Abi Solvency Ii Conference 2013

ABI SOLVENCY II CONFERENCE 2013

ABI SOLVENCY II CONFERENCE 2013 ‘Looking to the Future’

CONFERENCE PROGRAMME

abi.org.uk @BritishInsurers #SIIFuture abi.org.uk ABI Solvency II Conference 2013 Looking to the Future

How to get the best out of your day

The ABI has a stand in Foyer A. Please come Catering and visit our stand and meet the team! Complimentary hot and cold drinks and light snacks will be served outside the exhibition hall during the refreshment breaks and a buffet lunch Social media will be provided for delegates. Be part of the social media buzz on the day: • Twitter: For live updates on what is happening at the conference follow @BritishInsurers and Media tweet using #SIIFuture. A media room is available for journalists to use • LinkedIn: Join the ABI’s company page. throughout the conference; the room is on the first floor. Members of the ABI Media Relations Team will be on hand to help. Wi-Fi Free Wi-Fi is available Cloakroom Username: Conf Internet A cloakroom is on the ground floor by the Password: grange1990 registration desk.

Join us for networking drinks! Post conference networking drinks, sponsored by Wolters Kluwer Financial Services are being held in the Atrium from 16:15. Join us for a drink and some networking at the end of a thought- provoking day!

Index

Welcome 03

Programme Morning schedule 04

Breakout sessions A– C 08

Breakout sessions D –F 10

Keynote speakers In order of appearance 13

Plenary session Solvency II: A solution in sight? 16

Breakout session A, Sponsored by Wolters Kluwer Reporting: a Wealth of Information 20

Breakout session B Systemic Risk: a Global Issue 24

Breakout session C Safeguarding Retirement: Solvency II’s Treatment of Annuities 28

Breakout session D, Sponsored by PA Consulting Group Mind the Gap: Interim Measures 31

Breakout session E Third-country Equivalence 35

Breakout session F Patience is a Virtue: Long-term Investment 38

Breakout sponsors 41

Drinks reception sponsor 42

Exhibitors 43

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Welcome

Otto Thoresen Director General, ABI

Welcome to the ABI 2013 Solvency II Solvency II represents the biggest ever regulatory Conference, ‘Looking to the Future’. effort to bring a harmonised, risk-based approach to insurers’ capital standards, risk management, It has been several years since the Solvency II governance and reporting, across Europe. The Directive was first announced, and while it has industry has already spent billions of pounds been pronounced dead many times, it is very preparing for the regime, which has the potential much alive with insurers getting ready in earnest. to significantly affect the way insurers do business – from their ability to provide critical financial Agreement on the final shape of the rules is products, right through to how they can invest in expected before the end of the year and the our economy and facilitate growth. European Commission has published an amended timetable for Solvency II, confirming the new So as UK insurers in the biggest insurance market implementation date of 1st January 2016. In in Europe look to the future to see how they can addition, the European Insurance and tackle the challenges of our changing world, Occupational Pensions Authority has announced securing a Solvency II regime that reflects the the final interim guideline measures that will inform economic reality of insurance business and allows the approaches of national regulators before full the UK to remain internationally competitive, will implementation of the rules. be key.

Today’s conference is therefore a timely opportunity to pick up the latest knowledge on the likely final Thank you for joining us. deal, discuss how insurers will adapt during the interim period and look ahead to the practical Otto Thoresen realities of operating in a Solvency II world. Director General, Association of British Insurers

Programme

09:00 REGISTRATION AND NETWORKING Morning schedule REFRESHMENT SESSION (Foyer A&B, Level -2)

09:30 WELCOME AND HOUSEKEEPING NOTE (Auditorium, Main room, Level -2) Matt Frei, Europe Editor and Presenter at Channel 4 News

09.35 INTRODUCTION Setting the scene (Auditorium, Main room, Level -2) Hugh Savill, Director of Regulation, Association of British Insurers

09:40 WELCOMING KEYNOTE SPEECH ONE (Auditorium, Main room, Level -2) Andy Briggs, Group Chief Executive, Friends Life

10.00 KEYNOTE SPEECH TWO (Auditorium, Main room, Level -2) Sajid Javid MP, Financial Secretary to the Treasury

10:25 PLENARY PANEL SESSION Solvency II: A solution in sight? (Auditorium, Main room, Level -2) Chair: Sharon Bowles MEP Panel speakers: Andreas Viljoen, Insurance and Pensions, European Commission Frank Carson, Deputy Director, Insurance and Savings, HM Treasury Axel Wehling, Member of the Executive Board, German Insurance Association (GDV) Bertrand Labilloy, Directeur des Affaires Économiques, FFSA

11:20 SUMMARY OF MORNING Matt Frei, Europe Editor and Presenter at Channel 4 News

11:25 REFRESHMENT BREAK (Foyer A & B)

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11: 45 A REPORTING: A WEALTH OF INFORMATION Breakout sessions (Room: Main Auditorium, Level 1) A – C Sponsor: Wolters Kluwer Chair: Susan Wright, Senior Regulatory Adviser, Investment Management Association Roni Ramdin, Solvency II Disclosures Work Stream Lead, RSA Jon Hocking, Managing Director, Morgan Stanley Edward Kennedy, Wolters Kluwer Financial Services Teresa Casado, Policy Adviser, Prudential Regulation, Insurance Europe

