elsa-sls.org
Life ILS Conference Wednesday 15th May 2019
London, UK elsa-sls.org 1 Dear Conference Attendees
We at ELSA are delighted to welcome you to Life ILS Conference | 2019. The first of its kind conference comes at an exciting time in the life markets. Holders of longevity/mortality risk, capital market participants and policy makers are coming together to discuss and debate positive solutions to the demographic challenges of an ageing population.
We would like to take this opportunity to thank our sponsors without whom this event would not be possible: Actuarial Risk Management, Arent Fox, Brean Capital, BroadRiver Asset Management, Clearlife, Corry Capital Advisors, EM3 Law, ISC Services, Life Equity, LifeRoc Capital, Maple Life Analytics, MLF LexServ, Vida Capital, Willkie Farr & Gallagher (UK) and Wilmington Trust.
In addition, we would like to thank our speakers who have provided a fantastic program of transaction-focused presentations; Prof. Andrew Cairns, Andrew Plevin, Christophe Heck, Cory Zass, Craig Gillespie, Prof. David Blake, Doug Anderson, Doug Fullam, Eric Paire, Gareth Mee, Guy Coughlan, Himanshu Chaturvedi, Jack Kelly, Jennifer Donohue, Kirsty Maclean, Laura Hardy, Luca Tres, Nicholas Bugler, Scott Mitchell, Scott Willkomm and Simon Erritt.
Lastly, we would like to thank the members of the organizing committee and our hosts EY who have put together a fantastic conference. We look forward to an exciting meeting that promises great debate and a unique networking opportunity.
ELSA very much hopes you enjoy the Life ILS Conference | 2019 and your visit to the great city of London.
→ CHRIS WELLS Executive Director | ELSA Venue Host EY
Our Location At EY, we are committed to building a better working world – with EY, 25 Churchill Place increased trust and confidence in business, sustainable growth, development of talent in all its forms, and greater collaboration. Canary Wharf London E14 5EY, UK We want to build a better working world through our own actions and by engaging with like-minded organisations and individuals. General Enquiries This is our purpose – and why we exist as an organisation. [email protected] Running through our organisation is a strong sense of obligation to serve a number of different stakeholders who count on us to Visit us at deliver quality and excellence in everything we do. www.ey.com We want to use our global reach and scale to convene the conversation about the challenges facing economies and the capital markets.
When business works better, the world works better.
Conference Partner Life Equity
Our Location Life Equity is an established leader in the life settlement and Canal Place Building 17 structured settlement industries. 530 South Main Street As a life settlement provider, Life Equity works with investors Suite 1731 to purchase life insurance policies and buy or sell in the Akron, Ohio 44311 tertiary market. Also, Life Equity excels as one of the largest administration and servicing specialists for life settlement and General Enquiries structured settlement portfolios. [email protected] Life Equity is a member of the Coventry group of companies. → Visit us at Sponsors www.lifeequity.com
LIFE EqUITY
012 Life ILS Conference 2019 elsa-sls.org 1 Morning Break Sponsor Afternoon Break Sponsors MLF LexServ Brean Capital MapleLife Analytics
Our Location MLF LexServ, L.P. (“LexServ”) is a leading independent portfolio Brean Capital , founded in 1973, is a Broker-Dealer and Maple Life Analytics (“MLA”) is an industry leading actuarial 4350 East-West Hwy, Suite 905 servicer in the secondary life insurance market. Owned by Cantor Investment Bank headquartered in New York with a nationwide and consulting services firm, specializing in the analysis and Fitzgerald and Reservoir Capital Group, LexServ offers a full array footprint. As a boutique investment bank serving over 1,100 management of Life Settlements and other mortality based Bethesda, MD 20814 of traditional life portfolio services, as well as unique portfolio institutional investors with 130 employees in its 14 offices assets. MLA established a world class reputation based upon United States onboarding and maintenance options. throughout the U.S., Brean focuses on delivering high-quality our asset class expertise, extensive experience, and unparalleled investment ideas and investment banking services to institutional access to data. Our research and analysis improves performance General Enquiries LexServ is institutional by nature and we have always been at the investors and corporate clients. and capitalizes on value across our client’s investment life-cycle. [email protected] forefront of operational compliance and control. LexServ has completed SOC-1 Type II (SSAE) Operational Control audits with Our services include corporate finance, capital raising and MLA is deeply embedded in the life settlement market; our team accredited external audit firms annually since 2012. This external underwritings, recapitalizations and restructurings, advisory of experienced attorneys, actuaries, and financial professionals Visit us at validation provides confidence in key servicing controls and the investment banking, and securitizations. Our fixed income has evaluated policies representing in excess of $60 billion in www.mlflexserv.com audit report is used by many LexServ clients to satisfy their own business provides sales, trading, and banking services on a death benefit for portfolio owners. We partner with investors, service partner audit requirements. wide range of mortgage and asset-backed, US Treasury and lenders, and others seeking expert optics into the performance, government agency securities, structured products, corporate risk analysis, and trade of mortality based products. Our proven processes make it easy for clients to manage their life bonds and municipal securities. insurance portfolios. We excel with Policy Analysis and Premium Optimization, and clients enjoy transparency with broad and Visit us at: www.breancapital.com Visit us at: www.maplelifeanalytics.com secure access to both data and documents via our ServiceTrack application. We are committed to innovation, technology, service excellence, and to providing world class care for our clients and their portfolios.
