ABI SOLVENCY II...ABI Solvency II Conference 2013 Looking to the Future abi.org.uk SIIFuture 02 Follow us on Twitter BritishInsurers Welcome 03 Programme Morning schedule 04 Breakout

abi.org.uk @BritishInsurers #SIIFuture

CONFERENCE PROGRAMME

ABI SOLVENCY II CONFERENCE 2013‘Looking to the Future’

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

Follow us on Twitter @BritishInsurers #SIIFuture 01

How to get the best out of your day

The ABI has a stand in Foyer A. Please come and visit our stand and meet the team!

Social media

Be part of the social media buzz on the day:

• Twitter: For live updates on what is happening at the conference follow @BritishInsurers and tweet using #SIIFuture.

• LinkedIn: Join the ABI’s company page.

Wi-Fi

Free Wi-Fi is available

Username: Conf InternetPassword: grange1990

Catering

Complimentary hot and cold drinks and light snacks will be served outside the exhibition hall during the refreshment breaks and a buffet lunch will be provided for delegates.

Media

A media room is available for journalists to use throughout the conference; the room is on the first floor. Members of the ABI Media Relations Team will be on hand to help.

Cloakroom

A cloakroom is on the ground floor by the 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!

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

#SIIFuture Follow us on Twitter @BritishInsurers02

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

Index



Welcome to the ABI 2013 Solvency II Conference, ‘Looking to the Future’.

It has been several years since the Solvency II Directive was first announced, and while it has been pronounced dead many times, it is very much alive with insurers getting ready in earnest.

Agreement on the final shape of the rules is expected before the end of the year and the European Commission has published an amended timetable for Solvency II, confirming the new implementation date of 1st January 2016. In addition, the European Insurance and Occupational Pensions Authority has announced the final interim guideline measures that will inform the approaches of national regulators before full implementation of the rules.

Today’s conference is therefore a timely opportunity to pick up the latest knowledge on the likely final deal, discuss how insurers will adapt during the interim period and look ahead to the practical realities of operating in a Solvency II world.

Otto ThoresenDirector General, ABI

Welcome

Solvency II represents the biggest ever regulatory effort to bring a harmonised, risk-based approach to insurers’ capital standards, risk management, governance and reporting, across Europe. The industry has already spent billions of pounds preparing for the regime, which has the potential to significantly affect the way insurers do business – from their ability to provide critical financial products, right through to how they can invest in our economy and facilitate growth.

So as UK insurers in the biggest insurance market in Europe look to the future to see how they can tackle the challenges of our changing world, securing a Solvency II regime that reflects the economic reality of insurance business and allows the UK to remain internationally competitive, will be key.

Thank you for joining us.

Otto ThoresenDirector General, Association of British Insurers



Programme09:00 REGISTRATION AND NETWORKING 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)

Morning schedule


Follow us on Twitter @BritishInsurers SIIFuture

05

11: 45 REPORTING: A WEALTH OF INFORMATION (Room: Main Auditorium, Level 1) 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

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

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

Breakout sessions A – C

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07

14:15 MIND THE GAP: INTERIM MEASURES (Room: Main Auditorium, Level -2) 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

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

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

Breakout sessions D – F

> Programme

D

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Reporting: a Wealth of Information

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

Breakout session AROOM: MAIN AUDITORIUM (LEVEL -2)

Sponsored by Wolters Kluwer

Breakout sessions

A– C



Safeguarding Retirement: Solvency II’s Treatment of Annuities

Systemic Risk: a Global Issue

CHAIR Jon de Beer Assistant of Prudential Regulation, Association of British Insurers

PANEL SPEAKERS

Carl Dowthwaite Group Commercial Actuary, Legal and General

Jim Rasque Policy Adviser, Prudential Regulation, Insurance Europe

CHAIR Hugh Savill Director of Regulation, Association of British Insurers

PANEL SPEAKERS

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

Breakout session CBreakout session BROOM: BARTHOLOMEW (LEVEL 1) ROOM: SIDNEY (LEVEL 1)



Mind the Gap: Interim Measures

CHAIR Scott Paton Financial Services Expert, PA Consulting Group

PANEL SPEAKERS

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

Breakout session DROOM: MAIN AUDITORIUM (LEVEL -2)

Sponsored by PA Consulting Group

Breakout sessions

D –F



Patience is a Virtue: Long-term Investment

CHAIR Robert Hingley Director of Investment Affairs, Association of British Insurers

