D&O Liability Insurance - C5
D&O Liability Insurance - C5
D&O Liability Insurance - C5
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“The <strong>C5</strong> D&O conference is “the place to be” ….For sure, one<br />
of the events of the year that cannot be missed ”<br />
Guillaume Deschamps, Senior Vice President, FINPRO Deputy Director,<br />
Continental Europe, D&O Practice Leader, Marsh (Delegate, 2011)<br />
Buy-side insights from a<br />
cross-industry selection of client<br />
speakers. Plus a limited number of<br />
complimentary seats for insurance<br />
buyers and risk managers<br />
Business Information<br />
In A Global Context<br />
21st Forum on<br />
D&O <strong>Liability</strong><br />
<strong>Insurance</strong><br />
Latest Underwriting, Claims and Coverage Strategies for Minimising Risk,<br />
Growing Your Business and Meeting <strong>Insurance</strong> Buyers’ Needs<br />
27 – 28 March 2012 | Grange Tower Bridge Hotel, London, UK<br />
Hear from <strong>Insurance</strong> industry experts, including:<br />
Zurich General <strong>Insurance</strong><br />
Chartis<br />
Beazley Group<br />
Munich Re<br />
Swiss Re<br />
Zurich Financial Services<br />
ACE European Group<br />
ACE Bermuda<br />
QBE<br />
XL <strong>Insurance</strong> Company<br />
Aviva plc<br />
PLUS! Buy-side perspectives from:<br />
Julian Callow<br />
Managing Director/Head of<br />
International Economics and<br />
Co-Head of European Economics,<br />
Barclays Capital<br />
John Windsor<br />
Head of <strong>Insurance</strong>,<br />
Marks & Spencer<br />
Lars Gaute Østebø<br />
Head of Captive and<br />
Corporate <strong>Insurance</strong>,<br />
Corporate Risk Management,<br />
Statoil ASA<br />
Marsh FINPRO<br />
FINEX, Willis<br />
Aon<br />
Oakbridge <strong>Insurance</strong> Services<br />
Hartford Financial Products<br />
International<br />
AXIS Specialty London<br />
Travelers <strong>Insurance</strong> Company<br />
Aon Global <strong>Insurance</strong> Brokers<br />
India (Pvt) Limited<br />
Marsh <strong>Insurance</strong> Brokers ZAO<br />
Matthew McEwan<br />
Director, Risk Management,<br />
Coca Cola Enterprises<br />
Didier Vidal<br />
Corporate Risk Manager,<br />
Alcatel Lucent<br />
Established amongst industry professionals as the premier<br />
D&O <strong>Liability</strong> <strong>Insurance</strong> event in the European calendar,<br />
the 2012 London edition is your opportunity to extend your<br />
mastery on:<br />
• European Sovereign Debt: How can insurers maintain profitability<br />
during the crisis<br />
• The latest claims and notifications developments across the UK,<br />
Europe, Australia and Canada: adjust your policy structures to<br />
reflect looming threats<br />
• How to optimise coverage of D&O criminal and regulatory<br />
investigations claims: the 3 things you need to watch for<br />
• How are leading insurers meeting the challenge of covering fines,<br />
penalties and defence costs<br />
• Reviewing your US exposures in the face of new threats: how to<br />
factor in the Dodd Frank Act, FCIA enforcement actions and<br />
how other key developments across the pond<br />
• How can D&Os and their insurers safeguard against the rising tide<br />
of European class actions<br />
• How to capitalise on emerging D&O opportunities and overcome<br />
challenges when doing business in China, S.Korea, India, Brazil<br />
and Russia<br />
EARLY-RISER WORKSHOP<br />
No need to take extra time out of the office!<br />
The Most Contentious D&O <strong>Insurance</strong> Issues in 2011 and How<br />
They Should be Reflected in Your <strong>Insurance</strong> Policy Structures<br />
and Wording in 2012 and Beyond<br />
Associate Sponsor<br />
Media Partners<br />
Up to<br />
14.25CPD<br />
To register call +44 (0) 20 7878 6888 or register online at www.<strong>C5</strong>-Online.com/xxxxxxxxxxxxxx<br />
To register call +44 (0) 20 7878 6888 or register online at www.<strong>C5</strong>-Online.com/Directors
“Previously thought a luxury of large companies, D&O liability insurance in Europe is primed<br />
for robust growth across companies of all sizes, as it is increasingly viewed as essential ”<br />
(Advisen Report, 2011)<br />
The combined effect of the 2008 global recession and current economic pressures have ensured that Directors and Officers<br />
remain a focal point for both regulatory and shareholder scrutiny. With European Courts proving ever more receptive to group<br />
actions and increasingly proactive enforcement authorities stepping up investigations in a number of spheres including securities,<br />
anti-corruption and anti-trust, D&Os are more exposed than ever and may incur considerable costs in defending themselves,<br />
even when they feel the allegations are unfounded.<br />