Lunch Break Sponsor Cocktail Reception Sponsor Corry Capital Advisors BroadRiver Asset Management
Our Location Corry Capital Advisors, LLC (CCA) was founded in 2006. CCA Our Location Formed in 2009, BroadRiver Asset Management, L.P. specializes One Village Square specializes in providing investment management to investors Empire State Building in providing its clients with compelling risk-adjusted returns by seeking uncorrelated returns in the Life Settlement asset class. creating and managing uncorrelated alternative investments with 417 Walnut Street, Suite 201 350 5th Avenue, Suite 3100 many of the features of fixed-income investments. Sewickley, PA 15143 CCA invests in non-contestable Life Insurance policies. CCA’s New York, NY 10118 senior management team averages 25 years of experience in We focus on offering investments with many of the attractive General Enquiries financial services with a focus in the life insurance and life General Enquiries characteristics of investment grade fixed income assets – [email protected] settlement industries. CCA’s clients include Pension Plans, [email protected] dependable yield, high credit quality, and low-volatility – with University Endowments, Foundations and Family Offices. the added benefit of low correlation to financial markets and general economic conditions. We are known for our data-driven Visit us at Visit us at approach, which enables us to identify and exploit inefficient www.corrycapital.com www.broadrivercap.com niches in alternative assets where we can be price-setters rather than price takers. We are particularly sensitive to protection of principal and our clients’ needs to reliably match or exceed overall portfolio benchmarks.
2 Life ILS Conference 2019 elsa-sls.org 3 Conference Supporters
Since 2006, Actuarial Risk Management Founded in 1942, Arent Fox is Founded in 2007, ClearLife develops Predictive Resources is a recognized With roots dating back to the founding of Founded in 2009 and headquartered (ARM) has been a valued strategic partner internationally recognized in core practice software platforms for life settlements thought leader in the longevity space, Wilmington Trust Company by T. Coleman in Austin, Texas, Vida Capital is a to many Top 30 accounting firms and their areas where business and the law and lifetime mortgages. Our platforms are and over 150 industry players rely on its DuPont in 1903, Wilmington Trust has multi-billion dollar alternative asset clients, delivering unparalleled actuarial intersect. With more than 450 lawyers, fully integrated and include cutting-edge longevity-related products and services. been serving institutional clients for 112 management firm that manages both knowledge to an ever-growing global client the firm provides strategic legal counsel valuation models and analytics. Founded in 2013, Predictive combines years. We have been a leader in corporate evergreen and closed-end structures. list. The ARM Network includes over 75 and multidisciplinary solutions to a global actuarial, underwriting, IT, predictive trust services, serving on some of the Vida specializes solely in insurance-linked credentialed actuaries; averaging 25 years roster of corporations, governments, and We also deliver consultancy to those modeling, and clinical expertise to largest and highest profile transactions. strategies with a predominant focus on of experience. With this vast network ARM trade associations. involved – or looking to become involved measure and predict the impact of longevity-contingent risk. Vida manages combines extensive views of mortality and – in our markets. Our customers value demographics, health conditions and We take a creative and collaborative capital on behalf of leading pension plans, morbidity with comprehensive modeling www.arentfox.com us for the quality of our products, the other variables on all aspects of longevity approach to employ a solution that works insurance companies, endowment and valuation capabilities. ARM offers consistency of our service and our and mortality. for your transaction. & foundations, family offices, and