B SYSTEMIC RISK: A GLOBAL ISSUE (Room: Bartholomew, Level 1) Chair: Hugh Savill, Director of Regulation, Association of British Insurers Dean Minot, Technical Specialist, Prudential Regulation Authority Nicolas Jeanmart, Head of Department – Macroeconomics, Life and Pensions, Insurance Europe Daniel Haefeli, Head of Finance, The Geneva Association Mark Chaplin, Group Enterprise Risk Director, Aviva

C SAFEGUARDING RETIREMENT: SOLVENCY II’S TREATMENT OF ANNUITIES (Room: Sidney, Level 1) Chair: Jon de Beer, Assistant Director of Prudential Regulation, Association of British Insurers Carl Dowthwaite, Group Commercial Actuary, Legal and General Jim Rasque, Policy Adviser, Prudential Regulation, Insurance Europe

12:45 LUNCH BREAK AND NETWORKING SESSION (Foyer A&B, Level -2)

13:45 Keynote Speech Three (Auditorium, Main room, Level -2) Raj Singh, Group Chief Risk Officer, Standard Life

14:10 SUMMARY OF BREAKOUT SESSIONS A-C Matt Frei, Europe Editor and Presenter at Channel 4 News

WK_Ad_ABIEvent_AW_A5.pdf 1 11/10/2013 14:56

ABI Solvency II Conference 2013 Looking to the Future abi.org.uk

Excellence in Finance, Risk and Compliance

Y LIQUIDITY RISK CM

MY ALM

LIQUIDITY RISK ALM ERM ERM SOLVENCY II SOLVENCY II SOLVENCY CREDIT RISK ALM ALM BASEL III CY ALM BASEL III ERM CREDIT RISK BASEL III CMY SOLVENCY II CREDIT ERM OPERATIONAL RISK RISKALM CREDIT CREDIT RISK K ER FINANCE LIQUIDITY RISK

FINANCE ERM RISK LIQUIDITY RISK BASEL CREDIT RISK FINANCE ERM BASEL III MANAGEMENT DATA

COMPLIANCE ALM CREDIT RISK ERM MARKET RISK ERM ALM ERM LIQUIDITY RISK CREDIT DATA MANAGEMENT ERM CREDIT MANAGEMENT INFORMATION CREDIT BASEL III ERM LIQUIDITY RISK SOLVENCY II SOLVENCY

MANAGEMENT INFORMATION MANAGEMENT ALM LIQUIDITY RISK RISK FINANCE RISK BASEL CREDIT ALMOPERATIONAL RISK INFORMATION MANAGEMENT SOLVENCY II IFRS BASEL III BASEL III CREDIT RISK ALM RISK SOLVENCY II BASEL III ERM MANAGEMENT INFORMATION LIQUIDITY RISK CREDIT RISK MANAGEMENT INFORMATION LIQUIDITY RISK LIQUIDITY RISK OPERATIONAL RISK BASEL III DATA MANAGEMENT LIQUIDITY RISK CREDIT RISK MANAGEMENT INFORMATION MANAGEMENT

ERM ALM ERM REGULATORY REPORTING REGULATORY

LIQUIDITY RISK II SOLVENCY OPERATIONAL RISK SOLVENCY II DATA MANAGEMENT FINANCE LIQUIDITY LIQUIDITY RISK SOLVENCY II BASEL III REGULATORY REPORTING SOL OPERATIONAL RISK IFRS COMPLIANCE LIQUIDITY RISK IFRS OPERATIONAL RISK DATA MANAGEMENT BASEL III ERM ALM LIQUIDITY RISK

COMPLIANCE ALM MANAGEMENT INFORMATIONSOLVENCY IIBASEL III REGULATORY REPORTING

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14:15 D MIND THE GAP: INTERIM MEASURES Breakout sessions (Room: Main Auditorium, Level -2) D – F Sponsor: PA Consulting Group Chair: Scott Paton, PA Consulting Group Tristan Garnons-Williams, Solvency II Policy Adviser, Association of British Insurers David Innes, Head of Economic Capital, RSA Gideon Benari, Editor, Solvency II Wire Nick Kitching, Head of European Regulatory Affairs, Swiss Re

E THIRD-COUNTRY EQUIVALENCE (Room: Bartholomew, Level 1) Chair: Jon de Beer, Assistant Director for Prudential Regulation, Association of British Insurers Bruce Porteous, Head of Solvency II Regulatory Development, Standard Life Bradley Kading, President and Executive Director, Association of Bermuda Insurers and Reinsurers Tobias Buecheler, Group Regulatory Affairs, Allianz SE Patricia Plas, Director of Regulatory Affairs, Aegon

F PATIENCE IS A VIRTUE: LONG-TERM INVESTMENT (Room: Sidney, Level 1) Chair: Robert Hingley, Director of Investment Affairs, Association of British Insurers John Godfrey, Group Communications Director, Legal & General Raffaele Della Croce, Lead Manager, Long Term Investment Project, OECD

15:15 REFRESHMENT NETWORKING BREAK (Foyer A & B)

15:30 SUMMARY OF BREAKOUT SESSIONS D-F Matt Frei, Europe Editor and Presenter at Channel 4 News

15:35 KEYNOTE SPEECH FOUR (Auditorium, Main room, Level -2) Justin Wray, Head of Policy Unit, European Insurance and Occupational Pensions Authority

