Premium Essay

Liverpool

In:

Submitted By paddlesport
Words 15078
Pages 61
How Fair Value Measurement Changes Risk Management Behavior in the Insurance Industry
JANUARY 2013

SPONSORED BY Financial Reporting Section Society of Actuaries

PREPARED BY Bruce B. Rosner, FSA, MAAA Ernst & Young LLP Mark J. Freedman, FSA, MAAA Ernst & Young LLP

The opinions expressed and conclusions reached by the authors are their own and do not represent any official position or opinion of the Society of Actuaries or its members. The Society of Actuaries makes no representation or warranty to the accuracy of the information. In addition, the discussion and examples presented in this paper are for educational purposes. They are not to be viewed as an authoritative statement by the Society of Actuaries or Ernst & Young LLP on the quality and/or appropriateness of an individual company’s practices or an indicator of “better” practice from one company relative to another.

© 2013 Society of Actuaries, All Rights Reserved

Acknowledgments
We would like to acknowledge and thank a number of individuals who contributed to the success of this study: • Ronora Stryker and Jan Schuh from the Society of Actuaries for providing leadership and coordination The Project Oversight Group for guidance throughout this project: • Robert Baldwin • Mark Bergstrom • Jim Bridgeman • Joonghee Huh • Kathryn McCarthy (Chair) • James Norman • Jim Reiskytl • Doug Van Dam The companies that volunteered to be interviewed anonymously for this study Other members of the Ernst & Young team who contributed in various capacities: • Rob Barg • Zak Benjazia • Michael Chan • Cathy Fan • Tara Hansen • Graham Mackay • David Minches • Jordan Nadler • Xi Zhu



• •

How Fair Value Measurement Changes Risk Management Behavior in the Insurance Industry

2

Table of Contents
I. II. III. IV. IV.A. IV.B. IV.C. IV.D. IV.E. Executive

Similar Documents

Free Essay

Liverpool Rebranding

...Liverpool Rebranding Liverpool is a city in the north west of England and has a population of around 470000. It became a city in 1880 and is historically part of Lancashire. Overtime Liverpool has had many identities. In the 18th and 19th centuries it was a huge port with massive ships using the River Mersey to transport cargo and other goods. Around 1960 it became a leader in popular culture. Liverpool needed to rebrand because the city became old and run down but had little money to spend. This is because in the 1980’s Liverpool experienced economic and social deprivation.So Liverpool was in a spiral of decline because it was no longer an attractive place to live and work, people turned to vandalism and crime and some even left the area. With people leaving the area and it being an unsafe place to walk the streets, investors didn’t want to invest which meant the city couldn’t move forward. Liverpool is seen to be a city of culture because it has a rich history in popular music, most notably ‘The Beatles’. It also has a rich history in performing arts with an annual summer Shakespeare event. More evidence of it’s performing arts pedigree is the number of theatres, Empire, Everyman, Playhouse, Neptune, Royal Court and Unity Theatres are all very famous theatres. Liverpool also has two premier league football teams with Liverpool and Everton competing at the highest level. All of this shows that Liverpool has so much culture to offer and this is why it was awarded...

Words: 506 - Pages: 3

Free Essay

Liverpool Assignment

...Liverpool Football Club (LFC) – You’ll Never Walk Alone (YNWA) Liverpool Football Club is an English professional association football club based in Liverpool, Merseyside. They are currently played in Premier League. They have played at their current home ground, Anfield since their foundation in 1982. Liverpool joined the Football League in 1984, and was founding members of the Premier League in 1992. The founder for this Liverpool is John Houlding. The Liver bird is the symbol of the city of Liverpool, England. The use of a bird to represent the city dates to the medieval era, but the idea that the "liver bird" is a mythical creature specific to Liverpool evolved in the 20th century. The bird is normally represented in the form of a cormorant holding a frond in its mouth. The list encompasses the major honors won by Liverpool, records set by the club, their managers and their players. The player records section includes details of the clubs’s leading goal scorer and those who have made most appearances in the first-team competitions. It also records notable achievements by Liverpool players on the international stage, and the highest transfer fees paid and received by the club. Attendance records at Anfield are also included in the list. The club have won 18 top-fight titles, and also hold the record for the most European Cup victories by an English team, winning the competition five times. The club’s record appearance maker is Ian Callaghan, who made 857 appearances between...

