Welcome to the Trading Risk 2009 Annual Review and 2010 Preview - the definitive guide to the year that has just happened, and to what lies ahead.
In addition to our own exclusive analysis and commentary, this special supplement is overflowing with insightful thoughts and profiles of industry leaders and companies. Providing you with analysis of 2009 ILS activity, we also examine life and natural catastrophe derivative trading, the evolving investor base and investor sentiment, pricing and technical developments. Finally, we also boldly predict what is likely to occur in 2010.
I hope you find the Trading Risk Annual Review an essential guide to the challenges and opportunities facing the reinsurance convergence sector in 2010.
Rebecca Bole
Editor
Contents:
03 Editor's letter
06 ILS analysis
08 Viewpoint: Goldman Sachs' Michael Millette looks at convergence opportunities out of economic adversity
10 Back to strength: Swiss Re's Martin Bisping analyses 2009
14 Life ILS analysis
15 Longevity swap case study: Towers Perrin Capital Market's Ernest Eng walks us through the Aviva-RBS longevity swap
16 Craig Hupper interview: Transatlantic Re's director of risk management shares his perspective on convergence
18 Trading Risk in New York: Market luminaries discuss pricing, transparency and more…
22 Industry loss: PCS' Gary Kerney explains that it takes time to get insured property loss estimates right
25 Saluting excellence: Trading Risk Awards 2010 headline sponsor Credit Cuisse Asset Management applauds the market on its resilience
28 Derivatives: Not out of puff yet…
30 Industry loss warranties: The ILW market provides a pool of vital capacity, Willis Re's Henry Kingham argues
33 Transparency: Elementum Advisor's Tony Rettino outlines the benefits of disclosure
34 Cat bonds: ILS structures have undergone a make-over since Lehman's collapse. Sidley Austin's Michael Pinsel and Michael Madigan scrutinise…
38 Ratings viewpoint: S&P's Cameron Heath shares the ratings agency view on recent innovations
40 Investors: A new breed of insurance-linked investor emerges from the financial crisis
42 Life investments: Credit Suisse's Niklaus Hilti and Marcel Grandi check the vital signs of the life insurance investment market
44 Sidecars: The post-Katrina sidecar structure is dead, but the vehicles continue to tick over. Aon Benfield's Des Potter looks under the hood…
48 Reinsurance report: Analysis on reinsurer capital strength and the 2009 loss year
50 Deal directory: Comprehensive list of 2009 ILS deals and 2010 maturities