the effect of quota share reinsurance transaction on financial statements when used to increase capacity and share risk. Participants will understand the benefit of quota share reinsurance transaction on the financial statements of a ceding insurer.
   
   Topics to be discussed:
   • Objectives of Reinsurance
   • Financial stress from writing insurance business
   • Key provisions of quota share contracts
   • Impact of quota share reinsurance on financial statements
   
   
   Frank Maffa
   Vice President, Senior Corporate Accountant
   Munich Re America
   Princeton, N.J.

12:30 - 1:30 p.m.

Lunch

1:30 - 3 p.m.

General Session: Financial Crisis and the Future of P/C Insurance: Challenges Amid the Global Economic and Regulatory Storm
This presentation will provide a comprehensive overview of the impacts and implications of the global financial crisis on the property/casualty insurance industry. Topics for discussion include impacts and implications of the slowing economy on exposure and premium growth, claiming behavior, and investment performance. Recent trends in profitability and underwriting performance will be explored in detail. A summary of recent federal interventions in financial markets and their impacts on the industry and its regulatory environment will be presented.

Dr. Robert P. Hartwig, Ph.D., CPCU
President
Insurance Information Institute
New York, N.Y.

3:00 p.m.

Adjourn for the day

7:30 - 8:30 a.m.

Breakfast

8:30 - 9:30 a.m.

Concurrent Sessions

1. The Quest for Independence: Attracting a High Caliber Independent Majority Board
   Effective 2010, the National Association of Insurance Commissioners' Model Audit Rule will require insurers with written and assumed prior calendar year premiums in excess of $300 million to have an audit committee. At least 50-75 percent of the audit committee's members must be independent. This is a challenging task for insurance companies, especially considering that all insurers will have the same agenda. The Jacobson Group's executive search division, Jacobson Executive Search, has successfully conducted board member searches for both private and public insurers and will share their search strategy expertise with attendees to better prepare them for their quests for an independent majority Board.
   
   Margaret Resce Milkint
   Managing Partner
   The Jacobson Group
   Chicago, Ill.
2. Global Fixed Income
   Bonds are the backbone of any insurance reserve portfolio - providing safety to reserves and a reliable source of income. We will explore developments in global fixed income and their applicability to US-based insurance portfolios. Topics to be included are developed and emerging markets, local-currency bonds, global inflation linked bonds (linkers) as well as a market update and outlook on current market events post-subprime and the credit crunch of 2008.
   
   Mark Marinella
   Global CIO Fixed Income
   State Street Global Advisors (SSgA)
   Boston, Mass.

9:30 - 9:45 a.m.

Break

9:45 - 10:45 a.m.

Concurrent Sessions

1. Rating Agency Outlook: Key Issues Impacting the U.S. Property Casualty and Reinsurance Sectors
   This session will be a presentation and discussion of issues driving Standard & Poor's ratings outlook for the property/casualty sectors including: pricing trends, cycle management, and reserve adequacy.
   
   Neil Stein
   Standard & Poor's
   New York, N.Y.
2. Economic Capital Concepts for Mutual Insurance Companies
   There are a number of different capital concepts companies should understand. This session will cover the different ways capital can be determined and their strengths and weaknesses. We will start with basic concepts and progress to more advanced concepts and how each should be used in making business decisions. Finally we will explore how companies are calculating economic capital.
   
   Thomas Hettinger
   Managing Director
   North America EMB
   San Diego, Calif.

10:45 - 11 a.m.

Break

11 a.m. - 12:00 p.m.

Concurrent Sessions

1. The Impact of Enterprise Risk Management on Insurance Companies
   Most insurance companies recognize the need to practice Enterprise Risk Management but need assistance in designing and implementing an ERM program that is effective in today's operational and regulatory environment. Specific tactics will be provided to help financial professionals in the insurance industry better understand how to approach ERM in today's business environment.
   
   Thomas Mulhare
   Partner in Charge, Insurance Services Group
   Amper, Politziner & Mattia, P.C.
   Edison, N.J.
2. Creating a Data Analysis Culture
   Data is easy to obtain in today's business environment. Being able to create a company culture of analyzing and using it to make pro-active decisions is a competitive advantage for today's high performing insurance companies. This session will provide insight into the benefits, necessary steps, and common pitfalls associated with implementing a data analysis culture into your organization.
   
   Jay Hummel
   Manager
   Ward Group
   Cincinnati, Ohio

12 - 2 p.m.

Lunch and General Session: NAIC Update
This session will provide an overview of the political environment and provide updates to recent changes in the NAIC leadership, changes in key states, external pressures on state regulators emanating from federal activities, the economy and the markets, and what that suggests as to the future direction of the NAIC. More specifically, this session will include recent actions by the Reinsurance Task Force on the modernization of reinsurance regulation and impact on collateral requirements; significant developments at the Statutory Accounting Principles Working Group and/or Emerging Accounting Issues Working Group; developments of the Valuation of Securities Task Force; the Capital Adequacy Task Force; and potential impacts on statutory accounting that may result from the SEC's adoption of IFRS.

Thomas Finnell, Jr., CPA
Managing Director
Invotex Group
Washington, D.C.

2 p.m.

Conference Concludes

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