Words: 1024 - Pages: 5

Free Essay

Liverpool Fc

...Manquillo. Dejan Lovren seemed to excite a lot of Liverpool fans when he signed in the summer. A transfer fee of £20 million after a great season in the successful Southampton side which managed an 8th placed finish. Lovren has made a slow but steady start. He has showed some signs of promise, being tall, strong and winning balls. However there is still signs of that shaky defence from last season with Lovren now in the centre of the chaos as we have already conceded 15 goals in 11 games. This season. Rodgers brought in two Spaniards. Javier Manquillo, a right back, and Alberto Moreno, a left back. Javier Manquillo, who is on loan from Atletico Madrid for the season, looks promising but he is only 20 and still has a lot to learn when it comes to both defending and going forward. Moreno, another young full back at 22, looks good going forward, with a lot of pace and power shown especially with his goal in the 4-0 beating of Spurs at White Hart Lane, however at 22 he can still improve defensively, but with the reds splashing out £12 million from Sevilla on the Spaniard, he really needs to step up, along with the rest of the back four. Midfielders Rodgers brought in three midfielders. These were Emre Can, a central midfielder, Adam Lallana, who can play on the right of midfield or in the number 10 role, and Lazar Markovic who is a winger. The next signing we will come to is Emre Can, a young 20 year old German defensive midfielder. Liverpool paid £10 million to Bayer Leverkusen for Can...

Words: 829 - Pages: 4

Free Essay

Events

...and Beatriz Garcia (Impacts 08) Impacts 08 is a joint programme of the University of Liverpool and Liverpool John Moores University Commissioned by Liverpool City Council Impacts 08 – Langen & Garcia | Measuring Impacts of Cultural Events | May 2009 Table of Contents 1. Summary ........................................................................................................................................................ 3 2. Introduction: measuring the impacts of large scale cultural events ................................................................ 3 3. Major cultural festivals and events ................................................................................................................. 3 4. Cultural mega events ..................................................................................................................................... 5 5. European Capitals of Culture ......................................................................................................................... 7 6. Discussion ...................................................................................................................................................... 9 7. Bibliography ..................................................................................................................................................10 Impacts 08 - The Liverpool Model, European Capital of Culture Research Programme www.impacts08.net Impacts 08...

Words: 6804 - Pages: 28

Free Essay

Restoration

...Date: 16/04/12 Ian Scott Student ID 471727 Module Code: 6104 BEUG Module Leader: P.Kenny & S.Buxbaum Submission Date: 16/04/12 Liverpool John Moores University School of the Built Environment Conservation Plan & Feasibility Study Of The Wellington Rooms (Known locally as the Irish Centre) The Wellington Rooms 2011 http://flickr.com/photos Report prepared by Mr Ian Scott: Student ID: 471727 Report Contents 1. Executive Summary 3 2. Introduction 3 3. Site Location & Description 3 4. Listing Extract 4 5. Statutory Controls 5 6. Evaluation of Development 5-6 7. Development Options 6-7 8. Appraisal of Repairs 7-9 9. Adaption Works 9-10 10. Conclusion 10 11. References & Bibliography 11 12. Photographs & Illustrations 12-16 ------------------------------------------------- 1.0 Executive Summary This executive summary provides a conservation plan and feasibility study considering the options for the proposed development and economic re-use of the grade II* Listed Wellington Rooms Liverpool. The conservation plan and feasibility study have been prepared on the instruction of Mr Paul Kenny & Miss Sarah Buxbaum of the School of the Built Environment, Liverpool John Moores University....

