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Every April, the most sophisticated professionals gather in New York for an offbeat insurance conference. These independent thinkers appreciate controversial analyses, uninhibited debate, thought-provoking commentary, and the pleasure of hobnobbing with their counterparts-the cognoscenti of the insurance business, including actuaries, analysts, money managers, attorneys, accountants, and investment bankers.

The annual Schiff's Insurance Conference isn't for everyone, however. You won't learn the "seven secrets" of success, receive continuing education credits, or hear the usual blather about the need for underwriting discipline. With any luck, some of our speakers will offend you. Our conference rules remain the same: no boring PowerPoint presentations, no sales pitches, and no motivational speakers. We're off-the-record, and the talks are candid, freewheeling, and damned entertaining. The odds are good that heated debates will erupt.

The speakers at our conferences have a long history of making prescient, important comments. If the past is an indicator, some of the ideas and opinions you'll hear will become headlines during the coming years.

Right now, the insurance industry is flush. The Consumer Federation of America-no friend of the industry-gripes that insurance is a "low-risk" business in which insurers are poised to "reap hefty profits for years." We're not so sanguine. Underwriting results have been great-too great. The last time the industry posted such a low combined ratio was 1949, when the Brooklyn Dodgers were in the World Series and long-term Treasurys yielded 2.7%. (All things being equal, when there's less investment income companies have to do better underwriting.) Unlike that long-ago era, investment income is now strong and capital abounds. Our view, therefore, is not simply that future results will revert to the mean. They will, in time, be much worse.

For this year's conference we have once again cajoled an extraordinary group big-shot savants to join us for some action. They will discuss-and make some sense of-the dirty work that is insurance.

9:00 a.m.
David Schiff will tell you what he's riled up about these days. Throughout the conference he will, as always, interrogate the speakers and force them to answer brazen questions.

9:10 a.m.
Hank Greenberg's long record at AIG speaks for itself. In 1969, the year he took the company public, it earned $13 million. By the time he left in 2005 it earned $9.6 billion. Hank, now chairman and CEO of C. V. Starr & Co., a global investment firm, will share his thoughts on . . . the world.

10:00 a.m.
Charles Davis is CEO of Stone Point Capital, a global private equity firm that manages the Trident Funds, which have raised more than $3 billion to invest in insurance, employee benefits, and financial services. Before joining Stone Point's predecessor (MMC Capital) in 1998, Chuck spent twenty-three years at Goldman Sachs, where he was head of Investment Banking Services worldwide, a member of the International Executive Committee, and a partner. Chuck, who knows plenty, will tell us what's on his mind.

10:50 a.m.
Intrepid investigative journalist David Marchant is the founder and editor of OffshoreAlert, which specializes in exposing financial crimes, frauds, and scams committed in offshore financial centers, including Bermuda. David was forced to leave that lovely haven when the government refused to allow him to live and work there after he published a series of exposés of the lax regulatory environment. He will take us on a rollicking journey into the world of offshore sleaze.

11:30 a.m.
Gordon Stewart, who recently stepped down after seventeen years as president of the Insurance Information Institute, has an unusual background for a fellow in the insurance industry. He was the original director of the play "Elephant Man" and directed and conducted productions at the New York Shakespeare Festival, Lincoln Center and the Edinburgh Festival. He served in the White House as deputy chief speechwriter to President Carter, and was vice president for public affairs at the American Stock Exchange. He will tell all—about the insurance industry.

12:15 p.m.
Lunch: Decent food and fine conversation.

1:15 p.m.
Before he became CEO of Alleghany Corp., Weston Hicks was an Institutional Investor "All-America" analyst for many years. Ironically, not a single securities firm covers Alleghany these days, despite the fact shareholder returns have been around twenty percent over the long term and the company has a market cap of close to $3 billion. Weston will tell us what he's up to.

2:00 p.m.
There's nothing quite like seeing an insurance-company executive and a broker go at it. Doug Libby, the savvy CEO of Seneca Insurance Company (a subsidiary of Fairfax) will face off against Walter Harris, CEO of Tanenbaum-Harber, a large, privately-held broker.

