Insurance Company Analysis Workshop

FitchTraining
London, United Kingdom

Course Format: Classroom | E-learning | Virtual Class | Online | On-site | Blended | Self-paced

Course Description:

'' A three day workshop for credit risk, origination, fixed income and insurance professionals. A systematic approach to credit risk analysis for European and international non-life and life insurance companies.

Content
ANALYTIC OVERVIEW
Purpose/payback model - a structured approach to credit
Insurance ratings - insurer financial strength and security ratings; capital models and other tools of analysis
Debt and equity investors - use of market indicators to evaluate credit risk
OPERATING ENVIRONMENT
Macro economic issues
Current state of the life and non-life insurance industry
Insurance versus general economic cycles; impact of capital markets
Sector growth dynamics and key drivers
Sector analysis
Key business and product risks inherent in general, life and reinsurance
Sector dynamics - industry growth, cyclicality and competitive factors
Re-insurance - differing contract types
Regulation and supervision
Key methods of regulating insurance companies - solvency ratio, investment and business restrictions
International benchmarks and differences between countries; European vs. US model
Degree of comfort from quality of supervision
FINANCIAL FUNDAMENTALS
STATEMENT LOGIC
Focal points of analysis - assets vs liability risk
Key accounting issues - premiums, claims and reserves, investment valuation
Accounting principles - statutory, modified statutory, IAS, embedded value
BUSINESS RISK
Underwriting risk - assessing the quality and diversity of the underwriting portfolio, loss and combined ratios
Product risk-life - traditional, endowments, unit linked etc.
Reserve adequacy - adverse development, survival ratios
Re-insurance risk - utilization policy, credit and recovery risk
Investment risk - quality and liquidity of the investment portfolio; asset and liability matching
Performance risk
Diversity and stability of income - underwriting, investment and operating returns
Investment return - impact of cash yield, realised and unrealised gains and losses
Control of distribution and operating expenses
Embedded value techniques for measuring life profitability; key assumptions in calculating value of life insurance business in force
Financial risk
Liquidity - operating cash flow and liquid investments to match potential drains
Solvency - regulatory requirements and market norms; assessing resilience and quality of capital, alternative measures e.g. free asset ratios and resilience tests
Gearing - financial leverage, refinancing risk, debt servicing
Sector / peer analysis
Non-life - underwriting risk, reserves adequacy and capital
Life - focus on investment risk and free asset ratios
Re-insurance - focus on capital strength
Early warning signals
Recognising financial and non-financial indicators of distress
Accounting discrepancies
BANC-ASSURANCE
Differing business models
Double counting of bank and insurance capital: national differences between current and proposed
MANAGEMENT AND FRANCHISE
Framework for assessing management and operational risk
Organisational concerns - double leverage, weak affiliates, inter-group support, capital and dividend flows
Franchise evaluating the strength of the business model
STRUCTURE
Funding needs of insurance companies - Who is the borrower / counter-party?
Hybrid capital securities - structure and type of capital issued; impact on credit standing and other concerns
Capital structure - creditor vs. policy-holder rights and the impact of ranking and structural subordination.
...''

Phone:+ 44 (0) 20 7201 2770

School Address:

28 Headfort Place, London, SW1X 7DH, United Kingdom.


Jobs & Resumes: London
Houses & Roommates: London
Travel Agencies: London

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