Swiss Re, Penn State to Host Financial Strategy Workshop Managing Weather and Climate Risk

March 26, 2003

Swiss Re will host a one-day, executive education workshop entitled, “Weatherproof Your Business: New Financial Strategies For Managing Weather and Climate Risk,” in partnership with Penn State’s Smeal College of Business and the College of Earth and Mineral Sciences in its New York offices on May 29.

The program “will demonstrate to participants how weather risk can be managed in the same way currency risk and interest rate risk are managed using futures and options,” said the announcement. It’s “geared toward executives and senior-level analysts in weather-sensitive industries who have responsibility for bottom-line results, as well as those who analyze business performance for the investment community.”

“Attendees will learn how business models, financial strategies, and advancing capabilities in atmospheric observation and prediction can reduce weather-related uncertainty and improve business results. Identifying and quantifying the impact of weather risk on businesses and managing weather-related risk effectively will be core constituents of the program,” it continued. Swiss Re noted that the industries most affected by weather related risks include: agriculture, energy, construction, transportation, utilities, retail trade, finance and insurance, hospitality and travel, food and beverages and sports and recreation.

“Weatherproof Your Business: New Financial Strategies For Managing Weather and Climate Risk” was developed through a joint effort between faculty members at Penn State working in close cooperation with experts from Swiss Re. “Noted Penn State faculty leading the workshop include: John A. Dutton, professor emeritus of meteorology and chairman, Weather Ventures Ltd., Paul G. Knight, state climatologist of Pennsylvania/senior forecaster, New York Times and Christopher von Schirach-Szmigiel, associate dean for executive education, The Smeal College of Business,” said the announcement.

“Industry leaders participating in the workshop include: Prakash A. Shimpi, president and CEO Swiss Re Financial Services Corp.; Mark Tawney, managing director, weather risk management, Swiss Re Financial Products; William Windle, senior vice president, weather risk management, Swiss Re Financial Products; and Jan F. Dutton, director of weather services, AWS Convergence Technologies. The guest speaker for the event is John J. Kelly, director, National Weather Service.”

The Workshop will be conducted at Swiss Re, Park Avenue Plaza, 55 East 52nd Street, New York City, New York, from 8:00 a.m. to 7:30 p.m. For additional information regarding the event such as pricing and to register online, interested participants can visit Penn State’s Smeal College of Business on line or call 800-311-6364.

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