16:00 WRAP UP OF CONFERENCE (Auditorium, Main room, Level -2) Otto Thoresen, Director General, Association of British Insurers

16:15 POST CONFERENCE RECEPTION (Atrium, Level -2) Sponsor: Wolters Kluwer

ABI Solvency II Conference 2013 Looking to the Future abi.org.uk

Reporting: Breakout a Wealth of sessions Information A– C

Breakout session A

ROOM: MAIN AUDITORIUM (LEVEL -2)

CHAIR Susan Wright Senior Regulatory Adviser, Investment Management Association

PANEL SPEAKERS Roni Ramdin Solvency II Disclosures Work Stream Lead, RSA

John Hocking Managing Director, Morgan Stanley

Edward Kennedy Account Manager, Wolters Kluwer Financial Services

Teresa Casado Policy Adviser, Prudential Regulation, Insurance Europe

Sponsored by PA Consulting Group

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Third-country Patience is a Equivalence Virtue: Long- term Investment

Breakout session E Breakout session F ROOM: BARTHOLOMEW (LEVEL 1) ROOM: SIDNEY (LEVEL 1)

CHAIR CHAIR Jon de Beer Robert Hingley Assistant of Prudential Regulation, Director of Investment Affairs, Association of British Insurers Association of British Insurers

PANEL SPEAKERS PANEL SPEAKERS Bradley Kading John Godfrey President and Executive Director, Association of Group Communications Director, Bermuda Insurers and Reinsurers Legal & General

Tobias Buecheler Raffaele Della Croce Group Regulatory Affairs, Lead Manager – Long Term Investment Project, Allianz SE OECD

Patricia Plas Director of Regulatory Affairs, Aegon

Bruce Porteous Head of Solvency II Regulatory Development, Standard Life

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Keynote speakers

In order of appearance >

Andy Briggs Sajid Javid MP Group Chief Financial Secretary to Executive Officer, the Treasury Friends Life

Andy Briggs was appointed a director and Group Sajid Javid was appointed Financial Secretary to Chief Executive Officer of Friends Life Group plc the Treasury on 7 October 2013. Previously he on 1 June 2011. was Economic Secretary to the Treasury. He is the Conservative MP for Bromsgrove. Sajid Formerly Chief Executive Officer of Lloyds attended state schools before studying Banking Group’s General Insurance business economics and politics at Exeter University. since February 2010 and Chief Executive Officer Sajid has been the Member of Parliament for of Scottish Widows since December 2008. Prior Bromsgrove constituency since being elected in to joining Scottish Widows in 2007 he held key the 2010 General Election. He was a member of positions at Prudential Group where he spent a the Work and Pensions Select Committee from number of years in intermediated, face-to-face June to November 2010. and online businesses in the UK and overseas culminating as Chief Executive Officer of Before being elected MP, he worked in business Prudential’s Retirement Income business. Andy and finance. Aged 25, he became a Vice is an actuary and graduated in mathematics from President at Chase Manhattan Bank. He later Southampton. Andy is also on the board of the moved to Deutsche Bank in London to help build Association of British Insurers. its business in emerging market countries. Sajid left Deutsche Bank as a senior Managing Director in the summer of 2009 to give something back through politics.

> Keynote speakers

Raj Singh Justin Wray Group Chief Risk Officer, Head of Policy Unit, Standard Life plc European Insurance and Occupational Pensions Authority

Raj Singh was appointed Group Chief Risk Officer in Justin Wray, a UK national, is head of the policy unit. January 2013. He is responsible for developing He is responsible for pensions, insurance, external strategies to manage financial, strategic and relations and impact assessment. operational risk across the Standard Life group. Before joining Standard Life, Raj had acquired Prior to joining EIOPA in May 2011, Justin worked at extensive experience in financial services worldwide. the UK Pensions Regulator in a number of In 2011 he established advisory firm Accredere AG operational and policy roles including as Head of in Switzerland, advising financial institutions on Pensions Administration and Governance. Before capital, risk, and merger and acquisition issues, and that he worked at the UK Treasury on financial remains a non-Executive Board member. From 2007 services regulation and international debt issues, to 2011, Raj was Group Chief Risk Officer at Swiss and at the UK Department for International Re Insurance Company Ltd in Switzerland, where he Development. was also a member of the Executive Board and Committee. Before this, he was Group Chief Risk Officer at Allianz SE in Germany, a position he held from 2002.

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Conference Chairman

Otto Thoresen Matt Frei Director General, Europe Editor and Presenter Association of British at Channel 4 News Insurers

Otto Thoresen joined the Association of British Prior to his appointment this month as Europe Editor Insurers as Director General in 2011 from Aegon UK for Channel 4 News, Matt was the Washington where he was Chief Executive and a member of the Correspondent for two years and led the coverage Group Management Board of Aegon NV. of the Americas on everything from business and culture to US foreign policy and its view of the world. Born and brought up in Buckie in North East Scotland, He is also part of the presenting team across he started his career at Scottish Equitable where he Channel 4’s news and current affairs portfolio, trained as an actuary. He then went on to hold a including the award-winning Dispatches programme. series of senior marketing roles at Abbey Life, Royal Insurance and as a managing director at Royal Life Matt previously anchored the BBC World News International, before returning to Scottish Equitable America bulletin and was also Washington in 1994, becoming its Finance Director in 2000. Correspondent. He presented a weekly radio show called Americana, and in two decades at the He has also served on the Board of the ABI since corporation reported from Bonn, Rome, Bosnia, 2005, most recently as a deputy chairman and Kosovo, North Africa, Hong Kong and Singapore. Chairman of its Life Insurance Committee and Audit Committee.

