1. The CFO and the Actuary: Financial Odd Couple or Dynamic Duo? CAS Loss Reserve Seminar Chicago 9/8/2003

2. Panelists Joe Boyle –President, Legion Insurance Company Bob Deutsch –Executive Vice President and Chief Financial Officer, CNA Insurance Companies Ken Koreyva –Treasurer, ACE Limited Moderator – Marc Adee –President, Fairmont Specialty Group

3. Division of Labor and Accountability

4. Who Has Last Word on Reserves? What happens if the Chief Actuary’s estimate of reserves is different than the CFO’s view? Who should be accountable for the reserves recorded in a company’s ledger?

5. Controls versus Coordination Is it better to have the actuarial and financial functions reporting to one senior leader (CFO or Chief Actuary) or to report separately to the CEO? Should the actuarial function be further separated between pricing and reserving to improve independence and credibility?

6. Beyond Reserving How should the finance and actuarial teams work together on planning, strategy and product design issues? When plans vary from actual results, who should provide the explanations?

7. Coordination and Avoiding Surprises

8. External Constituencies How do the finance and actuarial teams work together to address concerns of rating agencies, regulators and stockholders?

9. Communications How do you make sure that actuaries and financial staff at all levels are communicating and that handoffs are smooth? How do you coordinate such that financial and actuarial assumptions are consistent across the organization in step with rapidly changing market conditions? How do you cross-train actuaries and financial staff to speak each other’s language?

10. Reporting Frequency How does the different training for actuaries and accountants influence the way they view frequency and timeliness of reporting? How frequently do reserves need to be reviewed?

11. Trends Are CFO’s and Chief Actuaries working together more closely than 5 years ago? If so, give some examples. If not, why not?

12. Forces for Change

13. Current Events How have the recent downgrades and insolvencies in the insurance industry changed the roles of Chief Actuaries and CFO’s?

14. Corporate Governance In light of Sarbanes-Oxley, Enron and other corporate governance issues, how are CFO’s and Chief Actuaries communicating differently with the Board, Audit Committee and CEO – and each other?

15. Credibility What are the most important skills actuaries and CFO’s must have to be successful? Do credentials currently carry as much importance in job performance and credibility for the actuarial and financial functions as they did in the past? Is experience limited to the P&C industry beneficial or a hindrance?