deep, specific industry and geographical problem-solving abilities. registered investment advisors. Vida www.wilmingtontrust.com expertise to local, regional, national and Among LE providers, it remains the only is vertically integrated with Magna Life www.clearlifeltd.com multi-national clients. But beyond ARM’s player who is both independent and Settlements, a licensed and top-ranked technical expertise, their real strength is focused solely on life settlements. life settlement provider. communicating to non-actuaries in a way www.predictiveresources.com that makes sense. www.vidacapitalinc.com www.actrisk.com
Media Partner Trading Risk
Edwards Maxson Mago & Macaulay, ISC Services is a life underwriting LifeRoc Capital and its group of Willkie is an elite international law firm Trading Risk is the home of news for the insurance-linked LLP was founded in 2017 to leverage the services company providing services to companies provides life settlement funds of approximately 700 lawyers located in strategies (ILS) market. It is where ILS managers, reinsurance exceptional legal and business experience life settlement businesses, life insurance and investors with unique policy flow and ten offices in six countries. For more than carriers, industry analysts and investors come to find out who of its founding partners and the select companies, life brokerage firms and other innovative asset management strategies. 125 years, we have provided strategic is investing in the sector, how asset managers are evolving their attorneys who join the firm in a way life underwriting firms. Our team has 60+ years of combined legal representation and trusted counsel strategies and how the industry is delivering on its promise of that consistently delivers sophisticated longevity and life settlement experience. to market-leading public and private providing uncorrelated insurance risks. Knowledge is not just legal services and excellent results ISC’s management team possesses Our team members have facilitated over companies operating around the world. power for our readership - it is money. In a complex, global, at affordable business rates. We’re experience and expertise gleaned $10 billion of life settlement transactions. intermediated, syndicated and fragmented marketplace, it is intentionally branded EM3 to convey from a combined 80+ years of industry Our internationally recognised lawyers difficult for even the best players to secure a vantage point which that our approach to serving our clients experience. The company’s primary www.liferoccapital.com work seamlessly across practices to gives good visibility. Trading Risk aims to help set the news agenda is unique and innovative and, by doing objective is to grow a life underwriting deliver efficient and effective solutions for the ILS market. We wear uncompromising integrity and brutal so, the results we achieve for our clients services platform with a focus on to complex problems. Working closely honesty as our ultimate badge of honour. In fact it is what we know favourably impacts their business and consistency, quality and service. with clients, we promote their interests, you cherish in us above all other things. growth exponentially. protect their rights and position them for www.iscservices.com long-term success. Visit us at: www.trading-risk.com EM3 is lean by design, and leverages a low overhead law firm model to minimize non- www.willkie.com value-added costs and ensure intense focus on meeting our clients legal and business needs. www.em3law.com
4 Life ILS Conference 2019 elsa-sls.org 5 Agenda Morning Summary
08.30 Registration and Welcome Breakfast
09.00 Welcome from Conference Chair Gareth Mee, Partner | EY & Scott Willkomm, CEO | Life Equity
09.10 Insurance Risk into Capital Markets: Where Does Life Fit? Eric Paire, Head of Capital Advisory | Aon Benfield
09.50 London as a Life ILS Hub Jennifer Donohue, Consultant Solicitor | Keystone Law
10.30 Morning Break
10.45 Transfer of Risk Life market experts will discuss the role the capital markets can play in the transfer of longevity and mortality risk.
