6th Insurance Linked Securities Summit

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July 15 – 17, 2009 The Fairmont Southampton, Bermuda 6 th 1-800-882-8684 www.ilsbermuda.com Examine the future of the liquidity landscape for insurance linked securities Get the full benefit of new investor safeguards and collateral management techniques for catastrophe bonds Leverage the most effective diversification and analytics tools to optimize your investment portfolio Harness innovations in synthetic products, ILWs, exchange- traded products, and risk modeling techniques Achieve visibility over changing LE estimates and understand the implications for your existing and future life settlement portfolios Understanding the impact of regulatory changes on the sector John Berger President & CEO Harbor Point Re Matthew Elderfield CEO Bermuda Monetary Authority Steven Bloom Senior Portfolio Analyst APG Investments Bernard Van der Stichele Portfolio Manager Ontario Teachers’ Pension Plan Board Thomas Schmitt Managing Partner Augur Capital John Seo Managing Principle Fermat Investments Featuring 2 Tracks for Life and Non-Life ILS, Enabling You to: 300 senior decision-makers from institutional investors, hedge funds, asset managers, insurance & reinsurance companies, brokers, banks and law firms Dedicated conference tracks for the life and non-life sides of the ILS fence, allowing you to maximize your learning opportunities throughout the 3-day event Interactive roundtable sessions on your most pressing issues, enabling you to brainstorm solutions with your peers More than 20 hours of extended networking opportunities, ensuring you walk away with valuable new contacts from the industry 50+ industry-leading speakers, delivering more content on ILS than any other event in the world The only ILS conference in the world delivering… Major Sponsors Sponsors Media Partners Delivering the Latest Investment Strategies for Insurance Linked Securities including P&C Securitization, Cat Bonds, Life Settlements and Longevity Risks 50+ industry-leading speakers, including the following ILS innovators & investors: Paul Schultz President, Investment Banking AON Benfield Steven Vestbirk CEO Royal Ark Asset Management Insurance Linked Securities Summit TM Register by April 24th & SAVE up to $798! “A great conference in a great location. Rarely is networking as enjoyable as at IQPC’s excellent ILS Summit in Bermuda.” - Craig Seitel, CEO, Abacus Settlements

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2009 is a crucial year for the insurance linked securities market, with positive developments – including the issuance of new bonds from SCOR, Chubb, and Liberty Mutual. The 6th ILS Summit will discuss the need for enhanced transparency, reduced counterparty risk and better valuations which investors are demanding to ensure the long term future of the sector. It’s the largest ILS conference in the world, with more delegates, speakers, opportunities for networking than any other event.

Transcript of 6th Insurance Linked Securities Summit

Page 1: 6th Insurance Linked Securities Summit

July 15 – 17, 2009 The FairmontSouthampton, Bermuda

6th

1-800-882-8684 • www.ilsbermuda.com

• Examine the future of the liquidity landscape for insurancelinked securities

• Get the full benefit of new investor safeguards andcollateral management techniques for catastrophe bonds

• Leverage the most effective diversification and analyticstools to optimize your investment portfolio

• Harness innovations in synthetic products, ILWs, exchange-traded products, and risk modeling techniques

• Achieve visibility over changing LE estimates and understandthe implications for your existing and future life settlementportfolios

• Understanding the impact of regulatory changes on the sector

John BergerPresident & CEOHarbor Point Re

Matthew ElderfieldCEOBermuda MonetaryAuthority

Steven BloomSenior Portfolio AnalystAPG Investments

Bernard Van der StichelePortfolio ManagerOntario Teachers’ PensionPlan Board

Thomas SchmittManaging PartnerAugur Capital

John SeoManaging PrincipleFermat Investments

Featuring 2 Tracks for Life andNon-Life ILS, Enabling You to:

• 300 senior decision-makers from institutional investors, hedgefunds, asset managers, insurance & reinsurance companies, brokers,banks and law firms

• Dedicated conference tracks for the life and non-life sides ofthe ILS fence, allowing you to maximize your learningopportunities throughout the 3-day event

• Interactive roundtable sessions on your most pressing issues,enabling you to brainstorm solutions with your peers

• More than 20 hours of extended networking opportunities,ensuring you walk away with valuable new contacts from the industry

• 50+ industry-leading speakers, delivering more content on ILSthan any other event in the world

The only ILS conference in theworld delivering…

Major Sponsors Sponsors Media Partners

Delivering the Latest Investment Strategies for Insurance Linked Securitiesincluding P&C Securitization, Cat Bonds, Life Settlements and Longevity Risks

50+ industry-leading speakers, including the following ILSinnovators & investors:

Paul SchultzPresident, InvestmentBanking AON Benfield

Steven VestbirkCEORoyal Ark AssetManagement

Insurance Linked Securities

Summit TM

Register by April 24th &SAVE up to $798!

