Main Conference Day 2: Friday, July 16, 2010

8.30 Registration & Coffee

9.30 Chairman’s Opening Remarks

Scott Willkomm
SVP
Coventry

Concurrent Sessions Begin: Choose Track A or B

Track A: Non-Life	Track B: Life
Extended Catastrophe Modeling Double Session 9.45 PART 1: Modeling Earthquake Risk: Comparing Seismic Hazard Models Across Different Geographies The first quarter of 2010 has witnessed a number of horrifying earthquakes, significantly contributing to the worst ever Q1 from a natural catastrophe perspective. The increased earthquake activity has focused more attention on the cat bonds that track these kinds of disasters and the models that underpin them. IQPC is pleased to announce a dedicated session on the modeling of earthquake risk, which will be led by key experts from EQECAT’s risk analysis and earthquake modeling teams. An unmissable session for existing and would-be investors in – as well as sponsors of - quake-related catastrophe bonds. Key discussion areas include: Examining the modules that contribute towards existing earthquake models Reassessing the reliability of seismic risk models Determining the extent to which earthquake models need revisiting after the disasters in Haiti, Chile and Taiwan A closer look at modeling considerations relating to California earthquake risk Considerations regarding the formulation of earthquake models in developing countries Bill Keogh Senior Vice President, Strategic Initiatives EQECAT Kate Stillwell Product Manager, Earthquake Models EQECAT	9.45 Keynote Guest Address: Life And Death In The 21st Century The future of human longevity has profound consequences for many aspects of the ILS marketplace including A/XXX, mortality bonds, life settlements, and synthetic, longevity-based assets. Our keynote guest speakers – Leonid and Natalia Gavrilov, from the Center of Aging at the University of Chicago – are two of the most respected scientists in the field of human longevity, having co-authored several award-winning research projects funded by the International Science Foundation, European Union (INTAS program), the U.S. Civilian Research and Development Foundation (CRDF) and by the U.S. National Institute on Aging. In this keynote session they will reveal the results of their research into future human longevity trends, with a particular focus on: Examining the factors that will continue to play a role in the extension of longevity Examining the factors likely to increase levels of mortality Combining the factors into a unified model: How will our longevity be influenced by changes in 21st century life? What will future longevity trends mean for the future of longevitylinked assets including life settlements and life insurance securitization? Leonid Gavrilov Center on Aging NORC/University of Chicago Natalia Gavrilova Center on Aging NORC/University of Chicago
10:30 Examining The Implications Of Uncertainty In Wind Models Identifying the key uncertainties in wind models Understanding factors that influence wind risk and their influence on the frequency and severity of catastrophe events Determining the economic consequences of model uncertainties Analyzing the possible implications for the future of the ILS market David Lalonde Senior Vice President AIR Worldwide	10.30 Demographics, Wealth And Genetics: What Really Matters When Estimating Life Expectancy? When it comes to estimating life expectancy, there are many factors that appear to be important. Wealth, political and religious affiliations, race, education levels, and genetic predispositions to various conditions all seem to have a powerful impact on expectations of longevity. But what’s really important? Put another way: what’s causation and what’s correlation? It’s an extremely important question that has profound implications for the life expectancy calculations: The Wealth Effect: Is our world a "Tale of Two Cities"? Can demographic distinctions be used in estimating life expectancy? Medical Improvements - Is there a limit? The biological clock. Genetics - The Wild Card: What can genetic testing tell us? Alzheimer's: Risk Profiling and Longevity Improvements Genetic applications that will prolong life Mike Fasano President Fasano & Associates Robert Lund Medical Director Fasano & Associates

Track A: Non-Life

Track B: Life

Extended Catastrophe Modeling Double Session

9.45 PART 1: Modeling Earthquake Risk: Comparing Seismic Hazard Models Across Different Geographies

The first quarter of 2010 has witnessed a number of horrifying earthquakes, significantly contributing to the worst ever Q1 from a natural catastrophe perspective. The increased earthquake activity has focused more attention on the cat bonds that track these kinds of disasters and the models that underpin them. IQPC is pleased to announce a dedicated session on the modeling of earthquake risk, which will be led by key experts from EQECAT’s risk analysis and earthquake modeling teams. An unmissable session for existing and would-be investors in – as well as sponsors of - quake-related catastrophe bonds. Key discussion areas include:

Examining the modules that contribute towards existing earthquake models
Reassessing the reliability of seismic risk models
Determining the extent to which earthquake models need revisiting after the disasters in Haiti, Chile and Taiwan
A closer look at modeling considerations relating to California earthquake risk
Considerations regarding the formulation of earthquake models in developing countries

Bill Keogh
Senior Vice President, Strategic Initiatives
EQECAT

Kate Stillwell
Product Manager, Earthquake Models
EQECAT

9.45 Keynote Guest Address: Life And Death In The 21st Century

The future of human longevity has profound consequences for many aspects of the ILS marketplace including A/XXX, mortality bonds, life settlements, and synthetic, longevity-based assets. Our keynote guest speakers – Leonid and Natalia Gavrilov, from the Center of Aging at the University of Chicago – are two of the most respected scientists in the field of human longevity, having co-authored several award-winning research projects funded by the International Science Foundation, European Union (INTAS program), the U.S. Civilian Research and Development Foundation (CRDF) and by the U.S. National Institute on Aging. In this keynote session they will reveal the results of their research into future human longevity trends, with a particular focus on:

Examining the factors that will continue to play a role in the extension of longevity
Examining the factors likely to increase levels of mortality
Combining the factors into a unified model: How will our longevity be influenced by changes in 21st century life?
What will future longevity trends mean for the future of longevitylinked assets including life settlements and life insurance securitization?

Leonid Gavrilov
Center on Aging
NORC/University of Chicago

Natalia Gavrilova
Center on Aging
NORC/University of Chicago

10:30 Examining The Implications Of Uncertainty In Wind Models

Identifying the key uncertainties in wind models
Understanding factors that influence wind risk and their influence on the frequency and severity of catastrophe events
Determining the economic consequences of model uncertainties
Analyzing the possible implications for the future of the ILS market

David Lalonde
Senior Vice President
AIR Worldwide

10.30 Demographics, Wealth And Genetics: What Really Matters When Estimating Life Expectancy?

When it comes to estimating life expectancy, there are many factors that appear to be important. Wealth, political and religious affiliations, race, education levels, and genetic predispositions to various conditions all seem to have a powerful impact on expectations of longevity. But what’s really important? Put another way: what’s causation and what’s correlation? It’s an extremely important question that has profound implications for the life expectancy calculations:

The Wealth Effect: Is our world a "Tale of Two Cities"?
Can demographic distinctions be used in estimating life expectancy?
Medical Improvements - Is there a limit? The biological clock.
Genetics - The Wild Card:
What can genetic testing tell us?
Alzheimer's: Risk Profiling and Longevity Improvements
Genetic applications that will prolong life

Mike Fasano
President
Fasano & Associates

Robert Lund
Medical Director
Fasano & Associates

11.15 Mid-Morning Coffee & Networking Break

12.00 Exploring New Frontiers In Insurance-Linked Securities: Why The Future Of ILS Lies Beyond Catastrophe Risk

Will ILS continue to be dominated by hurricane and earthquake risk? If you accept the argument that the motivation for issuing ILS is really capital efficiency, it soon becomes apparent that there are many risks – both catastrophic and otherwise – that might be suitable for securitization. Some of these deals are already taking place on the fringes of the marketplace, and others are being considered. Dirk Lohmann – one of the true veterans and pioneers of the ILS space – will focus on:

Examining new and emerging forms of 21st century insurance risk
To what extent can new risks be effectively modeled? Examining the possibilities of securitizing healthcare, airline, and terrorism risk
A closer look at some of the most novel modern risk securitizations
Modeling the unknown: Examining the challenges of measuring (and bringing to market) the probabilities of unprecedented risks

