Coverage, Underwriting, and Claims Strategies for Managing

American Conference Institute’s 19th Forum on
D&O Liability
Coverage, Underwriting, and Claims Strategies for Managing Liability Risks
Through Market Changes and Increased Scrutiny
Inquire about
special rates for
government,
academia,
insurers, brokers
& risk managers
September 17–18, 2015 • The Carlton Hotel on Madison Avenue • New York, NY
Distinguished Co-Chairs
Diane M. Parker, Esq.
VP, North American
Claims Group
Allied World Insurance
Company
Douglas W. Greene
Shareholder
Lane Powell PC
Federal and state enforcement
and regulatory initiatives and
their impact on D&O liability,
led by:
David Woodcock
Chair, Financial Reporting
and Audit Task Force
Regional Director,
Fort Worth Regional Office
U.S. Securities and Exchange
Commission
Simona Suh
Senior Counsel,
Division of Enforcement
U.S. Securities and Exchange
Commission
You know the risks facing Directors and Officers today.
IN RESPONSE BE A PART OF THE NATION’S
PREMIER D&O FORUM!
Revamped Sessions for This Year Include:
• Federal and State Enforcement and Regulatory Initiatives
and Their Impact on D&O Liability
Led by speakers from:
OppenheimerFunds
AIG
Willis
Hartford Financial
• New Developments/Trends in the D&O Marketplace with
Respect to the Latest Products, Coverage, Claims, and
Underwriting, and a Look at the Evolution of D&O Insurance,
its Breadth of Coverage, and the Role of Predictive Modeling
Berkshire Hathaway
Specialty
• Developments in Delaware Law that Impact the D&O Liability
Landscape and M&A Litigation
ARC Excess & Surplus
• Dealing with Globalization of Claims against Directors and
Officers: Developments Abroad, International Coverage, and
Ensuring that Coverage is Adequate Across Multiple Jurisdictions
Travelers
• Private Company D&O and D&O Coverage for Non-Profits:
Claims Frequency, Unique and Evolving Claims that Arise, as well
as Underwriting Issues
Aspen Insurance
• Impact of Legal Developments of Key Securities Class Actions,
Corporate Governance and D&O Claims, Including IPO Litigation
U.S. Risk Brokers, Inc.
• Shareholder Derivative Litigation, Including M&A Litigation
brought Derivatively, and the Increasing Importance of Side A
• Getting Past Data Breaches and Focusing on Cyber Issues at the
Board Level, Ensuring Adequacy of a Company’s Cybersecurity
Measures, and a Look at the Derivative and Class Action Suits
Stemming out of Cyber Breaches
Gen Re
Navigators Claims
QBE North America
Western World Insurance
Allianz Global
Beecher Carlson
Endurance Insurance
USI
Richard K. Hayes
Deputy Chief,
Civil Division, E.D.N.Y
DOJ
• Strategies for Effectively Participating in a Securities Class Action
Mediation
• Getting Deals Closed with Representations & Warranties
Insurance: Trends, Challenges and What’s Next
Alliant
Joseph P. Borg
Director
Alabama Securities
Commission
• D&O for Private Equity and Hedge Funds
Zurich North America
• D&O and Financial Institutions
Markel
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Aon
Everest National
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And many others
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Now | 888-224-2480 | www.AmericanConference.com/DandO
Register Now • 888-224-2480
• www.AmericanConference.com/DandO
1
ACI’s D&O Liability forum continues to stand out as the premier event for leading brokers, underwriters,
claims professionals and attorneys to benchmark coverage, underwriting, and claims strategies. No other event
can match the practical and detailed analysis of the entire D&O landscape, including the impact of litigation,
regulatory action, and market conditions in today’s tumultuous environment.
