Presentation Title Lessons from America Casualty Pricing Lessons from America James Orr 16th July 2007 London Underwriting Centre Wednesday, 16 May 2018

Moderator’s Opening Remarks James Orr, Tillinghast Culture Clash Presentation Title Order of Play Moderator’s Opening Remarks James Orr, Tillinghast Culture Clash Doug LaCoss, Converium Solving the Actuarial Puzzle John Buchanan, Platinum Re Questions & Answers Luncheon 12:30 to 13:30 Wednesday, 16 May 2018

Let’s remind ourselves… Presentation Title Let’s remind ourselves… Why this is so difficult no direct measure of exposure long lead times and slow development inflationary effects economic judicial Why this matters APH “laddering”, Enron, WorldCom Wednesday, 16 May 2018

The value of benchmarking Presentation Title The value of benchmarking Insurance cover is unique/bespoke rarely traded in a secondary market So no common currency not hedgeable Wednesday, 16 May 2018

Examples of benchmarking Presentation Title Examples of benchmarking GLD – Global Loss Distributions floated in late 90s not presently live, but much needed CLIPS – Commercial Lines Insurance Pricing Survey US since 2003 UK variant launching in 2006 Wednesday, 16 May 2018

Global Loss Distributions Presentation Title Global Loss Distributions Data-sharing benchmarking Motor and General Liability Computing various size of loss distributions 4 scenarios for each country Assess impact of assumptions by scenario Benchmarking Process Adjust data for loss development and claim inflation Filter claims, fit curve & calculate excess factors All-industry application of results Wednesday, 16 May 2018

Global Loss Distribution – Example Exhibit Presentation Title Global Loss Distribution – Example Exhibit Comparison of Actual and Fitted Data Wednesday, 16 May 2018

Global Loss Distribution – Example Exhibit Presentation Title Global Loss Distribution – Example Exhibit Comparison of Expected Excess Loss Cost Wednesday, 16 May 2018

Global Loss Distribution – Example Exhibit Presentation Title Global Loss Distribution – Example Exhibit Incurred Loss Development United Kingdom Wednesday, 16 May 2018 Development Years

Head of Actuarial Pricing – UK/Ireland Converium John Buchanan, FCAS Presentation Title Our speakers Doug LaCoss, FCAS Head of Actuarial Pricing – UK/Ireland Converium John Buchanan, FCAS Senior Vice President Platinum Underwriters Reinsurance Inc Wednesday, 16 May 2018 Doug La Coss Worked in insurance industry since 1990 Worked in London market since 1998 Since being in London, has held positions with St Paul Re, St Paul International, GE Frankona, Swiss Re (very briefly) , and Converium, mainly in pricing Currently head of UK/Ireland pricing for Converium, mainly working with large insurance partners and Lloyd's syndicates Recently has become interested in learning business French, a.k.a. survival French ;-) Was never a contestant on "Who Wants to be a Millionaire" John Buchanan John is an FCAS and MAAA John is currently an SVP at Platinum Reinsurance in NYC and in charge of reinsurance pricing for various market segments. He previously was in charge of Platinum's R&D and pricing models. Previously he worked at Tillighast for 15 years, attaining partnership. He conceptualized and led Tillinghasts reinsurance pricing efforts' including developing their reinsurance pricing system and the Global Loss Distribution project. Previously he worked at KPMG, Peat Marwick in NYC. He is currently leading an effort with NOAA to backfill the public record for meteorological statistics from 1850 back to the start of printing including those from his personal hero Ben Franklin. John is undoubetedly the first actuary to include an Austin Powers soundclip at an actuarial conference on International rating topics 10 years ago.