PANEL SPEAKERS

John Godfrey Group Communications Director, Legal & General

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

Breakout session FROOM: SIDNEY (LEVEL 1)

Third-country Equivalence

CHAIR Jon de Beer Assistant of Prudential Regulation, Association of British Insurers

PANEL SPEAKERS

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

Bruce Porteous Head of Solvency II Regulatory Development, Standard Life

Breakout session EROOM: BARTHOLOMEW (LEVEL 1)

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Keynote speakers

Andy Briggs was appointed a director and Group Chief Executive Officer of Friends Life Group plc on 1 June 2011.

Formerly Chief Executive Officer of Lloyds Banking Group’s General Insurance business since February 2010 and Chief Executive Officer of Scottish Widows since December 2008. Prior to joining Scottish Widows in 2007 he held key positions at Prudential Group where he spent a number of years in intermediated, face-to-face and online businesses in the UK and overseas culminating as Chief Executive Officer of Prudential’s Retirement Income business. Andy is an actuary and graduated in mathematics from Southampton. Andy is also on the board of the Association of British Insurers.

Andy Briggs Group Chief Executive Officer,Friends Life

In order of appearance >

Sajid Javid was appointed Financial Secretary to the Treasury on 7 October 2013. Previously he was Economic Secretary to the Treasury. He is the Conservative MP for Bromsgrove. Sajid attended state schools before studying economics and politics at Exeter University. Sajid has been the Member of Parliament for Bromsgrove constituency since being elected in the 2010 General Election. He was a member of the Work and Pensions Select Committee from June to November 2010.

Before being elected MP, he worked in business and finance. Aged 25, he became a Vice President at Chase Manhattan Bank. He later moved to Deutsche Bank in London to help build 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.

Sajid Javid MP Financial Secretary to the Treasury



Justin Wray, a UK national, is head of the policy unit. He is responsible for pensions, insurance, external relations and impact assessment.

Prior to joining EIOPA in May 2011, Justin worked at the UK Pensions Regulator in a number of operational and policy roles including as Head of Pensions Administration and Governance. Before that he worked at the UK Treasury on financial services regulation and international debt issues, and at the UK Department for International Development.

Justin Wray Head of Policy Unit,European Insurance and Occupational Pensions Authority

> Keynote speakers

Raj Singh was appointed Group Chief Risk Officer in January 2013. He is responsible for developing strategies to manage financial, strategic and operational risk across the Standard Life group. Before joining Standard Life, Raj had acquired extensive experience in financial services worldwide. In 2011 he established advisory firm Accredere AG in Switzerland, advising financial institutions on capital, risk, and merger and acquisition issues, and remains a non-Executive Board member. From 2007 to 2011, Raj was Group Chief Risk Officer at Swiss Re Insurance Company Ltd in Switzerland, where he 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.

Raj Singh Group Chief Risk Officer,Standard Life plc



15

Otto Thoresen joined the Association of British Insurers as Director General in 2011 from Aegon UK where he was Chief Executive and a member of the Group Management Board of Aegon NV.

Born and brought up in Buckie in North East Scotland, he started his career at Scottish Equitable where he trained as an actuary. He then went on to hold a series of senior marketing roles at Abbey Life, Royal Insurance and as a managing director at Royal Life International, before returning to Scottish Equitable in 1994, becoming its Finance Director in 2000.

He has also served on the Board of the ABI since 2005, most recently as a deputy chairman and 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.

Prior to his appointment this month as Europe Editor for Channel 4 News, Matt was the Washington Correspondent for two years and led the coverage of the Americas on everything from business and culture to US foreign policy and its view of the world. He is also part of the presenting team across Channel 4’s news and current affairs portfolio, including the award-winning Dispatches programme.

Matt previously anchored the BBC World News America bulletin and was also Washington Correspondent. He presented a weekly radio show called Americana, and in two decades at the corporation reported from Bonn, Rome, Bosnia, Kosovo, North Africa, Hong Kong and Singapore.

Otto ThoresenDirector General,Association of British Insurers

Matt FreiEurope Editor and Presenter at Channel 4 News

Conference Chairman



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?

Solvency II: A solution in sight?