“A great conference in a great location. Rarely is networking as enjoyable as at IQPC’sexcellent ILS Summit in Bermuda.” - Craig Seitel, CEO, Abacus Settlements

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Dear Colleague,

2009 is a crucial year for the insurance linked securities market. Offering a high potential forgrowth and low correlation with global share prices, the asset class has held up well underextremely challenging market conditions, with many positive developments – such as the issue ofnew bonds from SCOR, Chubb, and Liberty Mutual – witnessed in the first quarter of theyear. Nevertheless, it is clear that much still needs to be achieved before ILS comes of age as amature asset class suitable for the full spectrum of potential investors. Enhanced transparency,reduced counterparty risk and better valuations are just a few of the things that investors aredemanding to ensure the long term future of the sector.

If you want to make sense of the opportunities represented by this exciting asset class, make sureyou join us at the 6th Insurance Linked Securities Summit. Taking place in Bermuda from July15 – 17, 2009, the event brings together senior decision-makers from the entire insurance-capitalmarkets value chain, including institutional investors, insurance and reinsurance companies, hedgefunds and banks. It’s the largest ILS conference in the world, with more delegates, more speakers,and more opportunities for networking than any other event on the market.Following the huge success of our New York ILS Summit earlier this year, we’ve taken theimportant decision to create two dedicated tracks for the life and non-life sides of theindustry. This ensures you maxmize your opportunities on-site, delivering a tailored-learning andnetworking experience based on your specific area of focus. We’ve also created a series ofnetworking-focused champagne roundtable discussions, enabling you to brainstorm yourbiggest issues at the same time as making valuable contacts from the industry. And in response tofeedback from both conferences, we’ve arranged an exciting guest presentation on thefuture of human longevity, to be delivered by Bernard Siegel, Executive Director of theGenetics Policy Institute, one of the world’s leading authorities on stem cell research and lifeenhancing technologies.

Please take a few moments to review the at-a-glance agenda on the following pages, and thenvisit our website www.ilsbermuda.com for the more detailed program.

We look forward to meeting you in sunny Bermuda this July, at the key meeting of the year forthe ILS investment community!

Kind regards,

The 6th Insurance Linked Securities Summit Advisory Board

James BrycePresident & CEOIPC Re

Karsten BromannManaging Partner & Chief Risk OfficerSolidum Partners

Craig SeitelCEOAbacus Settlements

Bill DubinskyManaging DirectorSwiss Re

Eddie StoneManaging DirectorPlainfield AssetManagement

Colin RainierManaging DirectorHannover Re

Mike FasanoPresidentFasano & Associates

Alan BuergerCEOCoventry

John BergerPresident & CEOHarbor Point Re

Matthew ElderfieldCEOBermuda Monetary Authority

Dirk LohmannCEOSecquaero

Jay VadivelooWatson Wyatt Professor of Actuarial ScienceUniversity of Connecticut

Bernard Van der StichelePortfolio ManagerOntario Teachers’ Pension PlanBoard

Michael FasanoPresidentFasano & Associates

Patrice HornerVice PresidentNorth Atlantic Asset Management

Franz-Philippe PrzybylChairman & CEOBAC Berlin Atlantic Capital AG

Thomas SchmittManaging PartnerAugur Capital

Richard LowtherCOOValidus Managers

Wai-Keung TangManaging PartnerAlpha-Value Asset Management

John SeoManaging PrincipleFermat Investments

Our most outstandingspeaker faculty ever,with 50+ ILS leadersincluding…

■ 12% Pension Funds &InstitutionalInvestors

■ 18% Hedge Funds

■ 3% Family Offices& EndowmentFunds

■ 8% Asset Managers

■ 21% Insurance & ReinsuranceCompanies

■ 12% Banks

■ 8% Law Firms

■ 10% Life Settlement Companies

■ 4% LE Providers

■ 4% Modeling Agencies

Who Will Attend:

6th

Insurance Linked Securities

Summit TM

“It was very well attended and the discussions were veryinteresting. The organization of the event was perfect.”

