Diapositive 1 - APREF

Diapositive 1 - APREF

APREF PRESENTATION September 2010 Association of reinsurance professionals in France 1 Summary page APREF Organisation and Tasks 3 APREF Actions and 2010 Global view 21 Paris reinsurance market place

26 2 Association of reinsurance professionals in France Creation APREF was created in 2005 by merging 3 French reinsurance organisations in France APREMAF (Association of reinsurance professionals in ( France) ARF (French Reinsurance Association) UREF (Union of Foreign Reinsurers in France) 3

Association of reinsurance professionals in France Objectives APREF main objectives are: To be a think tank on all reinsurance subjects linked to the French market activities To be a discussion forum on the French market reinsurance topics and to debate with the reinsurance industry players To monitor relations between reinsurers and Professional Associations, Public Authorities and any other market organisation To contribute to the developing and the appeal of the reinsurance industry within the Paris market place To maintain an international network of contacts and exchanges with other organisations or reinsurance markets

APREF works with all the market professionals Association of reinsurance professionals in France 4 Actions APREF main actions: Gather the French Reinsurance industry market players to analyse the legal, financial and technical changes regarding reinsurance Contribute to reflexions on topics affecting reinsurance together with the insured, the insurers, the brokers and the public authorities Work at improving knowledge on risks and their modelling to better define and develop the extreme and emerging risks insurability 5 Association of reinsurance professionals in France

Actions Improve the French reinsurance market transparency, efficiency, efficiency security, and competitiveness Communicate on the expertise and on the professionals in the risk and reinsurance industries in France Maintain a good relation and dialogue on common topics and best practices with other market places and foreign associations APREF contributes to the markets development 6 Association of reinsurance professionals in France Operating mode APREF: Analyses the market topics with its members, members within committees, commissions and working groups according to a theme distribution Consults the associate members in meetings with the commissions

and working groups Exchanges with the professional organisations and the Public Authorities on current reinsurance themes APREF activities are lead in compliance with the law on fair trading principles and regulations 7 Association of reinsurance professionals in France Members Members Reinsurers May be involved in all activities Vote at General Assemblies Contribute to notes and market positions published on the Website Associate members All professionals linked to reinsurance (search on added diversity) May attend International and Paris market committees, non

technical and catastrophe commissions Kept informed on all actions but not bound by APREF positions APREF is open to the whole reinsurance industry: reinsurers, brokers, captives, GIE, run-off, consultants 8 Association of reinsurance professionals in France A representative force APREF is the representative body of: Around forty members and thirty associates: The main reinsurers operating in the French market Associate members, involved in the reinsurance industry and its professionals in France Near 95% of ceded premiums by the French market to professional reinsurers in Life and Non Life Comparing APREF with other reinsurance markets associations The highest number of reinsurers as members Higher diversity of associate members

One of the highest number of publications APREF represents around 95% of the reinsurance market in France 9 Association of reinsurance professionals in France MUNICH Re MUT RE ALLIANZ NEW RE ALLIED WORLD ODYSSEY RE AMF PARIS RE ARCH RE PARTNERRE ASPEN RE QBE INTERNATIONAL AXIS RE EUROPE

RGA BERKSHIRE HATHAWAY R&V CCR SCOR EVEREST RE SECURA SIGNAL IDUNA RE GEN RE SIRIUS INTERNATIONAL SWISS RE HANNOVER RE TOKIO MILLENIUM TRANSAMERICA RE HISCOX TRANSATLANTIC RE VALIDUS LIBERTY SYNDICATES XL RE EUROPE

Members LLOYDS MAPFRE RE Association of reinsurance professionals in France 10 Associate Members ALD RE (SOCIETE GENERALE) AMS RE AON BENFIELD ASSURANCES ST HONORE SIACI ASSURATOME ASSURPOL AXA CESSIONS BOPS Avocats CALYON (CREDIT AGRICOLE) CARRAIG (SANOFI) CEFAREA (Centre darbitrage France)

CHILTINGTON DES COURTIS DEWEY & LEBOEUF GLOBAL RE GUY CARPENTER HMN LA REASSURANCE INTERCONTINENTALE (COVEA) MDB NASCO KARAOGLAN OIRC (TOTAL) SEGS (Syndicat du run-off en France) TOWERS WATSON VERSPIEREN GLOBAL MARKETS WILLIS GRAS SAVOYE RE WINSTON 11

Association of reinsurance professionals in France Organisation BUREAU President : F. Vilnet, PartnerRe Vice President : L. Pietropoli, Odyssey Re Treasurer : O. Monmoton, Hannover Re General Delegate : B. Dollfus, APREF Technical Committee Executive Committee Financial & Legal

Committee Paris Market Place & International Committees Secretary General J.M. Szmaragd, SCOR 12 Association of reinsurance professionals in France Organisation Technical Committee President : I. Hux, Swiss Re

Life Commission President : G. Thivant, SCOR Motor Commission President : J.M Houisse, SCOR Catastrophe Commission President : H. Duke, Swiss Re Construction Commission President : J. Tuccella, SCOR Credit Commission President : P. Barrault, SCOR Casualty Commission President : P. Richard, Swiss Re Agriculture Commission