It is therefore critical that D&O insurers anticipate the challenges looming on the horizon and take immediate mitigatory steps<br />
to avoid potentially extensive losses. At the same time, there are profits to be made - the insurance industry must exploit the<br />
opportunity to meet growing and emerging coverage needs across a number of jurisdictions and carve out an edge for themselves<br />
in today’s highly competitive market.<br />
Every Spring, over 100 underwriters and brokers, together with expert advisors, attend <strong>C5</strong>’s D&O <strong>Liability</strong> <strong>Insurance</strong> event in<br />
London. Now in its 21st edition, this conference is firmly established as THE essential industry gathering for anyone working<br />
in D&O insurance.<br />
Like hundreds of D&O professionals before you, attending this conference will ensure you are:<br />
❯ Up to the minute on D&O insurance industry developments in the UK, US, Europe and beyond, as well<br />
as macro-economic and legal issues affecting D&O insurance<br />
❯ Equipped to exploit the latest trends and statistics and market best practices for maximising profits<br />
❯ Geared to capitalise on growth opportunities in emerging markets<br />
❯ On top of claims trends world over whilst adapting your policies and client procedures to minimise exposures<br />
❯ Ahead of the game by benchmarking your practices and policies against your competitors<br />
Be sure to also attend the practically focused and interactive early-riser workshop.<br />
The Most Contentious D&O <strong>Insurance</strong> Issues in 2011 and How They Should be<br />
Reflected in Your <strong>Insurance</strong> Policy Structures and Wording in 2012 and Beyond<br />
28th March 2012 | 8.00–10.15 a.m<br />
There is no other event in Europe that focuses exclusively on D&O <strong>Liability</strong> <strong>Insurance</strong>. So don’t miss this unparalleled opportunity<br />
to meet, hear from and share ideas with those at the forefront of your industry.<br />
Book your place today, by calling us on +44 (0) 20 7878 6888, faxing your registration form to +44 (0) 20 7878 6885 or<br />
registering online at www.<strong>C5</strong>-Online.com/Directors<br />
WHO SHOULD ATTEND<br />
<strong>C5</strong>’s 21st D&O <strong>Liability</strong> <strong>Insurance</strong> is a must for:<br />
• D&O <strong>Insurance</strong> Underwriters<br />
• Brokers<br />
• Claims Personnel<br />
• Reinsurers<br />
• Product Leaders<br />
• <strong>Insurance</strong> buyers, risk managers, compliance personnel<br />
and in-house lawyers<br />
• <strong>Insurance</strong>/reinsurance lawyers in private practice<br />
GLOBAL SPONSORSHIP OPPORTUNITIES<br />
<strong>C5</strong> Group, works closely with sponsors to create the perfect business<br />
development solution catered exclusively to the needs of any practice<br />
group, business line or corporation. With over 500 conferences held<br />
in Europe, Russia and the CIS, China, India, the US and Canada, <strong>C5</strong>,<br />
ACI and CI provide a diverse portfolio of first-class events tailored to<br />
the senior level executive.<br />
For more information about this program or our global portfolio,<br />
please contact: Dan Capel on +44 (0)20 7878 6870<br />
or email d.capel@<strong>C5</strong>-Online.com
Distinguished Speakers<br />
Conference Co-Chairs<br />
Chris Magee<br />
Managing Director, Hartford Financial Products<br />
International Limited<br />
Glaucia Asvolinsque D. de Faria Smithson<br />
Chief Underwriting Officer,<br />
Commercial Executive Risks Europe<br />
Zurich General <strong>Insurance</strong><br />
Julian Callow<br />
Managing Director/Head of International<br />
Economics and Co-Head of<br />
European Economics,<br />
Barclays Capital<br />
John Windsor<br />
Head of <strong>Insurance</strong>,<br />
Marks & Spencer<br />
Lars Gaute Østebø<br />
Head of Captive and Corporate <strong>Insurance</strong>,<br />
Corporate Risk Management,<br />
Statoil ASA<br />
Matthew McEwan<br />
Director, Risk Management,<br />
Coca Cola Enterprises<br />
Didier Vidal<br />
Corporate Risk Manager,<br />
Alcatel Lucent<br />
Kevin LaCroix<br />
Partner,<br />
Oakbridge <strong>Insurance</strong> Services<br />
Stephanie P Manson<br />
Claims Advocate,<br />
UK FSG Legal & Claims Practice<br />
Agenda at a glance<br />
Francis Keane<br />
Executive Director FINEX,<br />
Willis<br />
Christoph Leuzinger<br />
Global Deputy Chief Underwriter,<br />
Management <strong>Liability</strong>,<br />
Zurich General <strong>Insurance</strong><br />
Mark Baily<br />
Head of Financial Lines Claims,<br />
Ace European Group<br />
Michael Rieger-Goroncy<br />
International Large Risks,<br />
Underwriter, Specialty Lines,<br />
Beazley Group<br />