Words: 3390 - Pages: 14

Free Essay

Case of Liverpool

...FIFA tiene más países miembros que las naciones unidas. 2. En el 2010 se llevó a cabo la primera copa mundial de fútbol en África. 3. En el 2010 se jugaron por primera vez los juegos de la mancomunidad en la India. 4. Los primeros juegos olímpicos de Sudamérica están previstos para Brazil. 5. La primera copa del mundo de fútbol en el medio oriente está confirmada para Qatar. 6. FIFA ha contribuido a la difusión deportiva a nivel global en diferentes competiciones. 7. Aficionados esperan ver a los mejores equipos y jugadores del mundo, por lo que la búsqueda de talento se ha dirigido hacia esta tendencia global; en el caso del baloncesto, los cazatalentos de Estados Unidos y Europa buscan jóvenes con alto potencial en Nigeria, y en el beisbol los agentes han abierto campos de entrenamiento en República Dominicana para reclutar jugadores profesionales. 8. La base de aficionados del mundo crece gracias al reclutamiento de jugadores extranjeros para las ligas locales como la Premier League y la NBA. 9. Los jugadores de primer nivel de casi todos los deportes están dispuestos a seguir el dinero dondequiera que los lleve, como el caso de los jugadores brasileños, los mejores emigran a las ligas europeas por los altos ingresos que ofrecen éstas. 10. En el tenis, los aficionados de todo el mundo quieren ver a los mejores jugadores compitiendo en sus torneos locales. 11. En el 2012, la ATP (Asociación de Tenistas Profesionales) aprobó 66 torneos en 30 países. 12. Los torneos...

Words: 725 - Pages: 3

Free Essay

Termpaper

...Trinity Mirror Regionals to become partner of Google’s AdWords campaign TRINITY Mirror Regionals (TMR), publisher of the Liverpool ECHO, has announced it has become the first newspaper group to become a Premier SME Partner of Google’s AdWords advertising programme in the UK. It means TMR will sell a range of AdWords account management services from account setup and activation to ongoing campaign maintenance and optimisation, allowing them to use online advertising as a cost effective way to find and target new customers. Tariq Janmohamed, head of the Partner Programme for Europe, Middle East and Africa, said: “The Programme was created to help small-and medium-sized businesses who don’t have the time or resources to manage their advertising campaigns.” TMR managing director digital marketing services, Phil Machray, added: “This further broadens our offering of marketing services to local advertisers.” Trinity Mirror invests for future and increases savings MEDIA group Trinity Mirror today said it was investing for future growth while increasing cost savings by £10m to maximise short-term profits. The group, which includes the Liverpool Daily Post and Liverpool ECHO titles, was reporting half year results to July 3. Total sales fell slightly from £382.2m to £371m, while pre-tax profits were £41.9m against £50.4m. Chief executive Sly Bailey said she had undertaken a series of actions to limit the impact on group operating profits. MEDIA group Trinity...

Words: 881 - Pages: 4

Free Essay

Brendan Rodgers’ Gerrard Conundrum

...whether to use the talismanic captain as a bit-part player from the bench, or as a starter from now till the end of the season. Gerrard is now entering the final few months of his Liverpool career, and surely there is a lot of sentiment from quarters of the Anfield faithful for him to play as much football for the club till he departs. However, since his absence Liverpool have been on a scintillating run of games having won 8 and drawn 1 game in the Premier League. The current squad is revolved around the dovetailing of Philippe Coutinho and Raheem Sterling and with the current set up; it is difficult to see Gerrard forcing his way into the starting eleven. The big question now though, is how does Rodgers tackle this situation? Will he be doing the right thing by using Gerrard as an impact substitute? Or, does he allow sentiment to get in the way of his decision-making process to start with legendary player? The answer is – to use him as an impact substitute. As bitter a pill that is to swallow for the fans; it is the truth. For so many years the team has looked up at Gerrard to bring them out of trouble. However, that is not the case anymore. The days of Gerrard pulling Liverpool over the line are gone, as he cannot keep up with fluidity of the current team. The kind of form of this Liverpool side is in suggests that Rodgers is building a team with a new identity; an identity without that does not revolve around their talismanic captain being at the forefront of everything...