Otto has been one of the industry’s leading figures advising government and regulators on consumer issues. In 2007, he led a review for HM Treasury on financial advice with its recommendations accepted by the Government. He is also Chairman of the Personal Finance Education Group (PFEG), a special adviser to Citizens Advice Edinburgh Board and a member of the board of StepChange - the debt charity.

ABI Solvency II Conference 2013 Looking to the Future abi.org.uk

Solvency II: A solution in sight?

Plenary session

Our global economy and society is changing rapidly: What will be the key strategic challenges that will shape how we do business and serve our customers and the economy? What will be the key economic, political, regulatory and commercial trends and how can the industry respond to them?

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Chair Panel >

Sharon Bowles Andreas MEP Viljoen Insurance and Pensions, European Commission

Sharon Bowles has chaired the European Andreas was an actuarial consultant in Parliament’s Economic and Monetary Affairs Amsterdam before moving to the insurance Committee since 2009, putting her at the heart of policy division of the FSA at the end of 2010. He the EU’s response to the financial and Eurozone represented the UK as a member of the FinReq crisis. The committee is responsible for financial working group of EIOPA and the task force on services, competition and tax, as well as the suite long-term guarantees before moving to the of economic and monetary policy that includes insurance and pensions unit of DG MARKT at macroeconomic surveillance and public the European Commission in July of this year, accountability of the ECB. During her where he is currently working predominantly on chairmanship there has been a huge range and the finalisation of Solvency II. quantity of legislation that has also seen an increase in the power and effectiveness of the committee. Sharon has been deeply engaged in the Parliamentary work amending legislative proposals as well as presiding over hundreds of ‘trialogue’ negotiations with the Council and Commission that produce the final amended versions of the legislation, giving her unique experience as the only person engaged in depth in every negotiation. A frequent participant at high level conferences alongside Ministers, European Commissioners, Central Bank Governors, and leading figures from industry, Sharon has a reputation for contributing new ideas and bringing together technical and political analysis.

> Plenary session panel

Frank Carson Axel Wehling Deputy Director, Member of the Executive Insurance and Savings, Board, German Insurance HM Treasury Association (GDV)

Frank Carson is currently a Deputy Director in Dr. Axel Wehling is a member of the Executive the Treasury’s Financial Services Group, with Board of the German Insurance Association responsibility for insurance, financial capability, (Gesamtverband der Deutschen and consumer issues more generally. Frank has Versicherungswirtschaft e. V., GDV) based in had a range of roles in his 15 years in the Civil Berlin. Service, including education, unemployment and welfare, and two years of negotiating Solvency II. Axel studied law at university in England. He has Prior to that Frank spent a number of years a doctorate in law and a postgraduate in legal working in the NHS. service traineeship. He has been employed with GDV since 1999, first in GDV’s Investments Department, being seconded to the Comité Européen des Assurances (CEA) based in Brussels and to the GDV European Office also based in Brussels. He then worked for GDV as head of the Politics/ International Relations Department, since 2005 he has been a member of the GDV Executive Board.

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Bertrand Labilloy Director at the French Insurance Association (FFSA) Economic, Financial Affairs

Bertrand Labilloy is an engineer graduated from the Ecole Polytechnique and an economist and an actuary graduated from ENSAE.

Mr Labilloy started his career in 1993 as an insurance supervisor. From 1996, he was in charge of european insurance regulation at the French Treasury. He joined the DG Markt in 1999 as a national expert in insurance.

Mr Labilloy joined Calyon in 2001 as corporate finance director dealing with M&A in the financial sector.

From 2006, he has been director in charge of economic and financial affairs at the FFSA.

Reporting: a Wealth of Information

Breakout session A

ROOM: MAIN AUDITORIUM

Sponsored by Solvency II rules will lead to WOLTERS KLUWER insurers having to collect, compile and disseminate large amounts of information about their business operations; both to regulators and the general public. How will the industry cope with these renewed data demands and the increased expectations of regulators to be provided with a wealth of information to tight deadlines? What does increased disclosure mean for the industry, both in terms of challenges and the potential benefits? Analysts have often spoken of the complicated task of interpreting insurers’ disclosures – what will they be looking for?

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Chair Panel >

Susan Wright Roni Ramdin Senior Regulatory Adviser, Solvency II Disclosures Investment Management Work Stream Lead, Association RSA

Susan Wright is a Senior Regulatory Adviser at Roni Ramdin has worked with Pillar III for nearly the Investment Management Association (IMA), four years and currently leads this area of the trade association of the UK’s £4.2 trillion Solvency II for the RSA Group. He is responsible investment management industry. Susan for interpreting the draft texts for their specialises in Client Money and Assets (CASS), applicability to RSA in general and specifically to COBS, SYSC and related governance and individual legal entities and operations across the prudential issues; and also acts as Policy Advisor worldwide group; further, he works with RSA’s to The Association of Real Estate Funds. Prior to worldwide operations to assist them with local joining the IMA, Susan held the position of Head implementation issues. Besides coordinating of Regulatory Management at an asset readiness activity such as dry-runs, of which management company after a career in the three have been completed, he also spearheads Public Sector. Susan is a Chartered Member of lobbying activity such as responding to the Securities Institute and acts as an External consultations and attending meetings with Specialist at CISI. industry bodies, national supervisors, the ECB and EIOPA.