– Urs Ramseier, Head of Insurance-Linked Securities, Horizon 21

1-800-882-8684 • www.ilsbermuda.com 2

July 15 – 17, 2009The FairmontSouthampton, Bermudawww.ilsbermuda.com

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9:30 Identifying the Opportunities in theBermuda Insurance MarketBradley Kading, President & Executive Director, Association of Bermuda Insurers and Reinsurers

9:50 Insurance and the Capital Markets: Is the FinancialCrisis Accelerating or Reversing the ConvergenceProcess?• Examining the obstacles to insurance-capital markets convergence:• Identifying potential growth areas for the trading of insurance risk

by capital market participants• Understanding the impact of regulatory changes on the

relationship between insurance companies and capital marketparticipants

• A look to 2010 and beyond: What future challenges await us?Morton Lane, President, Lane Financial

Followed by a panel discussion featuring...Matthew Elderfield, CEO, Bermuda Monetary AuthorityCraig Seitel, CEO, Abacus SettlementsPaul Siegert, President & CEO, Insurance Studies Institute

11:00 Networking Break

7:45 Registration & Coffee

8:30 Welcome & Chairman’s Opening Remarks

Michael Crane, Managing Director, Coventry

8:45 “Risk, Reward & Reinsurance”:Looking into the Future of theGlobal Reinsurance Industry• Defining the role that reinsurers must play in

the recovery of the global economy• Examining the future in new and innovative reinsurance products• Reinsurance & risk management: How should a reinsurance

company calculate its optimal level of exposure?• Challenges and opportunities: A closer look at the pressures that

will continue to produce innovation within the reinsurance industry in 2010 and beyond

John Berger, President & CEO, Harbor Point Re

Concurrent Sessions Begin: Choose Track A or B

Track A: Non-Life (Cat Bonds and other forms of P&C Insurance Securitization)

11:45 Looking into the Future of P&C InsuranceSecuritization: Translating Today’s Challenges intoTomorrow’s Innovations• Examining early indications from the 2009 storm season and its impact

on pricing structures• Comparing 2009 cat bond structures with those of the past• Evaluating the ability of the market to meet the needs of new

investors• The 2009 cat bond pipeline: Which products are proving

most popular with investors?Karsten Bromann, Managing Partner & Chief Risk Officer,Solidum PartnersKai Morgenstern, Vice President, Renaissance ReHenning Ludolphs, Head of Insurance-Linked Securities, Hannover Re

12:45 Networking Lunch sponsored by:

1:45 The Broader Spectrum of Non-Life ILS: Exchange-Traded and OTC Catastrophe Derivatives, IndustryLoss Warranties (ILWs), and Securitized Reinsurance• Analyzing the structure of an ILW: How does it work?• Comparing ILWs and ELFs• ILWs as reinsurance vs. exchange traded products• Managing counterparty risk in ILWs and exchange traded products• ILWs as cat bond and retro reinsurance alternatives in the current

market• ILW portfolio simulation exercise: How much would you have made

with ILWs in your portfolio in 2005, 2006, 2007 & 2008?Alex Krutov, Managing Director, Century Atlantic CapitalAashh K. Parekh, Director, Global Public Markets, TIAA-CREF

Track B: Life (Life Settlements, Longevity Risk & Life Insurance Securitization)

The Institutionalization of the Life InsuranceSecondary Market: “Tradable Paper”• Ensuring credit measurements• Best practices & standards• Industry data reporting• Portfolio measurements & reporting• Investment securitization, structures & practices• Audit procedures

Paul Siegert, President & CEO, Insurance Studies InstituteMichael Byl, President, Strategic Directions ManagementBrian Tijan, Director, Life Finance Group, Credit Suisse

Examining the Latest Breed of Synthetic LifeSettlement Products: Understanding theAdvantages to Traditional Cash Investments in LifeSettlements• Taking a closer look at the existing market for synthetic life settlement

products• Understanding the advantages and disadvantages of cash investments

in life settlements versus synthetic products• Using synthetic life settlements as a hedging mechanism against

mortality risk• Identifying the most effective structures for synthetic life settlement

products• Examining the importance of having clean, accurate life policy data

Eamonn Ling, Head of Investment, Catalyst Investment GroupJason Liddell, Vice President, Credit Suisse

