2013 European D&O Insights Conference Slide Deck · 2013-11-18 · Negative - 3rd party Legal...
Transcript of 2013 European D&O Insights Conference Slide Deck · 2013-11-18 · Negative - 3rd party Legal...
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Welcome!
@Advisen
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Welcoming Remarks
Tom Ruggieri CEO
Advisen
@Advisen
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Thank you to our sponsors!
@Advisen
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Welcoming Remarks
Rebecca Bole Director of Editorial Strategy and Products
Advisen
@Advisen
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Keynote Address
Tom Bolt Director, Performance Management
Lloyd’s
@Advisen
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Agenda
• European Property and Casualty environment
• European D&O concerns
• Lloyd’s Financial Institutions D&O
• Looking Forward Concerns
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European Property and Casualty Environment
• More Than Ample Capital
• Marginal Investment Returns
• Flat economies leading to reduced original insurance volumes
• Increased Broker Concentration
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Top priority risk scores in 2013 – Europe Risk 1 High taxation 6.59 2 Loss of customers/cancelled orders 6.44 3 Changing legislation 5.94 4 Cost and availability of credit 5.86 5 Excessively strict regulation 5.80 6 Cyber risk 5.56 7 Price of material inputs 5.42 8 Rapid technological changes 5.41 9 Reputational risk 5.38 10 Corporate liability 5.29
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Top priority risk scores in 2013 – Europe 11 Poor/incomplete regulation 5.24 12 Government spending cuts 5.21 13 Theft of assets or intellectual property 5.20 14 Fraud and corruption 5.11 15 Inflation 5.05 16 Talent and skills shortage 5.03 17 Failed investment 5.02 18 Interest rate change 4.98 19 Insolvency risk 4.97 20= Corporate governance and internal oversight
failure 4.89
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European D&O Concerns • A sense that problems can be solved through
regulation
• No more state of the art defense
• Growing efforts to create class action type lawsuits within the legal systems
• The business of law versus the practice
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The macro view – the clear links
Deregulation
Globalisation
Culture
Crisis
Litigation
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Influencing factors..? The Usual Suspects
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Legal and Regulatory environment
are we any safer
Positive
- Dodd-Frank Act - Jackson Reforms - Morrison Decision
- Basel III - FPC/PRA/FCA
- AIFM - FATCA
Negative
- 3rd party Legal Funding - ATE
- Whistle Blowers - Increased Regulatory
investigations
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I’m afraid the answer is No
Is there another MIS-SELLING SCANDAL COMING OUR WAY ?
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- Crowd Funding - Packaged Accounts/Bank Fees
- Interest Only Mortgages - Seed Enterprise Investment Schemes
- Payday Loans - Card/Identity Protection Policies
- Pension Mortgages - Auto Enrol Pension Schemes
There are many…..
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Do we feel more comfortable ?
Prior Year
Deterioration
Economic Factors
Legal & Regulatory
Environment
Capacity
Deployment
Risk Selection
Coverage Breadth
Pricing Adequacy
Level of ComfortLOW HIGH
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Questions for the Day • How are underwriters and companies responding of
increasing extraterritoriality by the US and others?
• Is European D&O just US D&O with a masking veneer?
• How prepared are underwriters for the effects of increased Cyber risk on companies and management liabilities?
• How should underwriters address the issue of taxation now being treated as much of an ethical issue rather than a legal economic issue?
• Could the product better meet the needs of risk managers and companies?
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Be careful out there
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Advisen’s Statistical View of the Marketplace
David Bradford President, Research & Editorial
Advisen
@Advisen
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The Risk Manager’s Perspective on the
Management Liability Market
@Advisen
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The Risk Manager’s Perspective on the Management Liability
Market Steve Fowler
CEO The Institute of Risk Management
Moderator
@Advisen
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• Steve Fowler, CEO, The Institute of Risk Management
• Peter den Dekker, Insurance & Risk Manager, VimpelCom • Chris McGloin, VP, Risk Management & Insurance,
Invensys
• Maurizio Micale, Director of Corporate ERM and Insurance Management, ST Microelectronics
• Ronny Weidhase, Group Liability Insurance and Risk Manager, Adecco
The Risk Manager’s Perspective on the Management Liability Market
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Steve Fowler
IRM
The Risk Manager’s Perspective on the Management Liability Market
Peter den Dekker VimpelCom
Chris McGloin Invensys
Maurizio Micale
ST Micro
Ronny Weidhase
Adecco
@Advisen
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Morning Break
@Advisen
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Thank you to our sponsors!