Elisabeth Spann<br />
Head of Financial Lines, Global Clients/<br />
North America,<br />
Casualty Facultative, Munich Re<br />
Marcel Fischer<br />
Senior Underwriter, Facultative Casualty/<br />
Vice President - Europe, Middle East & Africa,<br />
Swiss Reinsurance Company Ltd<br />
Geraud Verhille<br />
European Commercial D&O and<br />
Crime Manager, Chartis<br />
Nepomuk Loesti<br />
European Financial Institutions,<br />
Underwriting Manager, Chartis<br />
Suresh Ellawala<br />
Professional & Financial Lines, QBE<br />
Cristiana Báez-Safa<br />
Chief Underwriting Officer<br />
Commercial Risks, International Professional<br />
XL <strong>Insurance</strong> Company Limited<br />
Guillaume Deschamps<br />
FINPRO CEMEA D&O Practice Leader,<br />
Marsh S.A., Continental Europe,<br />
D&O Practice Leader, Marsh<br />
Dax Gulmohamed<br />
Executive Vice President,<br />
AXIS Specialty London<br />
Nick Allen<br />
Management <strong>Liability</strong> Product Manager,<br />
Travelers <strong>Insurance</strong> Company Limited<br />
Carsten Keune<br />
Chief Underwriting Officer Professional<br />
Emerging Markets<br />
XL <strong>Insurance</strong> Company Ltd<br />
Uttara Viad<br />
COO & Executive Director,<br />
Aon Global <strong>Insurance</strong> Brokers (Pvt) Limited<br />
Vladimir Kryuchkov<br />
Senior Vice President, Finpro Practice Leader,<br />
Marsh <strong>Insurance</strong> Brokers ZAO<br />
David Gutteridge<br />
Vice President,<br />
ACE Bermuda<br />
Matthew Doherty<br />
Underwriting Manager,<br />
Arch <strong>Insurance</strong> Europe<br />
John Batch<br />
Senior Vice President, D&O Product Leader,<br />
FINPRO CEMEA<br />
Douglas Robare<br />
Head of Financial and Professional Lines, Aviva plc<br />
Conference Day One: 27 March 2012<br />
8.30 Registration and Coffee<br />
9.00 Chairman’s Opening Remarks<br />
9.15 How to Find Profits in a Challenging D&O <strong>Insurance</strong><br />
Market: Your Guide to the Next 12 Months<br />
10.30 Morning Refreshments<br />
10.45 European Sovereign Debt: How Can D&O Insurers<br />
Maintain Profitability During the Crisis<br />
Part 1 – Macroeconomic analysis<br />
Part 2 – D&O insurance analysis<br />
12.15 What is the Potential for Claims Arising From Action<br />
Against D&Os Under Anti-Corruption Legislation in<br />
the UK, US and Beyond<br />
1.00 Networking Lunch<br />
2.00 Claims Flowing from Criminal and Regulatory Investigations<br />
and Coverage of Fines, Penalties and Defence Costs:<br />
Experience to Date, What to Cover and What to Exclude<br />
3.00 Afternoon Refreshments<br />
3.15 Ensuring Your Policies Can Withstand the Latest US D&O<br />
Legislative, Case Law and Enforcement Developments<br />
4.00 UK and European D&O Claims, Settlements, Class Actions<br />
and Other Litigation: How to Factor the Latest Developments<br />
into Your D&O <strong>Insurance</strong> Strategy<br />
Part 1 – Claims update<br />
Part 2 – European class actions and other litigation<br />
Part 3 – Australia, Canada and other D&O Claims hotspots<br />
5.30 Conference Adjourns<br />
Conference Day Two: 28 March 2012<br />
8.00 Early Riser Workshop: The Most Contentious D&O<br />
<strong>Insurance</strong> Issues in 2011 and How They Should be Reflected<br />
in Your <strong>Insurance</strong> Policy Structures and Wording in 2012<br />
and Beyond<br />
10.00 Morning Refreshments<br />
10.15 Workshop Ends<br />
10.20 Chairman’s Opening Remarks<br />
10.30 What Current Exposures Are Keeping D&Os and Risk<br />
Managers Awake at Night and What Solutions Are Being<br />
Sought by Their <strong>Insurance</strong> Buyers<br />
11.30 The Key Policy Amendments and Coverage Issues You<br />
Need to Be Aware of to Provide Profitable Coverage in a<br />
Turbulent Market<br />
12.30 Networking Lunch<br />
1.30 How to Take Advantage of D&O Opportunities in Emerging<br />
Markets: China, India, Brazil and Russia<br />
3.30 Afternoon Refreshments<br />
3.45 How to prepare for a Potential Rise in Corporate Insolvency<br />
– and What That Means for Your Business<br />
4.45 Reinsurance Market Leaders’ Perspective on Current Market<br />
Conditions and Strategies for Risk Minimisation<br />
5.30 Chairman’s Closing Remarks and End of Conference<br />
Very practical and up to date information, as usual<br />
Remi Passemard, Partner,<br />
Bouckaert Ormen Passemard Sportes (Delegate, 2011)<br />
To register call +44 (0) 20 7878 6888 OR fax +44 (0) 20 7878 6885
DAY 1, TUESDAY, 27 MARCH 2012<br />
8.30 Registration and Coffee<br />
9.00 Conference Co-Chair’s Opening Remarks<br />
Chris Magee, Managing Director,<br />
Hartford Financial Products International Limited<br />
9.15 How to Find Profits in a Challenging D&O<br />
<strong>Insurance</strong> Market: Your Guide to the Next<br />
