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Advanced Topics Panel and Small Group Project

Advanced Topics Panel and Small Group Project. Moderator: Alice Underwood, FCAS, Executive Vice President, Willis Re Inc. Panelists: Charles Goldie, FCAS, Senior Vice President, Manager of Specialty Lines, Partner Re U.S.

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Advanced Topics Panel and Small Group Project

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  1. Advanced Topics Panel and Small Group Project Moderator: Alice Underwood, FCAS, Executive Vice President, Willis Re Inc. Panelists: Charles Goldie, FCAS, Senior Vice President, Manager of Specialty Lines, Partner Re U.S. Jeff Dollinger, FCAS, Senior Vice President & Chief Actuary, Endurance Reinsurance Corporation of America Daniel R. Kamen, FCAS, Vice President, Folksamerica Reinsurance Company

  2. Paul Ingrey’s “Reinsurance Clock” • EUPHORIA! • Pricing starts to drop • All companies flourish • Companies compete to increase market share • Capacity gets expensive • Prices up sharply • Prices fall dramatically • Crunch • Profits slide • Results horrible • AM Best writes this decade’s “letter of concern” • Pricing CANNOT go lower Source: David Skurnick, “The Underwriting Cycle” http://www.casact.org/pubs/forum/93sforum/93sf377.pdf

  3. What Triggers Underwriting Cycles? • Catastrophic events • New legal theories • Interest rates • Wall Street • The demands of growth • Naïve capital

  4. What Fuels Underwriting Cycles? • You get the money FIRST… …and you pay claims LATER • Incentive plans • “Feeding the Beast” • Herd mentality • Actuaries?

  5. What Dampens Underwriting Cycles? • Regulation • Nimble capital • Actuaries?

  6. What’s the Actuary’s Role?

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