Main Conference Day 1Thursday, July 16, 2009

3Sponsors:

OpeningKeynoteAddress

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8:00 Coffee & Registration

8:30 Chairman’s Opening Remarks

8:45 Looking into the Future of the ILS LiquidityLandscape: Identifying the Sources of Tomorrow’sInvestment Capital• Comparing the situation with life- and non-life insurance linked securities• Analyzing the attractiveness of insurance linked securities from the

investor standpoint• Evaluating the suitability of insurance linked securities from the

viewpoint of different investment horizons• Quantifying the future liquidity contributions from: Major pension

funds, Endowment funds, Family offices, Wealth managementcompanies, Funds of funds and other, niche investors

• What more needs to happen to thaw out the marketplace?Paul Schultz, President, Investment Banking, AON BenfieldBernard Van der Stichele, Portfolio Manager, Ontario Teachers’ Pension Plan BoardJohn Seo, Managing Principle, Fermat Capital ManagementThomas Schmitt, Managing Partner, Augur Capital

9:45 How Long Will We Live in the 21stCentury? Analyzing the FutureInterplay Between Medicine,Technology, Mortality & Disease• Examining the factors that will continue to play

a role in the extension of longevity:• Biotechnology & genetic engineering• Nanotechnology• Improvements in diet • Medical advancements in the treatment of cancer, respiratory

and heart disease• Examining the factors likely to increase levels of mortality:

• Obesity & the “sedentrification” of the Western lifestyle• Flu and the risk of pandemics• Population growth and geopolitical tensions

• Combining the factors into a unified model: How will our longevitybe influenced by changes in 21st century life?

Bernard Siegel, Executive Director, Genetics Policy Institute

10:45 Networking Break

3:45 Networking Break

4:30 Interactive Champagne Roundtable DiscussionsAfter a jam-packed day of big picture keynotes, panel discussions, case studies, and presentations, the 6th ILS Summit gives you the chance to meetand brainstorm with small groups of your peers during our interactive champagne roundtable discussions. This is a great opportunity to make valuablecontacts from your area of interest, and to deep-dive into the tricky details that you may missed in the course of the day’s sessions. MUST ATTEND!

2:45 The View from the Investment Community: Examiningthe Most Effective Strategies for Diversifying YourPortfolio with P&C Insurance Products• Identifying the advantages of P&C insurance products:

• Lack of correlation with the stock market• Relatively high returns compared with other non-correlated asset

classes• Identifying the drawbacks of securitized P&C insurance products for

the investor community:• Lack of standardization in P&C insurance products• Relatively high transaction costs• Significant ordinary investment horizons

• Achieving visibility over the full spectrum of product structuresavailable to investors

• Examining the most effective hedging strategies for a non-life ILS portfolioCharles Flynn, Portfolio Manager, Mariner Investment GroupGreg Hagood, Principal & Co-Founder, Nephila CapitalStephen Velotti, Portfolio Manager, Juniperus CapitalPatrice Horner, Vice President, North Atlantic Asset Management

The View from the Investment Community: Understandingthe Role Played by Life Settlement Products Within aRobust, Well-Diversified Investment Portfolio• Examining the peculiar characteristics of life settlements as an asset class• Understanding the investment horizons, and expected return rates, of

cash and synthetic life settlement products• Determining a role for life settlement products within a well-rounded

investment portfolio• Identifying the tools needed to reduce due diligence “costs of carry”

for investors • Assessing the liquidity of life-settlement securities • Examining the precise role to be played by life-settlement investment

products within a diversified, resilient investment portfolioFranz-Philippe Przybyl, CEO, Berlin Atlantic Capital AGGene Miao, Managing Director, Highland CapitalWai-Keung Tang, Managing Partner, Alpha-Value Asset ManagementSteven Vestbirk, CEO, Royal Ark Asset ManagementMichael Crane, Managing Director, Coventry

Track A: Non-Life

1. Collateral Management for Cat BondsDiscussing new collateral management techniques and theireffectiveness in reducing counterparty risk

2. Catastrophe Modeling TechniquesDiscussing the most effective modeling strategies for common (and notso common) catastrophes

3. The Growth of the ILW MarketAssessing the growth prospects – and steps towards standardization –of the ILW market

5:30 Cocktail Reception sponsored by

Track B: Life

1. Modeling LongevityDebating actuarial approaches to modeling life expectancy

2. Regulation in Life SettlementsUnderstanding the impact of new state and federal regulations on thelong-term future of the life settlements industry