12 Months<br />
Christoph Leuzinger, Global Deputy Chief Underwriter,<br />
Management <strong>Liability</strong>, Zurich General <strong>Insurance</strong><br />
Geraud Verhille, European Commercial D&O and<br />
Crime Manager, Chartis<br />
Mark Baily, Head of Financial Lines Claims,<br />
Ace European Group<br />
Michael Rieger-Goroncy, International Large Risks<br />
Underwriter, Specialty Lines, Beazley Group<br />
Enrico Nanni, Managing Director, Aon<br />
• What are the macro trends affecting the D&O market<br />
• Where are the main global exposures<br />
• How much D&O capacity is there in the market currently<br />
What changes are expected in the coming 12 months<br />
• What are the main areas of growth Where are insurers<br />
seeing opportunities to get an edge over competitors<br />
- to what extent is there a market for transactional liability<br />
products, given mergers are expected to increase<br />
- where has D&O cover been deemed mandatory<br />
or prescribed as best practice<br />
• What emerging risks must the market factor in<br />
- to what extent are D&Os likely to be targets for losses<br />
stemming from the sovereign debt crisis<br />
- losses caused by rogue traders at banks: what are<br />
shareholders doing by way of taking against officers<br />
responsible<br />
- how has the market reacted to such emerging risks<br />
and what migratory steps are being taken right now<br />
• Pricing trends: are rates reflective of risks<br />
• Overview of recent D&O purchasing: what products are<br />
clients buying and where does Excess cover come in<br />
• How much broader will or should coverage become What<br />
are the implications of ever-broadening of primary coverage<br />
• New products and extensions<br />
• Availability of reinsurance and terms<br />
• Opportunities for profit, loss drivers and D&O insurance<br />
developments in SMEs, large accounts and financial<br />
institutions<br />
- claim trends<br />
- claims from privately held vs listed companies<br />
- pricing developments<br />
- P&L dynamics<br />
- acquisition and transactions costs<br />
- innovation<br />
• What factors are most important to brokers when deciding<br />
which insures to work with<br />
- pricing<br />
- coverage<br />
- ratings<br />
- financial security<br />
- new products capacity<br />
- internal resources, including for claims handling<br />
10.30 Morning Refreshments<br />
10.45 European Sovereign Debt: How Can D&O<br />
Insurers Maintain Profitability During the Crisis<br />
Part 1 – Macroeconomic analysis<br />
Julian Callow, Managing Director/Head of International<br />
Economics and Co-Head of European Economics,<br />
Barclays Capital<br />
• How is the 2008 economic crisis different from the<br />
current situation<br />
• How is economic growth being impaired How are<br />
on-going economic conditions impacting on business<br />
• Who is most significantly impacted by sovereign debt<br />
exposure and what is the wider impact<br />
• To what extent do entities exposed to sovereign debt<br />
also have US exposure<br />
• Outlook for the coming 12-18 months<br />
Part 2 – Impact on D&O insurance<br />
Geraud Verhille, European Commercial D&O<br />
and Crime Manager, Chartis<br />
Nepomuk Loesti, European Financial Institutions<br />
Underwriting, Manager, Chartis<br />
• Impact on the financial institutions D&O<br />
- what were the main insurance implications of the 2008<br />
vs current crisis What is different today<br />
- how does the performance of insurance products in<br />
2008 compare with their current response to economic<br />
conditions<br />
- varying impact for banks, assets managers, insurance<br />
companies and other players<br />
- claims experience so far and potential claims scenarios<br />
• Impact on the commercial companies D&O<br />
- most impacted industry sectors from an insurance<br />
perspective<br />
- recession related claims scenarios and experience<br />
• US exposure for both financial institutions and<br />
commercial products/lines in 2008 vs projected exposures<br />
in the coming months<br />
• Assessing likely impact on insurers’ profitability<br />
12.15 What is the Potential for Claims Arising From<br />
Actions Against D&Os Under Anti-Corruption<br />
Legislation in the UK, US and Beyond<br />
Vivian Robinson QC, Partner, McGuireWoods London<br />
LLP/Formerly General Counsel, the Serious Fraud<br />
Office (SFO),<br />
Suresh Ellawala, Professional & Financial Lines, QBE<br />
• Recent prosecutions and enforcement priorities under<br />
the FCPA<br />
• The UK Bribery Act in practice: early complaints,<br />
investigations and prosecutions<br />
• Understanding the full scope of the law: what offences<br />