2:50 p.m.
Joe Brandon, chairman and CEO of General Re, isn't interested in market share, rapid growth, or taking risk without commensurate reward. He's focused on underwriting discipline and profitability. Under his careful watch, General Re has done splendidly. Joe will tell us, in his inimitable style, some of the things that he's thinking about these days

3:45 p.m.
David Schiff will have his say on the great insurance issues of the day, and discuss where he sees value and solvency (or the lack thereof).

4:30 p.m.
Attendees will socialize with their fellow insurance mavens and observers, discussing the day's events and making deals over cocktails while taking in the view from the top of the New York Athletic Club.

6:00 p.m.
There will be an additional reception and dinner for those who want more of a good thing. The venue is the Coffee House, a convivial and somewhat worn-at-the-edges private club devoted to "agreeable, civilized conversation." Attendance is limited to 36 people.

Conference participants are invited to join David Schiff for a private, informal dinner after the conference at The Coffee House, a small club at 20 West 44th Street. (A brief history of The Coffee House follows.) Cocktails at The Coffee House will begin at 6:00, followed by dinner at 7:30 p.m. To reserve a space at the dinner, please be sure to sign up when registering online or by phone. Seating at the dinner is limited, so please register or call soon. A non-refundable payment of $100 by check or credit card will be due by March 17.

The Coffee House

The Coffee House is a ninety-two year-old club devoted to agreeable, civilized conversation. It's modeled on the English idea of a tavern, and is quaint, convivial, and unpretentious. It's a bit threadbare, but filled with history-not unlike a well-worn tweed jacket one keeps his whole life.

The Coffee House was founded in 1915 by writers who were members of the Knickerbocker Club, and were fed up with overindulgence. The Coffee House was their "revolt against the marble palace idea. The club's founders, a Who's Who of arts and letters of the day, "had no sympathy with business or wealth or with such things that business and wealth implied," wrote Frank Crowninshield years later.

The Coffee House was intended to be "simple and cheap." The club's "rules" still invoke this ethos: "No officers, No charge accounts, No liveries, No tips, No set speeches, NO RULES."

The Coffee House was to be a repose for artists, authors, composers, illustrators, inventors, judges, musicians, playwrights, sculptors, statesmen, and others. It was a place to eat, drink (perhaps a good deal), talk, and engage in good cheer. The club was not for everyone: "brokers and bankers" were not allowed.

Early members included Robert Benchley, Winston Churchill, Douglas Fairbanks, Judge Learned Hand, Childe Hassam, Cole Porter, Charles Scribner, and P. G. Wodehouse. Later members included Buckminster Fuller, George Gershwin, Oscar Hammerstein 2nd, Jerome Kern, Somerset Maughan, Edward R. Murrow, Ogden Nash, Richard Rodgers, and John Steinbeck, to mention some well-known names. But The Coffee House has never been about fame or status; it has been about conversation and thoughts.

The Coffee House still has a diverse roster of members, virtually all of whom delight in this throwback to an age when folks took their time over a communal lunch or dinner. And it is still a place where culture-not fashion or fads-tends to be the subject of discussion.

At an anniversary dinner some years back, Heywood Hale Broun, then the club's senior member, described The Coffee House: "You will, I am sure, remember those old fantasies about the weary traveler who, at twilight, takes a side road to a strangely antique inn and a lot of merriment among men in three-corned hats and women in mobcaps. The traveler has the time of his life but, later, can never find the road or the inn again. The good thing about our magic inn is that West 44th Street is easy to find, and, though the hats are ordinary, the timeless ease and good cheer match any fourth dimension refuge."

Those seeking glitz, fancy food, and swank surroundings will be disappointed by The Coffee House. But those who seek something different in a city that too often devours its past, may come to The Coffee House and spend an evening sharing ideas, good wine, and a pleasant meal.

9:00 a.m.
David Schiff, editor of Schiff's Insurance Observer, will tell you what he's riled up about these days. Throughout the conference he will, as always, interrogate the speakers and force them to answer brazen questions.

9:25 a.m.
Jason Adkins began his career working for Ralph Nader, and has spent much of his time battling the insurance industry. He founded the Center for Insurance Research in 1991 and has been a partner at the law firm Adkins & Kelston, P.C. since 1998. Jason, who's an indefatigable voice for fairness, reform, and the public interest, will discuss some highlights and low points in insurance litigation, including an overview of the Allied Mutual litigation which resulted in a historic settlement.