3. Synthetic Life Settlement ProductsDiscussing investment strategies based on new synthetic life settlementstructures

Main Conference Day 2Friday, July 17, 2009

1-800-882-8684 • www.ilsbermuda.com 4

KeynoteGuest

Address

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Track A: Non-Life (Cat Bonds and other forms of P&C Insurance Securitization)

11:30 Beyond Catastrophe Risk: The Future of InsuranceSecuritizationDirk Lohmann, CEO, Secquaero

12:15 Managing Credit Risk in Cat Bond Transactions:Delivering New Investor Safeguards through RadicalTransparency, Continuous Collateral Monitoring &Changes in Permitted Investments• A closer look at the impact of the Lehman Brothers’ collapse on the

global Cat bond market• Understanding how the components of investment risk interact

(interest rate risk, reinvestment risk & credit risk)• Implementing new permitted investment rules for the assets to be

used within Cat bond collateral• Designing collateral top-up provisions in the event of a reduction in

asset values• Enhancing the transparency of Cat bond collateral through web-

based interfaces and continuous monitoring techniquesRichard Lowther, COO, Validus ManagersDonald Thorpe, Head of Insurance-Linked Securities, Fitch RatingsKarsten Bromann, Managing Partner & Chief Risk Officer,Solidum Partners

1:15 Networking Lunch

2:15 Towards a More Sophisticated Understanding ofCatastrophe Risk: Lifting the Lid on EvolvingCatastrophe Modeling Techniques• Examining the changes in catastrophe models since Katrina in 2005• Understanding the most effective modeling techniques for dealing

with uncertainty in loss numbers• What happens when the models disagree? Getting to grips with the

best strategies for dealing with conflicting risk models• Are increases in computing power altering the capabilities of 21st

century modeling software?Speaker to be confirmed. Please check the website for updatesand announcements.

3:00 Issuers’ Perspectives on the Future of the Cat BondPipeline: Removing the Roadblocks to FutureIssuances• Determining the extent to which “de-risking” in the reinsurance

industry means a flight from the capital markets by issuers• Will Cat bonds take on an increasing or decreasing proportion of total

reinsurance capacity in 2009?• Will newly transparent Cat bond structures be sufficient to remove the

spectre of counterparty risk from new Cat bond issues?• Is the “golden age” of new Cat bond issues still ahead of us, or in the

past?Mark Van Zanden, Outwards Reinsurance Business Group Leader, Catlin InsuranceBeat Holliger, Managing Director, Capital Markets,Munich Re America

4:00 End of Conference

Track B: Life (Life Settlements, Longevity Risk & Life Insurance Securitization)

Trends in Longevity and Actual/Expected Analyses• A demographic analysis of longevity extension• Trends in mortality improvement• Different methods of actual to expected analysis

• How to apply actual/expected analytic techniques to improveportfolio performance

Mike Fasano, President, Fasano & Associates

Assessing the True Implications of 2009 RegulatoryChanges: Examining the Impact of New RegulatoryPressures on the Long-Term Future of the LifeSettlements Market• Reviewing the regulatory developments of 2009 so far:

• Life settlement regulation changes on a state-by-state basis• The implications of the Congressional hearings in late Spring

• Examining the state of regulatory consensus around Stranger-Originated Life Insurance (STOLI)

• Disintermediation, the competitive landscape, the future of the lifesettlements market

Craig Seitel, CEO, Abacus SettlementsMichael Freedman, SVP, Governmental Affairs, Coventry

An Actuarial Study in Mortality Risk: Creating aMore Transparent Understanding of the Factors thatInfluence Longevity• Examining the need for greater education and fundamental research

work on life settlements• Identifying the misconceptions that have damaged the life settlements

industry and isolated it from mainstream asset classes• Overcoming the difficulties of gaining access to life settlements data• Using transparency within estimations of mortality risk in order to

grow the investor pool for life-connected insurance linked securitiesJay Vadiveloo, Watson Wyatt Professor of Actuarial Science,University of Connecticut

A Pension Funds’ Perspective on Investing inLongevity Risk• Which investment structures are more attractive to pension funds

from a hedging perspective? • Understanding the interplay between the longevity risk and life

settlement markets• Developing a portfolio of complementary longevity risks• Examining the progress towards tradable indices to give secondary

market exposure to holders of both longevity and mortality risk• Overcoming the challenges of developing transparent pricing in

longevity risk • Examining the feasability of pension scheme buy-outs as an

alternative to investments in longevity riskJacob Bourne, Principal, Enduring InvestmentsJohn Fitzpatrick, President, Pension CorporationSteven Bloom, Senior Portfolio Analyst, APG Investments

“This is THE must attend ILS event. So many people attend the event - the networking is one of the main benefits.”