by D&Os will qualify for scrutiny under key bribery/anticorruption<br />
legislation and as interpreted by the relevant<br />
authorities<br />
• Ascertaining the full territorial reach of the acts beyond<br />
the US and UK: when will your clients in other<br />
jurisdictions be impacted and how<br />
• 8 out of 10 largest recent FCPA fines are related to UK<br />
or European companies: how is this reflected in D&O<br />
claims<br />
• What provisions should insurers insist on to limit their<br />
own exposures viz. the individual D&Os/the business<br />
entity What questions must insurers ask their insureds<br />
1.00 Networking Lunch<br />
To register call +44 (0) 20 7878 6888 OR fax +44 (0) 20 7878 6885
2.00 Claims Flowing from Criminal and Regulatory<br />
Investigations and Coverage of Fines, Penalties<br />
and Defence Costs: Experience to Date, What to<br />
Cover and What to Exclude<br />
Cristiana Báez-Safa, Chief Underwriting Officer<br />
Commercial Risks, International Professional<br />
XL <strong>Insurance</strong> Company Limited<br />
Guillaume Deschamps, FINPRO CEMEA D&O<br />
Practice Leader, Marsh S.A., Continental Europe<br />
D&O Practice Leader, Marsh<br />
Dr Alexander Mahnke, CEO <strong>Insurance</strong>,<br />
Siemens Financial Services, GmbH<br />
• In which areas are investigations against D&Os especially<br />
prevalent and which authorities are the most proactive<br />
- securities exposures<br />
- competition authorities<br />
- anti-corruption<br />
- money laundering<br />
• How are investigation costs normally covered<br />
- formal regulatory investigations vs internal investigations<br />
- cover for civil fines and penalties<br />
- sub-limited cover<br />
• Current views on coverage for fines and penalties–Legally<br />
permissible/not permissible<br />
- UK and US approach<br />
- varying approaches in different European countries<br />
• Defence costs: what costs are considered ”reasonable”<br />
Which standard prevails: “necessary”/“required”<br />
• Challenges in providing effective cover and insurance<br />
industry responses<br />
- expanding current D&O policy to include it<br />
vs developing dedicated policies<br />
- implications for shared limits/sub-limits<br />
- practical experience so far<br />
• Recent examples of claims and policy responses<br />
3.00 Afternoon Refreshments<br />
3.15 Ensuring Your Policies Can Withstand the<br />
Latest US D&O Legislative, Case Law and<br />
Enforcement Developments<br />
Kevin LaCroix, Partner, Oakbridge <strong>Insurance</strong> Services<br />
• Impact of the Morrison decision on securities litigation<br />
Involving non-U.S. companies<br />
• What was the rationale for even broader coverage seen<br />
in the past 12 months<br />
• D&O implications flowing from the implementation<br />
of the Dodd Frank Act<br />
• The impact of the new whistle-blower provisions: to what<br />
extent is this expected to result in a rise in shareholder<br />
litigation<br />
• Rise in SEC and other investigation claims and insurance<br />
coverage by the US market<br />
• What implications flow for D&Os from the rising tide<br />
of FCIA enforcement actions against banks<br />
• Increase in M&A related litigation: frequency, severity<br />
and coverage Implications<br />
• Emerging and future exposures<br />
4.00 UK and European D&O Claims, Settlements,<br />
Class Actions and Other Litigation: How to<br />
Factor the Latest Developments into Your D&O<br />
<strong>Insurance</strong> Strategy<br />
Part 1 - Claims update<br />
Stephanie P Manson, Claims Advocate,<br />
UK FSG Legal & Claims Practice<br />
• Round up of key claims and notifications in the past<br />
12-18 months<br />
- nature and basis<br />
- how did the claims arise<br />
- amounts involved<br />
- how did the policy respond/what aspects didn’t and why<br />
- what were the insurance buyer’s expectations<br />
• What types of D&O behaviours have commonly led<br />
to common claims<br />
• Threatened claims from the previous recession<br />
- how many threatened financial crisis claims have come<br />
to fruition<br />
- what is the rationale behind the relatively low proportion<br />
of recession claims to date in the UK and Europe<br />
- why did cases such as the Northern Rock scenario<br />
not result in the expected claims<br />
- can insurers feasibly expect this trend to be replicated<br />
in a further recession<br />
• What is the true potential for lenders’ claims as a second<br />
recession looms and what are the early claims indications<br />
Part 2- Litigation update<br />
Hans Londonck Sluijk, Partner, Houthoff Buruma<br />
• In which areas are D&Os most vulnerable going forward<br />
• Cases of note in Europe and potential implications<br />
for D&O insurers<br />
