April 9, 2002
"The Long-Term View"
It wouldn't really matter what M.
R. "Hank" Greenberg, chairman and CEO of American International Group,
talks about, because. . .well, let's face it-anything he has to say about the insurance business is worth listening to. For
the record, though, Hank will: 1) tell us what he's been thinking
about, 2) share his outlook on the industry, and 3) have a
debate argument fistfight chat with the ever-inquisitive David Schiff.
Devotees of eloquent prose about complex
accounting matters cherish three fine books: Unaccountable
Debits than Credits, and The
Truth About Corporate Accounting, by Abraham
J. Briloff, certified
public accountant and Distinguished Professor Emeritus at Baruch College.
Abe has been a leader in exposing dubious, inconsistent, and
incongruous accounting practices. He also has a longstanding interest
in the insurance business, where such practices have a habit of
turning up. He will tell you what's been troubling him lately.
companies don't do things the way Cincinnati Financial does. And only a handful have posted long-term results as great as
Cincinnati Financial has. Robert Morgan, who retired as CEO of
Cincinnati in 1999, spent more than three decades building a company
that was started (and still revered by) independent agents.
Cincinnati has delivered value to its insureds and has made a fortune
for its shareholders. Bob will give us something that's hard to
find these days: an independent point of view.
Decent food and fine conversation.
Stephen Way began working at Lloyd's when he was 15. He eventually came to
America, where he founded HCC Insurance
Holdings at the advanced age of 25. HCC
is now a large specialty insurer and underwriting manager. In a
no-holds-barred discussion, Stephen will tell us how this came about,
and share his thoughts on capital preservation, diversification,
underwriting discipline, and much more.
Glenn Daily is
a rare breed: a fee-only insurance consultant who specializes in life insurance and annuities. He is an innovative
thinker, prolific author, and consumer advocate. Glenn's talk,
currently titled "Clueless Consumers: A real options analysis,"
will delve into a variety of subjects that will be of interest to
anyone in the life insurance business, anyone who owns life insurance
or annuities, or anyone who might want to own life insurance or
applaud owners who reward executives on premium growth," says Jack
Byrne, chairman of White
Mountains Insurance Group.
"This often provides fine opportunities for us later." During his
career, Jack has resuscitated GEICO, fixed Fireman's Fund, and
built up White Mountains. Jack is not interested in: market share, producing a predictable stream of
quarterly operating earnings, or managing his business according to
generally accepted accounting principles. His strategy is simple-to
increase intrinsic business value per share. Jack will tell us what
interests him these days.
usual, David Schiff, editor
of Schiff's Insurance Observer,
will interrogate the speakers and, when necessary, force them to answer brazen questions. David will have his say on the great
insurance issues of the day and will discuss where he sees value (or
the lack thereof).
insurance mavens and observers. Discuss the day's events or make
deals over cocktails while taking in the view from the top of
the New York Athletic Club
reception and dinner for those who want more of a good thing. The
venue is The Coffee House, a convivial private club devoted to
"agreeable, civilized conversation." Attendance is limited to 32