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					                                                                                                                                 March 2010




Recent Publications
January—December 2009
Gen Re has a wealth of knowledge
on topics related to insurance,
reinsurance, and asset and
capital management. These
research publications were
prepared by our specialists on
some of the issues most important
to our clients. We hope you find
them valuable.




                      Personal Privacy Issues Drive                                          EPLI in 2009—Hot Product in a
                      Commercial Exposures                                                   Cold Economy (EPLI Monitor)
                      (Casualty Matters)                                                     November 2009
                      December 2009
                                                                                          This edition of EPLI Monitor includes several
                      This publication highlights emerging claims                         articles: EPLI in 2009—Hot Product in a Cold
                      and law involving privacy and habitational                          Economy; Underwriting—Addressing Prior
                      risks. We also discuss developments on a                            Acts; Q&A with Mike Soltis of Jackson Lewis
                      variety of liability topics including Privacy,                      LLP; Claims—Claims-Made Triggers and Late
Internet and Security Breaches; Sexual Misconduct; Public              Notice; Forms—The 2010 ISO BP EPLI Endorsement; and New
Nuisance; Dramshop; Hotels; Contractors/Drywall; and Auto.             Employment Laws and Cases—Disability and Age Discrimination.

                      Commercial Umbrella                                                    Medical Professional Liability and
                      Trends and Issues                                                      Emerging Issues (MPL News)
                      (Commercial Umbrella Monitor)                                          November 2009
                      November 2009                                                          Medical Professional Liability News highlights
                      This issue focuses on 2009 Commercial                                  emerging issues impacting MPL. This
                      Umbrella Trends—Underwriting and                                       inaugural edition highlights developments
                      Claims, Internet-related Liability Exposures,                          in Tort Reform: Court decisions including
                      Construction Defects, Chinese Drywall                                  coverage actions; Changing exposures
                      and Nanotechnology updates, and                  including systemic risk; and Privacy issues relevant for insurers
                      Auto UM/UIM.                                     providing Medical Professional coverage.




A Berkshire Hathaway Company
Gen Re Publications (continued)
                     Inflation and Insurance—What Lies                                     Facultative Matters
                     Ahead? (Regarding Risk)                                               July 2009
                     September 2009                                                        This edition of Facultative Matters has one
                    This edition of Regarding Risk contains                                new article—Risk Differentiation for High-Tech
                    articles on the following topics: Inflation                            Occupancies—that discusses issues to consider
                    and Insurance—What Lies Ahead?;                                        when underwriting technology risks. Also
                    Underwriters on Inflation—What it means to                             included is a Gen Re article reprint: States and
                    the Property and Casualty Lines; The RMS                               Municipalities—Going Green.
Catastrophe Models v.9; and Updates on Chinese Drywall and
Wisconsin UM/UIM.                                                                          Pollution Exclusions and Regulatory
                                                                                           Minefields (Policy Wording Matters)
                     Workers’ Compensation—Emerging                                        June 2009
                     Issues Ahead (Gen Re Viewpoint)
                                                                                           This issue of Policy Wording Matters highlights
                     September 2009                                                        the recent activity in Texas on pollution
                     This Viewpoint highlights three emerging                              exclusions and state views on a variety
                     issues topics that may soon impact insurers—                          of environmental and toxic exclusions,
                     Obesity, MRSA and Nanotechnology—and                                  as well as coverage issues and wording
                     discusses ways Workers’ Comp. insurers can                            solutions cutting across many lines of
                     respond to these emerging trends.                                     business.

                     You Don’t Have to Be a Millionaire                                    Workers’ Compensation—Another
                     to Be Sued Like One                                                   Challenging Year for Workers’
                     (Gen Re Viewpoint)                                                    Compensation (Gen Re Viewpoint)
                     September 2009                                                        June 2009