• European class actions: one-off or trend<br />
- Dutch group action system – cases so far and impact<br />
on D&Os<br />
- Italian Intersa Sao Paulo case: on what basis was this<br />
class action approved and what is the likely impact on<br />
D&Os of the bank<br />
- what are the wider implications of these decisions for<br />
European class actions<br />
- how can developments in the Netherlands and Italy be<br />
expected to drive demand for insurance cover amongst<br />
D&Os<br />
- to what have recent French decisions thwarted the<br />
potential for class actions against D&Os in France<br />
Part 3 - Australia, Canada and other D&O claims hotspots<br />
Suresh Ellawala, Professional & Financial Lines, QBE<br />
• Class actions/securities class actions<br />
• Litigation funding trends and correlation with class action<br />
trends<br />
• Canadian dual traded companies: why are they so<br />
vulnerable to litigation<br />
• Other types of litigation against D&Os<br />
• The regulatory environment<br />
• The oppression remedy; what is it, and what does it mean<br />
for boards of directors<br />
5.30 Conference Adjourns<br />
Associate Sponsor<br />
Holman Fenwick Willan is a leading insurance<br />
and reinsurance law firm. HFW advises on<br />
all the types of protection available under<br />
management liability policies including Directors and Officers liability<br />
(“D&O”), Employment Practices <strong>Liability</strong> (“EPL”) Corporate Legal<br />
liability insurances and Pension Trustees liability insurance (“PTL”).<br />
HFW advise on coverage issues and defend insureds against third party<br />
liabilities. HFW also advise on wordings and new products including the<br />
definition and scope of terms and exclusions. We can also draw on our<br />
Regulatory and Employment teams on related issues, where necessary.<br />
Fax order form to +44 (0) 20 7878 6885 or register online at www.<strong>C5</strong>-Online.com/Directors
Day 2, WEDNESDAY, 28 March 2012<br />
Early Riser Workshop | 8.00 – 10.15 am<br />
The Most Contentious D&O <strong>Insurance</strong> Issues in<br />
2011 and How They Should be Reflected in Your<br />
<strong>Insurance</strong> Policy Structures and Wording in 2012<br />
and Beyond<br />
Douglas Robare<br />
Head of Financial and Professional Lines, Aviva Plc<br />
Costas Frangeskides<br />
Partner, Holman Fenwick Willan<br />
Led by a seasoned industry insider and an experienced legal expert,<br />
this workshop will draw on some of the most contentious and complex<br />
D&O issues encountered by the workshop presenters. With reference<br />
to case studies and examples which regularly arise in the D&O arena<br />
and common wording scenarios, the workshop leaders will analyse the<br />
significant coverage considerations each of those issues raise and guide<br />
participants on how these considerations should be refl ected in policy<br />
structures and wordings in the coming months. Topics for dicussion include:<br />
• Does your D&O insurance provide global cover What<br />
programme structures allow for optimal coverage<br />
• Do directors want their own ring-fenced insurance cover that<br />
will not be eroded by the companies’ claims Why would they<br />
need that and how do you achieve that<br />
• Insuring clauses: what is the scope of the insurance offered<br />
Does it cover all those risks you want it to cover<br />
• Current and emerging exclusion: how do these limit the cover<br />
Is it too limited What issues have recently arisen<br />
• Presumption of Indemnity: what are the consequences if a<br />
company wrongly refuses to indemnify a director How can<br />
they be prevented<br />
• What issues can develop from outside directorship extensions<br />
to the policies<br />
There will be plenty of Q&A opportunities and participants may also<br />
raise any specific questions they have for the workshop leaders ahead<br />
of the conference, via the conference organisers<br />
Main Conference<br />
10.00 Morning Refreshments<br />
10.20 Conference Co-Chair’s Opening Remarks<br />
Glaucia Asvolinsque D. de Faria Smithson<br />
Chief Underwriting Officer,<br />
Commercial Executive Risks Europe<br />
Zurich General <strong>Insurance</strong><br />
10.30 What Current Exposures Are Keeping D&Os<br />
and Risk Managers Awake at Night and What<br />
Solutions are Being Sought by Their <strong>Insurance</strong><br />
Buyers<br />
John Windsor, Head of <strong>Insurance</strong>, Marks & Spencer<br />
Lars Gaute Østebø<br />
Head of Captive and Corporate <strong>Insurance</strong>, Corporate<br />
Risk Management, Statoil ASA<br />
Didier Vidal, Corporate Risk Manager, Alcatel Lucent<br />
Matthew McEwan, Risk Management Director,<br />
Coca Cola Enterprises<br />