President : N. Chatelain, Paris Re 13 Association of reinsurance professionals in France Organisation Motor Commission Methodology: human assistance assessment WG President : F. Blanchet, SCOR Impact of Environment on Motor Liability WG President : C.Studievic, Odyssey Re Annuities WG President: C. Nivarlet, Secura

14 Association of reinsurance professionals in France Organisation Life Commission Long term Care WG President: P. Trainar, SCOR 15 Association of reinsurance professionals in France Organisation Catastrophe Commission Natural Catastrophe WG

President: L. Heroui, Hiscox Association of reinsurance professionals in France Organisation Casualty Commission Environment Liability WG President: S. Lassa, SCOR 17 Association of reinsurance professionals in France Organisation Financial & Legal Committee President : Y. Besnard, SCOR

Legal Commission President: P. Isac, Munich Re Finite WG President : X.Colonna, SCOR Portfolio transfers WG President : A. Bricard, SCOR 18 Association of reinsurance professionals in France Organisation Paris Market Place & International Committees President : J.L Gourgeon, Paris Re Attractiveness Commission

President : A. Pin, PartnerRe 19 Association of reinsurance professionals in France 2010 Global view Reinsurance market: a transition period The crisis consequences: consequences New regulation and tightening solvency rules for insurers and reinsurers Common approach of insurers/reinsurers on market patterns and systemic risks Solvency II with an increasing demand for reinsurance APREF, a year of development on: on

Communication and initiatives on market topics (reinsurance) Developing private and public websites Industrial risks Committee project Search of new members and associates Association of reinsurance professionals in France 20 2009-2010: Actions APREF has undertaken a number of actions, in particular : Talks with the Treasury and politicians (Agriculture, Natural catastrophes, Bodily Injury & Medical hearings) Notes on market topics such as Agriculture, Natural Catastrophes, Construction, Credit, LT Care, Civil Liability, Terrorism, Medical Liability Catastrophes Commission working on exposures in market branches Monitoring APREF-FFSA common position on Paris market place and

proposals (Market Place High Committee), creation of a commission on attraction subjects Setting up new WGs on technical and legal subjects News and memos available on : apref.org 21 Association of reinsurance professionals in France French market : post-crisis Issues Paris Market Place Financial: development (Market Place High Committee, Paris Europlace) Attractiveness: developing means, social and tax environment Insurance: cooperation between insureds, insurers, brokers and reinsurers Reinsurance: improvement (environment and the industry) Security: a risks holistic view and improving the market place mechanisms The State key role: insurability and protection of the insured as

The last resort reinsurer (insurability and security) Incentive to a better global cover (businesses and individuals) A guarantee for fair treatment (all compensation schemes) Risks monitoring and restricted liabilities (Public Private Partnerships) 22 Association of reinsurance professionals in France Post crisis Regulation Catastrophe Risks: Risks Insurers/reinsurers: global approach (Controls, Rating Agencies) Catastrophe Perils : better analysis and cover (terrorism, pandemic..) Regulation/supervision Regulation (G20, EC, IAIS): standards, practices, models review Solvency II: reconsider the scenarios on market catastrophe (CEIOPS) Macro/micro supervision : monitoring of systemic risks (EU)

IFRS: limit volatility linked to accounting standards Systemic risk Risk considered as limited in reinsurance (G30 report, P. Volcker, 2006) Global surveys (The Geneva association, IAIS, FSB) Regulation to refine (EU, USA) 23 Association of reinsurance professionals in France Reinsurance in France: facts and challenges Reinsurance market: Facts World market, regulation and tax competition Fragmented representation: Worldwide (GRF - Global Reinsurance Forum) Regional (RAB - CEA Reinsurance Advisory Board) Local (ABER, ABIR, APREF, DIMA, RAA, RRC)

French market: Specific local characteristics Cessions and underwriting: linked development On average, stands up better to the crisis Challenges: Reinsurance: profession, tool and strategic channel to develop Local monitoring very important to develop and improve the Market place Aim for a local market to be transparent, competitive, secure and efficient 24 Association of reinsurance professionals in France Paris Market Place Reinsurance : trends Professionalisation and development of the reinsurance industry Head offices, offices and subsidiaries of major reinsurers Reinsurance brokerage Captives (insured and insurers)

Cessions entities Market place tools (GIE) Run-off businesses Consultants Staff concentration around the Markets major players Reinsurers established in France Reinsurance brokerage In development: captives, Run-off 25 Association of reinsurance professionals in France The PARIS Market Place: Insurance/ Reinsurance 2009 Estimation in volume of premiums Non Life cessions (to professional reinsurers) ~ 3,85 Bn Euros 5th world market (3,5%)

Life cessions (to professional reinsurers) ~ 1,9 Bn Euros 4th world market (4,5%) Reinsurance underwriting (from France, by professional reinsurers) ~ 5,5 Bn Euros 6th world market (3,5%) Reinsurance brokerage ~ 0,175 Bn Euros 3rd world market (5%) 26 Association of reinsurance professionals in France Paris Market Place Reinsurance : development Development of the Reinsurance market place Ensure the reinsurance expertise and the quality of supervision Reinforce the Market Place regulation and tax security

Adjust the reinsurance taxation As acts as a limitation to maintain the actual reinsurers and to attract new players to the Market Place While taking into account the reinsurance international profile 27 Association of reinsurance professionals in France

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