Registration and morning coffee
Insurance Asset Risk welcome address
KEYNOTE PRESENTATION: Managing asset risk in a tumultuous investment climate
- How have recent market events impacted approaches to strategic asset allocation?
- Incorporating political risk: what have we learned?
- What has driven investment income in 2019 to date?
- What can we expect in the next 24 months?
CIO, CRO AND CA HUDDLE: Linking strategic risk management and C-level conversations with investment strategies
- How do CIOs validate their investment decisions with risk and actuarial teams?
- Speaking with the CRO: using SRM to decide which assets to invest in
- Balancing investment risk levels with competitive liability pricing pressures
- Methods of allocating investment risk to liabilities: is it driven by risk characteristics or return need?
- How can a CIO contribute to the discussion of upholding underwriting standards and appropriate setting of risk limits?
- Understanding how ALM/DFA interacts with the role of the CIO, the CRO and the CA: where does the risk tolerance of one stop and the risk appetite of the other start?
- Modeling in an integrated manner: how can ALM/DFA help CFOs and CROs understand how a company reacts in different economic environments?
Rip Reeves, Chief Investment Officer/Treasurer, AEGIS Insurance
Rick Hrabchak, Chief Investment Officer, Mutual of Omaha
PANEL: Securing investment wins in the current credit cycle
- What is the level of risk appetite at this point in the credit cycle?
- How can investors navigate a balance between high-yield and credit risk?
- What should investment teams do to find liquidity within sensible risk limits?
- How can insurers protect their portfolios against rising credit risk?
- Where are the main pressure points – but also opportunities – for long-term investors?
Nick Martowski, Chief Investment Officer, MagMutual Insurance Company
Stuart Rossmiller, Managing Director, Fixed Income Research, CUNA Mutual Group
PANEL: Joining up the dots on stress testing investment portfolios and risk capital
- Where might the market be overleveraged and what does this mean for capital management and ALM?
- How do you calculate risk-adjusted returns across non-vanilla assets and calculate trade-offs with other asset classes?
- Preparing for a difficult credit environment: how best to model and stress test illiquid credit risk and esoteric assets
- Are people sacrificing capital for returns or looking at more efficient uses of capital?
- What happens when stress and risk tolerances reach their limit? How does this feed back into corporate plans at the management level?
- Are there hedging or derivatives strategies that can help?
Carl Groth, Group Financial Risk Officer, Principal Financial Group
Harry Norman, Head of ALM, The Hartford
Moderator: Hal Pedersen, Managing Director, Risk Solutions, Conning
PANEL: Understanding ESG strategies and longer-term risk assessments
- Exclusion, impact investing or and the risk-based ESG approach: what are the key concerns and approaches for each?
- When might investors in ESG asset classes see a material advantage relative to other investment strategies?
- What are the ideal asset classes for insurers to pursue if they want to achieve impact?
- Opportunities for management of risk limits and exposure, on both sides of the balance sheet
- How can climate risk be incorporated into day to day risk limits and asset allocation strategies?
- Insurer vs third-party approaches to ESG: what are the common differences and how are they reconciled
PRESENTATION: The role of private debt in sustainable infrastructure
- Infrastructure represents $1.1 trillion of the annual investment required to address the UN Sustainable Development Goals (SDGs) - what's the role of private capital in infrastructure?
- How is infrastructure debt poised to be an important component to the solution in addressing the challenges and risks by climate change?
- What characteristics classify an infrastructure project as making a positive contribution on the environment?
- How do you measure sustainability performance for regulatory and taxonomy purposes?
Speaker: James Wilson, Chief Investment Officer, Macquarie Infrastructure Debt Investment Solutions
DEBATE AND INTERACTIVE POLL: Are leveraged loans a threat to insurer portfolios?
- How does demand for leveraged loans compare with pre-financial crisis levels?
- Has increased demand led to weaker covenants?
- How resilient is the credit quality of leveraged loans?
- Is a liquidity crunch on the horizon if demand for CLOs dries up?
Moderator: Eric Kolchinsky, Director, Structured Securities and Capital Markets, NAIC
Regulatory updates and ramifications for risk calculations
- How might the expansion of 6 to 20 classifications of asset risks impact investment strategies?
- RBC1 investment charges: what are the capital implications in the current investment climate?
- CECL: is it falling between job roles? What are the "need to knows" for CECL and GAAP accounting changes?
PANEL: Scenario testing and economic generators in an unpredictable investment environment
- How to implement scenario analysis for each type of portfolio
- How effective are economic scenario generators as an asset allocation tool?
- What additional quantitative risk tools are being implemented in today's investment environment?
CIO PANEL: Taking smart risks – now and for the future
- How can uncertainty and volatility create opportunities for CIOs willing to take smart risks?
- How are risk-adjusted return dynamics informing asset allocations and capital calculations?
- What are the constraints when optimising an asset portfolio?
- How are new technology trends and disruptive innovation influencing the availability and desirability of new asset classes? Can these risks be effectively modelled?
- How are CIOs embracing big data and tech innovation in the risk management and investment space?
- Can it reduce costs and increase efficiency, or does it introduce another risk to the system?
Teresa McTague, Managing Director, Chief Investment Officer, Global Investments, Aflac
Jeff Lorenzen, Executive Vice President and Chief Investment Officer, American Equity Investment Life Holding Company
Sara Bonesteel, Chief Investment Officer – Retirement and Group Insurance, The Prudential Insurance Company of America
PANEL: Dealing with alternatives and illiquidity in a crisis
· How significant is the liquidity threat for insurers?
· What steps have insurers taken to manage liquidity?
· Are illiquid assets functional in a credit market downturn?
· Alternative asset classes and illiquid assets: sorting the good from the bad
· Which types of alternative assets have insurers expanded into?
· How useful are alternatives in stressed market conditions?
· Private placement market: are yields worth the illiquidity trade off?
Panelist: Nancy O'Connor, Vice President, Enterprise Risk Management, The Hartford