Financial Analysis of P&C Insurers

Produced by the Knowledge Center, expert training from S&P Global Market Intelligence

Reach beyond the data and gain deeper insight for investment, operational and advisory decisions.

Financial Analysis of P&C Insurers hones the skills required to assess the financial performance of a property and casualty insurance company. Through the use of statutory accounting data and hands-on training, you’ll come to understand the financial ratios and methodologies used to generate this analysis. 

Whether you’re performing analysis as a sell-side or buy-side analyst, investment banker or insurance company practitioner, you'll come away equipped to understand the context and implications of the data you rely on daily. 

Why two days for the program?

We recognize that the concepts covered in Financial Analysis are essential to your career success, so we’ve designed the curriculum to dive deep and give you the detailed instruction you need to make this information second nature – building on the foundation of your industry knowledge. 

Benefit from a small class size for a more personalized learning experience.

An exceptional program includes an optimized learning environment. We have intentionally limited class size to assure a more personal experience, allowing ample opportunity for classroom questions. 

Program objectives:

  • Identify risks in the property and casualty environment
  • Perform reserve adequacy analysis
  • Utilize financial metrics and ratios to make an accurate judgment of insurance company performance
  • Evaluate cost of capital
  • Carry out an evaluation of returns
  • Recognize red flag indicators


Kevin Oates

Independent Consultant and Instructor

Kevin has spent his entire career in the insurance industry and since 1996 has worked as an independent consultant and instructor conducting in-house and open enrollment training for Wall Street and industry firms.

He has held positions as a SVP of an international insurance/reinsurance consulting firm, executive financial positions with holding companies and underwriting organizations, and as vice-president of reinsurance operations with a reinsurance intermediary.

His teaching experience includes being an adjunct instructor of accounting at Queens College, Rutgers University, and an instructor in P&C insurance accounting and annual statement preparation at the New York College of Insurance.

Kevin has an MBA in Corporate Finance from Rutgers University. He is a Fellow of the Life Management Institute (FLMI), 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 and a contributing author to the NAIC Receiver's Handbook.

Financial Analysis of P&C Insurers Agenda

WEDNESDAY, February 15th
08:00 am
Registration and Continental Breakfast Opens:
08:30 am
Introduction and Overview:
  • • Operating cycle illustrations
  • • Key risks
  • • Statutory Financial Statement Review
09:30 am
Analytical Program:
  • • Causes and Probabilities
  • • Fundamental Analysis
  • • Building the Company Profile
10:30 am
10:45 am
Regulatory Control Models:
  • • Insurance Regulatory Information System (IRIS)
  • • Fast Ratios-Financial Analysis Solvency Tools
  • • Risk Based Capital Calculation
11:15 am
Test Systems:
  • • Key Test Ratios
  • • Basic Performance Measures
  • • Combined and Operating Ratios
12:00 pm
01:00 pm
Analysis of Assets, Liquidity and Cash Flow:
  • • Investment risk
  • • Investment yield
  • • Cash flow Process
  • • Liquidity: source of funds, use of funds, considerations
  • • Overall liquidity
02:30 pm
02:45 pm
Analysis of Expense:
  • • Distribution of Expense component
  • • Commissions
05:00 pm
Day One concludes:
THURSDAY, February 16th
08:00 am
Continental Breakfast Opens:
08:30 am
Analysis of Leverage:
  • • Employed Capital Approach
09:30 am
Loss Reserve Analysis:
  • • Key Elements of Statutory Loss Accounting
  • • IBNR Calculations
  • • Reserving Process
10:30 am
10:45 am
Squaring the Triangle:
  • • Calendar vs. Accident Year Development
11:15 am
Annual Statement Reference:
  • • Schedule P
12:00 pm
01:00 pm
Return Calculations:
  • • Survival Ratio
  • • Cost of Capital Float Approach
02:30 pm
02:45 pm
Surplus Adjustments/Financial Strength Ratios:
  • • Float Ratio
  • • Adjusting Surplus
03:15 pm
Ceded Reinsurance Program Analysis:
  • • Credit Risk Analysis
  • • Retention/Utilization Rates
  • • Surplus Relief
04:15 pm
Risk Based Capital:
  • • Action Tables
  • • Model comparisons
  • • Red Flag Ratios
05:00 pm
Program Concludes:

Ticket Info

Early Bird Rate: $1795
(December 30, 2016)

Regular Rate: $1995


Event location

The Gleacher Center
450 N Cityfront Plaza Dr
Chicago, IL, US
+1 (312) 464-8787

Your registration includes all program work materials, plus continental breakfast and lunch both days.

Downloads & FAQs

Insurance Sector Training Course Catalog

Who attends?

Financial Analysis of P&C Insurers is for professionals who have mastered a basic understanding of insurance industry accounting and work in the following areas:

  • Buy-side and sell-side investment analysts who need the intermediate skills to understand and analyze P&C insurers
  • Corporate and business development professionals performing competitor analysis
  • P&C underwriters looking for insight into the financial effects of their activities on the company.
  • Legal advisor and management consultants looking to better advise their clients

What is the dress code?

Business casual.

Do I need a laptop?


What are the terms of registration?

Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit.

Attendee substitutions from the same company may be made at any time.

In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee.

"No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.

The Knowledge Center reserves the right to cancel/change programs, content, speakers or venue at any time. The Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. the Knowledge Center will not be held liable for any costs incurred by registrant due to individual registration cancellation. In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, the Knowledge Center will refund the registrant's tuition in full, however the Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding the Knowledge Center's refund, complaint or program cancellation policy, please call us at (434) 951-7786.

Registrant, as an individual person attending a Knowledge Center conference, seminar, or other program, hereby grants permission to the Knowledge Center to use and publish his or her image, likeness, or testimonials collected in connection with the program for advertising and trade purposes in connection with the Knowledge Center’s conferences, instructional, and/or marketing activities.

Continuing Education Credits

14 Hours of Continuing Education Credit
The Knowledge Center is registered with CFA Institute as an Approved Provider of professional development programs. This program is eligible for 14 CE credit hours as granted by CFA Institute. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE Diary upon request.
16 Hours of CPE Credit
Participants who complete this program qualify for 16 hours of CPE credit (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-Live. Knowledge Center is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 4th Ave N, Ste 700, Nashville, TN, 37219-2417. Website: