Managing marginal capital requirements in solvency II: Analysis of a real insurance portfolio

This thesis provides a complete analysis of the Standard Capital Requirements given by Solvency II for a real insurance portfolio. We analyze the investment portfolio of BPI Vida e Pensões, an insurance company affiliated with a Portuguese bank BPI, both at security, sub-portfolio and asset class levels. By using the Standard Formula from EIOPA, Total SCR amounts to 239M€. This value is mostly explained by Market and Default Risk whereas the former is driven by Spread and Concentration Risks. Following the methodology of Leblanc (2011), we examine the Marginal Contribution of an asset to the SCR which allows for the evaluation of the risks of each security given its characteristics and interactions in the portfolio. The top contributors to the SCR are Corporate Bonds and Term Deposits. By exploring further the composition of the portfolio, our results show that slight changes in allocation of Term and Cash Deposits have severe impacts on the total Concentration and Default Risks, respectively. Also, diversification effects are very relevant by representing savings of 122M€. Finally, Solvency II represents an opportunity for the portfolio optimization. By constructing efficient frontiers, we find that as the target expected return increases, a shift from Term Deposits/ Commercial Papers to Eurozone/Peripheral and finally Equities occurs.

The impact of the Board of Director's composition on companies performance

The impact of the Board of Directors’ composition on companies’ performance This paper studies the impact that the board of directors’ composition has on companies’ performance in the Italian market. The research has been carried out by using a sample of 10 Italian companies, across different market sectors, over a period of 10 years (2005-2014). The characteristics of the BoD taken into consideration are the following: board size, board diversity (% of female directors), board independence and CEO duality. Results from the sample data collected concluded that these factors have a statistically significant impact on the performance of the companies that have been analysed.

What Fidelidade group should do to convey its human centric brand identity values to millennial insurance consumers

Companies are concerned in attracting and retaining Millennial consumers, especially if their relation with this target audience is weak. This happens in the insurance industry in Portugal and in Fidelidade group specifically. The aim of this study is to recommend a strategy for the insurance group to improve its relationship with these consumers, by conveying its human centric values. In order to address this goal, we developed a qualitative research. The main insight is that Millennials may perceive those values in the industry but do not associate them with insurance brands.

"Public on the outside, private on the inside": the organizational hybridization, sense of belonging and identity strategies of the employees of a public unemployment insurance fund in Switzerland

A number of studies show that New Public Management reforms have altered the current identity benchmarks of public officials, particularly by hybridizing values or management practices. However, existing studies have largely glossed over the sense of belonging of officials when their organization straddles the concerns of public service and private enterprise, so that the boundary between public and private sector is blurred. The purpose of this article is precisely to explore this sense of belonging in the context of organizational hybridization. It does so by drawing on the results of research conducted among the employees of a public unemployment insurance fund in Switzerland. On the one hand, the analysis shows how much their markers of belonging are hybrid, multiple and constructed in negative terms (with regard to the State), while indicating that the working practices of the employees point to an identity that is nevertheless closely bound with the public sector. On the other hand, the analysis shows that the organization plays strategically with its State status, by exploiting either its private or public identity in line with the needs related to its external image. The article concludes with a discussion of the results highlighting the strategic functionality of the hybrid identity of the actors.

Key Account Management in Paper and Board Industry- Identification of Key Accounts for Stora Enso Graphical Boards

Tutkimuksen tarkoituksena oli tunnistaa nykyiset sekä potentiaaliset avainasiakkaat case yritykselle. Avainasiakkaat tunnistettiin Chevertonin tunnistamis- ja valintamatriisin avulla, jossa asiakkaan sijoittumista matriisiin arvioidaan asiakkaan houkuttelevuuden sekä toimittajan suhteellisten vahvuuksien avulla. Kriteereiksi avainasiakkaiden tunnistamiseen valittiin asiakkaan vuotuinen ostovolyymi, asiakkaan business-potentiaali sekä case-yrityksen toimittajaosuus. Asiakkaat luokiteltiin avainasiakkaisiin, kehitettäviin avainasiakkaisiin, ylläpidettäviin asiakkaisiin sekä satunnaisiin asiakkaisiin. Tutkimus tarjosi lähtökohdan case-yrityksen uusille avainasiakaspäälliköille sekä osoitti suunnan tulevaisuuden tutkimustarpeille. Aktiivisen tiedonvaihdannan kautta eri myyntikonttoreiden johtohenkilöstön sekä myös yrityksen eri funktionaalisten divisioonien välillä voidaan saavuttaa kilpailuetua kun lähestytään asiakasta toimintojaan järkiperäisesti koordinoineena toimittajana samalla kun asiakkaat keskittävät ostojaan. Jotta yrityksen tavoitteet, markkinamahdollisuudet sekä resurssit olisivat hyvin tasapainossa, tulisi myös asiakaskannattavuutta sekä asiakkaiden strategista merkittävyyttä arvioida ja mitata säännöllisesti tässä tutkimuksessa käytettyjen tunnistuskriteereiden lisäksi.