                     This Viewpoint highlights bad things can and                          The Workers’ Compensation market has
                     do happen to good risks and discusses some                            held its own in a difficult economic year,
                     of the exposures many Americans have that                             but will insurers be able to make the same
                     may put them at risk.                                                 claim for 2009? This Viewpoint discusses
                                                                                           NCCI information and Gen Re’s look at the
                     Risk Management Can Help Sell EPLI                                    numbers.
                     (Gen Re Viewpoint)
                     September 2009                                                        States and Municipalities—
                                                                                           Going Green (Property Matters)
                     This Viewpoint provides marketing points, a
                                                                                           May 2009
                     cost outline and the benefits of Gen Re’s risk
                     management services that are available to EPLI                         A growing number of states and municipalities
                     clients.                                                               across the U.S. are adopting green building
                                                                                            programs including Energy Star, LEED and
                     A Look Inside the 2010 ISO BOP                                         more. This issue of Property Matters looks at a
                     Policy (Policy Wording Matters)                                        few approaches—from a large city to a small
                     August 2009                                      county—California; Washington; DC; Dallas; Texas; Howard County,
                                                                      Maryland; and Epping, New Hampshire. In addition, we highlight
                    This edition focuses on one topic: the 2010       Greensburg, Kansas which is regarded as one of the greenest cities
                    ISO Businessowners Policy. We review the          in America and the frontrunner of requiring new construction are
                    property and liability changes, and provide       built to green standards.
                    additional details on Property—Civil authority,
                    exclusions and new endorsements; Liability—                            Liquor Liability—The Rules of the
New condo D&O coverage; Liability—Revisions to construction-                               Road (Casualty Matters)
related endorsements; and the status of the ISO filing.
                                                                                           April 2009
                                                                                           In this issue we discuss the underwriting
                                                                                           challenges posed by liquor liability, both dram
                                                                                           shop and social host, and provide an overview
                                                                                           of the laws shaping the exposures. Also
                                                                                           highlighted are recent cases redrawing the
                                                                                           parameters of liquor legal liability coverage.
2      Gen Re
Gen Re Publications (continued)                                          Surveys Updated in 2009
                       Will Imported Chinese Drywall Lead                                  Uninsured and Underinsured Motorist
                       to a New Round of Construction                                      Liability Survey
                       Defects Litigation? (Hazardous Times)                               This survey is updated monthly online and is
                       April 2009                                                          available through our client extranet, Gen Re
                                                                                           Online, to keep current with state UM/UIM law
                       This edition of Hazardous Times examines
                                                                                           developments. The survey highlights the state
                       the potential exposures arising from the use
                                                                                           laws with summaries of key provisions including
                       of Chinese-made drywall in residential and
                                                                                           offers, stacking, triggers, offsets and umbrella
                       commercial buildings.
                                                                                           coverage.
                       Facultative Matters
                       March 2009
                                                                         Electronic Publications
                       This Facultative Matters publication includes                     These PDF-only articles are available via our client
                       two articles: Historic Property Rehabilitation                    extranet, Gen Re Online.
                       Tax-Credit Incentive Insurance and Future
                       Liabilities From New Energy Technologies.
                                                                         E-News Auto
                                                                         Wisconsin UM/UIM Update—Stacking and Umbrella Issue,
                                                                         September 2009
                       Green Construction Presents New
                       Property and Casualty Exposures                   Uninsured and Underinsured Motorist Liability—Updated Survey
                       (Insurance Issues)                                Available Online, September 2009

                       February 2009                                     Wisconsin Changes Auto and UM/UIM Laws—New Requirements
                                                                         for Auto and Umbrella Insurers, July 2009
                       In this edition of Insurance Issues, we discuss
                                                                         Growth and Economic Issues Top 2009 Auto Insurance Report
                       green construction and the new exposures
                                                                         Conference, May 2009
                       it may create for Property and Casualty
                       insurers. Topics highlighted in this issue are:
                                                                         E-News EPLI
Growing support for green construction; Ranking systems and
                                                                         Using Risk Management (RM) Services to Sell EPLI, December 2009
training; Implications for Property and Casualty insurers; and
Claims considerations.                                                   New EPLI Marketing Tool—Online Presentation, November 2009
                                                                         Layoffs Without Lawsuits—Make Sure Reasons Are Valid, June 2009
                                                                         New Wisconsin Employment Law Expands Damages for Some
                                                                         Employers, June 2009
                      Model Mania                                        Handling Employee Theft—Tools to Avoid EPLI Claims, March 2009
                      by Tad Montross, Chairman & CEO, Gen Re            EPLI Latest Round of Developments, February 2009
                      Over the past two decades, the insurance
                      industry has seen the use of models                E-News G/L Umbrella
                      increase dramatically. This creates a new          Ohio Court Limits Absolute Pollution Exclusion in the Workplace,
                      management challenge—understanding                 July 2009
                      and managing all the models. This article          New Jersey Court Refuses to Expand Liquor Liability, June 2009
                      comments on the models and how to
                      manage them.                                       E-News Multiline
                                                                         Chinese Drywall Claims Grow and Move North and West,
                                                                         June 2009

