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&lt;br /&gt; Embedding ERM by Performance Multiple Diligent Claim Reinsurance An Actuarial&lt;br /&gt; ERM for Value Hannover Re: Management &mdash; Dimensions Investigation Optimization Approach to&lt;br /&gt; From Risk Tested by Not Without of Pricing to Counter in the New Hard-to-Value&lt;br /&gt; the Crisis Risk! Sophistication Fraud Regulatory Assets&lt;br /&gt; Environment&lt;br /&gt; &lt;br /&gt; 2009/2&lt;br /&gt; EMPHASIS&lt;br /&gt; 2&lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; 6&lt;br /&gt; &lt;br /&gt; &lt;br /&gt; As the story goes, in 1637, a single&lt;br /&gt;<a title="Emp09-2_Final.qxp page 1" href="http://viewer.zmags.com/publication/f52dde2a?page=1">Embedding ERM by Pe</a> Embedding ERM by Pe<a title="Emp09-2_Final.qxp page 2" href="http://viewer.zmags.com/publication/f52dde2a?page=2">26As the story goes, in 1637, a single</a> 26As the story goes, in 1637, a single<a title="Emp09-2_Final.qxp page 3" href="http://viewer.zmags.com/publication/f52dde2a?page=3">PublisherAndy Giffin </a> PublisherAndy Giffin <a title="Emp09-2_Final.qxp page 4" href="http://viewer.zmags.com/publication/f52dde2a?page=4">2 | Emphasis 2009/2ENTERPRISE RISK MANAGE</a> 2 | Emphasis 2009/2ENTERPRISE RISK MANAGE<a title="Emp09-2_Final.qxp page 5" href="http://viewer.zmags.com/publication/f52dde2a?page=5">Linda Chase-Jenkins is a Principal of TowersPerr</a> Linda Chase-Jenkins is a Principal of TowersPerr<a title="Emp09-2_Final.qxp page 6" href="http://viewer.zmags.com/publication/f52dde2a?page=6">4 | Emphasis 2009/2the</a> 4 | Emphasis 2009/2the<a title="Emp09-2_Final.qxp page 7" href="http://viewer.zmags.com/publication/f52dde2a?page=7">Emphasis 2009/2 | 5Embedding ERM means us</a> Emphasis 2009/2 | 5Embedding ERM means us<a title="Emp09-2_Final.qxp page 8" href="http://viewer.zmags.com/publication/f52dde2a?page=8">6 | Emphasis 2009/2ENTERPRISE RISK MANAGE</a> 6 | Emphasis 2009/2ENTERPRISE RISK MANAGE<a title="Emp09-2_Final.qxp page 9" href="http://viewer.zmags.com/publication/f52dde2a?page=9">Eberhard M&uuml;ller is chief risk officer at Hannover</a> Eberhard M&uuml;ller is chief risk officer at Hannover<a title="Emp09-2_Final.qxp page 10" href="http://viewer.zmags.com/publication/f52dde2a?page=10">8 | Emphasis 2009/2EXHIBIT 2Reserve analy</a> 8 | Emphasis 2009/2EXHIBIT 2Reserve analy<a title="Emp09-2_Final.qxp page 11" href="http://viewer.zmags.com/publication/f52dde2a?page=11">EXHIBIT 3Clear breakdown of risk appetiteLimits</a> EXHIBIT 3Clear breakdown of risk appetiteLimits<a title="Emp09-2_Final.qxp page 12" href="http://viewer.zmags.com/publication/f52dde2a?page=12">10 | Emphasis 2009/2ENTERPRISE RISK MANAG</a> 10 | Emphasis 2009/2ENTERPRISE RISK MANAG<a title="Emp09-2_Final.qxp page 13" href="http://viewer.zmags.com/publication/f52dde2a?page=13">Wolfgang Hoffmann is a Principal of TowersPerrin</a> Wolfgang Hoffmann is a Principal of TowersPerrin<a title="Emp09-2_Final.qxp page 14" href="http://viewer.zmags.com/publication/f52dde2a?page=14">12 | Emphasis 2009/2ti</a> 12 | Emphasis 2009/2ti<a title="Emp09-2_Final.qxp page 15" href="http://viewer.zmags.com/publication/f52dde2a?page=15">EXHIBIT 