Society of Insurance Financial Management Quarterly Conference Society Society Society of Insurance of Insurance of Insurance Financial Financial Financial Management Management Management
Society Society of Insurance of Insurance Financial Financial Management Management
CPE Conference and Networking Reception
Wednesday, June 19, 2019
KPMG LLP 345 Park Avenue New York, NY 10154
CO-SPONS ORS
SOCIETY OF INSURANCE FINANCIAL MANAGEMENT CPE Quarterly Conference Agenda
AGENDA
12:15 – 1:00 pm Registration, Luncheon
1:00 – 1:15 pm Welcome — SIFM President Erin Mulloy, Partner FSO Assurance, EY
1:15 – 2:05 pm Keynote Speaker The U.S. Economy: No More Fat Pitches! Constance Hunter, Principal, Chief Economist, KPMG LLP
2:05 – 2:55 pm Long Term Care – What Else Can Go Wrong? Lawrence Rubin, Life Actuarial Partner, PwC
2:55 – 3:10 pm Refreshment Break
3:10 – 4:00 pm The End of LIBOR – Not Just a Banking Problem! Robert Ceske, Principal, KPMG LLP Scott Shapiro, Principal, KPMG LLP
4:00 – 4:50 pm Insurance M&A – Potential Driver for Growth Douglas Sweeney, Managing Director, Deloitte Transactions & Business Analytics LLP Fahad Khan, Senior Manager, Deloitte Transactions & Business Analytics LLP
4:50 – 5:10 pm Refreshment Break
5:10 – 6:00 pm Breakout Sessions
Tax Roundtable: Salt Issues – Conformity; Audit Planning for Federal Tax Reform. Moderated by Sarah Sheldon, AVP, Assistant Tax Counsel, MetLife Inc
IFRS17 Implementation. Gregory Giardiello, SVP, Chief Accounting Officer, QBE North America Anastasia Razumova, AVP Accounting and Reporting, QBE North America
The Cyber Security Threat Landscape. Moderated by Atif Ghauri, Principal, Cybersecurity Practice Leader, Mazars USA
6:00 – 8:00 pm Networking Reception
SOCIETY OF INSURANCE FINANCIAL MANAGEMENT Officers
President Erin E. Mulloy, Partner FSO Assurance, EY
Executive Vice President Sean W. Egan, Partner New York Financial Services, KPMG LLP
Vice President and Treasurer John Yoon, Managing Director, AIG
BOA RD O F DI RECTORS PRESIDENT’S AD VISORY C OUN CIL
Vincent R. Burke, Senior Advisor, Mazars USA LLP William F. Burke, Partner, PwC Michael J. Castelli, SVP & CFO, C.V. Starr & Co, Inc Brian J. Clouse, Partner, Practice Leader, Insurance Sector, Mazars USA LLP Richard G. Gander, Partner, Deloitte LLP Kenneth Croarkin, Partner-in-Charge, Insurance Industry Gregory Giardiello, SVP & Chief Accounting Officer, Services, EisnerAmper LLP QBE North America John M. Cunningham, VP – Chief Financial System Officer, James R. Gruber, Managing Director, PwC CV Starr, A Member of Starr Companies Laurie L. Harris, Non-Executive Director, QBE North Gregory Domareki, Managing Director, Deloitte Tax LLP America John Fitzgerald, Corporate Controller, ProSight Specialty Elaine Lehnert, Managing Director, Ankura Consulting Insurance Edward Majkowski, Jr., Americas Insurance Sector Michele Landon, Tax Director, EY Leader, EY Jayme Lazaro, Principal, Johnson Lambert LLP Paul Mallen, President & Chief Executive Officer, Amalgamated Life Insurance Company Imran Makda, Managing Partner, Greater New York Insurance & Banking Practice, BDO USA N. Adriana Nivia, Chief Financial Officer-U.S., Renaissance Reinsurance U.S. Inc William Mellon, Senior Manager, FTI Consulting, Inc. Christopher McNulty, EVP, CFO & Treasurer, Greater New Russell Sommers, Senior Manager, Baker Tilly Virchow York Insurance Companies Krause LLP Sarah Sheldon, AVP, Assistant Tax Counsel, MetLife, Inc John Swanick, U.S. Insurance Industry Partner-in-Charge, Grant Thornton LLP Matthew Tierney, Global Insurance Practice Leader, Grant Thornton LLP
SOCIETY OF INSURANCE FINANCIAL MANAGEMENT Speaker Biographies
Constance Hunter Principal & Chief Economist, KPMG LLP
Ms. Hunter heads macroeconomic research, analytics and forecasting and is a member of KPMG’s pension advisory board. Constance works closely with the firm’s leadership and clients to identify inflection points, risks and opportunities that arise in the constantly evolving economic landscape.
She is known for correctly calling economic indicators that presage market turning points such as the Russian currency devaluation in 1998, the dotcom bubble in 2001, the real estate and credit crisis in 2007-08, the recovery of the housing market and concurrent low bond yields in 2012 and the continued low bond yields during the recovery and into the expansion.