Panel Chair: Prof. Andrew Cairns of Heriot-Watt University
• Laura Hardy, VP, Business Development | Reinsurance Group of America Longevity Reinsurance Today and Tomorrow. • Simon Erritt, Managing Director | Coventry Capital Addressing Demand in the Life Settlement Market. • Douglas Anderson, Founder | Club Vita A pathway to commoditising longevity. • Guy Coughlan, Chief Risk Officer | Universities Superannuation Scheme → Life risks, pensions and asset-liability management. Conference Agenda 12.30 Global Affairs and their Impact on the Capital Markets Jack Kelly, Managing Director | Institutional Life Market Association
13.00 Lunch Break
026 Life ILS Conference 2019 elsa-sls.org 7 Agenda Afternoon Summary
14.00 Life Securitization: Types of life securitization structures and 16.05 Accumulation of Risk Session challenges & opportunities for securitizing longevity risk Industry-leading Life ILS asset managers present their views Nicholas Bugler, Partner & Kirsty Maclean, Senior Associate on what makes life risk attractive to investors today. Willkie Farr & Gallagher (UK) LLP Panel Chair: Andrew Plevin Co-CEO of BroadRiver Asset Mgmt
14.30 Quantifying the Risk • Scott Mitchell, Portfolio Manager, Life ILS | Schroders Life ILS: An investment manager’s perspective. Industry experts will discuss how they tackle uncertainties around • Craig Gillespie, Head of Life Investments | Leadenhall Capital Partners mortality and longevity risk to make better informed decisions. Novel transactions: bringing new life into life ILS. Panel Chair: Prof. David Blake of Cass Business School • Christophe Heck, Senior Life U/W | Credit Suisse Insurance Linked Strategies Ltd. Risk Drivers of Insurance/Reinsurance Companies and opportunities for the Life ILS market. • Luca Tres, Head of Life | Securis • Himanshu Chaturvedi, Managing Director | Cambridge Associates The Life ILS Challenge: Shifting from mortality risk to longevity (and others). Niche strategies: Views from a capital allocator. • Cory Zass, Principal | Actuarial Risk Mgmt Micro View of Longevity – Fretting over the small stuff. • Doug Fullam, Senior Manager | AIR Worldwide 17.50 Closing Comments Advancements in Stochastic Modelling and their use. Gareth Mee, Partner | EY & Scott Willkomm, CEO | Life Equity
15.50 Afternoon Break 18.00 Cocktail Reception
8 Life ILS Conference 2019 elsa-sls.org 9 Conference Speakers
PROF. ANDREW CAIRNS ANDREW PLEVIN CHRISTOPHE HECK Heriot-Watt University BroadRiver Asset Management Credit Suisse Insurance Linked Strategies Ltd.
Andrew Cairns is Professor of Financial Andrew Plevin is Co-CEO and founder of Christophe Heck is a Senior Life Mathematics at Heriot-Watt University, BroadRiver Asset Management, a leading Underwriter at Credit Suisse ILS Ltd. Edinburgh, and Director of the Actuarial alternative asset manager based in New He previously worked for Swiss Re as Research Centre of the Institute and York, with assets under management a Capital Solutions Manager. Faculty of Actuaries. of $1.4 billion. From 2006 to 2009, Mr. He holds a Master in Actuarial Plevin started and co-ran the physical He is well known both in the UK and Science from the HEC Lausanne. longevity desk of Goldman, Sachs & Co., internationally for his research in financial Inc. with Mr. Siller, as the Co-CEO and risk management for pension plans and He is also a Fully Qualified Actuary and President of Eastport Capital Corporation, life insurers. In recent years his research represents Switzerland at the European a wholly-owned entity of Goldman Sachs. has focused on the modelling of longevity Actuarial Association. At Goldman Sachs, Mr. Plevin co-founded risk: how this can be modelled, measured and was a member of the Board of and priced, and how it can be transferred Directors of the Institutional Life Markets to the financial markets. Amongst his work Association (ILMA), an organization in this field, he has developed a number of representing the largest banks active in new and innovative stochastic mortality the longevity markets. models. He is an active member of the UK and international actuarial profession: Prior to joining Goldman Sachs, Mr. Plevin he qualified as a Fellow of the Faculty of was a founding principal of SPAR L.P., an Actuaries in 1993; from 1996 to 2017 he advisory firm investing in life settlements was editor of the leading international on behalf of institutions, until Goldman actuarial journal ASTIN Bulletin - The Sachs acquired its assets in 2006. Journal of the International Actuarial Prior to SPAR, Mr. Plevin had extensive → Association and editor-in-chief for the private-equity experience on behalf of last 10 of these years; and in 2005 he was family offices and acted as interim CEO elected as a corresponding member of the of venture-backed firms in a variety of Today’s Swiss Association of Actuaries. businesses, including satellite imaging and health-care informatics. In addition to His research has received several his business activities, Mr. Plevin was an international prizes including the Speakers advisor to the Clinton Foundation HIV/AIDS Halmstad Prize in 2008, the Society of Initiative, where he led their global effort Actuaries Annual Prize in 2009 and the to establish and provide low-cost, reliable Robert I. Mehr Award in 2016. HIV tests to countries participating in In 2016 he was elected as a Fellow of the the Clinton Global HIV/AIDS Initiative. Mr. Royal Society of Edinburgh, Scotland’s Plevin received his B.A. in Economics from national academy of science and letters. University of Michigan and his M.B.A. in Finance from The University of Chicago Booth School of Business.