ATTENTION D&O PROFESSIONAL: The dynamics have changed in the industry, with: recent activity in Delaware regarding forum selection and restraints
on litigation; cyber and its impact on D&O insurance; new issues surrounding private equity companies, hedge funds, and privately owned companies; shareholder
derivative action suits; M&A litigation and its impact on coverage, and more. It is thus imperative that the players involved understand the key areas which expose
directors & officers to liability and the obligations which arise under D&O policies, whether representing the insurer or the insured. That is why you cannot afford
to miss American Conference Institute’s 19th D&O Liability Summit. In addition to unparalleled networking opportunities, this conference will provide attendees
with the latest insights and expert advice from our exceptional faculty on:
• Federal and State Enforcement and Regulatory Initiatives and their Impact
on D&O Liability
• New Developments/Trends in the D&O Marketplace with Respect to the
Latest Products, Coverage, Claims, and Underwriting, and a Look at the
Evolution of D&O Insurance, its Breadth of Coverage, and the Role of
Predictive Modeling
• Developments in Delaware Law that Impact D&O Liability Landscape and
M&A Litigation
• Dealing with Globalization of Claims against Directors and Officers:
Developments Abroad, International Coverage, and Ensuring that Coverage
is Adequate Across Multiple Jurisdictions
• Private Company D&O and D&O Coverage for Non-Profits: Claims
Frequency, Unique and Evolving Claims that Arise, as well as Underwriting
Issues
• Impact of Legal Developments of Key Securities Class Actions, Corporate
Governance and D&O Claims, Including IPO Litigation
• Shareholder Derivative Litigation, Including M&A Litigation brought
Derivatively, and the Increasing Importance of Side A
• Getting Past Data Breaches and Focusing on Cyber Issues at the Board Level,
Ensuring Adequacy of a Company’s Cybersecurity Measures, and a Look at
the Derivative and Class Action Suits Stemming out of Cyber Breaches
• Strategies for Effectively Participating in a Securities Class Action Mediation
• Getting Deals Closed with Representations & Warranties Insurance: Trends,
Challenges and What’s Next
• D&O for Private Equity and Hedge Funds
• D&O and Financial Institutions
Register by calling 1-888-224-2480, faxing your registration form to 1-877-927-1563, or online at www.AmericanConference.com/DandO
Here are just some of the organizations already booked on to attend:
SEC
DOJ
Alabama Securities Commission
AHT Insurance
AIG
Alliant Insurance Services
Allianz Global Corporate & Specialty
Allied World Insurance Company
Aon
ARC Excess & Surplus, LLC
Aspen Insurance
Beecher Carlson
Berkshire Hathaway Specialty Insurance
Endurance Insurance
Everest National
Gen Re
Granof International Group LLC
Hartford Financial Products
Innovation Insurance Group
Integro Insurance Brokers
Lockton Companies, LLC
Markel
Navigators Claims
OppenheimerFunds
Phillips ADR
QBE North America
Sperber Dispute Resolution
Starr Adjustment Services, Inc.
Tipping Point Insurance
Travelers
U.S. Risk Brokers, Inc.
USI
Western World Insurance Group
Willis
Zurich North America
Morvillo, Abramowitz, Grand, Iason &
Anello, P.C.
Goodwin Procter LLP
Richards, Layton & Finger
Bernstein Litowitz Berger & Grossmann LLP
Clyde & Co US LLP
Cozen O’Connor
Bruch Hanna LLP
Lane Powell PC
Sedgwick LLP
Bass, Berry & Sims PLC
Berkowitz Oliver Williams Shaw & Eisenbrandt
Jenner & Block
Holland & Knight
Gilbert LLP
White and Williams LLP
Mintz Levin Cohn Ferris Glovsky and Popeo PC
Ropes & Gray LLP
Wiley Rein LLP
Bowditch & Dewey, LLP
Proskauer Rose LLP
among others
WHO YOU WILL MEET
• Underwriters
• Product Leaders
• Claims Managers
• Corporate Counsel/
Risk Managers
• Brokers
• Attorneys specializing in: D&O
Insurance; Securities Litigation &
Enforcement; White Collar Crime
CONTINUING PROFESSIONAL EDUCATION CREDITS
CONTINUING LEGAL EDUCATION CREDITS
American Conference Institute (ACI) will apply for Continuing
Professional Education credits for all conference attendees who request
credit. There are no pre-requisites and advance preparation is not required
to attend this conference.
Course objective: Coverage for D&O and its relationship to the business of insurance.
