Insurance Asset Risk Americas 2019
16 September 2019, Convene, 117 W 46th, New York

Agenda

08:00

Registration and morning coffee

08:55

Insurance Asset Risk welcome address

09:00

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?

09:20

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?

Panellists:

Rip Reeves, Chief Investment Officer/Treasurer, AEGIS Insurance
Rick Hrabchak
, Chief Investment Officer, Mutual of Omaha

10:00

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?

Panelists:

Nick Martowski, Chief Investment Officer, MagMutual Insurance Company
Stuart Rossmiller, Managing Director, Fixed Income Research, CUNA Mutual Group

10:40

COFFEE

11:10

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?

Panellists:

Carl Groth, Group Financial Risk Officer, Principal Financial Group
Harry Norman
, Head of ALM, The Hartford

Moderator: Hal Pedersen, Managing Director, Risk Solutions, Conning

11:50

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

12:30

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

12:50

LUNCH

13:50

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

14:10

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?

14:50

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?

15:30

COFFEE

16:00

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?

Panellist:

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

16:40

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

17:20

Close of conference and networking drinks reception

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