3Value attribution is based on financial</a> EXHIBIT 3Value attribution is based on financial<a title="Emp09-2_Final.qxp page 16" href="http://viewer.zmags.com/publication/f52dde2a?page=16">14 | Emphasis 2009/2PROPERTY &amp; CASUALTY I</a> 14 | Emphasis 2009/2PROPERTY &amp; CASUALTY I<a title="Emp09-2_Final.qxp page 17" href="http://viewer.zmags.com/publication/f52dde2a?page=17">Charles R. Wolstein is a Principal of TowersPerr</a> Charles R. Wolstein is a Principal of TowersPerr<a title="Emp09-2_Final.qxp page 18" href="http://viewer.zmags.com/publication/f52dde2a?page=18">16 | Emphasis 2009/2EXHIBIT 1Five dimensi</a> 16 | Emphasis 2009/2EXHIBIT 1Five dimensi<a title="Emp09-2_Final.qxp page 19" href="http://viewer.zmags.com/publication/f52dde2a?page=19">EXHIBIT 2Indicated North Carolina personal auto </a> EXHIBIT 2Indicated North Carolina personal auto <a title="Emp09-2_Final.qxp page 20" href="http://viewer.zmags.com/publication/f52dde2a?page=20">18 | Emphasis 2009/2PROPERTY &amp; CASUALTY I</a> 18 | Emphasis 2009/2PROPERTY &amp; CASUALTY I<a title="Emp09-2_Final.qxp page 21" href="http://viewer.zmags.com/publication/f52dde2a?page=21">Deborah Turner is a senior claim consultantwith </a> Deborah Turner is a senior claim consultantwith <a title="Emp09-2_Final.qxp page 22" href="http://viewer.zmags.com/publication/f52dde2a?page=22">20 | Emphasis 2009/2and,</a> 20 | Emphasis 2009/2and,<a title="Emp09-2_Final.qxp page 23" href="http://viewer.zmags.com/publication/f52dde2a?page=23">Emphasis 2009/2 | 21Current economic cond</a> Emphasis 2009/2 | 21Current economic cond<a title="Emp09-2_Final.qxp page 24" href="http://viewer.zmags.com/publication/f52dde2a?page=24">22 | Emphasis 2009/2REINSURANCEREINSURA</a> 22 | Emphasis 2009/2REINSURANCEREINSURA<a title="Emp09-2_Final.qxp page 25" href="http://viewer.zmags.com/publication/f52dde2a?page=25">Jonathan Tilman is the European Property &amp;Casual</a> Jonathan Tilman is the European Property &amp;Casual<a title="Emp09-2_Final.qxp page 26" href="http://viewer.zmags.com/publication/f52dde2a?page=26">24 | Emphasis 2009/2of</a> 24 | Emphasis 2009/2of<a title="Emp09-2_Final.qxp page 27" href="http://viewer.zmags.com/publication/f52dde2a?page=27">Emphasis 2009/2 | 25Solvency II is making</a> Emphasis 2009/2 | 25Solvency II is making<a title="Emp09-2_Final.qxp page 28" href="http://viewer.zmags.com/publication/f52dde2a?page=28">26 | Emphasis 2009/2TOWERS PERRINTHOUGH</a> 26 | Emphasis 2009/2TOWERS PERRINTHOUGH<a title="Emp09-2_Final.qxp page 29" href="http://viewer.zmags.com/publication/f52dde2a?page=29">Tillinghast Second Older Age MortalityStudy (TOA</a> Tillinghast Second Older Age MortalityStudy (TOA<a title="Emp09-2_Final.qxp page 30" href="http://viewer.zmags.com/publication/f52dde2a?page=30">28 | Emphasis 2009/2THE LAST WORDAN ACT</a> 28 | Emphasis 2009/2THE LAST WORDAN ACT<a title="Emp09-2_Final.qxp page 31" href="http://viewer.zmags.com/publication/f52dde2a?page=31">WHEN IT COMES TO RISK MANAGEMENT,WHAT A DIFFEREN</a> WHEN IT COMES TO RISK MANAGEMENT,WHAT A DIFFEREN<a title="Emp09-2_Final.qxp page 32" href="http://viewer.zmags.com/publication/f52dde2a?page=32">www.towersperrin.com</a> www.towersperrin.com