Recommended CPE Credit: 16.0 hours.
ACI is registered with the National Association of State Boards ofAccountancy
(NASBA) as a sponsor of continuing professional education on the National Registry
of CPE Sponsors. State boards of accountancy have final authority on the acceptance
of individual courses for CPE credit. Complaints regarding registered sponsors may be
addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite
700, Nashville, TN, 37219-2417 or by visiting the web site:
www.nasba.org
Accreditation will be sought in those jurisdictions requested by the
registrants which have continuing education requirements. This
course is identified as nontransitional for the purposes of CLE
accreditation..
ACI certifies that the activity has been approved for CLE credit by the New York
State Continuing Legal Education Board.
ACI certifies that this activity has been approved for CLE credit by the State Bar
of California.
ACI has a dedicated team which processes requests for state approval. Please note
that event accreditation varies by state and ACI will make every effort to process
your request.
2
Join the Conversation
CLE
Credits
ACI: Reinsurance/Insurance: Legal, Regulatory, and Compliance Experts Group
@Insurance_ACI / #DandO
DAY ONE – Thursday, September 17, 2015
7:15
Registration & Continental Breakfast
8:00
Co-Chairs’ Welcome Remarks
9:55
Diane M. Parker, Esq.
Vice President, North American Claims Group
Allied World Insurance Company
David F. Allen, RPLU
Vice President
Gen Re
Douglas W. Greene
Shareholder
Lane Powell PC
8:10
Heather Fox
Chief Brokerage Officer
ARC Excess & Surplus, LLC
Federal and State Enforcement and Regulatory
Initiatives and Their Impact on D&O Liability
Michael Tomasulo
Principal & Management Liability Practice Leader
AHT Insurance
David Woodcock
Chair, Financial Reporting and Audit Task Force
Regional Director, Fort Worth Regional Office
U.S. Securities and Exchange Commission
Ty Sagalow
President
Innovation Insurance Group
Moderator:
Simona Suh
Senior Counsel, Division of Enforcement
U.S. Securities & Exchange Commission
Carl E. Metzger
Partner
Goodwin Procter LLP
Richard K. Hayes
Deputy Chief, Civil Division, E.D.N.Y
U.S. Department of Justice
•
•
•
•
•
Joseph P. Borg
Director
Alabama Securities Commission
•
Todd M. Greeley, Esq.
Vice President, Executive & Professional Lines Claims
Berkshire Hathaway Specialty Insurance
•
•
Vincent G. Caracciolo
Managing Principal
Integro Insurance Brokers
•
Moderator:
Jonathan S. Sack
Partner
Morvillo, Abramowitz, Grand, Iason & Anello, P.C.
9:40
New Developments/Trends in the D&O
Marketplace with Respect to the Latest
Products, Coverage, Claims, and Underwriting,
and a Look at the Evolution of D&O
Insurance, its Breadth of Coverage, and the
Role of Predictive Modeling
Morning Break
11:10
What’s new in the D&O marketplace?
What’s new with D&O insurance policies?
What are the current underwriting trends?
Aligning the policy to match risk profile of the company
The claims issues that never go away: notice, choice of
counsel, allocation, consent to settlement
How do you talk to your client/broker/insurer about D&O
insurance?
The evolution of D&O: Can D&O be a service, not just an
insurance product?
Is D&O a “Form too Far” in terms of the breadth of
coverage?
The role of predictive modeling in D&O insurance
Developments in Delaware Law that Impact
D&O Liability Landscape and M&A Litigation
David J. Murray
Head of D&O Claims, Claims Division
Starr Adjustment Services, Inc.
Shanda Davis
D&O Product Manager, Bond & Specialty Insurance
Travelers
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3
• Cover-holder status: Will this effectively change
how insurance will be bought?
• Insolvency issues as they relate to D&O liability around
the world
• What’s the forecast for the future? What can we expect
as the next big thing in international cooperation?
