D&O Liability Insurance - C5

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DAY 1, TUESDAY, 27 MARCH 2012 8.30 Registration and Coffee 9.00 Conference Co-Chair’s Opening Remarks Chris Magee, Managing Director, Hartford Financial Products International Limited 9.15 How to Find Profits in a Challenging D&O Insurance Market: Your Guide to the Next 12 Months Christoph Leuzinger, Global Deputy Chief Underwriter, Management Liability, Zurich General Insurance Geraud Verhille, European Commercial D&O and Crime Manager, Chartis Mark Baily, Head of Financial Lines Claims, Ace European Group Michael Rieger-Goroncy, International Large Risks Underwriter, Specialty Lines, Beazley Group Enrico Nanni, Managing Director, Aon • What are the macro trends affecting the D&O market • Where are the main global exposures • How much D&O capacity is there in the market currently What changes are expected in the coming 12 months • What are the main areas of growth Where are insurers seeing opportunities to get an edge over competitors - to what extent is there a market for transactional liability products, given mergers are expected to increase - where has D&O cover been deemed mandatory or prescribed as best practice • What emerging risks must the market factor in - to what extent are D&Os likely to be targets for losses stemming from the sovereign debt crisis - losses caused by rogue traders at banks: what are shareholders doing by way of taking against officers responsible - how has the market reacted to such emerging risks and what migratory steps are being taken right now • Pricing trends: are rates reflective of risks • Overview of recent D&O purchasing: what products are clients buying and where does Excess cover come in • How much broader will or should coverage become What are the implications of ever-broadening of primary coverage • New products and extensions • Availability of reinsurance and terms • Opportunities for profit, loss drivers and D&O insurance developments in SMEs, large accounts and financial institutions - claim trends - claims from privately held vs listed companies - pricing developments - P&L dynamics - acquisition and transactions costs - innovation • What factors are most important to brokers when deciding which insures to work with - pricing - coverage - ratings - financial security - new products capacity - internal resources, including for claims handling 10.30 Morning Refreshments 10.45 European Sovereign Debt: How Can D&O Insurers Maintain Profitability During the Crisis Part 1 – Macroeconomic analysis Julian Callow, Managing Director/Head of International Economics and Co-Head of European Economics, Barclays Capital • How is the 2008 economic crisis different from the current situation • How is economic growth being impaired How are on-going economic conditions impacting on business • Who is most significantly impacted by sovereign debt exposure and what is the wider impact • To what extent do entities exposed to sovereign debt also have US exposure • Outlook for the coming 12-18 months Part 2 – Impact on D&O insurance Geraud Verhille, European Commercial D&O and Crime Manager, Chartis Nepomuk Loesti, European Financial Institutions Underwriting, Manager, Chartis • Impact on the financial institutions D&O - what were the main insurance implications of the 2008 vs current crisis What is different today - how does the performance of insurance products in 2008 compare with their current response to economic conditions - varying impact for banks, assets managers, insurance companies and other players - claims experience so far and potential claims scenarios • Impact on the commercial companies D&O - most impacted industry sectors from an insurance perspective - recession related claims scenarios and experience • US exposure for both financial institutions and commercial products/lines in 2008 vs projected exposures in the coming months • Assessing likely impact on insurers’ profitability 12.15 What is the Potential for Claims Arising From Actions Against D&Os Under Anti-Corruption Legislation in the UK, US and Beyond Vivian Robinson QC, Partner, McGuireWoods London LLP/Formerly General Counsel, the Serious Fraud Office (SFO), Suresh Ellawala, Professional & Financial Lines, QBE • Recent prosecutions and enforcement priorities under the FCPA • The UK Bribery Act in practice: early complaints, investigations and prosecutions • Understanding the full scope of the law: what offences by D&Os will qualify for scrutiny under key bribery/anticorruption legislation and as interpreted by the relevant authorities • Ascertaining the full territorial reach of the acts beyond the US and UK: when will your clients in other jurisdictions be impacted and how • 8 out of 10 largest recent FCPA fines are related to UK or European companies: how is this reflected in D&O claims • What provisions should insurers insist on to limit their own exposures viz. the individual D&Os/the business entity What questions must insurers ask their insureds 1.00 Networking Lunch To register call +44 (0) 20 7878 6888 OR fax +44 (0) 20 7878 6885
