Program Guide

For over a decade, we have wondered when or even IF the reinsurance market would harden; some questioned if the concept of hard and soft market cycles existed.  But this year, we now have a sort of Grey Swan upon us:

• The “Everything Bubble” Has Burst
• Inflation hit its highest levels in 25 years
• And there’s Social Inflation Too!
• Investors from Inside and Outside the Industry Are Pulling Back
• The Reinsurance Market Has Seen 6 Straight Years of Poor Results
• Reinsurance Markets Left the Business or a Segment with Limited New Entrants

Our panel of Executives has been operating inside the reinsurance industry during this history-making time.  We will hear how each of them have navigated these troubled waters and explore what they see for the path ahead. 

Moderator:

Kathy H. Garrigan, Chief Actuary and Chief Risk Officer, Mount Logan Re, Ltd.; SVP, Group Actuarial, Everest

Speakers:

Kelly Superczynski, Head of Capital Advisory, Office of the CEO Aon Plc.
Michael Millette, Managing Partner, Hudson Structured Capital Management
Mohit Pande, Managing Director, Head of Property Underwriting U.S. & Canada, Swiss Re
Mike Quigley, Executive Vice President, Head of Property Underwriting & Multiline, Risk Quantification, Munich Reinsurance America, Inc.

The last 18 months have been a time of significant change in the P&C Insurance industry. With the upheaval of the global pandemic receding, the industry faced a turbulent macro-economic environment with gyrations in asset prices, demand supply chain disruptions, swings in fiscal and monetary policy, and increases in inflation and interest rates not seen in decades. Within the industry, companies faced shrinking reinsurance capacity, hard market prices, significant balance sheet deterioration, heightened catastrophe activity, and uncertain future loss and frequency trends.

This panel will discuss and analyze the drivers of recent industry results and the future trends that will shape the industry’s outlook. On the panel are senior leaders from two prominent rating agencies as well as leading equity analysts for the P&C industry who will provide their perspective and insight. 

• Moderator:
  William Wilt, President, Assured Research
  Speakers:
  Matt Carletti, Managing Director, JMP Securities
  Carlos Wong-Fupuy, Senior Director, AM Best
  John Iten, Senior Director, Financial Services Ratings, S&P Global

Mohit Pande
Head Property Underwriting US & Canada

Mohit Pande is Head of Property Underwriting for the US & Canada and Chief Property Underwriter. He is responsible for a team of 35 people and the underwriting performance of a large premium portfolio of property fire and natural catastrophe business.

Prior to his present role Mohit was Head of Property Underwriting for Globals in the US. In this position he managed a team of property underwriters and helped drive business growth for the largest and most complex Global companies in Swiss Re's portfolio.

Mohit joined Swiss Re in 2005 and has held roles in Underwriting, Cat Perils and Structured Reinsurance Solutions. He has 20 years of reinsurance industry experience and has worked in India, Canada, USA, Switzerland and Japan.

Before joining Swiss Re, Mohit worked at the catastrophe modelling firms RMS (India) and AIR Worldwide (Boston).

Mohit holds a Master's degree in Wind Engineering from the University of Western Ontario in Canada and a Bachelor's degree in Civil Engineering from the Indian Institute of Technology, India.

External appointments

Insurance Institute for Business & Home Safety (IBHS) Board of Directors

Kelly Superczynski
Aon Plc.

Kelly Superczynski is the Global head of the Capital Advisory team within Aon’s Reinsurance Solutions business. Capital Advisory encompasses the Rating Agency Advisory, ReSolutions structured reinsurance and Corporate Finance teams. Together, these capital experts develop and deliver unique, value-added advisory support and balance sheet solutions to our clients that focus on effective and efficient capital management and earnings volatility management. Kelly has been with Aon for 20 years, spending time in Chicago, Toronto, Paris and most recently London, in leadership positions within Analytics and Strategy Consulting. Kelly is a CPA and started her career at PricewaterhouseCoopers after graduating from Marquette University.