0310 Life ILS Conference 2019 elsa-sls.org 11 Conference Speakers
CORY ZASS CRAIG GILLESPIE PROF. DAVID BLAKE DOUG ANDERSON DOUG FULLAM ERIC PAIRE Actuarial Risk Management Leadenhall Cass Business School Club Vita AIR Worldwide Aon Benfield
Corwin (Cory) Zass is the founder and Craig joined the Life Investments team at Professor David Blake is Director of the Douglas is the founder of Club Vita (www. Doug is a qualified actuary with the Eric Paire is Head of Capital Advisory at principal of Actuarial Risk Management, Leadenhall Capital Partners in 2015, after Pensions Institute at Cass Business clubvita.co.uk), which specialises in society of actuaries (ASA) and has been Aon Reinsurance Solutions UK. He joined Ltd, a 12 plus-year old consultancy. having spent six years with Swiss Re in School, City University of London, and applying modern data science techniques involved with analytics associated with Aon from Guy Carpenter where he was London. Craig is experienced in a range of chairman of Square Mile Consultants, a to innovate in longevity and mortality risk the insurance industry since 2007. He is a Head of Global Partners and Strategic For over 25 years, Mr Zass, a trained actuarial roles, including the origination of training and research consultancy. management. Club Vita currently collects Director at AIR Worldwide leading the life Advisory EMEA, member of the Guy life actuary, and his teams’ collective capital solutions for UK life insurers and data in respect of UK and Canadian and health modeling solutions for AIR. Carpenter EMEA Leadership Group, a advice have been sought on topics He is also: co-designer of the A2Risk costing of longevity transactions. pensioners. The smarter collection and director of Guy Carpenter & Company Ltd, such as M&A, product & risk attitude to risk questionnaire; co-inventor His work focuses on helping firms structuring of data enables more cost- member of the Risk Committee, and a management, capital strategy and Whilst at Swiss Re Craig also qualified of the Cairns-Blake-Dowd stochastic understand and implement stochastic effective ways both to reduce the risks director of MMC Securities Ltd. financial reporting paradigms. as a Fellow of the Institute and Faculty mortality model; and co-founder with modeling across life and annuity product of financing in later life and to help our of Actuaries in 2012 specialising in life JPMorgan of the LifeMetrics Indices. lines. He helps firms find value in He began his career at SCOR as a His actuarial training rests on a societies face up to the challenges of insurance. Craig graduated from Heriot improved risk assessment, implement Facultative Energy Underwriter, then foundation blending common sense, In 2014, he was appointed Chair of the ageing populations. Watt University with First Class Honours hedging strategies and risk mitigation moved to various underwriting and business views and actuarial technical Independent Review of Retirement in Actuarial Science and completed a year Douglas has thirty years’ experience in efforts to protect potential downside management positions within SCOR in aptitude. Over the last 10 years he and Income. Its report We Need a National long exchange in Actuarial Studies at the practicing as a consulting actuary, across across insurance firms, and helps them to Paris, Madrid and London. his firm have regularly advised clients Narrative: Building a Consensus around University of Melbourne. a diverse spectrum of engagements. He is probabilistically assess their liabilities. on mortality, morbidity and other risk Retirement Income was published in He joined AXA Re in 1994 where he a fellow of the UK’s Institute of Actuaries, matters important to those participating March 2016 (pensions-institute.org/ served as Deputy Managing Director of and a Chartered Enterprise Risk Actuary. (or investing) in the insurance space either IRRIReport.pdf). He won the 2016 Robert AXA Re UK and then CEO of AXA Re Paris Douglas lives in Edinburgh, with his wife directly or indirectly, including life and I. Mehr Award for ‘A Two-Factor Model until 2000. He was then a founding partner and two teenage children. To stay fit, structured settlements. for Stochastic Mortality with Parameter of Nexgen Financial Solutions, offering Douglas enjoys cycling and skiing, and Uncertainty: Theory and Calibration’ capital market and reinsurance solutions has recently taken up running to suit his (with Andrew J. G. Cairns and Kevin Dowd) to corporates and insurance companies nomadic lifestyle. published in the December 2006 issue and a director of Nexgen Re in Dublin until of the Journal of Risk and Insurance, 2005. Nexgen was successfully sold to the journal of the American Risk and Natixis bank in 2005. Insurance Association. Eric then created Nesspa Holdings, an This Award is presented each year for advisory company on reinsurance run-off. the paper published in the JRI ten years Eric was educated at Ecole Polytechnique before that has best stood the test of in Paris and ENSAE and is an Actuary. time. He has a PhD from LSE.
