1 Reinsurance Solutions Knowledge. Experience. Performance. THE POWER OF INSIGHT. ® ACLI Reinsurance Executive Roundtable – 1/12/10 Beyond the Crisis:

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Presentation transcript:

1 Reinsurance Solutions Knowledge. Experience. Performance. THE POWER OF INSIGHT. ® ACLI Reinsurance Executive Roundtable – 1/12/10 Beyond the Crisis: Lessons Learned and What Will Happen Going Forward Paul Rutledge

2 Reinsurance Solutions S&P 500 Index Chart January 2007 – December 2008

3 Reinsurance Solutions Volatility Index (VIX) Daily from January 2007 – January 2009 Source: Bloomberg Finance L.P.

4 Reinsurance Solutions Credit Spreads March 2007 – January 2009 Source: Bloomberg

5 Reinsurance Solutions Business Impacts of the Crisis Life Reinsurance Business – U.S. Traditional excess YRT Coinsurance VA Reinsurance Hedge program Procyclicality Policyholder / manager behavior Life Reinsurance Business – International Asia / Latin America Europe

6 Reinsurance Solutions Regulatory Action / Inaction in Crisis U.S. At national level, NAIC State level Federal oversight E.U. Single supervisor Solvency II revisited Credit Rating Agencies

7 Reinsurance Solutions Lessons Learned and Confirmed U.S. Life Business Traditional business Capital markets Diversification VA Reinsurance Hedging AG43 Accounting / Solvency Book value vs. mark-to-market Liquidity / capital Regulators

8 Reinsurance Solutions Reinsurance in the Future Complexity vs. Commodity Environment increasing the complexity of reinsurance solutions Traditional solutions sets will persist Consolidation vs. Too Big to Fail U.S. life insurance will continue to consolidate Concentration of risk Solvency Accounting May Change Retail Products Direct market impacts Reinsurance market impacts E.U. vs. U.S. Risk Management Increased Scope, Scale, Complexity Global vs. local issues Governance vs. execution Keys to Success: Knowledge, People, Ability to Execute

9 Reinsurance Solutions Volatility Index (VIX) Daily from January 2009 – January 2010 Source: Bloomberg Finance L.P.

10 Reinsurance Solutions S&P 500 Index Chart January 2009 – December 2009

11 Reinsurance Solutions Credit Spreads January 2009 – November 2009 Source: Bloomberg