> Breakout session A panel

Jon Hocking Edward Managing Director, Kennedy Morgan Stanley Account Manager, Wolters Kluwer Financial Services

Jon Hocking joined Morgan Stanley in 1998 and Edward Kennedy has over 19 years of business heads the European Insurance Equity Research development and marketing experience in team. He is a Managing Director, with 18 years information security and risk management. experience of the insurance industry. The team is Ed has worked for the last 5 years on helping currently ranked top 3 in both the Extel and European organisations with Enterprise Risk & Institutional Investor surveys. Jon covers Allianz, Governance Management. Having joined Wolters AXA and the UK life names. In addition to stock Kluwer Financial Services 2 years ago, Ed is research, he has written extensively on structural working with insurers to assist them with their issues affecting the European insurers, including Solvency II requirements across all 3 pillars. Solvency 2 and the impact of new entrants on the UK distribution landscape. Prior to Morgan Stanley, Jon qualified as a Chartered Accountant within the Financial Markets Division of Arthur Andersen in London, where principally he serviced insurance clients. Jon has a degree in Chemistry from the University of Oxford.

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Teresa Casado Policy Adviser, Prudential Regulation, Insurance Europe

Teresa Casado joined Insurance Europe on January 2013 as a Policy Advisor on Prudential Regulation. Teresa has a long standing experience in fields of IFRS and Solvency II, having held positions at the Portuguese Securities Market Commission and at the Portuguese Insurance Regulator. As a regulator she was a member of the EIOPA’s committees responsible for the deliveries in the areas of accounting, system of governance, supervisory reporting and disclosure, insurance groups and financial conglomerates. Teresa also has a long standing experience as a lecturer on several universities.

Systemic Risk: a Global Issue

Breakout session B

ROOM: BARTHOLOMEW

The release of a list of ‘globally systemically important’ insurers by the Financial Stability Board has meant that insurers are unlikely to escape the increased scrutiny brought by a work stream that originally focused on the banking industry. What are the next steps in this project likely to be, at a domestic and international level? What are the implications for insurers’ capital?

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Chair Panel >

Hugh Savill Dean Minot Director of Regulation, Technical Specialist, Association of British Prudential Regulation Insurers Authority

Hugh Savill is responsible for prudential and Dean Minot began his career at the Reserve conduct regulation. He joined the ABI in 2005 Bank of New Zealand working on economic and from the UK Department of Trade and Industry regulatory issues before moving to the FSA. In (DTI) now the Department for Business, the eight years he has been at FSA/PRA he has Innovation and Skills.In 20 years at the DTI, worked in supervision, communications, Hugh worked on the finance and governance of macroprudential analysis and policy. He has the Department and specialised in the been involved in the IAIS work on G-SIIs almost negotiation of EU regulation. He began his career since its inception. He is chair of its Financial as an auction house porter after reading Modern Stability Data Analysts Subcommittee, and sits Languages at Oxford University. on the Financial Stability Policy Subcommittee and the Higher Loss Absorbency drafting group.

> Breakout session B panel

Nicolas Daniel Haefeli Jeanmart Head of Finance, Head of Department, The Geneva Association Macroeconomics, Life and Pensions, Insurance Europe

Nicolas Jeanmart is a member of the Daniel Haefeli joined The Geneva Association in management team of Insurance Europe, the October 2010 as Head of Insurance and Finance. European insurance and reinsurance federation, and the head of Insurance Europe’s macro- After dedicating 10 years to the sport of football economics, life and pensions department. and his studies at the Zurich University of Applied Sciences in Business Administration he Prior to joining Insurance Europe in November started his professional career in the late 1980s 2010, Nicolas worked for the European Savings with Winterthur Insurance as Head of Financial Banks Group (ESBG), where he held various Accounting, Winterthur-Life. At Winterthur Group positions, culminating in four years as head of Daniel worked in the following positions: the banking supervision and economic affairs Manager of the Investment Back-office; Head of department. In his earlier career he provided the worldwide US-GAAP implementation Project; consultancy and training services to the financial Director of Winterthur-Group´s Consolidation and sector in Belgium and Luxembourg. Accounting Department. In 2004 Daniel moved to Amsterdam to join Atradius Group as Finance Nicolas is a Belgian/French national. He holds a Director. In 2008, Daniel moved back to Master’s degree in business engineering, as well Switzerland to start working as Head of Financial as complementary degrees in European Accounting and Reporting with Zurich Financial integration and development and in computer Services, before joining The Geneva Association sciences.

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Mark Chaplin Group Enterprise Risk Director, Aviva

Mark Chaplin joined Aviva as its Group Enterprise Risk Director in 2010. His responsibilities include the design and maintenance of the groupwide risk management framework and the review and challenge of Aviva’s aggregate risk profile. Mark is also leading Aviva’s Global Systemically Important Insurer (GSII) project. Prior to joining Aviva, Mark spent 16 years at Watson Wyatt and Towers Watson consulting on a wide range of risk management related projects.