10:30 a.m.
Andrew Marks has been an insurance broker for forty-three years and was David Schiff's mentor in the insurance business. Andy, who's one of the most knowledgeable insurance brokers around, is CEO of MLW Services, a division of Bollinger, Inc. He will take us inside the insurance business and tell all.

11:15 a.m.
When John Burns stepped down as CEO of Alleghany Corp. in 2004, he left a great record of achievement-long-term shareholder returns in the neighborhood of twenty percent. John has spent his career ignoring fads and the new new thing, focusing instead on creating long-term value for his shareholders. Over the decades, Alleghany has owned (and sometimes sold) a variety of businesses and investments including asset management, steel, minerals, railroads, and, of course, insurance. John will share with us the lessons he's learned from thirty-six years of owning insurance companies.

Noon
Lunch: Decent food; fine conversation.

1:00 p.m.
Robert Hunter, director of insurance for the Consumer Federation of America, has had a long career in insurance. He began as an underwriter at Atlantic Mutual, worked at two rating bureaus, consulted with government agencies, served as Federal Insurance Administrator, founded the National Insurance Consumer Organization, and was the Texas Commissioner of Insurance. Bob, who's an actuary, will give you his unvarnished view.

1:45 p.m.
Since 1981, Richard Stewart has been chairman of Stewart Economics, a consulting firm specializing in insurance and insurance regulation. Dick was a Rhodes Scholar and attorney before becoming First Assistant Counsel to New York Governor Nelson Rockefeller. He served as New York's Superintendent of Insurance from 1967-1970, and was subsequently SVP and general counsel of First National City Bank, then SVP and CFO of Chubb. Over the years, Dick has published influential tracts on insurance regulation, insurer insolvency, underwriting cycles, and insurance insolvency guarantees. He'll tell us what he's thinking about these days.

2:45 p.m.
A living legend returns for a rare New York performance! Joseph Belth, editor of The Insurance Forum, will be making his third appearance at Schiff's Insurance Conference. Joe, whose articles, speeches, and testimony have shaken up the life-insurance industry, is the author of numerous books and journal articles and is professor emeritus of insurance at the Kelley School of Business at Indiana University. He will let us know what's bothering him.

3:45 p.m.
David Schiff will have his say on the great insurance issues of the day, and discuss where he sees value and solvency (or the lack thereof).

4:30 p.m.
Attendees will socialize with their fellow insurance mavens and observers, discussing the day's events and making deals over cocktails while taking in the view from the top of the New York Athletic Club.

6:00 p.m.
There will be an additional reception and dinner for those who want more of a good thing. The venue is the Coffee House, a convivial, somewhat worn-at-the-edges private club devoted to "agreeable, civilized conversation." Attendance is limited to 36 people.

9:00 a.m.
David Schiff, editor of Schiff's Insurance Observer, will tell you what he's riled up about these days. Throughout the conference he will, as always, interrogate the speakers and force them to answer brazen questions.

9:30 a.m.
In June 1994, Schiff's wrote an admiring profile of Christopher Davis, portfolio manager of the Davis Funds, which had $300 million under management. (Chris is the only money manager we've ever profiled.) We picked a winner. The Davis Funds now manage $40 billion, and the firm's primary fund has outperformed the S&P 500 during every meaningful period since its inception in 1969. Chris will tell us about the Davis's sixty-year history of investing in the insurance business, and share his thoughts on the mutual-fund industry, shareholder activism, and more.

10:30 a.m.
Two years after receiving his Ph.D. in economics from Harvard, 27-year-old James Stone became the youngest insurance commissioner (Massachusetts) in history. Four years later, in 1979, Jimmy Carter appointed him as chairman of the Commodity Futures Trading Commission. When his term ended in 1983, he moved back to Boston and founded The Plymouth Rock Company, a privately-held insurance holding company that writes well over $1 billion in premiums-quite profitably. Jim will share his perspective on auto insurance, regulation, public policy, and being an entrepreneur in the insurance business.

11:20 a.m.
William Koenig is Senior Vice President and Chief Actuary of "the quiet company," Northwestern Mutual. Bill will give us his perspective about reserving-especially when it involves universal-life products with secondary guarantees. His comments, which will not be quiet, should leave some members of the insurance industry feeling worried.