12 Life ILS Conference 2019 elsa-sls.org 13 Conference Speakers
GARETH MEE GUY COUGHLAN HIMANSHU CHATURVEDI JACK KELLY JENNIFER DONOHUE KIRSTY MACLEAN EY Universities Cambridge Associates Institutional Life Keystone Law Willkie Farr & Gallagher (UK) LLP Superannuation Scheme Market Association
Gareth is a Partner at EY and leads its Guy is Chief Risk Officer at the Universities Himanshu is a Managing Director at John A. (Jack) Kelly, a Partner in the Jennifer Donohue is a Consultant Solicitor Kirsty Maclean is a senior associate in the Global Investment Advisory and life Superannuation Scheme (USS), a UK Cambridge Associates’ Pensions and McPherson Group LLP, serves as the at Keystone Law specialising in corporate London office of Willkie Farr & Gallagher settlements practises. He has been pension plan with assets of over £64 Insurance Practice based in London. Managing Director of Institutional Life insurance and reinsurance transactions, (UK) LLP and member of the Corporate involved in the insurance linked securities billion as of year-end 2018. Guy joined He works with a variety of pension Markets Association (ILMA). regulatory capital, solvency, take overs and Financial Services Department. She industry for over ten years and sits on the USS in January 2015 as a member of the funds , insurance companies and other and mergers and structuring, longevity advises insurance, reinsurance and other He has extensive legislative and public Institute and Faculty of Actuaries’ Finance group executive committee. He is also institutional investors on investment risk and life expectancy transactions financial institution clients on a broad policy experience in structured finance & Investment and Life Boards. a member of the executive committee strategy, portfolio construction and and complex swaps, life settlements range of non-contentious matters. Ms. and tax related issues. He was the of USS Investment Management, the management and research. He also leads and alternative asset classes. She is Maclean has particular expertise advising Within his team, he works with a number principal architect of the legislative investment subsidiary of USS and chair of research and client portfolio investments the founder of a mathematics company, on complex (re)insurance transactions of institutional investors who have clarification of tax issues related to the the Group Risk Committee. in several emerging, uncorrelated Algorithm and Extremal Consulting (and related security arrangements) and committed money to ILS through a transfer of structured settlements. strategies in private and public markets. Limited, specialising in mathematics, regularly advises on life and pensions variety of structures as well as working Guy’s career has included holding several In addition to federal advocacy he network theory and functional analysis, risk transfer transactions in the United with ILS managers. global roles at JP Morgan, where he spent Himanshu joined Cambridge Associates coordinates the McPherson Group’s state algorithms, AI and Machine learning Kingdom. Her practice also includes 17 years advising clients on optimal in 2013 and has 18 years of experience in and local practice. A political aide to in the insurance, financial markets, advising on policy wordings, (re)insurance investment, asset-liability and risk investment management and investment Presidents Reagan and George H.W. Bush, hedge fund, corporate, energy, cyber business restructurings and capital management strategies, and finished as banking. His experience prior to joining he previously, served as a Legislative and encryption space and is optimisation projects, regulation of (re) European Head of the Pension Advisory Cambridge Associates spanned roles Assistant to Rep. Charles B. Rangel (D-NY) undertaking a number of projects in insurers in the UK and Europe and the Group. In the mid-1990s he was a member in research, structuring and trading in and held staff positions in both the New risk analysis, artificial intelligence interface between (re)insurance and the of J.P. Morgan’s RiskMetrics team and Europe and Asia. He started his career York and Federal courts. For 28 years until and data mining fields. capital markets. led the development of the first general- as an equity research analyst in Asia his retirement, Mr. Kelly served in active purpose commercial value-at-risk system. and subsequently gained post-MBA Jennifer was called to the Bar of England Ms. Maclean has gained substantial and reserve components of the United He also founded and led the bank’s Global experience in structuring and executing and Wales and