@Advisen
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Class Action, Collective Action and No Action: Recent
Developments in European Shareholder Litigation
@Advisen
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Class Action, Collective Action and No Action: Recent Developments in European
Shareholder Litigation
Kevin LaCroix Executive Vice President
RT ProExec
Moderator
@Advisen
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• Kevin LaCroix, Executive Vice President, RT ProExec
• Noona Barlow, Head of Financial Lines Claims, Europe, AIG
• Isabelle Hilaire, Vice President, European Third Party Liability Product Manager, Chubb
• Hans Londonck Sluijk, Partner, Corporate Transactions, Houthoff Buruma
Class Action, Collective Action and No Action: Recent Developments in European
Shareholder Litigation
@Advisen
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Class Action, Collective Action and No Action: Recent Developments in European
Shareholder Litigation
Kevin LaCroix
RT ProExec
Noona Barlow
AIG
Isabelle Hilaire Chubb
Hans Londonck Sluijk Houthoff Buruma
@Advisen
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Enforcement Actions: Antitrust and Anticorruption Laws in Europe and Beyond
@Advisen
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Enforcement Actions: Antitrust and Anticorruption Laws in Europe and Beyond
John Barlow Partner
Holman Fenwick Willan LLP
Moderator
@Advisen
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• John Barlow, Partner, Holman Fenwick Willan LLP
• Philippe Aerni, Global Head Professional & Financial Services Director, Swiss Re Corporate Solutions
• James Cooper, Partner, Clyde & Co.
• Francis Kean, Executive Director of FINEX Global, Willis
Enforcement Actions: Antitrust and Anticorruption Laws in Europe and Beyond
@Advisen
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Enforcement Actions: Antitrust and Anticorruption Laws in Europe and Beyond
John Barlow Holman Fenwick
Philippe Aerni
Swiss Re
James Cooper
Clyde & Co
Francis Kean Willis
@Advisen
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Conference Luncheon
@Advisen
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Thank you to our sponsors!
@Advisen
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Management Liability in a Global Business
Environment
@Advisen
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Management Liability in a Global Business Environment
Guillaume Deschamps Deputy Director, FINPRO Continental Europe
Marsh
Moderator
@Advisen
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• Guillaume Deschamps, Deputy Director, FINPRO Continental Europe, Marsh
• Cristiana Baez-Safa, Chief Underwriting Officer, Commercial Risks, XL
• Christoph Leuzinger, Global CUO Management Liability, Zurich
• Edward Smerdon, Partner, Sedgwick
Management Liability in a Global Business Environment
@Advisen
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Management Liability in a Global Business Environment
Guillaume Deschamps
Marsh
Cristiana Baez-Safa
XL
Christoph Leuzinger
Zurich
Edward Smerdon Sedgwick
@Advisen
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Management Liability Exposures of Private
Companies
@Advisen
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David Bradford President, Research & Editorial
Advisen
Moderator
Management Liability Exposures of Private
Companies
@Advisen
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• David Bradford, President, Research & Editorial, Advisen
• Dominik Bark, Regional Manager of Financial Lines, EMEA, Zurich
• Klaus Stubkjaer Andersen, Head of FINEX Denmark, Partner, Willis
• Géraud Verhille, Head of Commercial Management Liability & Fidelity, AIG
Management Liability Exposures of Private Companies
@Advisen
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Management Liability Exposures of Private Companies
David Bradford Advisen
Dominik Bark Zurich
Klaus Stubkjaer Andersen
Willis
Géraud Verhille
AIG
@Advisen
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Afternoon Break
@Advisen
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Thank you to our sponsors!
@Advisen
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D&O Coverage Issues
@Advisen
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D&O Coverage Issues
Rebecca Bole Director of Editorial Strategy and Products
Advisen
Moderator
@Advisen
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D&O Coverage Issues • Rebecca Bole, Director of Editorial Strategy and Products,
Advisen
• Henk Bakker, Chief Underwriting Officer, HCC Global
• Matthew Carr, Underwriting Director for Commercial D&O, ANV
• Nilam Sharma, Global Head of the Insurance Liability Group, INCE & Co
@Advisen
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D&O Coverage Issues
Rebecca Bole
Advisen
Henk Bakker
HCC Global
Matthew Carr ANV
Nilam Sharma
INCE & Co
@Advisen
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The View from the Top
@Advisen
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The View from the Top
Tom Ruggieri CEO
Advisen
Moderator
@Advisen
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The View from the Top • Tom Ruggieri, CEO, Advisen
• Thibaud Hervy, Co-Managing Director, HCC Global
• Peter McKenna, Financial Lines Leader EMEA, AIG
• Paul Schiavone, Global Chief Underwriting Officer, Special Lines, Zurich
• David Walters, Executive Director, Financial and Professional Risks, Gallagher London
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The View from the Top Tom
Ruggieri Advisen
Thibaud Hervy
HCC Global
Peter McKenna
AIG
Paul Schiavone
Zurich
David Walters
Gallagher
@Advisen
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• Issues protecting attorney client privilege- Confi agreements are not a solution, what should we do?
• Why is there not pre-emptive coverage for regulatory violations, at least Side A?
• Global issues driving local compliance creating lots of demands for middle management for local coverage. How should they handle?
• Directors want black and white coverage but coverage is complex and grey. How do we solve?
• Brokerage compensation needs transparency
RM Questions
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Bolt’s Questions • Could the product better meet the needs of risk managers
and companies? • How are underwriters and companies responding to
increasing extraterritoriality by the US and others? • Is European D&O just US D&O with a masking veneer? • How prepared are underwriters for the effects of increased
Cyber risk on companies and management liabilities? • How should underwriters address the issue of taxation now
being treated as much of an ethical issue rather than a legal economic issue?