Safeguarding Retirement: Solvency II’s Treatment of Annuities

Breakout session C

ROOM: SIDNEY

UK insurers write a large number of annuities every year, helping to provide people with an essential regular income in retirement. With Omnibus II negotiations set to agree the rules under which these annuities are provided to those in society most in need, what does the future hold for the provision of the popular retirement product?

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Chair Panel >

Jon de Beer Carl Assistant Director of Dowthwaite Prudential Regulaton, Group Commercial Association of British Actuary, Insurers Legal and General

Jon is Assistant Director, Head of Prudential Carl is Group Commercial Actuary at Legal & Regulation at the ABI. He has worked at the ABI General Group. For the last three years Carl has for two years focussing on prudential regulation focused on Solvency II, working to understand policy, especially Solvency II. Before joining the and communicate the implications of the ABI Jonathan worked for the Labour Party, proposed rules and engaging with those advising on elections and campaigns strategy. developing the rules to try to ensure that they His background is in the actuarial function and appropriately reflected the nature of insurers’ has worked for both Allianz and Chubb Insurance. businesses. The development of the Matching Adjustment has been a particular focus in this Jon holds a BSc (Hons) in Actuarial Science from work. Previously he spent five years as With Cass Business School Profits Actuary at Legal & General.

> Breakout session C panel

Jim Rasque Policy Adviser, Prudential Regulation, Insurance Europe

Jim Rasqué is a qualified actuary and currently works for Insurance Europe, the European (re)insurance federation based in Brussels. As a policy advisor in the federation’s Prudential Regulation department, his work is mostly focused on Solvency II and its treatment of products with long-term guarantees (valuation and balance sheet dynamics). Previously, he has worked as an actuary for Foyer Group in Luxembourg. In this role, the main projects he worked on related to Solvency II calculations for technical provisions/capital requirements and the implementation of an economic scenario generator for Embedded Value calculations.

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Mind the Gap: Interim Measures

Breakout session D

ROOM: MAIN AUDITORIUM

Sponsored by The move towards Solvency II is being PA CONSULTING GROUP promoted by EIOPA and national regulators through the development of interim measures in the period leading up to full implementation; seeking to avoid a further fragmented European rulebook. What are the challenges (for regulators) of implementing a temporary, voluntary rulebook and (for insurers) of developing systems, policies and processes before the rest of the rules – in many cases fundamental to the operation of the regime – are not complete? >

Chair Panel >

Scott Paton Tristan Financial Services Expert, Garnons- PA Consulting Group Williams, Solvency II Policy Adviser, Association of British Insurers

Scott is a financial services expert for PA Tristan Garnons-Williams is a Policy Adviser at Consulting Group. He leads the firm’s work in the the Association of British Insurers – in the insurance sector and with financial regulatory Solvency II Team. Prior to joining the ABI, Tristan authorities. He specialises in complex worked in the Insurance and Savings Team at transformation initiatives, typically focusing on HM Treasury and also held a number of roles at regulatory change, cost reduction, growth and the Financial Services Authority; working in consolidation. He has worked with many of the insurance policy, investment banking supervision UK’s leading insurance organisations, providing and secondary markets policy. Tristan has a advice and support around major programmes degree in Economics from the University of including Solvency II. For the last three years, Nottingham Scott has led PA’s work as delivery partner on the PRA’s Solvency II programme. During this period, he has also chaired PA’s highly regarded Solvency II Delivery Forum.

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David Innes Gideon Benari Head of Economic Editor, Solvency II Wire Capital, RSA

David has been with RSA for 25 years, and has Gideon Benari is the editor and owner of held a variety of roles across the Group including Solvency II Wire, a boutique publication spending 3 years working in its US subsidiary, dedicated to informing insurance professionals Chief Actuary for RSA’s International Business about Solvency II. Before setting up the site in and since 2010 Head of Economic Capital. As 2011 he was a press officer for a number of part of his current role he also leads RSA’s organisations and prior to that worked as a Solvency II programme and has been heavily freelance video editor for over twenty years for involved in the IMAP and ICAS+ processes. As major broadcasters in the UK including the BBC, the Solvency II texts have evolved, working with ITV and Channel 4. the ABI, he has been involved in the wider lobbying issues and assessing the potential Gideon holds an Investment Management impact on general insurers. Certificate (IMC) from CFAUK, a Masters degree in Anthropology from the University of East London and is a qualified technical writer (ISTC).

> Breakout session D panel

Nick Kitching Head of European Regulatory Affairs, Swiss Re

Nick joined Swiss Re in July 2013 with focus on managing risks arising from European regulatory developments. Before Swiss Re, Nick was at Aviva plc where he was head of Regulatory Policy Oversight and then head of Economic Capital Integration with responsibility for roll out of the use test and ORSA. Nick joined Aviva plc from The UK Financial Services Authority where he was a member of the General Counsel Division before joining the Prudential Policy Division as manager of group prudential policy. Nick started his career in law and is a qualified UK solicitor.