Plenary session



Sharon Bowles has chaired the European Parliament’s Economic and Monetary Affairs Committee since 2009, putting her at the heart of the EU’s response to the financial and Eurozone crisis. The committee is responsible for financial services, competition and tax, as well as the suite of economic and monetary policy that includes macroeconomic surveillance and public accountability of the ECB. During her chairmanship there has been a huge range and 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.

Andreas was an actuarial consultant in Amsterdam before moving to the insurance policy division of the FSA at the end of 2010. He represented the UK as a member of the FinReq working group of EIOPA and the task force on long-term guarantees before moving to the insurance and pensions unit of DG MARKT at the European Commission in July of this year, where he is currently working predominantly on the finalisation of Solvency II.

Sharon BowlesMEP

Andreas ViljoenInsurance and Pensions, European Commission

Chair Panel >



Dr. Axel Wehling is a member of the Executive Board of the German Insurance Association (Gesamtverband der Deutschen Versicherungswirtschaft e. V., GDV) based in Berlin.

Axel studied law at university in England. He has a doctorate in law and a postgraduate in legal 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.

Frank Carson is currently a Deputy Director in the Treasury’s Financial Services Group, with responsibility for insurance, financial capability, and consumer issues more generally. Frank has had a range of roles in his 15 years in the Civil Service, including education, unemployment and welfare, and two years of negotiating Solvency II. Prior to that Frank spent a number of years working in the NHS.

Axel WehlingMember of the Executive Board, German Insurance Association (GDV)

Frank CarsonDeputy Director, Insurance and Savings, HM Treasury

> Plenary session panel



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.

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



Sponsored by WOLTERS KLUWER

Solvency II rules will lead to 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?

Reporting: a Wealth of Information

Breakout session AROOM: MAIN AUDITORIUM



Susan Wright is a Senior Regulatory Adviser at the Investment Management Association (IMA), the trade association of the UK’s £4.2 trillion investment management industry. Susan specialises in Client Money and Assets (CASS), COBS, SYSC and related governance and prudential issues; and also acts as Policy Advisor to The Association of Real Estate Funds. Prior to joining the IMA, Susan held the position of Head of Regulatory Management at an asset management company after a career in the Public Sector. Susan is a Chartered Member of the Securities Institute and acts as an External Specialist at CISI.

Susan Wright Senior Regulatory Adviser,Investment Management Association

Chair Panel >

Roni Ramdin has worked with Pillar III for nearly four years and currently leads this area of Solvency II for the RSA Group. He is responsible for interpreting the draft texts for their applicability to RSA in general and specifically to individual legal entities and operations across the worldwide group; further, he works with RSA’s worldwide operations to assist them with local implementation issues. Besides coordinating readiness activity such as dry-runs, of which three have been completed, he also spearheads lobbying activity such as responding to consultations and attending meetings with industry bodies, national supervisors, the ECB and EIOPA.

Roni RamdinSolvency II Disclosures Work Stream Lead, RSA



> Breakout session A panel

Edward Kennedy has over 19 years of business development and marketing experience in information security and risk management. Ed has worked for the last 5 years on helping European organisations with Enterprise Risk & Governance Management. Having joined Wolters Kluwer Financial Services 2 years ago, Ed is working with insurers to assist them with their Solvency II requirements across all 3 pillars.

Edward KennedyAccount Manager,Wolters Kluwer Financial Services

Jon Hocking joined Morgan Stanley in 1998 and heads the European Insurance Equity Research team. He is a Managing Director, with 18 years experience of the insurance industry. The team is currently ranked top 3 in both the Extel and Institutional Investor surveys. Jon covers Allianz, AXA and the UK life names. In addition to stock research, he has written extensively on structural issues affecting the European insurers, including 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.

Jon HockingManaging Director,Morgan Stanley



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.

Teresa CasadoPolicy Adviser, Prudential Regulation, Insurance Europe



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?

Systemic Risk: a Global Issue

Breakout session BROOM: BARTHOLOMEW



Hugh Savill is responsible for prudential and conduct regulation. He joined the ABI in 2005 from the UK Department of Trade and Industry (DTI) now the Department for Business, Innovation and Skills.In 20 years at the DTI, Hugh worked on the finance and governance of the Department and specialised in the negotiation of EU regulation. He began his career as an auction house porter after reading Modern Languages at Oxford University.