Prior to joining KPMG, Constance held high-level positions in the asset management sector serving in the capacity of chief investment officer or chief economist. At AXA Investment Managers she helped manage over $500 billion in fixed income assets.
Ms. Hunter graduated with a BA in economics and sociology from New York University. She holds a MIA with a concentration in international economics from the School of International and Public Affairs at Columbia University.
Constance was recently named vice president of the National Association for Business Economics (NABE), from which she holds the Certified Business Economist designation. She is a regular speaker at conferences on a wide variety of macroeconomic topics and is a frequent guest on all major financial media channels.
In addition to NABE, she is actively involved with a several economic and financial market associations including the New York Association for Business Economics, Money Marketeers, National Committee for US-China Relations and 100 Women in Finance. She is also on the board of GallopNYC, an organization that changes lives of disabled New Yorkers by offering therapeutic horsemanship programs in six locations.
Contact: constancehunter@kpmg.com
SOCIETY OF INSURANCE FINANCIAL MANAGEMENT Lawrence Rubin Life Actuarial Partner, PwC
Mr. Rubin has over 30 years of experience as an actuary and manages PwC’s life actuarial practice for the Philadelphia region. Larry heads PwC’s long term care practice and has either audited or advised most of the country’s largest long term care writers. Mr. Rubin is the actuarial principal for a number of PwC’s largest audit clients where he reviews the operations of multiple business units, including life, annuity, retirement, and health.
Before joining PwC, he was with Bear Stearns where he was responsible for the development of capital markets strategies enabling insurance companies to manage risk and enhance capital. Prior to Bear Stearns, Larry was with TIAA-CREF in various positions, the last of which was as vice president of finance and chief actuary for TIAA-CREF Enterprises.
Mr. Rubin was a co-author of the Institutional Investor’s book on asset and liability management. He also authored articles on asset and liability management; ERM, and long term care insurance for contingencies which were published in the Journal of Risk Finance and the North American Actuarial Journal. He also wrote monographs on retirement and long term care for the Society of Actuaries.
He is a frequent industry speaker on the subject of capital markets and insurance. Some of the topics he has addressed include securitization, derivatives, fair value of liabilities, risk management, economic capital, economic earnings, and enterprise risk management.
Contact: [email protected]
Robert Ceske Principal, KPMG LLP
Mr. Ceske leads the insurance risk advisory team. He also serves as the lead partner for a large primary insurance company, a large reinsurance company as well as a systemically important financial market utility (SIFMU).
Formerly, Rob was with McKinsey where he advised financial services companies and banks, non-bank financial, non-financial services firms on strategy, risk management, M&A, regulatory and market impact. Prior to that, he was the chief risk officer for GE creating and leading the risk management function for corporate treasury which provided funding, market risk hedging and short-term investing for GE Capital and GE’s industrial businesses.
Mr. Ceske earned a BA in government and economics from Cornell University. He was awarded an MBA in finance, management and international business from the New York University Stern School of Business.
Rob is a member of the board of directors of the Greater New York Councils of Boys Scouts of America and a board member of the Quill and Dagger Alumni Association.
Contact: [email protected]
SOCIETY OF INSURANCE FINANCIAL MANAGEMENT Scott Shapiro Principal, KPMG LLP
Mr. Shapiro has almost 30 years of insurance experience and specializes in operational improvement, analytics and automation.
He leads KPMG’s risk consulting practice for the insurance industry.
Prior to joining KPMG, Scott held a number of senior executive positions at The Hartford, most recently as the SVP of enterprise analytics and product development.
Mr. Shapiro earned a BA in mathematics from Binghamton University.
Contact: [email protected]
Douglas Sweeney Managing Director, Deloitte Transactions and Business Analytics LLP
Mr. Sweeney has more than 21 years of experience providing a wide range of valuation and financial consulting services to leading global financial companies specifically insurance companies. He has substantial experience in the valuation of business enterprises, business interests, and intangible and tangible assets.
Doug has provided services both on a domestic and global basis for a wide range of valuation purposes including mergers and acquisitions analyses, tax and regulatory compliance, dispute resolution, financial structuring advice, strategic financial planning and lease financing.
Mr. Sweeney is a contributing author to Deloitte’s annual Insurance M&A Outlook. He was also a contributing author of a published article on SFAS 157, “Fair value in accounting: building credible and supportable valuations.”
Mr. Sweeney earned a BA in business administration from LeMoyne College. He was awarded an MBA from the New York University Stern School of Business.
Contact: [email protected]
SOCIETY OF INSURANCE FINANCIAL MANAGEMENT Fahad Khan Senior Manager, Deloitte Transactions & Business Analytics LLP
Mr. Khan has over 13 years of experience in providing valuation and advisory services in a variety of contexts including M&A, financial reporting, dispute resolution, fairness opinion and tax planning. He specializes in the valuation of business interests and privately held companies. Currently he serves large private equity and FSI clients.