2.00 Claims Flowing from Criminal and Regulatory Investigations and Coverage of Fines, Penalties and Defence Costs: Experience to Date, What to Cover and What to Exclude Cristiana Báez-Safa, Chief Underwriting Officer Commercial Risks, International Professional XL Insurance Company Limited Guillaume Deschamps, FINPRO CEMEA D&O Practice Leader, Marsh S.A., Continental Europe D&O Practice Leader, Marsh Dr Alexander Mahnke, CEO Insurance, Siemens Financial Services, GmbH • In which areas are investigations against D&Os especially prevalent and which authorities are the most proactive - securities exposures - competition authorities - anti-corruption - money laundering • How are investigation costs normally covered - formal regulatory investigations vs internal investigations - cover for civil fines and penalties - sub-limited cover • Current views on coverage for fines and penalties–Legally permissible/not permissible - UK and US approach - varying approaches in different European countries • Defence costs: what costs are considered ”reasonable” Which standard prevails: “necessary”/“required” • Challenges in providing effective cover and insurance industry responses - expanding current D&O policy to include it vs developing dedicated policies - implications for shared limits/sub-limits - practical experience so far • Recent examples of claims and policy responses 3.00 Afternoon Refreshments 3.15 Ensuring Your Policies Can Withstand the Latest US D&O Legislative, Case Law and Enforcement Developments Kevin LaCroix, Partner, Oakbridge Insurance Services • Impact of the Morrison decision on securities litigation Involving non-U.S. companies • What was the rationale for even broader coverage seen in the past 12 months • D&O implications flowing from the implementation of the Dodd Frank Act • The impact of the new whistle-blower provisions: to what extent is this expected to result in a rise in shareholder litigation • Rise in SEC and other investigation claims and insurance coverage by the US market • What implications flow for D&Os from the rising tide of FCIA enforcement actions against banks • Increase in M&A related litigation: frequency, severity and coverage Implications • Emerging and future exposures 4.00 UK and European D&O Claims, Settlements, Class Actions and Other Litigation: How to Factor the Latest Developments into Your D&O Insurance Strategy Part 1 - Claims update Stephanie P Manson, Claims Advocate, UK FSG Legal & Claims Practice • Round up of key claims and notifications in the past 12-18 months - nature and basis - how did the claims arise - amounts involved - how did the policy respond/what aspects didn’t and why - what were the insurance buyer’s expectations • What types of D&O behaviours have commonly led to common claims • Threatened claims from the previous recession - how many threatened financial crisis claims have come to fruition - what is the rationale behind the relatively low proportion of recession claims to date in the UK and Europe - why did cases such as the Northern Rock scenario not result in the expected claims - can insurers feasibly expect this trend to be replicated in a further recession • What is the true potential for lenders’ claims as a second recession looms and what are the early claims indications Part 2- Litigation update Hans Londonck Sluijk, Partner, Houthoff Buruma • In which areas are D&Os most vulnerable going forward • Cases of note in Europe and potential implications for D&O insurers • European class actions: one-off or trend - Dutch group action system – cases so far and impact on D&Os - Italian Intersa Sao Paulo case: on what basis was this class action approved and what is the likely impact on D&Os of the bank - what are the wider implications of these decisions for European class actions - how can developments in the Netherlands and Italy be expected to drive demand for insurance cover amongst D&Os - to what have recent French decisions thwarted the potential for class actions against D&Os in France Part 3 - Australia, Canada and other D&O claims hotspots Suresh Ellawala, Professional & Financial Lines, QBE • Class actions/securities class actions • Litigation funding trends and correlation with class action trends • Canadian dual traded companies: why are they so vulnerable to litigation • Other types of litigation against D&Os • The regulatory environment • The oppression remedy; what is it, and what does it mean for boards of directors 5.30 Conference Adjourns Associate Sponsor Holman Fenwick Willan is a leading insurance and reinsurance law firm. HFW advises on all the types of protection available under management liability policies including Directors and Officers liability (“D&O”), Employment Practices Liability (“EPL”) Corporate Legal liability insurances and Pension Trustees liability insurance (“PTL”). HFW advise on coverage issues and defend insureds against third party liabilities. HFW also advise on wordings and new products including the definition and scope of terms and exclusions. We can also draw on our Regulatory and Employment teams on related issues, where necessary. Fax order form to +44 (0) 20 7878 6885 or register online at www.C5-Online.com/Directors
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D&O Liability Insurance - C5

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