                                                                         E-News Workers’ Comp.
                                                                         Medicare Reporting Requirements, May 2009
                                                                         Update to Medicare Reporting Requirements, May 2009
                                                                         A.M. Best Expands Workers’ Comp. Questions on SRQ,
                                                                         February 2009

                                                                         Blips on our Radar
                                                                         Chinese Drywall Triggers BI/PI Lawsuits Against U.S. Contractors
                                                                         and Material Supplies, March 2009



3       Gen Re
GR–NEAM Publications
                   Reflections is a monthly publication with             The Coming Sinophilia (Reflections)—May 2009
                   each issue focusing on current capital                The capital markets have begun to take notice of China’s emerging
                   markets and investment topics.                        signs of success in restarting lending, unlike the U.S. If Asia emerges
                                                                         as the world’s growth venue and economies in the west cannot
                                                                         overcome the retarding effects of weak financial systems, securities
                                                                         valuations there could be revalued, perhaps significantly.

                                                                         The Stock Market and Valuation (Reflections)—
Two Difficult People Do Not Make a Good Marriage                         April 2009
(Reflections)—December 2009                                              Valuing the stock market has become more challenging as
Regulation of the banking system is about to change, but the             traditional measures have in some cases become unstable.
central problem is rooted in banking as a business, and in the           A stable long term series, however, simple it may be, suggests
nature of regulatory behavior. In the long run, the outcome of           that long term returns are likely to be considerably improved from
the current reregulation will only be to modify the shape of             current levels—but it will take several years at a minimum.
future financial crises.
                                                                         Investing with Leviathan (Reflections)—March 2009
From Bete Noir to White Knight—Financing the
                                                                         The scale and complexity of governments’ responses to the financial
Deficit II (Reflections)—November 2009                                   crisis is very large. While it is early to tell, it may increase the role of
The banking system will contribute to financing the deficit, but         policy anticipation in investment analysis. Participants in the Chinese
are mainly intermediaries that recycle rising deposits. While this is    stock market have behaved that way all along.
constructive for funding reasons, deposits are likely to rise because
household spending is below the levels of past recoveries, creating      How to Grow Poor Slowly (Reflections)—February 2009
a circular problem for a government trying to simulate a                 Treasury bond yields are unsustainably low. But Treasury Inflation
conventional recovery.                                                   Protected Securities, now out of favor, are quite attractive.

Financing the Deficit (Reflections)—October 2009                         A Fault Line in Economic History (Reflections)—
The U.S. government’s fiscal year ended in September, and the            January 2009
borrowing requirement that accompanied a $1.6 trillion deficit was       The markets are making the bet that the historic government
in fact financed without noticeable upward pressure on interest          intervention in the financial system in the economy will fail. Markets
rates. The reason, however, was that households made a large             are priced for persistent deflation even as the policy response is
shift away from risky financial assets toward Treasury bonds as the      unprecedented in scale and innovation. The market consensus will
markets deteriorated. Financing the expected $1.4 trillion deficit is    likely be proved wrong over time.
another issue, however, without the stock market falling again.
                                                                                             General ReView provides review and
Wakefulness 1, Rest 0 (Reflections)—September 2009
                                                                                             comment on current investment and
Government intervention in the financial system was necessary
                                                                                             capital management subjects impacting
and appropriate to prevent disaster. Continued intervention in
                                                                                             the insurance industry.
the economy, however, distorts behavior and eventually stands
to raise the government’s borrowing requirement and accomplish
little over time.

Inflation Quo Vadis (Reflections)—August 2009                            Investment Profiles: 2008 P&C/Life Holdings
If inflation is to accelerate it is not immediate, but more likely to    (General ReView)—December 2009
appear over three or four years’ time. Insurance against it, however,    Despite the tumult of the 2008 capital markets, most insurers’
is today generally attractively priced and should be purchased.          investments were not so severely impacted. The greatest sources
                                                                         of losses were equity holdings, a large portion due to affiliated
The New Calvinists (Reflections)—July 2009                               company valuations. Fixed income write-downs, in particular as a
The shock to households’ perception of their financial safety will       percent of assets, were quite small. Of greater interest is mortality
make for higher savings rates—the only question is how high. They        and annuity companies’ fixed income durations continue to trail
could go surprisingly high—after all, everything else in this business   those of non-life companies.
cycle has come as a surprise.