Douglas Robare, Head of Financial and Professional<br />
Lines, Aviva plc - moderator<br />
• What risks and exposures are currently on company<br />
secretaries’/risk managers’ radar<br />
- what legislative changes are being monitored<br />
- what directors’ duties are being highlighted by<br />
shareholders currently<br />
• How have exposures changed in the past 6-12 months<br />
• How do risk managers assess their exposure to sovereign<br />
debt, what is the projected impact and what is being done<br />
to address adverse implications<br />
• What primary risk management measures are in place to<br />
address such risks<br />
• What are the cutting edge strategies corporate boards<br />
and risk managers have in place to protect their D&Os<br />
from liability<br />
• Who decides on insurance coverage needs<br />
• What are the drivers for purchasing cover<br />
• International programmes<br />
- is there a rise in demand for international programmes<br />
amongst risk managers<br />
- what adjustments would buyers suggest to improve the<br />
process of implementing a multi-national programme<br />
- are there any challenges in this area that the insurance<br />
industry has not addressed<br />
• Risk exposures anticipated for the future and emerging<br />
gaps in coverage<br />
11.30 The Key Policy Amendments and Coverage<br />
Issues You Need to Be Aware of to Provide<br />
Profitable Coverage in a Turbulent Market<br />
Graham Denny, Solicitor, Holman Fenwick Willan<br />
Francis Keane, Executive Director FINEX, Willis<br />
Dax Gulmohamed, Executive Vice President,<br />
AXIS Specialty London<br />
Nick Allen, Management <strong>Liability</strong> Product Manager,<br />
Travelers <strong>Insurance</strong> Company Limited<br />
• Overview and analysis of key coverage issues arising in 2011<br />
• How are D&O underwriters addressing potential losses<br />
arising from current economic conditions<br />
- what adjustments are being make to policy wordings<br />
- what exclusionary language is being used Will<br />
underwriters introduce exclusions akin to the<br />
“deliberate corporate acts” and Ponzi scheme exclusions<br />
added during the previous crisis<br />
- will these changes result in changes to the actual<br />
coverage offered<br />
- are price buffers being built in<br />
• How will existing standard wordings respond to new<br />
pressures in the current climate Which provisions are<br />
particularly vulnerable or inadequate<br />
• To what extent are risks stemming from broadening cover<br />
being redressed through wordings<br />
• Broker specific products: how do new wordings used in<br />
products by Willis, Marsh, JLT etc. differ from traditional<br />
products<br />
12.15 Networking Lunch<br />
1.30 How to Take Advantage of D&O Opportunities<br />
in Emerging Markets: China, India, Brazil and<br />
Russia<br />
Carsten Keune<br />
Chief Underwriting Officer Professional Emerging Markets<br />
XL <strong>Insurance</strong> Company Ltd<br />
Glaucia Asvolinsque D. de Faria Smithson<br />
Chief Underwriting Officer,<br />
Commercial Executive Risks Europe<br />
Zurich General <strong>Insurance</strong><br />
To register call +44 (0) 20 7878 6888 OR fax +44 (0) 20 7878 6885
E m e r g i n g M a r k e t s F o c u s<br />
Uttara Viad, COO & Executive Director,<br />
Aon Global <strong>Insurance</strong> Brokers (Pvt) Limited (India)<br />
Vladimir Kryuchkov, Senior Vice President,<br />
Finpro Practice Leader,<br />
Marsh <strong>Insurance</strong> Brokers ZAO (Russia)<br />
Ed Smerdon, Partner, Sedgwick LLP – moderator<br />
Expert speakers with country specific experience in the markets<br />
covered will guide you through the main opportunities, risks and<br />
challenges in each jurisdiction. They will also cover questions every<br />
insurer looking to enter or consolidate their presence in these<br />
jurisdictions should ask their insurds, red fl ags to watch out for,<br />
common mistakes made by underwriters, mitigatory action you can<br />
take and share their lessons learned.<br />
• Overview of market conditions<br />
• What are the theoretical exposures for directors<br />
- are there any recent developments or trends in actual<br />
cases brought<br />
- how long do cases take to reach court<br />
• Update on recent claims and emerging trends<br />
• What are the drivers for future civil claims against directors<br />
- claims culture<br />
- procedural issues<br />
- commercial imperatives<br />
- funding/loser pays rules<br />
• What is the criminal investigations/regulatory environment<br />
affecting directors<br />
- what are the most common offences<br />
- is fraud/insider dealing/bribery a significant issue<br />
• Beyond the territorial limits, how are local companies<br />