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Third-country Equivalence

Breakout session E

ROOM: BARTHOLOMEW

London – and Europe more generally – is a leading marketplace for global insurance. With the possibility of European insurers’ international competitiveness being affected by the new Solvency II rules, what needs to be done before finalisation of the regime in order to minimise such an impact? Which countries are the major markets on which the focus has been placed up until now, where do they stand in the equivalence debate and what progress has been made by policymakers in finding a workable solution? >

Chair Panel >

Bruce Porteous Bradley Head of Solvency II Kading Regulatory Development, President and Executive Standard Life Director, Association of Bermuda Insurers and Reinsurers

Bruce is currently Head of Solvency II and As President and Executive Director of the Regulatory Development at Standard Life plc. Association of Bermuda Insurers and Reinsurers His business experience comprises of Marketing, (ABIR), Kading directs ABIR’s public policy Corporate Finance, Corporate Development, activities around the world. Kading gives talks International Development, Risk/Capital regularly to numerous policymaker and industry Management, Regulatory Development and groups and has had articles published in the Lobbying at Standard Life. He obtained Journal of Insurance Regulation and in the International M&A, Corporate Restructuring and Geneva Association Papers on Risk and Market Entry experience with Tillinghast. Bruce Insurance. Prior to joining ABIR, Kading served is also a Fellow of the Faculty of Actuaries in UK for 14 years as Senior Vice President and and Institute of Actuaries of India, with Degrees Director of State Relations for the RAA. in Mathematical Statistics from Edinburgh and Cambridge Universities.

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Tobias Patricia Plas Buecheler Senior Vice President, Head of Supervision and Public Policy & Regulatory Financial Market Office, Aegon Regulation, Allianz

Tobias Buecheler is responsible for Allianz Patricia Plas joined AEGON NV as Director of Group’s interaction with supervisors and all Group Regulatory Affairs in January 2007 to activities relating to the further development of create and manage AEGON’s group regulatory regulation. He joined Allianz in 2000 and has held affairs department. several senior management positions in finance and risk since then, including roles as Chief Before joining AEGON, Patricia was the Investment Officer at Allianz Australia, Risk Economics and Finance Director of the CEA Coverage Officer for the Asset Management & (Comité européen des assurances, now Banking division and has led several group-wide Insurance Europe) from 2003 to 2006. She was change management programs. Prior to his mainly in charge of managing the Solvency II current role he managed the group-wide project and monitoring the European and Solvency II Program for Allianz. Before joining international accounting debate on behalf of the Allianz he was associated with JP Morgan Asset European insurance and reinsurance industries. Management. He holds a degree in economics Patricia was previously Director of the Financial and finance from the University of St. Gallen. Services Group of PricewaterhouseCoopers (from 1989 to 2003) where she specialised in the audit and advisory of insurance companies and pension fund.

A graduate in Economics and Finance, she is also a Chartered Accountant registered at the Belgian Institute of the Chartered Accountants. She attended in 2011 an Advanced Management Program at the Duke University (Durham NC, USA).

Patience is a Virtue: Long-term Investment

Breakout session F

ROOM: SIDNEY

Due to the business that they underwrite, insurers are natural providers of long- term investment. Economies need this type of investment in order to promote growth and – especially in the current economic climate – this is hard to come by, especially with banks withdrawing from funding markets and showing little appetite for their lending operations to make a return to their pre-crisis levels. What barriers exist to insurers carrying out an optimal role in relation to investment and how might they be overcome? What needs to happen in order to ensure the continued – and enhanced – role of insurers in this regard?

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Chair Panel >

Robert John Godfrey Hingley Group Communications Director of Investment Director, Legal & General Affairs, Association of British Insurers

Robert Hingley joined the ABI as Director, John Godfrey is Corporate Affairs Director at Investment Affairs in September 2012. Legal & General Group Plc. Having joined the From 2010 he was a Managing Director at company in 2006, he has been involved in Lazard, where he remains a Senior Adviser. He Solvency 2 ever since. This has included was previously Director General of The Takeover working on the implications of S2 for Panel from December 2007, on secondment infrastructure and other forms of investment, its from Lexicon Partners, where he was Vice relationship to Commissioner Barnier’s growth Chairman. Green Paper, LTIFs and the Public-Private Finance initiative. Prior to joining Lexicon Partners in 2005, he was Co-Head of the Global Financial Institutions Educated at Lochaber High School and Oxford Group and Head of German Investment Banking University, he was formerly a banker, Special at Citigroup Global Capital Markets, which Advisor to Home Secretaries Douglas Hurd and acquired the investment banking business of David Waddington, and a candidate for the UK Schroders in 2000. He joined Schroders in 1985 and European Parliaments. after qualifing as a solicitor with Clifford Chance in 1984.

Robert read Modern Languages and Law at Cambridge University.

> Breakout session F panel

Raffaele Della Croce Lead Manager, Long Term Investment Project, OECD

Raffaele Della Croce is an Italian national, lead manager for the OECD project “Institutional Investors and Long Term Investment”, aiming to facilitate long-term investment by investors such as pension funds, insurance companies and sovereign wealth funds, addressing both potential regulatory obstacles and market failures. Based on research produced for this project the OECD is contributing to the policy discussions at the level of G20, Asian Pacific Economic Cooperation (APEC) and the European Commission. As part of the OECD Futures Programme he has also worked on the project “Transcontinental Infrastructure Needs to 2030/50” in the Advisory Unity to the Secretary General. Prior to joining the OECD, he worked in the financial industry for eight years, mainly with Ernst & Young and Moody’s Investors Services, in London. As part of international teams advising governments or private consortia, he has been involved in the analysis, structuring and negotiation of the largest transactions in the utilities and infrastructure sectors in the Europe, Middle East and Africa region. He was educated at University La Sapienza in Rome and Columbia University in New York.