Noon
Lunch: Decent food; fine conversation.

1:00 p.m.
Eugene Anderson is the founding member of Anderson Kill & Olick, P.C., a law firm that represents policyholders in disputes with insurance companies. Gene, who has practiced law for fifty-two years and is known as the dean of policyholders' attorneys, will give us his thoughts on the insurance industry, ethics, regulation, and more.

1:45 p.m.
Property insurers' combined ratios are five to eight points higher than they should be, says Robert Dowdell, CEO of Marshall & Swift/Boeckh (M&S/B), which is doing something to remedy that. M&S/B, long known as a building-cost provider in claims and underwriting, has become a corporate Sherlock Holmes that uses logic and statistical analysis on the massive amounts of data it processes to improve carriers' underwriting results. "The data has an important story to tell," says Bob, who will tell us an important story about risk differentiation, pricing, database analytics, and much more.

2:45 p.m..

Warren Buffett talked to just one securities analyst: Alice Schroeder of Morgan Stanley. In 2003, Alice, then Institutional Investor's top-ranked P/C analyst, made an unusual career move-she left the day-to-day world of Wall Street to write a book about Buffett's life and philosophies. Alice, who is to Buffett what Boswell was to Johnson, won't be finished with her tome (which we predict will be a bestseller) for a couple of years. In the meantime, she'll tell you what's been on her mind.

3:45 p.m.
David Schiff will have his say on the great insurance issues of the day, and discuss where he sees value and solvency (or the lack thereof).

4:30 p.m.
Attendees will socialize with their fellow insurance mavens and observers, discussing the day's events and making deals over cocktails while taking in the view from the top of the New York Athletic Club.

6:00 p.m.
There will be an additional reception and dinner for those who want more of a good thing. The venue is the Coffee House, a convivial, somewhat worn-at-the-edges private club devoted to "agreeable, civilized conversation." Attendance is limited to 36 people.

9:00 a.m.
David Schiff, editor of Schiff's Insurance Observer, will start off with a look at the seamy side of the insurance business. Throughout the day he will, as always, interrogate the speakers and force them to answer brazen questions.

9:30 a.m.
Over the decades, William R. Berkley, CEO of W.R. Berkley Corporation, has demonstrated that he knows how to build value in hard markets and in soft markets. When Bill spoke at our 1999 conference, he was acutely aware of the risks-and opportunities-that lay ahead. Since then, his business has been on a roll and his company's stock (which we had recommended) has more than quadrupled. Bill will give us his atypical perspective in his typically eloquent manner.

10:40 a.m.
Betsy McCaughey is a thinker, author, and expert on health policy. Her 1994 critique of the Clinton health plan, "No Exit," caused a ruckus and helped kill the plan. Betsy, who was an unusually independent Lieutenant Governor of New York, has published two books on U.S. constitutional history and is writing a book on health care. She will tell all, including how "medical courts will solve the malpractice crisis."

11:20 a.m.
Milberg Weiss Bershad Hynes & Lerach LLP didn't invent the class-action lawsuit, but, as the largest contingency-fee-based law firm representing plaintiffs, it has certainly perfected it. Senior partner Melvyn Weiss is a leading practitioner in the fields of securities, insurance, environmental, antitrust, and consumer litigation. Mel's comments may leave some members of the insurance industry feeling afraid—very afraid.

Noon - Lunch

1:00 p.m.
Many insurance companies don't have the data to price risk properly. Daniel Finnegan, president of Quality Planning Corporation, is a statistician who knows how to compile, analyze, and use data in ways that can create a significant underwriting edge. "There's enormous room for the improvement of prediction," he notes matter-of-factly. Daniel will take us into the world of rating error, black boxes, credit scoring, database analysis, geo-positioning systems, privacy issues, and probabilities. And that's just the beginning.

1:45 p.m.
It may surprise some to learn that Schiff's has a hero. His name is Joseph Belth and he is, of course, the editor of The Insurance Forum. Joe, whose articles, speeches, and testimony have shaken up the life-insurance industry, is the author of numerous books and journal articles and professor emeritus of insurance at the Kelley School of Business at Indiana University. He'll tell you what's bothering him these days.

