Rational Reinsurance Buying

Until June 2002, Nick Golden was the director of reinsurance for the Royal and Sun Alliance Group (R&SA) worldwide. His responsibilities included formulating and implementing the reinsurance strategy for the group and integrating the risk management strategy with capital management. He implemented a risk and capital management discipline that was supported by a global dynamic financial analysis (DFA) model for the group as well as each of the regional territories. By consolidating the territory DFA analysis into a global DFA model, R&SA was successful in evaluating the trade-off between regional vs global positions. His success in coordinating a global DFA discipline was instrumental in R&SA's ability to replenish capital following September 11, 2001 through the purchase of a quota share reinsurance with Munich Re, the largest single reinsurance contract ever effected. Whilst at R&SA Nick was a founder member of the TSUNAMI initiative, a UK government initiative to form a bridge between insurance and academia. This work has produced a number of research projects and consequent findings. Nick has spoken extensively on the issues faced by the global insurance industry and the support needed from academia. Nick is a fellow of the Chartered Institute of Insurers the UK.

ALTERNATIVE STRATEGIES OF INSURERS 1. The Evolution of Purchasing Strategy Nick Golden of Royal and Sun Alliance Group 2. Managing Reinsurance within a Multinational Environment Robert Stevenson of Zurich Financial Services 3. Reinsurance Buying Practices Philippe Derieux of AXA 4. A New Rationale for Reinsurance Buying? Herbert Sedlmair of Allianz AG 5. The Evolution of American International Group, Inc.'s Reinsurance Strategy Chris Milton of American International Group Inc. (AIG) RISK ASSESSMENT 6. Can Reinsurance Credit Risk be Priced? Chris Klein of Benfield Group Ltd 7. Catastrophe Modelling Dickie Whitaker of Guy Carpenter 8. Identifying and Controlling Emerging Risk Reto Schneider of Swiss Re 9. Dynamic Financial Analysis: The Answer to Rational Reinsurance Purchase? David Simmons of Benfield Group Ltd INTEGRATION OF RISK MANAGEMENT WITH CAPITAL MANAGEMENT 10. Economic and Financial Perspectives on the Demand for Reinsurance James R. Garven of Hankamer School of Business, Baylor University and Joan Lamm-Tennant of GeneralCologne Re 11. Alternative capital sources Morton Lane of Lane Financial LLC ALTERNATIVE PERSPECTIVES 12. The Future of Electronic Trading Kathrine Huelster of inreon 13. Principles on Minimum Requirements for Supervision of Reinsurers Reinsurance Subcommittee of IAIS 14. Supervisory Standard on the Evaluation of the Reinsurance Cover of Primary Insurers and the Security of their Reinsurers Reinsurance Subcommittee of IAIS 15. Risk Measurement and Reinsurance Jonathan Barber of The SERM Rating Agency, Adam Rose of Falcon Asset Management and Paul Koronka of Charles Taylor Consulting Plc 16. Academia and Insurance: Bridging the Gap Dougal Goodman of The Foundation for Science and Technology