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Barit to Close Reinsurance Symposium at Agent Summit

LAS VEGAS — Organizers of the annual Agent Summit have confirmed that Hugh Barit, chairman and CEO of P.R.P. Performa Limited, will serve as the closing speaker at the Participation & Reinsurance Symposium that will kick off the 2013 conference, which is scheduled for March 4–6 at Caesars Palace in Las Vegas.

“We’re pleased to have Hugh batting in the cleanup position,” said David Gesualdo, show chair and publisher of F&I and Showroom. “His presentation will be the perfect capstone for what promises to be a memorable event.”

The announcement finalizes a roster of speakers which already includes US Warranty Corp.’s Mark Macek and Steve Mailho of Mailho Company as well as Resource Automotive Inc.’s Steve Barrett, with whom Barit has a longstanding professional association. Barret will discuss the formation of non-controlled foreign corporations (NCFCs); Barit’s presentation will focus on how assets derived from NCFCs are managed.

Barit founded Performa in Bermuda in 1992, and the company now manages more than $2.5 billion in assets, including more than $1 billion from auto dealer NCFCs. He said the current economic situation, characterized by a market delivering an interest rate of “essentially zero,” puts NCFC shareholders in a difficult position.

“You can no longer just throw money into the fixed income market and expect a decent return,” Barit said. “The equity market is part of the answer, but it’s become far more volatile in recent years. Portfolio diversification is essential to provide the best opportunity for positive, risk-adjusted returns over the long term.”

Barit added that the symposium presents a unique opportunity for agents to get information they can use to help advise their dealer clients. “We’re informing the agency community about what options exist on the asset-management side,” he said. “That gives agents an understanding of what the role of an NCFC is and how those assets can be managed.”

Randy Crisorio, president/CEO of United Development Systems Inc. (UDS) and head of the Agent Summit advisory board, said Barit’s presentation will end the symposium on a high note.

“‘Batting Cleanup’ is certainly a good description of Hugh Barit’s participation in the Reinsurance Symposium,” Crisorio said. “Agents recognize the mechanics of Underwriting Profit generation and Hugh will address the opportunities available through these Giant Money Pools and the tremendous Investment Income Advantages that Reinsurance structures deliver. This Summit promises to be a Grand Slam. Don’t Miss It!”

The Participation & Reinsurance Symposium is scheduled to begin at 1 p.m. on Monday, March 4. The final session will conclude before the opening-night keynote address and reception for Agent Summit, which runs through March 6.

For more information or sponsorship opportunities, contact David Gesualdo via email hidden; JavaScript is required or by phone at (727) 947-2047.

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