Dr. Hans-Peter Boller
Co-Founder
Secquaero

12.00 The Changing Face Of The SLS Buyside: Examining The Sources Of Future Investment Capital

Who is the natural investor in life settlements? Is the asset class truly suitable for pension funds, or are life insurance companies a more logical purchaser of their own assets? Where do we see the major capital flows coming in future years? What are the major allocation obstacles for each investor category? Jeff Mulholland, one of the top experts in life settlement trends, will provide forward-looking insights into the major sources of future investment capital:

Uncovering the ratio of investment capital from pension funds, hedge funds, high-net worth individuals, family offices, foundations
Identifying the obstacles to major investment participation by institutional investors like pension funds
Forecasting the impact of increased tertiary market volumes on the interest of institutional investors and multi-strategy hedge funds
A vision of the market in 2015: how big will the SLS market be, and where will most of the money have come from?

Jeff Mulholland
CEO
Insurance-Capital Markets Holdings

12.45 Networking Lunch Sponsored by

1.45 The New Science Of Portfolio Securitization: A Viable Alternative To Single Peril ILS?

The traditional approach to insurance-linked securities has been to securitize a single risk – whether that be earthquake risk, windstorm risk, or some other, less commonly securitized risk. Investors can then diversify and spread their money around a number of these individually securitized risks. There is, however, a less well-known alternative approach, which involves securitizing not a single risk but a basket of different risks, in what is called “portfolio securitization.” How can investors access these assets? How does their risk-reward profile compare with that of traditional, single peril ILS?

Defining ILS portfolio securitization
Understanding the investment implications of securitizing multiple, smaller risks
Examining the benefits of portfolio securitization from the perspective of a reinsurance buyer
Evaluating the success of recent transactions
Gauging the future potential of the market

Henning Ludolphs
Head of ILS
Hannover Re

1.45 AXXX & Extreme Mortality Bonds: Is There A Future In Life Insurance Securitization?

What is the risk-reward profile of mortality-linked investments? Can investors trust the assumptions that inform the pricing of these bonds? What are the future prospects for this section of the ILS market? How should investors go about blending life insurance securitizations with other insurance-linked securities?

Lifting the lid on recent mortality-based transactions
Understanding the current size of the life insurance securitization space
Innovations in XXX & AXXX
Comparing A/XXX securitizations with extreme mortality bonds from an investor perspective
Examining the assumptions behind pandemic models

Moderator

Jorge Fries
Managing Director
Credit Agricole Corporate and Investment Bank

Mark Hopfinger
SVP, Structured Finance
RGA Reinsurance

Dimitry Stambler
Citigroup

Ron D’vari
CEO
New Oak Capital

Chris McGlashan
Citigroup

2.30 The Continuing Evolution Of Indices & Triggers

In the continuing evolution of the insurance-linked securities market, indices are an increasingly important tool for improving transparency and enabling efficient risk transfer. What is the next big thing in the evolution of the indices themselves? How will improved indices lead to a more efficient ILS market?

Examining the benefits of index-linked investments for re/insurers and investors
Understanding the connection between indices, transparency and standardization
The impact of new indices on the future of the ILWs market
Tracking the expansion of index-linked risk transfer beyond catastrophe risks
Evaluating the growth prospects for index-linked instruments around the world

Eduard Held
Head of Sales & Products
PERILS AG

Gary Kerney
Assistant Vice President
PCS

2.30 Standalone SLS Funds Vs. Hybrid Investment Vehicles

For traditionally structured life settlement funds, one of the major operational dangers is running out of cash to cover the premium payments. Some fund managers have got around this problem by blending or “twinning” life settlements with cash flow generating asset classes like fixed income. When making allocation decisions, how should investors distinguish between these models? How do the riskreward characteristics vary between stand-alone funds and hybrids?

Understanding the cash-flow problems that can arise within life settlement-only investment vehicles
Exploring the possibility of twinning SLS with fixed income style investments in order to match coupon payments with premium requirements
Understanding the implications of such a strategy on start-up capital and expected returns
Considerations on the selection of fixed income investment type needed to cover premium requirements

Moderator