Hugh SavillDirector of Regulation, Association of British Insurers

Dean Minot began his career at the Reserve Bank of New Zealand working on economic and regulatory issues before moving to the FSA. In the eight years he has been at FSA/PRA he has worked in supervision, communications, macroprudential analysis and policy. He has been involved in the IAIS work on G-SIIs almost since its inception. He is chair of its Financial Stability Data Analysts Subcommittee, and sits on the Financial Stability Policy Subcommittee and the Higher Loss Absorbency drafting group.

Dean MinotTechnical Specialist,Prudential Regulation Authority

Chair Panel >



Daniel Haefeli joined The Geneva Association in October 2010 as Head of Insurance and Finance.

After dedicating 10 years to the sport of football and his studies at the Zurich University of Applied Sciences in Business Administration he started his professional career in the late 1980s with Winterthur Insurance as Head of Financial Accounting, Winterthur-Life. At Winterthur Group Daniel worked in the following positions: Manager of the Investment Back-office; Head of the worldwide US-GAAP implementation Project; Director of Winterthur-Group´s Consolidation and Accounting Department. In 2004 Daniel moved to Amsterdam to join Atradius Group as Finance Director. In 2008, Daniel moved back to Switzerland to start working as Head of Financial Accounting and Reporting with Zurich Financial Services, before joining The Geneva Association

Nicolas Jeanmart is a member of the management team of Insurance Europe, the European insurance and reinsurance federation, and the head of Insurance Europe’s macro-economics, life and pensions department.

Prior to joining Insurance Europe in November 2010, Nicolas worked for the European Savings Banks Group (ESBG), where he held various positions, culminating in four years as head of the banking supervision and economic affairs department. In his earlier career he provided consultancy and training services to the financial sector in Belgium and Luxembourg.

Nicolas is a Belgian/French national. He holds a Master’s degree in business engineering, as well as complementary degrees in European integration and development and in computer sciences.

Daniel HaefeliHead of Finance,The Geneva Association

Nicolas Jeanmart Head of Department, Macroeconomics, Life and Pensions, Insurance Europe

> Breakout session B panel



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.

Mark ChaplinGroup Enterprise Risk Director, Aviva



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?

Safeguarding Retirement: Solvency II’s Treatment of Annuities

Breakout session CROOM: SIDNEY



Jon is Assistant Director, Head of Prudential Regulation at the ABI. He has worked at the ABI for two years focussing on prudential regulation policy, especially Solvency II. Before joining the ABI Jonathan worked for the Labour Party, advising on elections and campaigns strategy. His background is in the actuarial function and has worked for both Allianz and Chubb Insurance. Jon holds a BSc (Hons) in Actuarial Science from Cass Business School

Jon de BeerAssistant Director of Prudential Regulaton, Association of British Insurers

Carl is Group Commercial Actuary at Legal & General Group. For the last three years Carl has focused on Solvency II, working to understand and communicate the implications of the proposed rules and engaging with those developing the rules to try to ensure that they appropriately reflected the nature of insurers’ businesses. The development of the Matching Adjustment has been a particular focus in this work. Previously he spent five years as With Profits Actuary at Legal & General.

Carl DowthwaiteGroup Commercial Actuary, Legal and General

Chair Panel >



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.

Jim RasquePolicy Adviser, Prudential Regulation, Insurance Europe

> Breakout session C panel



The move towards Solvency II is being 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?

Mind the Gap: Interim Measures

Breakout session DROOM: MAIN AUDITORIUM

Sponsored by PA CONSULTING GROUP

>



Tristan Garnons-Williams is a Policy Adviser at the Association of British Insurers – in the Solvency II Team. Prior to joining the ABI, Tristan worked in the Insurance and Savings Team at HM Treasury and also held a number of roles at the Financial Services Authority; working in insurance policy, investment banking supervision and secondary markets policy. Tristan has a degree in Economics from the University of Nottingham

Tristan Garnons-Williams, Solvency II Policy Adviser, Association of British Insurers

Scott is a financial services expert for PA Consulting Group. He leads the firm’s work in the insurance sector and with financial regulatory authorities. He specialises in complex transformation initiatives, typically focusing on regulatory change, cost reduction, growth and consolidation. He has worked with many of the UK’s leading insurance organisations, providing advice and support around major programmes including Solvency II. For the last three years, 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.

