Note: The next Insurance Valuation is scheduled for May 2010. The material below is from the most recent (October 2009) session.

To receive information on the May 2010 session as it becomes available, click here.

Day One - Monday, October 12

Program begins at 8:30 a.m.

Overview of Insurance Valuation

•	The insurance industry's unique characteristics
•	Purpose and objectives of company valuation

Valuing Property & Casualty Insurers

•	The P&C business model
•	P&C company financial statements: identifying key ratios, line items, and disclosures
•	U.S. GAAP vs. statutory accounting
•	Drivers of value
•	Evaluating the quality of the balance sheet and earnings
•	The impact of reinsurance on financial statements
•	Market valuation techniques: identifying key multiples, selecting comparables
•	Calculating forecasted Book Value/Share

Evaluating a P&C Insurer

•	A case study in market valuation

Day One ends at approximately 5:30 p.m.

 

Day Two - Tuesday, October 13

Program begins at 9:00 a.m.

The Investment Manager Perspective

Matthew T. Popoli, Principal, Reservoir Capital Group

•	A look at P&C insurance valuation from a hedge fund/trading perspective
•	Due diligence and analysis
•	Investment opportunities and risks in the insurance sector and the correct timing for entering the space
•	Short investment strategies
•	Current market trends

Advanced Property & Casualty Valuation Techniques

•	Actuarial valuation: key assumptions, calculation of adjusted surplus, net present value of future profits, cost of capital
•	Dividend discount model: key assumptions, modeling financial statements, sensitivity analysis

Evaluating a P&C Insurer

•	A case study in market valuation from an M&A perspective
•	Participants practice analysis and modeling under a variety of assumptions using an Excel-based dividend discount model.

Day Two ends at approximately 4:30 p.m.

Wednesday, October 14