1964-65 Board of Governors

The 1964-65 Board of Governors. Pictured here are those who attended the first meeting on December 8, 1964. From left to right - Front Row: E. E. Mitchelson, Niagara Falls. Mrs. J. J. Bench, St. Catharines. W. B. Gunning, Chippawa. Dr. J. A. Gibson, St. Catharines. D. G. Willmot, St. Catharines. J. M. Trott, Welland. C. B. Hill, St. Catharines. A. C. Rae, Fonthill. Back Row: E. S. Howard, Fort Erie. W. J. Freeman, Port Colborne. M. L. Swart, Thorold. C. F. Anderson, Port Colborne. W. S. Martin, Queenston. E. R. Davey, Niagara Falls. R. L. Hearn, Queenston. C. W. Morehead, Welland. S. J. Leishman, Thorold. F. H. Leslie, Chippawa. F. C. Cullimore, Chippawa. W. B. C. Burgoyne, St. Catharines. H. C. Blenkhorn, St. Catharines. M. A. Chown, St. Catharines. B. P. R. Newman, St. Catharines. R. S. Misener, St. Catharines. Missing: R. M. Schmon, Niagara on the Lake. E. J. Barbeau, St. Catharines. P. E. Roberts, Toronto. L. R. Williams, Welland.

1977 Board of Trustees

Pictured here from left to right are: T. Breithaupt, Marianne Stevens, J. Miller, T. Briant, M. Van Neirpt, C. McMillan, D. Townson, R. Bannister, E. Marsh, T. Varcoe, A. Earp, A. Chown, R. Nairn, W. Jolly, M. Miller, and C. Shaver.

2004-05 Board of Trustees

The 2004-2005 Board of Trustees. Pictured here from left to right are: Front Row - Val Fleming; Dr. Patricia Teal; Wendy Staff; Dr. Norris Walker, Chair; Dr. David Atkinson, President and Vice Chancellor; Dr. Val Jaeger; Donna Scott; and Steven Lalinovich. Middle Row - Mike Farrell, Secretary to the University; Rudi Kroeker; Brandon Larry, President, Brock University Students' Union; Dr. Terry Boak, Vice-President, Academic and Provost; Mitzi Banders; Geeta Powell; Dr. Sid Segalowitz; Tom Gauld; Karin Jahnke-Haslam; and Dr. Mohammed Dore. Back Row - David Edwards, Immediate Past Chair; Bruce Wormald; Willy Heldbuechel, Vice-Chair; Brad Clarke; David Howes, Vice-Chair; Mark Steinman; Peter Partridge; Michael Sidenberg; Angelo Nitsopoulos; Steven Pillar, Vice President, Finance and Administration; Ron Dubien, Chief Information Officer. Absent from photo - Dr. Raymond Moriyama, Chancellor; Eleanor Ross; Jagoda Pike; Dr. Mary Frances Richardson; and Nick Brown.

Board of Trustees

Left to Right in clockwise fashion (Seated) B.P.R. Newman, C. Bruce Hill, Alan J. Earp (Provost), I.D. Buchanan, W.J. Marshall, Patrick Beard, H.C. Blenkhorn, H.W.M. Smith, Dr. James A. Gibson (President), D.W. Lathrop (69/70 chairman), E.R. Davey (68/69 chairman), Dr. C.A. Sankey (Chancellor), E.E. Mitchelson (Secretary), Dan Biggar, Mrs. J.J. Bench, M.L. Stwart, W.D. Chisholm, W.A. Thomas Left to Right (Standing) R.M. Schmon (Vice Chairman 69/70), E.S. Howard (Vice Chairman 69/70), S.S. MacInnes, QC (Vice Chairman 69/70)

1977 Board of Trustees Session

Pictured here from left to right are: Dr. M Millar, Dr. C Shaver, Mr. O Loberg.