Reka Koerner, SVP, Legal, Swiss Reinsurance America Corp. and Carey Child, partner, Chadborne & Parke spoke earlier this year at HB’s Reinsurance Outlook 2010. In this clip they discuss recommendations for stress-testing reinsurance contract wording as a way to guard against potential unexpected extreme losses. In their presentation they referred to these losses as “black swans,” borrowed from the 2007 book by Nassim Nicholas Taleb titled “The Black Swan.” Taleb wrote that many major events – from scientific discoveries to global catastrophes – resemble black swans in that they are undirected and unpredicted. Examples include the advent of the internet and the September 11 terrorist attacks. Also, Koerner references the House of Lords decision in Wasa v. Lexington. For further discussion of that case, click here to listen to what Mound, Cotton, Wollan & Greengrass attorney David Silva had to say.
In addition to speaking for HB at Reinsurance Outlook 2010, Reka Koerner is co-chair of HB’s International Regulation of Business: Important Considerations for Insurance & Reinsurance on Sept. 23 in New York. She is leading the event along with Crowell & Moring attorneys with William O’Neill and Jeffrey Snyder.