Reinsurance Summit: Fresh Perspectives on the Reinsurance Front

Conference Agenda

Day 1, Thursday, September 22, 2011

7:30 a.m. - 8:15 a.m.
Continental Breakfast and Registration

8:15 a.m. - 8:30 a.m.
Welcome by Co-Chairs

Edward K. Lenci, Hinshaw & Culbertson LLP, New York
Leslie J. Davis, Vice President & Assistant General Counsel, General Re, and Senior Vice President & General Counsel, US Aviation Underwriters, Stamford, CT
Wendy R. Taylor, Vice President and Associate Counsel, Chubb & Son, a division of Federal Insurance Company, Warren, NJ


8:30 a.m. - 9:45 a.m.
Statutory and Regulatory Update: Dodd-Frank, the Non-admitted and Reinsurance Reform Act, and the Federal Insurance Office
  • Title V of the Dodd Frank Act: A discussion of the major interests lobbying for this legislation and against it, how and when the reinsurance provisions will be implemented and enforced, and the likely practical impact on reinsurance transactions.
  • The Non-admitted and Reinsurance Reform Act: A discussion of issues relating to preemption, the future role of the NAIC, the changes to the significance of an insurer's state of domicile, and how states and ceding companies may respond.
  • The Federal Insurance Office: A discussion of this new office, "covered agreements," the influence of Solvency II and international governing bodies, and the impact on state law, including a discussion of federalism and constitutionality.
    Moderator: A. Lindsay Doering, Law Office of A. Lindsay Doering, Philadelphia
    Panel: Patrick H. Cantilo, Cantilo & Bennett LLP, Austin, TX
    Matthew T. Wulf, Vice President, State Relations and Assistant General Counsel, Reinsurance Association of America, Washington, D.C.
    Daniel Schelp, Managing Attorney, National Association of Insurance Commissioners

9:45 a.m. - 10:45 a.m.
The Judicial Scrutiny of Arbitral Awards

Over the last few years, courts, including the U.S. Supreme Court, have decided a number of controversial cases concerning the power of courts to vacate arbitral awards on the grounds of excess-of-powers, evident partiality and procedural misconduct. Several of those cases involved arbitrations concerning reinsurance disputes. This panel will discuss recent developments pertinent to judicial review of arbitral awards, including outcome-based review, arbitral authority to award attorney fees and costs, adequacy of arbitrator disclosures, arbitrator qualifications, and arbitral "due process." Among the controversial cases the panel will discuss are:
- Stolt-Nielsen, S.A. v. AnimalFeeds Int'l Corp. (U.S. Supreme Court)
- AT&T Mobility v. Concepcion (U.S. Supreme Court)
- Reliastar Life Ins. Co. v. EMC Nat'l Life Co. (2nd Circuit)
- PMA Capital Ins. Co. v. Platinum Underwriters Bermuda, Ltd. (3rd Circuit)
- Dealer Computer Services, Inc. v. Dub Herring Ford, et al. (Sixth Circuit)
- Trustmark Ins. Co. v. John Hancock Life Ins. Co. (7th Circuit)
- Scandinavian Re Co. Ltd. v. St. Paul Fire & Marine Ins. Co. (S.D.N.Y.) (appeal pending)
- Amerisure Mut. Ins. Co., et al. v. GLOBAL Reins. Corp. of Am. (Ill. App. 1st Dist.)
Panel: Philip J. Loree Jr., Loree & Loree, Manhasset, NY
John M. Nonna, Dewey & LeBoeuf LLP, New York
Richard Faulkner, Blume, Faulkner, Skeen & Northam, PLLC, Richardson, TX


10:45 a.m. - 11:00 a.m.
Refreshment Break

11:00 a.m. - 12:00 p.m.
Reinsurance Contract Wording: Be Careful What You Ask For!

Reinsurance contract wording is changing, due in part to the increasingly global nature of reinsurance and the competing regulatory requirements of different jurisdictions around the world. As a result, seemingly straightforward requests may have unintended consequences. Some of the complex clauses and issues that this panel will discuss include:

  • Governing Law, Jurisdiction and Venue: Enforceability of choice of law; the legacy of Wasa v Lexington; the impact on arbitrators' power; application of procedural law; and the possible collision of governing law with the negotiated and paid for coverage for punitive damages, ECO/XPL.
  • Economic and Trade Sanctions: The recent rise in demand for sanction exclusionary language and the ramifications of wordings currently circulating, including a comparison of the traditional territorial exclusion, the US/OFAC exclusionary wording and the London Market exclusionary wording; the counter forces of anti-blocking legislation; and highlights of trade sanction programs, including discussion of particular countries and jurisdictions).
  • Claims Cooperation: An examination of different clauses, why they are requested, how they help or hinder the parties, and the differences between the U.S. and U.K/Europe.
  • Commutations and Sunset: Loss notice provisions; Mandatory or permissive commutations; formalized contractual commutation methodologies; appraisal provisions; actuarial arbitrations.
    Panel: Wendy R. Taylor, Vice President and Associate Counsel, Chubb & Son, a division of Federal Insurance Company, Warren, NJ
    Myra E. Lobel, Managing Director, Guy Carpenter & Company LLC, New York
    David A. Silva, Mound Cotton Wollan & Greengrass, New York
    David N. Kragseth, Senior Contract Wording Specialist, Munich Reinsurance America, Inc., Princeton, NJ

12:00 p.m. - 1:30 p.m.
Lunch

1:30 p.m. - 2:30 p.m.
What, Exactly, Is Bad Faith In Reinsurance?