Words: 725 - Pages: 3

Free Essay

Club Financial Appraisal Paper

...on the assessment of a high profile football club, Liverpool football club in the soccer industry. The purpose is to evaluate the financial status and performance of the club. Inclusive club financial policies were considered and examined to bring forth suitable recommendations for investment. The aim of this study is to provide a brief history of the Liverpool club. This financial appraisal focused on the clubs numerous financial record fractions such as capital structure and liquidity, market shares and asset utilization, investment returns and operating performance citing financial implications for the last five years. A document expression approximating the club's financial performance was generated (Williams & Hopkins 2011, pp. 160-174). The assumptions were explored in order to derive the correct financial information for the pro forma. From the appraisal, appropriate conclusions were made, and recommendations highlighted for potential investors in the football club. Liverpool is a well-known club competing in an ever dynamic, developing and expanding soccer industry. Liverpool is a mature club having been founded in 1892 and has been on the rising ladder in terms of financial management and operations. Since its conception, the club has managed to surpass financial constraints that come with evolution and expansion of assets and liabilities. This quite steady trend has strengthened the club. Currently, Liverpool is on the list of the most lucrative businesses, and...

Words: 2680 - Pages: 11

Premium Essay

Pretty Boy Floyd: Oklahoma Outlaw

...filled with suspicion was a farmer named Lon Esrael. Two special agents, by the names of Grover Potts and William Erwin, quickly responded to the call. The two agents walked over to the location to investigate the dilemma. As they neared the hill, gun fire was exchanged killing Richetti, but granted Floyd the right amount of time to escape. He stopped a cyclist and stole the motorcycle. Floyd rode the bike till it ran out of gas. After the bike was out of gas, Floyd stopped a florist and told him to take the back roads (East Liverpool History). The vehicle was soon spotted outside of Lisbon. The police responded by setting up a road block on route 30. Floyd saw the road block and diverged off the highway. Floyd soon noticed a vehicle was following him. He opened fired on the vehicle and soon escaped into the woods. The lawman were still on Floyd’s tracks. Shortly after, Floyd was shot and killed by the lawmen in a field on the Dyke’s land (East Liverpool Historical). In conclusion, Floyd was an outlaw that was very important to Oklahoma’s history. He robbed several banks that did an injustice to the farmers. Though Floyd lived a life of crime, he was also very generous to the people living in poverty and to the ones that kept him hidden when he was being hunted by the police. Do you think Floyd did the banks justice? ...

Words: 981 - Pages: 4

Free Essay

Fernando Torres

...Sanz (Spanish pronunciation: [ferˈnando ˈtores]; born 20 March 1984), nicknamed El Niño (The Kid in Spanish),[4] is a Spanish footballer who plays as a striker for Chelsea and the Spain national team. Torres started his career with Atlético Madrid, progressing through their youth system to the first team squad. He made his first team debut in 2001 and finished his time at the club having scored 75 goals in 174 La Liga appearances. Prior to his La Liga debut, Torres played two seasons in the Segunda División for Atlético Madrid, making 40 appearances and scoring seven goals. He joined Premier League club Liverpool in 2007, after signing for a club record transfer fee. He marked his first season at Anfield by being Liverpool's first player since Robbie Fowler in the 1995–96 season to score more than 20 league goals in a season. Torres became the fastest player in Liverpool history to score 50 league goals. He left the club in January 2011 to join Chelsea for a record British transfer fee of £50 million, which made him the most expensive Spanish player in history. In his first full season at Chelsea, he helped the club win the FA Cup and the UEFA Champions League. Torres is a Spanish international and made his debut against Portugal in 2003. He has since participated in five major tournaments; UEFA Euro 2004, the 2006 FIFA World Cup, UEFA Euro 2008, the 2010 FIFA World Cup and UEFA Euro 2012. Torres did not score at Euro 2004, but netted three at the 2006 World Cup. He scored...

Words: 334 - Pages: 2

Premium Essay

The Success of Adidas

...THE HUMBLE SUCCESS OF ADIDAS Nowadays, the value of sports has been increasing more and more. So, it is important to have a good quality brands for the sportsmen to wear and equipments to use. Adidas is one of the most famous companies for producing the most quality sport goods. “Many people believe that the name Adidas is an acronym that stands for "all day I dream about sports." This idea has been popularly passed around for many years, but it is utterly false. While it may be used that way nowadays, the truth is that the name Adidas actually stands for the name of the company's founder, Adi Dassler” (watchshop.com , 2013). Therefore, this essay will talk about the history, products and sponsorship. However, Adidas have a rich history like other companies before they become successful in the battlefield of business. It all began in 1924 Germany, with the two brothers Adi and Rudolf Dassler who make shoes in their mother’s wash kitchen. Considering how successful they are today, it neither is funny nor shock for everyone to hear their beginnings. In 1936 Olympics Adi Dassler watched the games and realized that it would be a great deal for them if their shoes are worn by someone participated in the Olympics. So, Adi loaded his selected shoes into his car and asked the U.S runner Jesse Owen to wear his shoe in the Olympic Games. Then, the runner Jesse Owen won four gold medals. Also, Owen was the first ever person to wear the Adidas shoe in the tournament although it wasn’t...