being targeted in other jurisdictions<br />
- where are they being targeted<br />
- what for<br />
- by whom<br />
• What is the position on indemnification by companies<br />
- is it permitted<br />
- if so, how<br />
- are there specific rules governing it<br />
• What is the regulatory environment for insuring local<br />
based risks<br />
- do insurers need to be admitted<br />
- what methods do foreign insurers use to enable them<br />
to write local risks<br />
• What does the locally issued D&O product look like<br />
What are the developments, trends and issues in the product<br />
• Reinsurance market conditions<br />
• What are the recent laws or developments affecting<br />
the local insurance industry<br />
• What are the particular underwriting issues facing insurers<br />
of local based companies<br />
• Are there any other cultural or legal factors insurers from<br />
outside should take into account when doing business there<br />
3.30 Afternoon Refreshments<br />
3.45 How to prepare for a Potential Rise in<br />
Corporate Insolvency – and What That<br />
Means for Your Business<br />
David Gutteridge, Vice President, ACE Bermuda<br />
Matthew Doherty, Underwriting Manager,<br />
Arch <strong>Insurance</strong> Europe<br />
John Batch, Senior Vice President,<br />
D&O Product Leader, FINPRO CEMEA<br />
• Trends in insolvency across UK, the US and Continental<br />
Europe – when can we expect the predicated tide to hit and<br />
how What types of litigation can we expect in its wake<br />
• <strong>Liability</strong> of directors in bankruptcy situations and when<br />
the company is entering the zone of insolvency<br />
• Differences in liability in different European states<br />
and insurance implications that follow<br />
• How do policy exclusions such as “insured vs insured”<br />
work in insolvency<br />
• What are the current gaps in coverage<br />
• Link up between the principal policy, Side A and Run off<br />
policies in insolvency situations: overlaps and potential gaps<br />
• Impact on Side A market<br />
- to what extent has there been an increase in the purchase<br />
of Side A cover in response to rising bankruptcies<br />
- how can Side A products be differentiated in terms of<br />
how they are likely to respond to emerging demands<br />
- how would the cost of Side A products be impacted<br />
and how will deductibles be treated<br />
4.45 Reinsurance Market Leaders’ Perspective on<br />
Current Market Conditions and Strategies<br />
for Risk Minimisation<br />
Elisabeth Spann, Head of Financial Lines,<br />
Global Clients/North America, Casualty Facultative,<br />
Munich Re<br />
Marcel Fischer, Senior Underwriter Facultative<br />
Casualty/Vice President -Europe, Middle East<br />
& Africa, Swiss Reinsurance Company Ltd<br />
• How do reinsurers view their participation in this market<br />
to date and what changes do they anticipate in the<br />
coming months<br />
• How do reinsurers view their exposure in this arena and how<br />
do they calculate their risks in current market conditions<br />
• Reinsurance industry response to decreasing prices/increase<br />
in capacity<br />
• Reinsurance claims: what coverage issues have arisen and<br />
how are reinsurers approaching claims handling Are claims<br />
increasing<br />
• What are reinsurers doing to prepare for the next wave<br />
of claims<br />
• Reinsurance in emerging markets: how do reinsurers<br />
ensure there is no mismatch when local wordings are used<br />
- using local insurer/s<br />
- working through a global programmes<br />
5.30 Chairman’s Closing Remarks<br />
and End of Conference<br />
“<br />
Very good presentations, great opportunity for networking<br />
Thomas Lange, Underwriter, Financial Lines, Munich Re (Delegate, 2011)<br />
I found it very useful for my day-to-day business, (to) keep up to date on new hot topics in the market, issues of<br />
concern that I can communicate to clients and work together with them to find a solution which best suits their needs<br />
Lot Goris, Client Advisor, Aon (Delegate, 2011)<br />
Fax order form to +44 (0) 20 7878 6885 or register online at www.<strong>C5</strong>-Online.com/Directors<br />
Interesting to pick up issues in the field of D&O, looking at the topic from a client perspective<br />
Gunnel Lagerstedt, Manager Casualty Business, Skanska (Delegate, 2011)<br />
©<strong>C5</strong>, 2011
21st Forum on<br />
D&O <strong>Liability</strong> <strong>Insurance</strong><br />
Latest Underwriting, Claims and Coverage Strategies for Minimising Risk, Growing Your Business<br />
and Meeting <strong>Insurance</strong> Buyers’ Needs<br />
Business Information<br />
In A Global Context<br />
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