- Michael Stahel, Head of Insurance-Linked Investments, Clariden Leu

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Concurrent Sessions Begin: Choose Track A or B

Sponsors:

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For investors new to catastrophe risks, there are bewilderingarray of different risks, regions, sourcing channels and maturitylevels available for portfolio diversification. But what does the“optimal” allocation strategy look like, and how shouldinvestors align their risk/reward tolerance with the many optionsthat are available? Attending this 3-hour long workshop willprovide you with a detailed knowledge of cat risk portfoliocreation, making you a better investor in this exciting asset class.What you will learn:• Achieving visibility over the full spectrum of diversification

strategies:• Diversification by asset class (equity, debt, commodities & ILS)• Diversification by subsectors (wind, quake, life) and

geographical regions (US, Japan, Europe, etc)• Diversification by sourcing channels (cat bonds, ILWs,

sidecars, exchange-traded products)• Diversification by maturity (<1 year, 2-5 years, >5 years)

How you will benefit:• Understand how to balance diversity levels with your required

risk-reward tolerance• Achieve visibility over the risk metrics for each region and

peril combination• Overcome the pricing difficulties of infrequent historical eventsWorkshop leader to be confirmed. Please check thewebsite for updates and announcements.

Managing a Portfolio of Longevity RisksLongevity risk can provide an investment portfolio withdiversification benefits, but engineering the portfolio can itselfbe a challenging task. Considerations must be made for theunderwriting techniques, types of impairment, and even theprospect of changing longevity estimates. This interactiveworkshop will address the challenges to developing a profitableand diversified portfolio.What you will learn:• Examining the mechanics of a diversified portfolio of

longevity risks • Analyzing changes to the VBT tables • Understanding the calculations used in longevity tables How you will benefit:• Understand how to recognize and subsequently reconcile

imbalances in your portfolio • Customize portfolio goals to appropriate risk appetite levels • Get to grips with the medical underwriting and longevity

analysis processes Workshop leader to be confirmed. Please check thewebsite for updates and announcements.

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The A-Z of Cat Bond Engineering: Creating Truly Effective Cat Bond Structures for the Benefit of AllMarket ParticipantsFor those on the structuring side, getting the trigger design andcollateral guarantees right are absolutely essential to the success andresilience of each cat bond. In this extended session, Lixin Zeng – aglobally recognized expert in insurance portfolio optimization andrisk management – will teach you how to structure an effective catbond, ensuring you avoid all the pitfalls involved in this highlycomplex process.What you will learn:• Selecting the most appropriate risk mechanism from the “trigger

menu” – choosing between Hybrid, Indemnity, Industry,Parametric, Indexed & Modeled

• Identifying structural innovations within 2009 cat bonds: Towardsgreater transparency of both credit and catastrophe risks

How you will benefit:• Leverage cat bond risk structures to minimize basis risk and

maximize transparency• Understand how to create effective new collateral structures for

the next generation of Total Return Swaps (TRS)

Lixin Zeng, Portfolio Manager, Alpha Cat Fund

Welcome drinks and hors d'oeuvres will be served

C

B

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Pre-Conference WorkshopsWednesday, July 15th 2009

Optimizing a Portfolio of Catastrophe RisksLeveraging the Latest Analytical &Optimization Techniques for Superior Returns

“I was very positively surprised to see so many people attending the conference – especially in the currentenvironment. This speaks for itself and, obviously, for the conference organizers. IQPC’s ILS Summit is most

certainly an event worth attending.” - Beat Holliger, Managing Director, Munich Re Capital Markets

1-800-882-8684 • www.ilsbermuda.com 6

About the VenueThe Fairmont Southampton101 South Shore RoadSouthampton, BermudaTel: (441)238-8000Fax: (441)238-8968

Website: www.fairmont.com/Southampton

Note: Contact hotel for directions andtransportation suggestions.