Words: 1048 - Pages: 5

Free Essay

Arsenal Fc

...Arsenal Football Club were formed as Dial Square in 1886 by workers at the Royal Arsenal in Woolwich, south-east London, and were renamed Royal Arsenal shortly afterwards.[8] The club were renamed again to Woolwich Arsenal after becoming a limited company in 1893.[9] The club became the first southern member of the Football League in 1893, starting out in the Second Division, and won promotion to the First Division in 1904. The club's relative geographic isolation resulted in lower attendances than those of other clubs, which led to the club becoming mired in financial problems and effectively bankrupt by 1910, when they were taken over by businessmenHenry Norris and William Hall.[10] Norris sought to move the club elsewhere, and in 1913, soon after relegation back to the Second Division, Arsenal moved to the new Arsenal Stadium in Highbury, north London; they dropped "Woolwich" from their name the following year.[11] Arsenal only finished in fifth place in the second division during the last pre-war competitive season of 1914–15, but were nevertheless elected to rejoin the First Division when competitive football resumed in 1919–20, at the expense of local rivals Tottenham Hotspur. Some books have reported that this election to division 1 was achieved by dubious means.[12] Arsenal appointed Herbert Chapman as manager in 1925. Having already won the league twice with Huddersfield Town in 1923–24 and1924–25 (see Seasons in English football), Chapman brought Arsenal their first...

Words: 1328 - Pages: 6

Free Essay

Crime and Media

...guises is probably the most fascinating and main topic for discussion and exploration by the general public, the Media institutions are only too happy to help out in this reporting , of course with a financial cost to the public, but not necessarily with reporting truths or with integrity, within this essay I will demonstrate instances of inaccuracy through the research. There are many on-going debates into Mass Medias influences on crime and violent crime in particular, but is this a true reflection of the current culture crisis or a fabrication to sell copy, taking for instance the Murder case of James Bulger in 1993, after the then 10year old boys Robert Thompson and Jon Venable led 2year old James away from a shopping centre in Liverpool to a brutal /senseless and pointless murder the Media was instantly ‘all over’ the case , even though a murder of children by children was extremely rare the reporting of and style of reporting throughout the case was reflecting to the public all that was now wrong in Britain, The Sun instantly called for ‘a crusade to rescue a sick society’, a ‘breed’ of violent children , single mother parenting , and dysfunctional underclass families where being painted as those whom would bare these types of violent monsters creating one of the most widely advertised Moral panics of the 20th Century (Cohen, 2002). Television and video games where two other forms of education for these child killers with many media organisations reporting that video...

Words: 2088 - Pages: 9

Free Essay

Hillsborough Analysis

...Introduction to Studying to Organizations In order to analyse the Hillsborough police department from an organizational perspective, we must know what an organization is. An organization is a social system, which comprises the coordinated action of two or more people towards attaining an objective (Donaldson, 1985). We can also specifically classify the Hillsborough police department as a public sector, not-for profit, service organization, because they serve the community without charging a price for their services. An important focus for the investigation of the Hillsborough disaster, is the bureaucratic tendencies of the police department. While there were many police enforcers involved in the disaster, it is necessary to look at the hierarchy of command to have a better understanding of where to direct the majority of the blame. In a bureaucratic organization, commands are passed downward from superiors to those working beneath them, and there is often a heavy correlation between promotion possibilities and your ability to successfully carry out the orders given to you. With this in mind, who is to blame is becomes a question of who is to blame? On a micro level, Captain Duckenfield and Lieutenant Murray delivered the commands to their subordinates that led to the disaster, but on a macro level, the subordinates within the department carried out the commands when they knew it was unsafe to do so. A defining part of being an organization is being a goal-seeking entity...

Words: 534 - Pages: 3