2:45 p.m.
Jay Brown is CEO of triple-A-rated MBIA Inc., which specializes in credit-enhancement insurance. He was previously CEO of Talegen Holdings, and before that, CEO of Fireman's Fund. Jay, who's an actuary, has a contrarian nature and a keen appreciation of risk-desirable attributes for one running a company with $6 billion of equity and $500 billion of financial guarantees outstanding. He will offer his thoughts about insurance, credit, financial guarantees, risk versus reward, and more.

3:45 p.m.
David Schiff will discuss where he sees value and solvency (or the lack thereof), and have his say on the great insurance issues of the day.

9:00 a.m.

At $150 billion in annual premiums, auto insurance is far and away the largest insurance market-and Brian Sullivan, editor of the must-read Auto Insurance Report, knows more about the U.S. auto-insurance market than anyone in the world. He is skilled in making sense out of complex and diverse data from fifty states and hundreds of companies. Brian, who consorts with underwriters, auto-repair guys, CEOs, agents, marketing specialists, regulators, legislators, consumer activists, and lobbyists, knows what's happening and why. He also knows what's not happening. He'll tell all.

10:30 a.m.

Only one person has been a senior official at the SEC, president of a major stock exchange, CEO of a major securities firm, and CEO of a giant insurance company. While practicing law in the 1950s, Ralph Saul became interested in the securities business. The path he chose from there was unusual. He joined the SEC where, by the early 1960s, he was the head of the Division of Trading and Markets, which was then responsible for market regulation and enforcement. Ralph subsequently went on to become president of the American Stock Exchange, CEO of First Boston, and then CEO of INA (where he oversaw the merger with Connecticut General that formed CIGNA, of which he was co-CEO). He served as chairman of Drexel Burnham during its Chapter 11 reorganization and, until recently, was chairman of Horace Mann Educators.

Ralph has been as a director of numerous organizations including the Brookings Institution, the New York Times, the New York Stock Exchange, the Fidelity Group of Funds, and the American Institute of Certified Public Accountants. (He inveighed against auditors' lack of independence long before the subject drew national attention.) We can be assured that Ralph will give us an independent and outspoken point of view.

11:20 a.m.

Noon

Lunch: decent food; fine conversation.

1:00 p.m.

Richard Stewart, chairman of Stewart Economics, a consulting firm specializing in insurance and insurance regulation, was a Rhodes Scholar and attorney before becoming First Assistant Counsel to New York Governor Nelson Rockefeller. He served as New York's Superintendent of Insurance (he was a damned good one) and president of the NAIC. He was subsequently SVP and general counsel of First National City Bank (now Citigroup), then SVP and CFO of Chubb. Over the years, Dick has published influential tracts on a variety of subjects, including insurance regulation, insurer insolvency, underwriting cycles, and insurance insolvency guarantees. He'll tell you what concerns him these days.

1:45 p.m.

How do you turn a small insurance brokerage that writes long-haul trucking into a highly successful specialty insurer that does $2.2 billion in premium? Tony Markel, president of Markel Corporation, can tell you. During his 38 years in the business, Tony has demonstrated that he knows how to do something few others can do: make an underwriting profit. He also knows a thing or two about the successful acquisition of insurance companies, as well as the pain of a bad acquisition. Tony will share his pain...and his insights.

2:45 p.m.

"At the risk of sounding Pollyannaish," Warren Buffett wrote to Berkshire Hathaway's shareholders last year, "I now assure you that underwriting discipline is being restored at General Re...with appropriate urgency."

Joseph Brandon is the man Buffett appointed as CEO to lead the restoration project. Joe isn't interested in market share, rapid growth, or taking risk without commensurate reward; he's focused on underwriting discipline and profitability. Although he's a CPA, he is concerned with managing his business according to economic reality rather than generally accepted accounting principles.

Buffett predicted that Joe would make General Re "a huge asset for Berkshire." In his inimitable style, Joe will tell us what he's been thinking about lately.

3:45 p.m.

4:30 p.m.

Attendees will socialize with their fellow insurance mavens and observers, discussing the day's events and making deals over cocktails while taking in the view from the top of the New York Athletic Club

6:00 p.m.

There will be an additional 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 36 people.

9:00 a.m.

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.

10:30 a.m.