House Prices: Overshooting On the Downside
(Reflections)—June 2009
Residential real estate behaves as a discrete asset class, and we
measure the central tendency of its value. House prices were
overvalued materially by that measure, and after recent declines are
around their equilibrium value. Both the current level of housing
inventory and history, suggest we are headed for undervaluation.                                   Recent Research Publications, March 2010         4
International Property/Casualty Publications                              Life/Health Publications
For those clients who conduct business outside of the U.S., the                              Risk Insights
following publications (written in English) may be useful. PDF copies
                                                                                             Each edition of this global publication
are available on Gen Re Online.
                                                                                             contains several articles on various topics,
                      Green Construction Issues                                              many of them technical. It is produced
                      (Property Matters)                                                     for Life, Health and Disability insurance
                      August 2009                                                            executives worldwide.
                      This issue of Property Matters, produced in         December 2009
                      London, highlights the potential changes            Articles include: Life Insurance—Product Trends in the U.S. 10 Years
                      for the insurance industry with regard to           After Y2K; Anti-Selection—Fact or Myth? Experience of a Guaranteed
                      terms and conditions in wordings and policy         Issue Portfolio; Obesity—An Expanding Issue; Claims Visiting Services
                      coverages and how these are going to be             in the German Disability Insurance Sector—Observations on the
                      affected by the UK government targets for a         Different Aspects of Conducting On-site Claims Investigations; Long
                      reduction in greenhouse gas emissions.              Term Care Claims Management—Opportunities for Improvement;
                                                                          and Inside Gen Re LifeHealth.
                      Asian Casualty Report
                                                                          August 2009
                      July 2009
                                                                          Articles include: Underwriting the Elderly—Findings From a
                        This publication gives an overview on the         U.S. Survey; Beyond Containment but Well Into the Guessing
                        broad variety of liability cases from different   Game—The Novel A/H1N1 Influenza Pandemic; Evidence-based
                        lines of business in Asian countries. Cases       Underwriting—Rheumatoid Arthritis; and Inside Gen Re LifeHealth.
                        are separated into the following categories:
                        Compensation, Commercial General Liability,       May 2009
                        Public and Products Liability, Professional       Articles include: Disability Insurance in the U.S. Recession; Health
                        Indemnity, Medical Malpractice Liability,         Insurance in India; Critical Illness Insurance as a Complementary
Workmen’s Compensation and Employers’ Liability, Directors’               Sale to Disability Income Insurance; Different European Anti-
and Officers’ Liability, Employment Practices Liability, Automobile       Discrimination Laws and Directives—What’s Coming Our Way?
Liability, and Environmental Liability. Also included is a summary        A Brief Update; and Inside Gen Re LifeHealth.
of some typical claims.
                                                                          February 2009
                      Liability Insurance Report                          CI Cover for Children in Different Parts of the World—from Individual
                                                                          Policy to Automatic Inclusion; The Future Burden of Heart Attack—
                      October 2009, July 2009 and March 2009
                                                                          How Changes in Diagnostic Criteria Affect the Number of Claims
                      This publication features news and article          Under Critical Illness; Health Insurance in France; Genetics and
                      summaries, as well as some full articles, on        Insurance Medicine on Handling Genetic Information; and Inside
                      casualty matters worldwide.                         Gen Re LifeHealth

                                                                                             Risk Matters
                                                                                             This newsletter series is produced in the
                                                                                             U.K. It was developed to share knowledge
                       Topics No. 17                                                         gleaned by Gen Re as we carry out research
                       October 2009                                                          into the risks that affect the profitability of
                                                                                             life protection business.
                       Topics is Gen Re’s annual global
                       publication that features in-depth                 Articles in the 2009 edition include: LTC Autumn Quarterly,
                       articles on property/casualty and life/            November 2009; Statutory Holiday Leave and Sickness: The
                       health developments and trends in both             Impact on Income Protection, October 2009; Changes to Diabetes
                       the insurance and reinsurance markets.             Monitoring, September 2009; LTC Quarterly Summer 2009,
                                                                          September 2009; Contribution of Smoking to Heart Attack Rates,
   Articles in the 2009 edition include: Lessons From the Global          July 2009; Pandemic Flu, June 2009; The Equality Bill, May 2009;
   Credit Crisis; Facing the Aftermath of the Financial Crisis;           and LTC Quarterly Digest Spring 2009, May 2009.
   Riding the Financial Downturn With Confidence; The Increasing
   Value of Basic Risk Selection Principles; Insuring Long Term
   Care Risk—The Coming Together of Cultures; States and
   Municipalities—Going Green; and Future Liabilities From
   New Energy Technologies.
Gen Re Directory
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