Session: 80

Life Reinsurance

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Summary

Over the last several years, reinsurance has become an important element of the capital structure for many insurance companies. This development is most apparent in North America and is growing in importance worldwide. Debt and equity are the most common forms of capital available to public companies. Reinsurance is a third form of capital available only to insurance companies. While all three forms can add to a company's assets, only reinsurance reduces a company's risks and liabilities. After reviewing the advantages and disadvantages of each form of capital, Mr. Atkinson will present a framework for building an optimal capital structure, with an eye to satisfying the needs of policyholders, regulators, rating agencies, and shareholders. He will present a number of examples to illustrate the process.

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48, is Executive Vice President and Chief Operating Officer of Reinsurance Group of America, Incorporated (RGA) and also serves as President and CEO of RGA Reinsurance Company, RGA's principal operating company. He joined General American's reinsurance division (RGA's predecessor) in 1987, responsible for actuarial, administration and systems departments. Prior to his current position, David spearheaded the effort to spin out GA's reinsurance division to become a public company in 1993 and then served as RGA's first CFO. 

David began his career as an actuary at Occidental Life (now Transamerica) in 1975. After a short time with Cybertek Computer Products, he served as Vice President and Actuary of Atlas Life from 1981 until joining General American in 1987.

David is a Fellow of the Society of Actuaries, for which he has written several study notes on pricing and more recently co-authored (with Jim Dallas) a book on life insurance products and finance. He is the past chairman of the ACLI Reinsurance Committee.

David earned a B.S. in mathematics, graduating with honors from Caltech in 1975, and earned an MBA from Washington University (in St. Louis) in 1994.

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