Scott PatonFinancial Services Expert, PA Consulting Group

Chair Panel >



Gideon Benari is the editor and owner of Solvency II Wire, a boutique publication dedicated to informing insurance professionals about Solvency II. Before setting up the site in 2011 he was a press officer for a number of organisations and prior to that worked as a freelance video editor for over twenty years for major broadcasters in the UK including the BBC, ITV and Channel 4.

Gideon holds an Investment Management Certificate (IMC) from CFAUK, a Masters degree in Anthropology from the University of East London and is a qualified technical writer (ISTC).

David has been with RSA for 25 years, and has held a variety of roles across the Group including spending 3 years working in its US subsidiary, Chief Actuary for RSA’s International Business and since 2010 Head of Economic Capital. As part of his current role he also leads RSA’s Solvency II programme and has been heavily involved in the IMAP and ICAS+ processes. As the Solvency II texts have evolved, working with the ABI, he has been involved in the wider lobbying issues and assessing the potential impact on general insurers.

Gideon BenariEditor, Solvency II Wire

David InnesHead of Economic Capital, RSA



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.

Nick KitchingHead of European Regulatory Affairs, Swiss Re

> Breakout session D panel



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?

Third-country Equivalence

Breakout session EROOM: BARTHOLOMEW

>



Bruce is currently Head of Solvency II and Regulatory Development at Standard Life plc. His business experience comprises of Marketing, Corporate Finance, Corporate Development, International Development, Risk/Capital Management, Regulatory Development and Lobbying at Standard Life. He obtained International M&A, Corporate Restructuring and Market Entry experience with Tillinghast. Bruce is also a Fellow of the Faculty of Actuaries in UK and Institute of Actuaries of India, with Degrees in Mathematical Statistics from Edinburgh and Cambridge Universities.

Bruce PorteousHead of Solvency II Regulatory Development, Standard Life

As President and Executive Director of the Association of Bermuda Insurers and Reinsurers (ABIR), Kading directs ABIR’s public policy activities around the world. Kading gives talks regularly to numerous policymaker and industry groups and has had articles published in the Journal of Insurance Regulation and in the Geneva Association Papers on Risk and Insurance. Prior to joining ABIR, Kading served for 14 years as Senior Vice President and Director of State Relations for the RAA.

Bradley KadingPresident and Executive Director, Association of Bermuda Insurers and Reinsurers

Chair Panel >



Tobias Buecheler is responsible for Allianz Group’s interaction with supervisors and all activities relating to the further development of regulation. He joined Allianz in 2000 and has held several senior management positions in finance and risk since then, including roles as Chief Investment Officer at Allianz Australia, Risk Coverage Officer for the Asset Management & Banking division and has led several group-wide change management programs. Prior to his current role he managed the group-wide Solvency II Program for Allianz. Before joining Allianz he was associated with JP Morgan Asset Management. He holds a degree in economics and finance from the University of St. Gallen.

Tobias BuechelerHead of Supervision and Financial Market Regulation, Allianz

Patricia Plas joined AEGON NV as Director of Group Regulatory Affairs in January 2007 to create and manage AEGON’s group regulatory affairs department.

Before joining AEGON, Patricia was the Economics and Finance Director of the CEA (Comité européen des assurances, now Insurance Europe) from 2003 to 2006. She was mainly in charge of managing the Solvency II project and monitoring the European and international accounting debate on behalf of the European insurance and reinsurance industries.Patricia was previously Director of the Financial 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).

Patricia PlasSenior Vice President, Public Policy & Regulatory Office, Aegon



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?

Patience is a Virtue: Long-term Investment

Breakout session FROOM: SIDNEY



Robert Hingley joined the ABI as Director, Investment Affairs in September 2012. From 2010 he was a Managing Director at Lazard, where he remains a Senior Adviser. He was previously Director General of The Takeover Panel from December 2007, on secondment from Lexicon Partners, where he was Vice Chairman.

Prior to joining Lexicon Partners in 2005, he was Co-Head of the Global Financial Institutions Group and Head of German Investment Banking at Citigroup Global Capital Markets, which acquired the investment banking business of Schroders in 2000. He joined Schroders in 1985 after qualifing as a solicitor with Clifford Chance in 1984.

Robert read Modern Languages and Law at Cambridge University.

Robert HingleyDirector of Investment Affairs, Association of British Insurers

John Godfrey is Corporate Affairs Director at Legal & General Group Plc. Having joined the company in 2006, he has been involved in Solvency 2 ever since. This has included working on the implications of S2 for infrastructure and other forms of investment, its relationship to Commissioner Barnier’s growth Green Paper, LTIFs and the Public-Private Finance initiative.

