PROGRAM DESCRIPTION
PCFA is a 1½ day intensive senior level seminar that provides executives with a logical, well organized approach to financial analysis of a property-casualty company. Using a company's annual statutory statement, the program addresses the more critical aspects of property-casualty operations.

• Composition, valuation, return and quality of investment portfolio
• Analysis of mix of business, long v short tail lines, and related risk factors
• Assessment of underwriting performance - loss and expense ratios and return on equity (ROE) using different measures of performance - accident, calendar and policy year
• Introduction to Schedule P and various techniques for evaluating adequacy of loss and loss adjustment expense reserves
• Asset-liability matching - analysis of asset-liability durations
• Cash flow analysis
• Status of reinsurance arrangements (Schedule F) and admitted v non-admitted
• Regulatory issues - IRIS ratios and risk based capital

This is a non-actuarial approach to insurance company financial analysis that focuses on external uncontrollable factors - interest rates, inflation, tort reform, competition and regulation - and internal controllable factors - rating, pricing, reinsurance strategy, investment strategy and reserving practices that drive operational performance and company solvency.

This is not an "elevator" analysis program, i.e. this account is up and that account is down, but an industry issues program devoted to determining the accuracy and reliability of published numbers underlying performance measures and solvency determination.

PREREQUISITES
None

SUGGESTED AUDIENCE
This is an excellent program for mid to upper level insurance executives, broker's with direct contact with insurance carriers, treaty reinsurers and bank lending and credit officers with insurance industry relationships.