AM Best's
Europe Insurance Market & Methodology Briefings – London

EMEA Market Overview
Update on Credit Rating Activity and Outlooks

• Rating trend developments

Thematic Session: Dealing with the Permacrisis/Polycrisis

Examining re/insurer challenges in a time of complex broader macro issues of inflationary pressures, interest rate rises, cyber exposure, bank instability, geopolitical and climate risks.

• Navigating a heightened operating environment in a world with greater uncertainty and increased inter-connectivity of risks
• Mitigation strategies and the industry's response
• Preparedness for the future events

Keynote Presentation: ‘Climate Change and Insurance’

• The insurance industry’s role in supporting business to manage the challenge of climate change

Coffee Break

Thematic Session: Reinsurance Market Highlights 

• AM Best's trend analysis on the global reinsurance sector
• Will pricing discipline be maintained?
• Global reinsurance outlook and the drivers of future rating movements
• Capital management challenges: will new capital appear?
• Impact of alternative capital and ILS
• Key rating issues impacting all reinsurers

Thematic Presentation: Evolution in the Insurance Distribution model 

• Division of capital, underwriting development, and other emerging dynamics for MGAs, MGUs and other DUAEs.

Panel Discussion: Capital Management

• Access to capital
• Debt Issues
• Freeing up capital (run-off disposals)
• 3rd Party Capital
• Managing investor, rating agency and regulatory expectations
• Model conflict/divergence

• Richard Banks, Director, Industry Research - EMEA, AM Best

• Dr Mathilde Jakobsen, Senior Director, Analytics, AM Best
• Andy Moore, London Market Leader and UK Insurance Regulatory Leader, PwC
• Brian Bissett, Group Chief Financial Officer, Convex
• Shireen Gammoh, Global Head of Capital Advisory & Modelling, Gallagher Re
• Cameron Parker, Head P&C Structured Solutions ContEurope, UK/Ireland, Middle East & Africa, Swiss Reinsurance Company Ltd

Welcome and Introductory Comments

•  Session Overview

Benchmarking EMEA Ratings

• Latest benchmarking analysis and deep dive into building blocks
• Key observations and trends

Ben Diaz-Clegg
Senior Financial Analyst 

Closer Look—Revisions to Holding Company Analysis and Available Capital

• Revisions to BCRM: Section IV: Holding Company Analysis
• Revisions to Available Capital and Insurance Holding Company Analysis
• Observations and considerations
  

Criteria Focus — The Importance of Stress Testing

• Key criteria consideration
• Focus on Catastrophes – Natural and Man-made – how risk is changing (including climate risk and cyber exposure management)
• Importance of reverse-stress testing

IFRS 17 - In Action. Current State of Play

• Developments and challenges
• AM Best’s latest position
• Ratings impact
• Market disclosures and comparability
• Making decisions on key performance indicators

Anthony Silverman
Director, Credit Rating Criteria, Research & Analytics