later admitted as a experience working in-house in the States Army including Command of a ALM Advisory group, helped to found a complex fixed income derivative solutions Solicitor of the Supreme Court of England insurance and reinsurance sectors. In Special Forces unit. fiduciary management business for US and contributing to quantitative strategy and Wales (1992). She was, for a number particular, she advised Swiss Re’s life and pension plans and set up J.P. Morgan’s research at Lehman Brothers and His awards and decorations include the of years, a senior legal adviser to the health structured transactions business longevity risk transfer business. Barclays Capital. Legion of Merit. From 2004 until 2018 he Department of Trade and Industry in Europe and Asia from January 2013 served as a member and Chairman of (now BEIS) and has subsequently been until she joined Willkie in December 2015. Guy holds a D.Phil. (i.e., PhD) from Oxford At Cambridge Associates, Himanshu the U.S. Advisory Committee on National consulted to advise Her Majesty’s Ms. Maclean served as the governance University. He is registered as an inventor has been leading teams for clients Cemeteries and Memorials. Presently, Government (and other governments) on secretary of the LLMA (Life and Longevity on a number of US patents related to from $300 million to $100 billion in he serves as member of the U.S. a number of projects, including high Markets Association), a not for profit financial and longevity risk management. assets, being deeply engaged throughout Advisory Committee for Arlington profile legislative drafting and recently on organisation established to promote a the investment process from strategy National Cemetery. the HMG Task Force for Insurance Linked liquid traded market in longevity and setting to implementation and day to day Securities and also on longevity risk. mortality related risk from February 2013 oversight of client portfolios invested She works with the Financial Markets to November 2015. She is a co-author in a mix of traditional and alternative Law Committee on Brexit and other of a chapter dedicated to longevity asset classes. market topics. securitisation within The Handbook of Insurance-Linked Securities published by Wiley in 2009.
14 Life ILS Conference 2019 elsa-sls.org 15 Conference Speakers
LAURA HARDY LUCA TRES NICHOLAS BUGLER SCOTT MITCHELL SCOTT WILLKOMM SIMON ERRITT Reinsurance Group of America Securis Willkie Farr & Gallagher (UK) LLP Schroders Life Equity Coventry Capital
Laura Hardy, VP, Business Development, Luca joined Securis in January 2015. In his Nicholas Bugler is a U.K. partner in Scott has over 20 years’ experience in Scott Willkomm joined Life Equity, LLC as Simon Erritt is a Managing Director, UK & Ireland is part of RGA’s UK Global current role as the Head of Life, in addition the London office and a member of the global life insurance industry. Since its Chief Executive Officer in September Finance for Coventry Capital. Based in Financial Solutions team focusing on to the wider life business management, the Corporate & Financial Services February 2016, he has been Head of 2017. Under Mr. Willkomm’s leadership, Coventry’s London office, Mr. Erritt longevity, asset intensive and capital Luca leads the origination and structuring Department of the firm. He advises on Life ILS at Schroders-Secquaero and is Life Equity continues to build on its legacy directs Coventry’s capital markets motivated reinsurance solutions. Based for life and health transactions, sourcing a wide range of issues affecting the currently the Portfolio Manager for the of excellence in serving the secondary efforts throughout Europe and plays in London, Laura actively works with RGA’s investments based on tailor-made international insurance and reinsurance Schroders Life ILS funds. market for life insurance. a key role in the global expansion of partners in the UK and other markets to solutions around capital, financing and industries. He advises both insurance Coventry’s industry-leading longevity Between September 2009 and Dec 2015, During Mr. Willkomm’s thirty-year career, develop longevity solutions. Since joining risk management needs of insurance and reinsurance companies, insurance distribution platform. he was a Principal & Consulting Actuary he has served as chief executive of RGA in 2012, Laura and her team in the UK companies, globally. general agents and investors of all in global actuarial firm, Milliman, with a insurance, reinsurance and financial Prior to joining Coventry, Mr. Erritt was have closed over £15bn in new longevity types. Recently he has specialised