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Breakout sponsors

Whether complying with regulatory requirements, PA is an employee-owned firm of over 2,500 managing financial transactions, addressing experts in a wide range of industries, bringing a single key risk, or working toward a holistic in specialists from across our whole firm to enterprise risk management strategy, Wolters ensure you get the right team. Our deep industry Kluwer Financial Services works with over knowledge and our skills in management 15,000 customers worldwide helping them consulting, technology and innovation allow our successfully navigate regulatory complexity, teams to challenge conventional thinking and optimize risk and financial performance, and overcome every obstacle to give you exceptional manage data to support critical decisions. results. This is not something that ends with the Wolters Kluwer Financial Services provides assignment – for 70 years we have shared our risk management, compliance, finance and knowledge to create real and lasting impact. audit solutions to improve efficiency and effectiveness. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and solutions provider with annual revenues of (2012) €3.6 billion and approximately 19,000 employees worldwide. http://summix.wolterskluwerfs.com.

Drinks reception sponsor

Whether complying with regulatory requirements, managing financial transactions, addressing a single key risk, or working toward a holistic enterprise risk management strategy, Wolters Kluwer Financial Services works with over 15,000 customers worldwide helping them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. Wolters Kluwer Financial Services provides risk management, compliance, finance and audit solutions to improve efficiency and effectiveness. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and solutions provider with annual revenues of (2012) €3.6 billion and approximately 19,000 employees worldwide. http://summix.wolterskluwerfs.com.

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Exhibitors

Spreadsheet Management Clearwater Analytics® provides Founded in 2001, lnvoke and Controls is a significant web-based investment develops specialized software component of any Solvency accounting, portfolio reporting for managing regulatory, II compliance program to and analytics for insurance financial and tax information. demonstrate adequate companies, corporate Aligning analytical innovation controls on data management treasuries, and asset with pragmatic business and lineage. The CIMCON managers. Clearwater’s daily- functionality, Invoke offers Spreadsheet Management aggregated and reconciled industry-acclaimed regulatory Suite provides Lifecycle solutions deliver the highest reporting solutions that are Management solution from level of portfolio transparency robust, flexible and EUC discovery and risk available on the market today user-oriented. The resulting assessment, error detection for clients such as Hiscox, software is unique and and remediation, to monitoring SCF Arizona, The Warranty showcases the latest XBRL and controls. CIMCON Group, WellCare and more. production, visualization, Software, Inc. is the Market Launched in 2004, with offices editing and validation Leader in the category with 25 in Edinburgh, U.K.; New York, technologies. Invoke XBRL years of experience and the New York; and Boise, Idaho. reporting solutions are perfectly largest installed client base of Clearwater Analytics reports on aligned with the emerging over 325 firms. It is used by the more than $950 billion in assets regulatory use-cases of COREP Top 3 of 5 insurance companies and services thousands of and FINREP under CRD IV and and banks in the UK. institutional investors. For more Solvency II, making Invoke the information about Clearwater partner of choice for major Contact: Rajesh Jain Analytics, visit supervisory bodies (such as the www.clearwateranalytics.com. European Banking Authority, Email: [email protected] Banque de France - ACP and Phone: +44 7796134301 Deutsche Bundesbank), as well as for multinational groups in the banking and insurance sectors who fall under the scope of both local and European regulatory imperatives.

ABI Solvency II Conference 2013 Looking to the Future abi.org.uk

> Exhibitors

The Institute of Risk KPMG in the UK is able to ORIC is a consortium of Management (IRM) is the respond to client needs, 30+ organisations from world’s leading enterprise- bringing together the right the (re)insurance and asset wide risk management teams at the right time, across management sectors with the education Institute. We disciplines and across borders, common purpose of further provide qualifications, short through our global network of advancing the management courses and events at a range member firms. The key to our and measurement of of levels from introductory success lies in our ability to operational risk. to expert. IRM supports its match our insights and skills to members and the wider risk the strategic goals of clients, ORIC facilitates the anonymised community by providing the day in and day out. KPMG in and confidential exchange of skills and tools needed to put the UK has 45 partners and operational risk data between theory into practice in order over 550 staff dedicated to our member firms, providing a to deal with the demands insurance clients. diverse, high quality pool of of a constantly changing, quantitative and qualitative sophisticated and challenging As well as advising clients on operational risk data. business environment. We their response to the biggest ORIC provides high quality operate internationally, with issues facing them today and operational risk tools that members and students in over tomorrow, KPMG’s global enable its members to develop 100 countries, drawn from all network of member firms and enhance their own internal risk-related disciplines and work with regulators and trade operational risk processes. industries. bodies round the world. This gives our teams a wealth www.abioric.com of international insight and experience.

For more information about how we can help you please contact Phil Smart, UK Head of Insurance, on 020 7311 5134.

www.kpmg.com

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For more information Association of British Insurers 51 Gresham Street, London EC2V 7HQ 020 7600 3333 abi.org.uk @BritishInsurers #SIIFuture