September 17th, 2010

Week’s Top Stories: September 11 - September 17

Posted at 11:00 AM ET

Guy Carpenter Examines Excess Capital Strategies At Monte Carlo Reinsurance Rendez-vous:    Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, hosted its third annual press briefing on September 11 at the Reinsurance Rendez-vous 2010 in Monte Carlo. During the briefing Henry Keeling, President and CEO of Guy Carpenter’s International Operations, led a panel discussion on key industry issues, including determining the best use of excess capital in today’s marketplace.

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Reinsurance Rates Decline, Despite Costly Disasters in First Half of 2010, According to Guy Carpenter’s 2010 World Catastrophe Report:  2010 has proven to be a difficult year for the reinsurance industry, which suffered one of the costliest first halves on record. Despite spiraling losses, global reinsurance rates generally declined through the 2010 reinsurance renewals, according to Guy Carpenter & Company’s annual study of the global property catastrophe reinsurance market.

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Modeling the Impact of a Casualty Catastrophe:    Look no further than today’s headlines to see how a single catastrophic event or lawsuit can have far-reaching effects. Over the past few years, several incidents, seemingly isolated, have ballooned into cross-border, cross-industry and cross-business line catastrophes. Chain reactions of liability - such as the Deepwater Horizon oil spill, the collapse of Lehman Brothers and the Chinese Drywall product recall - have led insurers to ask: How do I assess the impact of a major legal liability catastrophe on my portfolio? And it’s not just the industry waiting for an answer: stockholders, analysts, rating agencies and regulators are listening, too.

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Modeling Loss Reserve Risk:   Loss reserves are essentially forecasts of losses that are going to be paid five, 10 and 15 years from now. Since the future cannot be predicted with perfect accuracy, reserves, of course, are difficult to estimate.

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Insurance Companies Undervalued?   Companies in the reinsurance sector are trading at or near long term low valuations. This raises the question: Why are “strong buy” recommendations not more common? The answer may lie in the fact that, generally, analysts and investors are concerned about three important obstacles to returns on equity.

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QIS5 - Premium and Reserve Risk: Sufficient Consideration of Non-proportional Reinsurance?    On July 6, 2010 the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published the technical specification for the latest Solvency II Quantitative Impact Study (QIS) 5. QIS5 is scheduled to be carried out from August to November of 2010, with a report summarizing the results scheduled for release in April of 2011. Regarding the non-life premium and reserve and risk, Guy Carpenter & Company, LLC has observed a return to capital requirements more in line with QIS4 and an implicit incentive for the use of an internal model.

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