in Luca joined Securis from Deutsche Bank focus on advising multinational insurers services organizations. He has extensive a Director in Citigroup’s Asset Finance transactions for RGA. the intersection of the reinsurance where, within the Global Capital Markets and reinsurers on life M&A transactions work in life settlements and structured Group where he led the development of and capital markets industries. Laura began her career at Watson Wyatt division, he was part of the Structured and structured capital solutions. settlements, including his previous Citigroup’s investment activity in the US (now Willis Towers Watson) as a pensions Insurance and Bank Solutions team. Luca Mr. Bugler has advised on major corporate roles as Chief Executive Officer of Life secondary market for Between 2001 and 2009, he was a senior consultant analysing the impact of risk holds a Master of Science in Finance and transactions, including complex Settlements and Mortality-Linked life insurance. actuarial consultant in UK, Australia and transfer transactions for defined benefit an Undergraduate degree in Institutions reinsurance relationships between seller Products with J.G. Wentworth or Switzerland within the actuarial practices Mr. Erritt is a graduate of the University pension schemes. There she specialised and Financial Markets Management, and buyer, mergers and acquisitions, the President, Director, and Chief Executive of Big 4 accounting firms. He started his of Bristol and Haywards Heath College in advising multinational sponsors and both ‘cum laude’ from Bocconi University restructuring of an insurance business Officer of Scottish Re Group. Mr. Willkomm career in at a UK life insurer. in West Sussex, England. trustees on de-risking strategies such as in Milan. including crossborder transfers of an is also an alumnus of Coventry’s Capital bulk annuity and longevity swap products insurance portfolio into the UK; insurance Markets group where he worked with life and also the use of captives for pension business transfers under Part VII of the settlement investors. Most recently, Mr. scheme risk mitigation. Laura has a BSc Financial Services Markets Act 2000; Willkomm was President and Founder in Physics from the University of Warwick loss portfolio transfers and security of Old Stone Capital Partners, a and a Masters in Actuarial Finance from arrangements offered to reinsurers. He boutique strategic consultancy and Imperial College, London. She is a Fellow has advised on the establishment of financial advisory firm focused on the of the Institute of Actuaries. numerous “side car” reinsurance vehicles global insurance, reinsurance and for UK and European insurers and advised financial services sector. He is on “cat bonds”. The interface between Chairman of the European Life the reinsurance and capital markets is a Settlement Association and a member significant part of his practice. He is noted of International Wealth Planners. as a specialist in the developing insurance linked securities market and the provision of collateralised reinsurance.
16 Life ILS Conference 2019 elsa-sls.org 17 ELSA The European Life Settlement Association (ELSA) 97 Fable was founded in 2009 to set standards for the 261c City Road European life settlement industry. London EC1V 1AP ELSA represents investors, service providers and Chris Wells intermediaries in the longevity and mortality markets Executive Director who are looking to promote best practice by providing [email protected] accurate, authoritative information to institutional investors, regulatory bodies and the media. General Enquiries [email protected] ELSA’s focus is on the promotion of transparency and the positive development of the life industry’s Visit us at reputation amongst all stakeholders. We endeavour www.elsa-sls.org to encourage fair competition and investor protection within the life market.
Our efforts are organised around four main pillars:
• Encouraging best practice;
• Educating industry participants, the public, regulators and the media;
• Developing new and innovative longevity- based research;
• Leading the promotion of life markets amongst investors.
ELSA members must comply with the Association’s Code of Practice, a comprehensive framework that ensures the highest professional and ethical standards within the industry and protection of the interests of investors in the asset class. Membership is open to capital providers, service providers and intermediaries in the longevity and mortality markets.
18 Life ILS Conference 2019 Venue Hosts: EY 25 Churchill Place Canary Wharf London E14 5EY
20 Life ILS Conference 2019