Steven Carabases
SVP, Management Liability Claims
Navigators Claims
Steven L. White
Senior Vice President, Management Liability Claims
Aspen Insurance
Anne Foster
Director
Richards, Layton & Finger
2:50
Jeroen van Kwawegen
Partner
Bernstein Litowitz Berger & Grossmann LLP
•
•
•
•
•
•
David S. Perkins, RPLU
Executive Vice President
U.S. Risk Brokers, Inc.
Forum selection and fee shifting issues
Bylaws requiring mandatory arbitration
Minimum stake and interest claim
Possible effects of these developments on strike suits
Other key developments in Delaware law and practice
A look at the increasing severity of the M&A suits rather
than volume of these cases
12:40
Networking Luncheon for Speakers
and Delegates
1:40
Dealing with Globalization of Claims against
Directors and Officers: Developments
Abroad, International Coverage, and Ensuring
that Coverage is Adequate Across Multiple
Jurisdictions
Gregg C. Rentko, CPCU, AU, MSIM
Second Vice President
Western World Insurance Group
Paul Schiavone
Regional Head Financial Lines North America
Allianz Global Corporate & Specialty
Steven H. Anderson
CEO and Founder
Tipping Point Insurance
Moderator:
Angelo G. Savino
Chair, Professional Liability Practice Group
Cozen O’Connor
• Claims frequency in the private sector
• Unique and evolving claims and underwriting issues?
o Different venues
o Which industry sectors have been appearing?
Thomas Sheffield
Vice President, Specialty Claims
QBE North America
Kim West
Partner
Clyde & Co US LLP
Perry S. Granof, Esq.
Managing Director
Granof International Group LLC
• When abroad, what do Directors and Officers have
to be concerned about?
• How to effectively place business internationally given that
U.S. policies aren’t necessarily written with claims in mind
that are increasing in frequency around the world
o What to think about when considering getting insurance
coverage with local companies
- Admitted vs. non-admitted companies
o Indemnification issues
• Emergence of “cross-border class actions”
4
Join the Conversation
Private Company D&O and D&O Coverage
for Non-Profits: Claims Frequency, Unique
and Evolving Claims that Arise, as well as
Underwriting Issues
4:05
Afternoon Break
4:15
Impact of Legal Developments of Key
Securities Class Actions, Corporate
Governance and D&O Claims, Including
IPO Litigation
Jeffrey R. Lattmann
Executive Managing Director, National Executive
Liability Practice
Beecher Carlson
John C. Minett
SVP and Counsel – Professional Liability Claims
Manager
Endurance Insurance
ACI: Reinsurance/Insurance: Legal, Regulatory, and Compliance Experts Group
@Insurance_ACI / #DandO
Kara Altenbaumer-Price, Esq.
Vice President, Management & Professional Liability
Counsel
USI
Moderator:
John W. Shaw
Partner
Berkowitz Oliver Williams Shaw & Eisenbrandt LLP
Gregory S. Bruch
Partner
Bruch Hanna LLP
• Have we seen an increase in shareholder derivative
litigation?
• Are shareholder suits unrelated to a securities class action
on the rise?
• Characteristics of M&A litigation brought derivatively
versus brought as a class action
• Impact of derivative suits on Side A
• Novel strategies to settle derivative suits and the D&O
insurance implications
• Cybersecurity derivative suits
John E. Failla
Partner
Proskauer Rose LLP
Moderator:
Douglas W. Greene
Shareholder
Lane Powell PC
• Year’s highlights
• Decisions and trends
• Increasing regulatory environment and its impact
on securities litigation
• Key coverage issues
• Surge in IPO-related securities litigation
6:00
Conference Adjourns
DAY TWO – Friday, September 18, 2015
7:30
Continental Breakfast
8:05
Shareholder Derivative Litigation, Including
M&A Litigation brought Derivatively, and the
Increasing Importance of Side A
Diane M. Parker, Esq.
Vice President, North American Claims Group
Allied World Insurance Company
Steve Levine, Esq.
