Our Reinsurance Training Series is designed to cover the essential tools and techniques that practitioners need to operate in today's demanding business environment. Courses provide participants with an enhanced understanding of reinsurance terms, pricing and program structuring as well as the use of facultative certificates. Each course gives insight into fundamental reinsurance theory and practices, and all are suitable for persons active in the Bermuda reinsurance marketplace or dealing with large international insurance programs.

Classes are structured in an informal workshop format and are limited in enrollment to encourage interaction among participants and instructors. IRU's commitment to classroom-style teaching creates an invigorating effective personal learning experience.

About Bermuda College
Bermuda College has approximately 1,350 students in total, about 900 of which are registered in credit courses. There are 65 full-time lecturers. The Bermuda College offers a variety of academic, technical and professional courses in the Divisions of Applied Science & Technology, Business, Hospitality, Liberal Arts, and the Centre for Professional and Career Enhancement. Programs lead to Associate Degree, Certificate or Diploma credentials, and there are a number of Professional Designation, and non-credit offerings for life-long learners.

Bermuda College is a community college dedicated to offering the highest standards of academic and professional excellence, based not so much on one's background entering - but on what one has been able to achieve upon graduation.

About PACE
The Centre for Professional and Career Enhancement (PACE) supports Bermuda College's mission by creating opportunities for professional, personal, social, economic growth and development; and by promoting life long learning opportunities. PACE prides itself on its ability to recruit adjunct lecturers with strong teaching skills and work-based experience. It supplies market driven programs and courses, and has carefully cultivated a reputation for workplace training initiatives.

About the Instructor
Kevin B. Oates, Jr., President of Kevin Oates Consulting and Education, is the instructor for the Reinsurance Training Series. Kevin has over 30 years of experience in the insurance industry.

Prior to 1996 he was a senior vice president of an international insurance/ reinsurance consulting firm providing management and accounting services to private and public institutions. Mr. Oates has held a number of industry management and academic positions, including various executive financial positions with underwriting organizations; and as vice-president, reinsurance operations, with a reinsurance intermediary. In 1988, he co-founded a consulting firm, which was subsequently merged into an international network.

For eight years, Mr. Oates was an adjunct instructor of accounting at Queens College, Rutgers University, and for three years was an instructor in property/casualty insurance accounting and annual statement preparation at the New York College of Insurance.

Kevin is a graduate of New York University, received an MBA in finance from Rutgers University, and holds the Associate in Reinsurance (Are), and Associate in Insurance Accounting and Finance (AIAF) designation from the Insurance Institute of America. He is the author of the Reinsurance Accounting Chapter of the Strain Reinsurance Textbook.

Course Descriptions

Fundamentals of Reinsurance
(A Three-Day Program)

COURSE OVERVIEW:

Reinsurance is a vital element of the operations of an insurer, as well as a specific industry. This course provides participants with an understanding of why reinsurance exists, what it entails, and how it is used; as well as the capability to analyze reinsurance contracts, and their impact on the financial structure and operations of primary insurance companies. The course offers insights into current insurance company and capital market risk financing strategies, and regulatory developments for both Property/Casualty and Life companies.

COURSE OBJECTIVES:

• Explain the Use of Reinsurance and the Various Types of Agreements
• Enable Participants to Understand Reinsurance Company Operations and Strategies
• Illustrate Emerging Securitization of Risk Contracts and Alternative Market Developments
• Demonstrate the Financial Impact of Reinsurance
• Explain and Contrast Property/Casualty and Life Reinsurance Markets and Products

COURSE AGENDA:

• The Concept of Risk and Insurance
• The Concept of Reinsurance
• Facultative Reinsurance
• Treaty Reinsurance
• Proportional Treaty Reinsurance
• Non-Proportional Treaty Reinsurance
• Alternative Market Mechanism Overview

LIFE SPECIFIC:

• Basic Differences in Life & P/C Reinsurance
• Life Reinsurance Market
• Life Reinsurance Products
• Life Reinsurance Statutory Reporting
• Life Reinsurance Reporting and Analysis

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Reinsurance Accounting
(A Three-Day Program)
Dates: May 12-14, 2008
August 25-27, 2008

COURSE OVERVIEW:

Basic accounts, adjustments, portfolio activity, aggregates and unusual covers are topics covered in this program. Illustrations are drawn from actual contracts; the participant is exposed to the complete range of accounting transactions.

COURSE OBJECTIVES:

• Increase the participant's understanding of reinsurance contract interpretation
• Enable participant to perform accounting requirements for each unique reinsurance agreement; including adjustments, unusual features, special areas
• Develop participants' ability to read and understand the accounting implications of reinsurance contracts
• Provide a reference for all forms of reinsurance accounting transactions

COURSE AGENDA:

• Reinsurance Overview
• Creating an Accounting Abstract for Reinsurance Agreements
• Basic Accounting for Reinsurance Treaties
• Adjusting Features
• Miscellaneous Topics and Special Covers

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Reinsurance Auditing
(A Three-Day Program)

COURSE OVERVIEW:

The long tail of reinsurance contracts requires that the results of agreements be monitored well after the term expires. This process of understanding reinsurance contracts and the ability to organize and implement an inspection of records, as well as provide an effective report on these activities, is an important aspect of Property/Casualty operations. This course provides students with the basic knowledge required in reinsurance auditing.

COURSE OBJECTIVES:

• Understand key control points in the reinsurance cycle
• Enable participants to translate reinsurance contracts into accounting and reporting requirements
• Learn how to translate calculation requirements into audit programs
• Learn how to create effective pre-audit overviews and work plans
• Impart the ability to organize, implement, and report the results of a reinsurance inspection of records project

COURSE AGENDA:

• The reinsurance control process
• Types of reinsurance audits
• The overview documents and audit plan
• Conducting the audit engagement
• Preparing the audit report
• Post-inspection activity
• Miscellaneous, special topics, problem areas

Fundamentals of Reinsurance (A Three-Day Program)
Dates: April 30-May 5, 2008
August 20-22, 2008

DAY 1
9:00 AM - 12:00 PM - Course Lecture
12:00 PM - 12:30 PM - Lunch
12:30 PM - 4:30 PM - Course Lecture

DAY 2
9:00 AM - 12:00 PM - Course Lecture
12:00 PM - 12:30 PM - Lunch
12:30 PM - 4:30 PM - Course Lecture

DAY 3
9:00 AM - 3:30 PM - Course Lecture

Two 10-minute Breaks each day - Instructors Discretion

IRU Member Companies: $1,400.00
Non-Members (Individuals and Corporate): $2,800.00

A 50% refund will be issued on written requests received no later than 14 days before start of program.

Press Release Announcing Reinsurance Training Series in Bermuda (PDF)

IRU/Bermuda College Reinsurance Training Series Brochure and Registration Form (PDF)

Link to Bermuda College - Center for PACE