Michael J. Quigley, FCAS, MAAA
Executive Vice President, Head of Property Underwriting & Multiline Risk Quantification
Munich Reinsurance America, Inc.

Mike Quigley is Executive Vice President and Head of Property Underwriting  & Multiline Risk Quantification, Munich Reinsurance America, Inc. (“Munich Re US”). Mike leads a team of 22 underwriters, 14 actuaries and 6 cat modelers and is responsible for the underwriting performance and strategy for the MRUS property treaty portfolio and for the treaty pricing of all lines of business.

Mike began his career with Munich Re as Assistant Vice President and Actuary in 2003 and has held numerous actuarial and underwriting leadership roles within Munich Re US. Prior to Munich Re, Mike started his career at CIGNA (Chubb) International in 1997 as a Senior Actuarial Analyst focused primarily on loss reserving and then in 1999 he joined PMA Insurance Group as an Assistant Actuary focused on large account workers compensation pricing.

Mike earned his Bachelor’s of Science in Actuarial Science, with honors in Finance and minors in Mathematics and Economics from The Pennsylvania State University/Schreyer Honors College. His undergraduate honors thesis was titled “The Effectiveness of PCS Catastrophe Insurance Options as a Hedging Mechanism for Property/Casualty Insurers”.

Mike is a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries. He also serves on the Executive Committee and Board of Directors of the Insurance Institute for Business & Home Safety (IBHS).

William Wilt
President
Assured Research

William Wilt is the president of Assured Research, a boutique research firm producing subscription content focused on business development, financial, legal, claim and other topics relevant to (re)insurance professionals.  Clients of Assured Research include global and U.S. focused (re)insurers, brokers, and consulting firms writing or controlling some $300 billion in premiums.  Assured Research also provides analytical content for the insurance investment community and presents regularly to industry audiences at conferences.

Bill’s more than 30 years in insurance encompass a range of professional roles.  Bill began his career as an actuary at a major reinsurance company and continued in the actuarial profession at a Big Four accounting firm.  He spent five years as a senior analyst at Moody’s Investors Service, followed by seven years at Morgan Stanley, where he was the lead equity analyst following over 20 (re)insurance stocks.  Prior to forming Assured Research, Bill worked in corporate development at two insurance companies where he oversaw M&A, risk management and business development, as well as rating agency relations.

Bill is a Fellow of the Casualty Actuarial Society, a Member of the American Academy of Actuaries, and a Chartered Financial Analyst with degrees from Franklin and Marshall College and New York University’s Stern School of Business.

Carlos Wong-Fupuy
Senior Director
AM Best

Carlos Wong-Fupuy oversees a team of analysts responsible for the financial ratings of global reinsurance organizations covering the U.S., Bermuda and European markets. As such, he is actively involved in AM Best’s rating process for the world’s largest reinsurers. Carlos relocated to AM Best’s headquarters in Oldwick, NJ, in early 2020 from its London office, which he joined in 2004. In London, he was in charge of a broad portfolio of EMEA companies, including a large number of multinational (re)insurers. He also has been an active member of AM Best’s Credit Rating Policy Committee (CRPC), responsible for the development, implementation and monitoring of Best’s Credit Rating Methodology (BCRM).

In addition to managing an analytical team of financial analysts and maintaining market surveillance on the global reinsurance sector, Carlos also is involved in the development of various analytical models and managing a number of the special projects aimed at expanding AM Best’s rating coverage globally. He is a frequent contributing author to various Best’s Special Reports for external publications and a speaker at insurance and financial services-related conferences.

Prior to joining AM Best, Carlos held actuarial roles in PwC and the Pearl Group in the UK. This followed six years with the insurance regulator in Peru, where he was responsible for the life sector.

Carlos holds a Master of Science in actuarial science from City University, London, and a Bachelor of Science in systems engineering from Universidad Nacional de Ingenieria, Lima. He also did post-graduate studies in economics at Pontificia Universidad Catolica, Lima. He is a Fellow of the Institute of Actuaries (FIA), UK, and a Financial Risk Manager (FRM/GARP). He has contributed and written for a number of publications, including the North American Actuarial Journal.