First Vice President, Claims Attorney
Executive and Cyber Risk Practice
Alliant Insurance Services
Will Fahey
Senior Vice President
Zurich North America
Eric C. Scheiner
Partner
Sedgwick LLP
Shayne R. Clinton
Member
Bass, Berry & Sims PLC
9:35
Morning Break
9:45
Getting Past Data Breaches and Focusing on
Cyber Issues at the Board Level, Ensuring
Adequacy of a Company’s Cybersecurity
Measures, and a Look at the Derivative and
Class Action Suits Stemming out of Cyber
Breaches
Michael Sternhell
Senior Vice President, Senior Counsel
OppenheimerFunds
David T. Vanalek, Esq.
Manager, Global Management Liability
Markel
Cynthia K. Tortolani
Vice President, Account Executive
Lockton Companies, LLC
Jacqueline Waters Urban, Esq.
Managing Director & Practice Leader
Aon
Matthew L. Jacobs
Partner
Jenner & Block
Moderator:
Thomas Bentz
Partner
Holland & Knight
• Handling cyber business interruption and cyber operational
risks
o Understanding at the board level what those operational
risks are
o Management procedures for preventing and addressing
consequences when it does happen
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5
• Ensuring adequacy of a company’s cybersecurity measures
o What is the board’s role in cybersecurity
o Tracing the evolution of board oversight
o Where are we today?
o What does board preparedness mean for D&O
underwriting and claims?
• Predicting where the issues may arise and helping clients
understand where the risks are
o What types of cover are out there?
o What are the limits of liability?
o Which policy responds and how?
• The potential for a significant wave of derivative and class
action suits stemming out of cyber breaches
• SEC‘s focus on cybersecurity and cybersecurity disclosures
11:10
12:30
Networking Luncheon for Speakers
and Delegates
1:30
Getting Deals Closed with Reps. & Warranties
Insurance: Trends, Challenges and What’s Next
Jay J. Rittberg
Senior Vice President and Americas M&A Manager
AIG
William M. Monat
SVP – Transactional Solutions Leader
Willis
Nancy D. Adams
Member
Mintz Levin Cohn Ferris Glovsky and Popeo PC
Strategies for Effectively Participating
in a Securities Class Action Mediation
Jeffrey Cowhey
President
Ambridge Partners LLC
Patrick McGinley
Vice President
Everest National
• Key drivers for the development of R&W insurance
• Key issues to address, including process and structure
• Current market: opportunities and challenges with growth
of the product
• Claims: is the product responding?
• What’s next: thoughts on the future
Jill Sperber
Sperber Dispute Resolution
Michelle Yoshida
Mediator/Arbitrator
Phillips ADR
Darren J. Robbins
Partner
Robbins Geller Rudman & Dowd LLP
2:20
Robbyn S. Reichman, Esq.
Managing Director and Practice Leader
Aon
Scott D. Gilbert
Partner
Gilbert LLP
Steve Boughal, CFA, FRM
Vice President, Chief Underwriting Officer
Hartford Financial Products
Moderator:
John F. McCarrick
Partner
White and Williams LLP
• Setting the table: pre-mediation calls and briefing to identify
issues likely to impact your negotiating position
• Showing up prepared: the advantages of being able to
accurately articulate your counterparties’ arguments to show
you understand their case
• Managing expectations: when to posture and when to show
your cards
• Listening skills: how to draw out the issues and outcome
needs that will drive mediation outcome; listening for
unspoken signaling from the other parties to the mediation
• Keeping the faith: maintaining trust and confidence
through your discussions with the mediators and
counterparties
• Defining a successful outcome: how to build consensus
towards an outcome everyone can accept
6
Join the Conversation
D&O for Private Equity and Hedge Funds
Cecelia A. Lockner
Counsel
Ropes & Gray LLP
• Coverage considerations and strategies
• Developing claim trends and underwriting issues
• Hedge fund D&O
3:10
D&O and Financial Institutions
Frank J. Ecker
AVP, Regional Underwriting Officer
Zurich North America
Raymond T. Hannan, Jr.
SVP – U.S. Underwriting Manager
Aspen Insurance
ACI: Reinsurance/Insurance: Legal, Regulatory, and Compliance Experts Group
@Insurance_ACI / #DandO
Kimberly M. Melvin
Partner
Wiley Rein LLP
SAVE THE DATES:
Insurance Allocation
Moderator:
June 25–26, Chicago
Mary-Pat Cormier
Partner
Bowditch & Dewey, LLP
Bad Faith Claims and Litigation
July 27–28, Chicago
• 6 years later: has the insurance landscape changed,
or are we going back to a pre-crisis type coverage?