The duty of utmost good faith is a two-way street. Two in-house attorneys will explore the duties and obligations of cedents and reinsurers with respect to underwriting, presentation and acceptance of the risk, renewals, claim handling, claim presentation, and arbitration or litigation.
Panel: Leslie J. Davis, Vice President & Assistant General Counsel, General Re, and Senior Vice President & General Counsel, US Aviation Underwriters, Stamford, CT
Susan Grondine-Dauwer, General Counsel, R&Q USA, Boston
Jeanne M. Kohler, Edwards Angell Palmer & Dodge LLP, New York


2:30 p.m. - 2:45 p.m.
Refreshment Break

2:45 p.m. - 3:45 p.m.
Dispute Resolution Alternatives: Litigation, Mediation, Arbitration

In-house counsel will share insights and address the "pros and cons" of the litigation, arbitration and mediation of reinsurance disputes as well as alternative arbitral rules and fora, such as offered by AIRROC. Moderated by Bina T. Dagar, this panel will deliver a balanced view of cedent and assumed perspectives to ADR. The discussions will include:
- Options available to resolve reinsurance disputes
- Benfits and challenges posed by each alternative
- Ad Hoc vs. institutional arbitration/mediation
- Organizations as clearinghouses - ReMedi, AAA, AIRROC, ARIAS, CPR, JAMS

Attendees will be asked to complete a Zoomerang survey ahead of the Conference to be incorporated into the presentation.
Moderator: Bina T. Dagar, Ameya Consulting, LLC, Livingston, NJ
Panel: Steven Agosta, General Counsel, XL Re America, Stamford, CT
Scott P. Birrell, Vice President and Associate General Counsel, Travelers Insurance Company, Hartford, CT
Anthony Vidovich, Vice President & Assistant General Counsel, Director of Reinsurance Law, The Hartford, Hartford, CT
Michael Zeller, Vice President, Reinsurance Services Division, AIG, Inc., New York


3:45 p.m. - 5:30 p.m.
The Very Model Of A Reinsurance Arbitrator: Industry Executives Speak Out

The in-house counsel on our faculty will serve on this panel, to be moderated by Fritz K. Huszagh of Hinshaw & Culbertson in Chicago. Among the issues the panelists will address, from the insurers' and reinsurers' perspectives, in this potentially lively session are:
- What qualifications should an ideal arbitrator and umpire have?
- What disclosures should they make?
- Is there any value to "certification" of arbitrators and umpires?
- If so, what factors should be considered in the certification process?
- Should arbitrators accept conflicting assignments?
- What is a fair fee for arbitrators and umpires?
- Which expenses are proper and which are not?
- Should arbitrators and umpires be paid non-refundable retainers?
- Should they be paid hearing cancellation fees?
Moderator: Fritz K. Huszagh, Hinshaw & Culbertson, Chicago
Panel: Steven Agosta, General Counsel, XL Re America, Stamford, CT
Scott P. Birrell, Vice President and Associate General Counsel, Travelers Insurance Company, Hartford, CT
Ali E. Rifai, General Counsel, Zurich Insurance CMB Division, and former Interim General Counsel, Zurich Insurance Middle East Region
Susan Grondine-Dauwer, General Counsel, R&Q USA, Boston
Leslie J. Davis, Vice President & Assistant General Counsel, General Re, and Senior Vice President & General Counsel, US Aviation Underwriters, Stamford, CT
Thomas Freudenstein, COO, GLOBAL Reinsurance Corporation of America and Director and Attorney at GLOBALE Rückversicherungs-AG, New York and Cologne, Germany
Myra E. Lobel, Managing Director, Guy Carpenter & Company LLC, New York
Anthony Vidovich, Vice President & Assistant General Counsel, Director of Reinsurance Law, The Hartford, Hartford, CT
Michael Zeller, Vice President, Reinsurance Services Division, AIG, Inc., New York


5:30 p.m. - 7:00 p.m.
Networking Cocktail Reception

Day 2, Friday, September 23, 2011

7:30 a.m. - 8:30 a.m.
Continental Breakfast

8:30 a.m. - 9:30 a.m.
Ethical Considerations for Lawyers Serving As Umpires and Arbitrators

An interactive talk on how state rules concerning the ethical obligations of lawyers impact lawyers who are serving as umpires and arbitrators.
Daniel E. Tranen, Hinshaw & Culbertson LLP, Boston


9:30 a.m. - 11:30 p.m.
Developments in Reinsurance Around the World

In an ever-increasingly globalized economy, businesspersons and lawyers need to know what's happening around the world. Each panelist will cover a different region of the world, providing crucial information about know about current market trends, governmental regulations, resolution of dispute and the like. (A Refreshment break will be held during this panel from 10:30 - 10:45 a.m.)

UK: Peter W. Ambler, Managing Director, Towers Watson (Re)Insurance Brokers Ltd., London
Europe: Thomas Freudenstein, COO, GLOBAL Reinsurance Corporation of America and Director and Attorney at GLOBALE Rückversicherungs-AG, New York and Cologne, Germany
Latin America: M. Machua Millett, Senior Vice President, Senior Advisory Specialist and Global GPL Team Leader, Marsh USA Inc., Boston
Middle East: Ali E. Rifai, General Counsel, Zurich Insurance CMB Division, and former Interim General Counsel,Zurich Insurance Middle East Region
Canada: Stuart S. Carruthers, Stikeman Elliott, Toronto


11:30 a.m. - 12:15 p.m.
Keynote Address

Hon. Thomas B. Considine, Commissioner of the New Jersey Department of Banking and Insurance and Chair of the NAIC's Reinsurance Task Force, New Jersey


12:15 p.m. - 12:30 p.m.
Adjourn