Prior to joining the New York office, Fahad worked in the Dubai office providing valuation and financial advisory services to clients in the Middle East and North Africa (MENA) region. He worked with regional and multinational banks, sovereign wealth funds and large family owned conglomerates for M&A, financial reporting and internal decision making purposes.
Mr. Khan graduated with a BSc in general business from Excelsior College. He earned an MBA in finance from Oklahoma State University. Fahad holds the designation of Chartered Financial Analyst.
Contact: [email protected]
Sarah Sheldon AVP, Assistant Tax Council, MetLife, Inc.
Ms. Sheldon concentrates on indirect tax planning, transfer pricing as well as state and local controversy. Sarah’s experience is in procedural, corporate, and international tax with both the private and public sectors.
Prior to MetLife, Sarah worked for the IRS Office of the Chief Counsel in Washington, DC where she served as a subject matter expert in the National Office before joining Large Business and International Division Counsel.
Ms. Sheldon earned an LLM in taxation cum laude from the University of San Diego, and a JD from the California Western School of Law. Sarah is admitted to practice law in the State of California, before the US Tax Court, and as in-house counsel in the State of New York. She is a member of the Board of Directors of the SIFM.
Contact: [email protected]
SOCIETY OF INSURANCE FINANCIAL MANAGEMENT Gregory Giardiello SVP, Chief Accounting Officer, QBE North America
Mr. Giardiello is a senior financial executive with over 28 years of broad-based operating, management and financial experience at both multinational Fortune 50 companies and Big 4 public accounting firms. Greg focuses on strategies and key drivers that impact business performance and operations.
Prior to joining QBE, he held controllership roles at Berkshire Hathaway Specialty Insurance, Marsh & McLennan, AIG and Prudential He started his career at Deloitte providing auditing services to public companies.
His expertise is in implementing business planning and management review processes, developing high performance finance teams, creating high quality management and SEC reporting, driving process improvements as well as strengthening the financial control environment.
Mr. Giardiello earned a BS in accounting from St. John’s University. He is a member of the American Institute of Certified Public Accountants; Greg is a CPA licensed in New York. He is a member of the Board of Directors of the SIFM.
Contact: [email protected]
Anastasia Razumova AVP Accounting and Reporting, QBE North America
Ms. Razumova is responsible for new accounting standards implementation as well as the development and coordination of accounting policies in accordance with IFRS, AASB and other regulatory requirements.
Prior to QBE, Anastasia provided auditing services to both public and privately held companies in the United States and the Europe, Middle East and Africa across media and entertainment, telecommunication, consumer products and real estate verticals.
Ms. Razumova was awarded a BS in economics and an MBA in financial management from the Novosibirsk State University of Economics and Management, Russia. She is a CPA and a member of the Association of Chartered Certified Accountants.
Contact: [email protected]
SOCIETY OF INSURANCE FINANCIAL MANAGEMENT Atif Ghauri Principal, Cybersecurity Practice Leader, Mazars USA
Mr. Ghauri is a renowned cybersecurity expert with 20 years of experience in management consulting, technical and sales operations, product management, and business development. He is an innovator in cybersecurity, receiving a patent in security analytics on embedded consumer devices monitoring user activity anomalies.
Prior to joining Mazars USA, Atif led a three year $250 million dollar geographical expansion initiative as chief technology officer of a global cybersecurity firm. Before that, Atif held leadership roles for both business and technology organizations at Comcast. He served as the chief product security officer for the technology engineering group, where he directed all security work streams to launch next generation X1 Platform, including invention and deployment of his patented fraud detection technology operational on millions of subscriber devices.
Mr. Ghauri has a BS from Schreyer Honors College at Penn State University. He earned an MA in technology management from the Wharton School at the University of Pennsylvania. Atif serves as an Adjunct Professor in Cybersecurity for Drexel University and Rutgers University.
Atif has attained certifications as a Certified Information Systems Security Professional, a Certified Information Security Manager, and a Certified Cloud Security Architect.
Contact: [email protected]
SOCIETY OF INSURANCE FINANCIAL MANAGEMENT Program Details C PE CREDIT Conference attendees can earn up to 5 CPE Credits in Accounting, Specialized Knowledge and Taxes. Please sign-in and sign-out on the CPE Attendance Sheets to earn credit.
LEA RNI NG O BJE CTIVES Conference attendees will be able to: • Discuss regulatory issues impacting the insurance industry including state conformity with federal tax reform and IFRS implementation • Understand how the dissolution of LIBOR will affect insurance and reinsurance companies • Recognize the threats that cybersecurity have on insurance companies • Realize the potential that M&A has as a driver of growth
The Society of Insurance Financial Management 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 submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
NASBA Registry Number: 103140 New York State Continuing Education Sponsor License Number: 000455
SOCIETY OF INSURANCE FINANCIAL MANAGEMENT Shaping the Future: Identifying New Initiatives That Will Benefit the Insurance Industry
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