IQPC has secured a reduced-rate room block forparticipants of the 6th Insurance Linked SecuritiesSummit. For reservations, please contact the hoteldirectly at (441)238-8000. Be sure to mention youare attending IQPC’s ILS Summit for the grouprate.

About the Fairmont Southampton:Imagine shimmering turquoise seas, powdery pinksand beaches, exotic tropical gardens andspectacular sunsets, and you have envisioned thebreathtaking landscape surrounding The FairmontSouthampton resort in Bermuda.

Relax beneath a rainbow of umbrellas at ourprivate Beach Club, hit the links for a round ofgolf, grab your racket for a tennis match, snorkelyour way around the reefs, ride the waves on ajet ski, explore the island on your scooter andenjoy the fascination that is Bermuda.

With six unique restaurants and award-winningcuisine, including The Newport Room, the onlyAAA 5-Diamond restaurant in theCaribbean/Atlantic region, you will be pamperedfrom the moment you arrive.

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About Our Sponsors

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CoventryFor over 25 years, Coventry has been redefining insurance. Founded in 1982, Coventry began as an insurance marketing,product development and policy administration firm. Known as a leading innovator in the industry, Coventry assistedinsurance carriers in the development of product, software and distribution. It established itself as one of the topcorporate life insurance companies in America during the 1990s, servicing over 70,000 policies for its corporate clients. In1998, Coventry created the secondary market for life insurance in the United States and coined the term “lifesettlement”. As the market leader, Coventry has structured and financed transactions representing more than $25 billionof death benefit and has been a key driver behind the market’s rapid growth. Today, Coventry is the largest purchaserand servicer in the longevity and mortality market, employing more than 200 people. Based in Pennsylvania, Coventrywas the first secondary market firm to earn Standard and Poor’s highest servicer ranking (2004 and reaffirmed in 2006).In 2005, Coventry was first in revenue in the insurance category of the annual Inc. 500 listing of the fastest growingprivate companies in America. Website: www.coventry.com

Credit SuisseAs one of the world’s leading banks, Credit Suisse provides its clients with investment banking, private banking and assetmanagement services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative productsto companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland.Credit Suisse is active in over 50 countries and employs approximately 48,000 people. Credit Suisse’s parent company,Credit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit Suisse Group’sregistered shares (CSGN) are listed in Switzerland and, in the form of American Depository Shares (CS), in New York. TheLife Finance Group at Credit Suisse is a dedicated group of over 90 professionals with backgrounds in various industrieswhich include insurance, banking, structuring, sales and risk management based in New York, London and Hong Kong.Website: www.credit-suisse.com

Abacus Settlements, LLC: Abacus Settlements, LLC: In the heart of New York's financial district - and at the forefront of today's burgeoning lifesettlement industry - is Abacus Settlements, LLC, a Life Settlement Provider that has distinguished itself with success inmany measurable ways. Abacus Settlements, LLC is committed to establishing long-term relationships with producers,brokers and financial professionals. We believe in building trusting relationships by working fast, hard, and smart to helpyou realize the successful outcome you require. Website: www.abacussettlements.com

Surrenda-link Investment Management:With UK£1.0 billion under management or advice (as at 31/12/08), Surrenda-link Investment Management is consideredto be the largest and most established full service traded life policy specialist in Europe. Primarily, Surrenda-link designs,builds and manages funds for institutional investors based upon US Life Settlements and UK Traded Endowment Policies.In addition, the company provides portfolio management services for institutions wishing to purchase directly for theirbalance sheet.Traded Life policy portfolios have a low-correlation to traditional asset classes, being largely unaffected by interest rate orequity market movements and deliver attractive positive returns with minimal volatility: For almost two decades, Surrenda-link has been at the forefront of innovation with investments based upon lifeinsurance policies. In 1992 Surrenda-link became the first company in the UK to devise and launch a TEP investment fundand in 2004 created what is thought to be the world's first Life Settlement-based stock exchange listed fund. Website:http://slinvest.co.uk

Fasano AssociatesFasano Associates is a leading underwriting firm, serving the life, annuity and life settlement markets, with particularexpertise in over-65 and impaired life mortality. Fasano’s estimates of life expectancy are considered the most accurate inlife settlement market, with an Actual to Expected accuracy ratio of 96% estimated in two successive independentactuarial evaluations. Contact Fasano at www.fasanoassociates.com. Website: www.fasanoassociates.com