Devotees of eloquent prose about complex accounting matters cherish three fine books: Unaccountable Accounting, More 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.

11:20 a.m.

Most insurance 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.

1:00 p.m.

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.

1:45 p.m.

2:45 p.m.

3:45 p.m.

4:30 p.m.

Socialize with 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

6:00 p.m.

Additional 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 people.

The Speakers will include

The Analyst

When Warren Buffett decided to talk to Wall Street, he granted access to only one securities analyst: Alice Schroeder, principal at Morgan Stanley Dean Witter. (If she's good enough for Buffett, then she's more than good enough for you.) Alice is well known for her knowledge, judgement, and detailed research, and was recently named an All-American insurance analyst by Institutional Investor. She will give you her perspective on the industry and tell you where she sees opportunity and where she doesn't.

The Legend

Joseph M. Belth, Ph.D, professor emeritus of insurance at the Kelley School of Business at Indiana University (Bloomington), is the author of Life Insurance: A Consumer's Handbook. He is best known, of course, as the editor (and writer) of the groundbreaking The Insurance Forum. Joe is one of the most influential people in the life-insurance business. Over the course of his career he has exposed deceptive practices and all sorts of shady behavior, and his articles, speeches, and testimony have altered the industry. Joe, who is the author numerous books and recipient of many awards, will tell us what he's pondering these days.

The Long-Term Thinker

The Turnaround Specialists

What do you do with troubled insurance companies? Two who know how to fix them are Richard Barasch, CEO of Universal American Financial, and Douglas Libby, CEO of Seneca Insurance Company. Both began their careers as lawyers (we won't hold that against them) and both-for different reasons-took control of miserable little insurance companies in the late 1980's. They went about salvaging their companies in vastly different manners, however. We shall compare and contrast the vicissitudes of insurance as Barasch and Libby share their experiences-and the lessons they've learned.

The Observer

As usual, David Schiff, editor of Schiff's Insurance Observer, will interrogate the speakers and, when necesary, force them to answer brazen questions. He will have his say on the great insurance issues of the day, and deliver a speech entitled "How to Lose Friends and Influence People in the Insurance Business."

The Great Rating Agency Debate

When the subject is solvency and financial strength (and everything those things entail), one naturally looks to the insurance industry's "regulators." The regulators, however, aren't elected or appointed public officials; they are the rating agencies, and they've become more assertive than ever. On hand to participate in a 30-round, bare-knuckled, championship discussion will be the three top-rated contenders in the heavyweight division. In one corner we'll have A. M. Best's formidable group senior vice president, Larry G. Mayewski. Across the ring will be the impressive Patrick Finegan, senior vice president at Moody's. Rounding out the card will be the ever-imposing Alan Levin, managing director at Standard & Poor's. No punches will be pulled. Hard questions will be asked--and answered.

Life Insurance Confidential

Colin Devine, who has had the "real world" experience of being vice president at a major life insurer and director at a major rating agency, is now vice president at Salomon Smith Barney and provides incisive equity research coverage on a diverse group of North American life-insurance companies. He's not afraid to issue a controversial opinion when it's called for (such as being extremely bearish--rightly so--on a major life insurer). Colin will share his outlook on the life-insurance industry, including the effects of demographics, Conference Speakers demutualization, and distribution, and will tell us where he sees value and where he sees trouble.

The Inside Story on Insurance Regulation

In 1997, Bonnie Steingart, who had been a partner at Fried, Frank, Harris, Shriver & Jacobson for 11 years, left private practice for the field of public service. She spent the next two years with the New York State Department of Insurance, where she was Deputy Superintendent and General Counsel. She participated in many legislative, regulatory, transactional, and enforcement initiatives undertaken by the department, and supervised a staff of fifty lawyers. Last September she rejoined Fried, Frank. Bonnie's perspective on financial-services reform, regulation, bank holding companies, and competition will fascinate you--and surprise you.

Big Time Money

Two billion dollars is a nice round number, and it just happens to be about the amount of money that Meryl D. Hartzband oversees in her role as Principal and Investment Director at Marsh & McLennan Capital, which specializes in private equity investments in insurance and financial-services businesses. Meryl is a savvy investor who has had a rare inside view of the insurance industry. (In addition to making major investments, she's a director of ACE Limited.) She will share some of her thoughts about the insurance industry and perhaps will tell us what she's planning to invest in and why.