Educated at Lochaber High School and Oxford University, he was formerly a banker, Special Advisor to Home Secretaries Douglas Hurd and David Waddington, and a candidate for the UK and European Parliaments.

John GodfreyGroup Communications Director, Legal & General

Chair Panel >



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.

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

> Breakout session F panel



Breakout sponsors

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.

PA is an employee-owned firm of over 2,500 experts in a wide range of industries, bringing in specialists from across our whole firm to ensure you get the right team. Our deep industry knowledge and our skills in management consulting, technology and innovation allow our teams to challenge conventional thinking and overcome every obstacle to give you exceptional results. This is not something that ends with the assignment – for 70 years we have shared our knowledge to create real and lasting impact.



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.

Drinks reception sponsor



43

Exhibitors

Spreadsheet Management and Controls is a significant component of any Solvency II compliance program to demonstrate adequate controls on data management and lineage. The CIMCON Spreadsheet Management Suite provides Lifecycle Management solution from EUC discovery and risk assessment, error detection and remediation, to monitoring and controls. CIMCON Software, Inc. is the Market Leader in the category with 25 years of experience and the largest installed client base of over 325 firms. It is used by the Top 3 of 5 insurance companies and banks in the UK.

Contact: Rajesh Jain

Email: [email protected] Phone: +44 7796134301

Founded in 2001, lnvoke develops specialized software for managing regulatory, financial and tax information. Aligning analytical innovation with pragmatic business functionality, Invoke offers industry-acclaimed regulatory reporting solutions that are robust, flexible and user-oriented. The resulting software is unique and showcases the latest XBRL production, visualization, editing and validation technologies. Invoke XBRL reporting solutions are perfectly aligned with the emerging regulatory use-cases of COREP and FINREP under CRD IV and Solvency II, making Invoke the partner of choice for major supervisory bodies (such as the European Banking Authority, Banque de France - ACP and 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.

Clearwater Analytics® provides web-based investment accounting, portfolio reporting and analytics for insurance companies, corporate treasuries, and asset managers. Clearwater’s daily-aggregated and reconciled solutions deliver the highest level of portfolio transparency available on the market today for clients such as Hiscox, SCF Arizona, The Warranty Group, WellCare and more. Launched in 2004, with offices in Edinburgh, U.K.; New York, New York; and Boise, Idaho. Clearwater Analytics reports on more than $950 billion in assets and services thousands of institutional investors. For more information about Clearwater Analytics, visit www.clearwateranalytics.com.



The Institute of Risk Management (IRM) is the world’s leading enterprise-wide risk management education Institute. We provide qualifications, short courses and events at a range of levels from introductory to expert. IRM supports its members and the wider risk community by providing the skills and tools needed to put theory into practice in order to deal with the demands of a constantly changing, sophisticated and challenging business environment. We operate internationally, with members and students in over 100 countries, drawn from all risk-related disciplines and industries.

KPMG in the UK is able to respond to client needs, bringing together the right teams at the right time, across disciplines and across borders, through our global network of member firms. The key to our success lies in our ability to match our insights and skills to the strategic goals of clients, day in and day out. KPMG in the UK has 45 partners and over 550 staff dedicated to our insurance clients.

As well as advising clients on their response to the biggest issues facing them today and tomorrow, KPMG’s global network of member firms work with regulators and trade bodies round the world. This gives our teams a wealth 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

> Exhibitors

ORIC is a consortium of 30+ organisations from the (re)insurance and asset management sectors with the common purpose of further advancing the management and measurement of operational risk.

ORIC facilitates the anonymised and confidential exchange of operational risk data between member firms, providing a diverse, high quality pool of quantitative and qualitative operational risk data.ORIC provides high quality operational risk tools that enable its members to develop and enhance their own internal operational risk processes. www.abioric.com


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For more information

Association of British Insurers51 Gresham Street,London EC2V 7HQ

020 7600 3333

abi.org.uk @BritishInsurers #SIIFuture

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Documents

ABI SOLVENCY II...ABI Solvency II Conference 2013 Looking to the Future abi.org.uk SIIFuture 02 Follow us on Twitter BritishInsurers Welcome 03 Programme Morning schedule 04 Breakout