SPONSORSHIP AND EXHIBITION OPPORTUNITIESSponsorships and exhibits are excellent opportunities for your company to showcase its products and services to high-level, targeted decision-makersattending the 6th Insurance Linked Securities Summit. IQPC and Finance IQ help companies like yours achieve important sales, marketing and brandingobjectives by setting aside a limited number of event sponsorships and exhibit spaces – all of which are tailored to assist your organization in creating aplatform to maximize its exposure at the event. For more information on sponsoring or exhibiting at the 6th Insurance Linked Securities Summit, please contact Mario Matulich at (212) 885-2719 [email protected].

Media Partners

Sponsors:

Page 8: 6th Insurance Linked Securities Summit

July 15 – 17, 2009 The Fairmont Southampton,Bermuda

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Register Register Register Register Standard and Pay by and Pay by and Pay by and Pay by Price

4/24/09 5/8/09 5/22/09 6/19/09

Conference (save $600) (save $500) (save $400) (save $200)Only $1,199 $1,299 $1,399 $1,599 $1,799

All –Access Pass (Conference + (save $798) (save $698) (save $598) (save $398) (save $198)2 Workshops) $2,099 $2,199 $2,299 $2,499 $2,699

Workshops Only $549 each $549 each $549 each $549 each $549 each

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Workshops Only $549 each $549 each $549 each

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Securities Summit TM

For more information about the 6th Insurance LinkedSecurities Summit, please visit our website atwww.ilsbermuda.com or call 1-800-882-8684.

5 EASY WAYS TO REGISTER:

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Web: www.ilsbermuda.com

Call: 1-800-882-8684 or 1-646-378-6026

Email: [email protected]

Fax: 1-646-378-6025

Mail: IQPC535 5th Avenue, 8th Floor, New York, NY 10017

YES! Please register me for

❑ Conference❑ All Access Pass ❑ Workshop(s): Choose your Workshop(s) ❑ A OR ❑ B ❑ C

REGISTRATION CARD

Name ________________________________________________________

Job Title ______________________________________________________

Organization __________________________________________________

Approving Manager ____________________________________________

Address ______________________________________________________

City __________________________________________________________

State ________________________________________________________

Zip __________________________________________________________

Phone ________________________________________________________

Fax __________________________________________________________

E-mail ________________________________________________________

❑ Please keep me informed via email about this and other related

events.

❑ Check enclosed for $_________ (Payable to IQPC)

❑ Charge my ❑ Amex ❑ Visa ❑Mastercard ❑ Diners Club

Card #____________________________________Exp. Date___/___

❑ I cannot attend, but please keep me informed of all future events.

Please see the website at www.ilsbermuda.com for an explanation of Investorsand Solution Providers.

Please note multiple discounts cannot be combined.

A $99 processing charge will be assessed to all registrations not accompaniedby credit card payment at the time of registration.

MAKE CHECKS PAYABLE IN U.S. DOLLARS TO: IQPC

* CT residents or people employed in the state of CT must add 6% sales tax.

TEAM DISCOUNTSFor information on team discounts, please contact IQPC Customer Service at1-800-882-8684. Only one discount may be applied per registrant.

SPECIAL DISCOUNTS AVAILABLEA limited number of discounts are available for the non-profit sector,government organizations and academia. For more information, pleasecontact customer service at 1-800-882-8684.

DETAILS FOR MAKING PAYMENT VIA EFT OR WIRE TRANSFERJPMorgan Chase - Penton Learning Systems LLC dba IQPC: 957-097239ABA/Routing #: 021000021Reference: Please include the name of the attendee(s) and the event number:10920.006

PAYMENT POLICYPayment is due in full at the time of registration and includes lunches,refreshment and detailed conference materials. Your registration will not beconfirmed until payment is received and may be subject to cancellation.

For IQPC’s Cancellation, Postponement and Substitution Policy, pleasevisit www.iqpc.com/cancellation

SPECIAL DIETARY NEEDSIf you have a dietary restriction, please contact Customer Service at 1-800-882-8684 to discuss your specific needs.

©2009 IQPC. All Rights Reserved. The format, design, content andarrangement of this brochure constitute a trademark of IQPC. Unauthorizedreproduction will be actionable under the Lanham Act and common lawprinciples.

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SecuritiesSummit

Insurance Linked