John Iten, Senior Director, Financial Services Ratings, S&P Global

John Iten is a Senior Director and Property/Casualty Insurance Sector Lead in the North American Financial Services group at S&P Global Ratings. He leads the group’s research, commentary, and investor outreach efforts on property/casualty insurance. He also has primary analytic responsibility for a portfolio of high-profile property/casualty insurers.

Prior to his current role John led a team of credit analysts within Nonlife Insurance responsible for a portfolio of North American property/casualty, multiline, title and bond insurers. Prior to rejoining S&P in 2002, John was with Scudder Insurance Asset Management, a unit of Zurich Scudder Investments, where he focused on the management of investment portfolios for property/casualty and health insurers.

Before joining Scudder, John was an analyst with Standard & Poor’s Insurance Ratings with responsibility for a portfolio of U.S. and European property/casualty and life insurers. John received his undergraduate degree from the University of Virginia and MBA degree from Duke University.

Kathy Garrigan, Chief Actuary/Chief Risk Officer, Mount Logan Re

Since 2018 Kathy Garrigan had served as the Chief Actuary and Chief Risk Officer of Everest’s third-party capital vehicle, Mount Logan Re. In addition to that role, she became the Senior Vice President of Everest’s Group Actuarial Practice and Analytics during 2021. Prior to joining Everest, she was the head of Horseshoe Insurance Advisory, Limited, in Bermuda, where Mount Logan Re was a key client. Prior to that four-year stint in Bermuda she spent many years at Endurance, where she held underwriting and actuarial roles for both insurance and reinsurance.

She is a member of the AAA and a FCAS.

Matt Carletti, Managing Director, Head of Insurance & InsurTech Equity Research, JMP Securities

Matt Carletti is a Managing Director and equity research analyst covering property and casualty insurers and reinsurers at JMP Securities, a division of Citizens Financial Group. Prior to joining JMP Securities in 2010, Matt was a senior research analyst at Macquarie Capital (USA), where he followed the insurance and reinsurance sectors, and also previously served in the equity research groups at Piper Jaffray and Fox-Pitt, Kelton.

Matt has previously ranked among the top three stock pickers in the insurance industry, according to the annual FT | StarMine survey of analyst performance. He holds a BS from the University of Virginia’s McIntire School of Commerce.

Michael Millette, Co-Founder and Managing Partner, Hudson Structured Capital Management Ltd.

Michael Millette is the Co-Founder and Managing Partner at Hudson Structured Capital Management Ltd.

Mr. Millette is a member of the Board of Directors for Occam Global, CyberCube, Gracie Point, as well as Hudson Structured. He is also a Board Observer for Kairos Acquisition Corp.

Mr. Millette was at Goldman Sachs from 1994 to 2015. He was elected a Partner in 2006 and held a number of positions over the course of a 21-year career at the firm. Most recently, Mr. Millette was the Global Head of Structured Finance, Co-Head of the Structured Finance Capital Committee, and President of the Goldman Sachs Mortgage Corporation. Mr. Millette was the founding team member of both the Re/Insurance structured finance and principal businesses. He was a team leader or key team member for over 150 transactions in the sector. Mr. Millette led distribution for the first 144A catastrophe bond in 1996. He also led teams that developed Goldman’s current businesses in Transport Finance, Intellectual Property Structured Finance, Private Placements and Project Finance, and spearheaded the development of the Principal Funding business in investment banking. He served on Bank Capital Committee and Investment Banking Client & Business Standards Committee.

Mr. Millette began his career as an Analyst at Citibank and subsequently worked as a portfolio manager at John Hancock. He is a CFA Charterholder. He graduated from Cornell University with a Bachelor of Arts in History and holds a Master of Finance from Boston College, Carroll Graduate School of Management.