Observer Speaks Out

David Schiff began working--reluctantly--in the insurance business in 1974, and despite repeated attempts, has not been able to kick the habit. He has held a number of jobs over the years, the best of which has been writing Schiff's Insurance Observer, which he founded in 1989. In addition to peppering the other speakers with difficult questions, David will have his say on the great insurance issues of the day.

Jeffrey Greenberg, president of the Marsh & McLennan Companies, is a true insurance industry insider. He spent 17 years at AIG, was chairman of Marsh & McLennan Capital, and is a director of ACE Limited. Jeff, who will become CEO of Marsh & McLennan by the end of 1999, has had a rare view from the top of the industry, and he will share that view -- and his experiences and insights about relevant matters -- with us.

After graduating from Harvard Business School at 21, William R. Berkley began his career managing money. He gravitated to insurance because he considered insurance companies to be attractive investments. Today, W.R. Berkley Corporation, which Bill started at the ripe old age of 22, is a billion-dollar insurance holding company. (Bill does not limit himself to Conference Speakers insurance; in his spare time he has run a host of other businesses, including those in banking, chemicals, distribution, food, and money management.) Bill has always had an eye for value, an awareness of risk, and a willingness to act independently. He will tell us what he's thinking about these days.

James Grant, editor of Grant's Interest Rate Observer, is a writer and financial historian of unparalleled erudition. His métier is "markets," which encompasses everything from the Baltic Freight Index, gold, and insurance companies, to overvalued Internet stocks, undervalued Japanese securities, and the demand for credit. Way back in the 1980s, Jim was the most vocal (and eloquent), critic of junk bonds (and junk-bond laden life-insurance companies). Jim is the author of several books, including the classics Money of the Mind and The Trouble With Prosperity. His comments will be of great interest to folks in the insurance industry. Insurance companies, after all, are essentially risk-taking investment pools that employ financial leverage.

One problem with most security analysts is that they work for big Wall Street firms that are often too eager to garner lucrative underwriting and investment-banking business. That environment is not ideal for independent thinkers. V.J. DOWLING is the proprietor of Dowling & Partners Securities, an independent institutional stock-brokerage firm that specializes in property/casualty stocks. V.J. is from the old-fashioned school of security analysis -- he focuses on fundamentals rather than on "momentum," market psychology, new-age economics, or other mumbo jumbo. He subjects insurance-company balance sheets to microscopic analysis, scrutinizes loss reserves and reinsurance treaties, and understands -- in our opinion, better than any analyst -- the underlying factors that drive the industry and the companies. A prolific writer and compelling speaker, he will share his outlook on various sectors of the property/casualty industry, and tell us where he sees value (or lack thereof).

Christopher Davis is no stranger to long-time readers of Schiff's Insurance Observer. Five years ago we wrote a glowing profile of the then 29-year-old thoroughbred money manager who loved insurance stocks. At that time the Davis Funds had $300 million under management. Today the figure is $25 billion. Before entering the investment business, Chris considered becoming an Episcopal priest and got his Masters in philosophy and theology. (His grandfather, the insurance investor Shelby Cullom Davis, later told him that this was the perfect training because "in the investment business you need your philosophy and then you've got to pray like hell.") Mutual funds co-managed by Chris have received Morningstar's highest rating: 5 stars. Chris will talk about how he does what he does and, perhaps, share the secret of the "Davis double play."

Jason Adkins is an indefatigable consumer activist and lawyer who has helped bring about a revolution in the mutual insurance industry. After working for Ralph Nader he founded the Center for Insurance Research, which has waged (and, for the most part, won) an epic battle against abusive demutualizations and mutual-holding company conversions. Jason, a partner at Adkins & Kelston, P.C., is a forceful advocate for proper disclosure, fairness, and the public interest. His thoughts on the insurance industry, dissemination of information, and regulation will fascinate and surprise you.

David Schiff began working -- reluctantly -- in the insurance business in 1974. He has held a number of jobs over the years, the best of which has been writing Schiff's Insurance Observer, which he founded in 1989. In addition to interrogating chatting with the other speakers, David will have his say on the great insurance issues of the day.