• How the onslaught of litigation brought about by the
financial crisis has affected FI’s risk management scheme
• Impact of recent changes and developments in policy wordings
• Evaluating current D&O exposures in the post-financial
crisis climate
• Are exposures from whistleblower bounties on the rise?
• What types of financial-crisis claims remain?
• What have we learned about underwriting?
• What have we learned about claims management?
• What have we learned about the defense of claims?
4:15
July 29–30, New York City
Cyber & Data Risk Insurance
September 30–October 1, New York City
Visit www.americanconference.com/blog and navigate to the ACI
Expert Jobs link.
Is your organization recruiting specialists with
expertise in this area?
Many of our speakers and delegates use our conferences to recruit for
new, expert talent to fill open positions at their firms.
Because ACI provides many niche conferences annually, our events
are a great way to discover a rich pool of highly qualified talent.
Global Sponsorship Opportunities
It’s quick, easy and free for you, your in-house recruiters, or anyone
in your firm to post current open positions and take advantage of our
exclusive community of experts.
The newly posted jobs will appear on the relevant sections of
www.americanconference.com and our partner sites, ensuring that
your free job listing is visible to a large number of targeted individuals.
American Conference Institute:
With more than 300 conferences in the United States, Europe,
Asia Pacific, and Latin America, American Conference Institute
(ACI) provides a diverse portfolio devoted to providing business
intelligence to senior decision makers who need to respond to
challenges spanning various industries in the US and around
the world.
As a member of our sponsorship faculty, your organization will be
deemed as a partner. We will work closely with your organization to
create the perfect business development solution catered exclusively
to the needs of your practice group, business line or corporation.
For more information about this program or our global portfolio of
events, please contact:
Tel: 212-352-3220 x5242
w.tyler@AmericanConference.com
Insurance Regulation
Announcing the ACI Job Board
Conference Ends
Wendy Tyler
Director of Sales, American Conference Institute
EPLI
July 27–28, New York City
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© American Conference Institute, 2015
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7
American Conference Institute’s 19th Forum on
D&O Liability
Inquire about
special rates for
government,
academia,
insurers, brokers
& risk managers
Coverage, Underwriting, and Claims Strategies for Managing Liability Risks Through Market Changes and Increased Scrutiny
September 17–18, 2015 • The Carlton Hotel on Madison Avenue • New York, NY
5 Easy Ways to Register
MAIL
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DandO
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Payment must be received in full by the conference date. All discounts
will be applied to the Conference Only fee (excluding add-ons), cannot
be combined with any other offer, and must be paid in full at time of
order. Group discounts available to individuals employed by the same
organization.
REGISTRATION CODE
807I16.E
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You must notify us by email at least 48 hrs in advance if you wish
to send a substitute participant. Delegates may not “share” a pass
between multiple attendees without prior authorization. If you are
unable to find a substitute, please notify American Conference Institute
(ACI) in writing up to 10 days prior to the conference date and a credit
voucher valid for 1 year will be issued to you for the full amount paid,
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deems necessary and will not be responsible for airfare‚ hotel or other
costs incurred by registrants. No liability is assumed by ACI for changes
in program date‚ content‚ speakers‚ or venue.
ATTENTION MAILROOM: If undeliverable to addressee, please forward to:
D&O Underwriter/Product Manager/Claims/Counsel
Hotel Information
CONFERENCE CODE: 807I16-NYC
American Conference Institute is pleased to offer our delegates a
limited number of hotel rooms at a preferential rate. Please contact the
hotel directly and mention code A53A53B or “ACI D&O Liability” to
receive this rate.
Venue:
The Carlton Hotel
Address:
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Reservations: 800-601-8500 or 212-532-4100
 YES! Please register the following delegate for D & O Liability
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scholarships for government employees, judges, law students, nonprofit entities and others. For more information, please email or call
customer service.