David Dullaway is a Principal of Towers Perrin, and leader of Tillinghast’s global Economic Capital Initiative. In his consulting work David specialises in risk management, value based reporting and the market-consistent valuation of insurance liabilities. He was one of the leading developers of market-consistent embedded value. David has assisted many companies around the world in implementing MCEV, economic capital, and on other risk-sensitive issues.

Michael Klüttgens is a Senior Consultant with the insurance consulting practice of Towers Perrin in Cologne. He gained international experience by participating in a number of projects abroad, in particular Austria, Switzerland, Scandinavia and Eastern Europe, including countries such as Poland, Hungary, Czech Republic, Slovakia and the Baltic region.
He has specialised in the areas of Solvency II and Risk Management, Accomplishment of actuarial “Due Diligence” within M&A-Transactions, Evaluation of life insurance companies, Asset Liability Management and Economic Capital, and Implementation of modern financial concepts on life insurance products.

Parcifal van Overbeek (1978) joined Eureko/Achmea in 2003. In 2008, he started as manager of Actuarial Reporting’s Non-Life, Disability & Health department. Before, he worked as an actuary for both the non-life as well as the international team of the Group Actuarial Department of Eureko/Achmea. Parcifal started his career in one of the actuarial business teams of Achmea.
His areas of focus include Economic Capital and Solvency II. Parcifal is a member of the Solvency II working group of the Dutch Association of Insurers and of the Solvency II commission of the Dutch Actuarial Association. Next to this, he regularly lectures on Solvency II and related topics, both internally and externally.
Parcifal is a teacher at the Dutch Actuarial Institution and the European Actuarial Academy and has been active as a speaker and trainer at several international conferences and meetings of the European youth forum AEGEE.
Parcifal holds a Master degree in Applied Mathematics from the Technical University of Eindhoven and a Master degree in Actuarial Sciences from the University of Amsterdam (both cum laude). Afterwards, he finished his education to become a qualified actuary.

Stephan Westphal is a senior consultant with the insurance consulting business of Towers Perrin in Cologne. Having spent almost 10 years with the firm, he has been involved in a variety of projects across Ireland, Switzerland, Austria, the Netherlands, Poland, the Czech Republic, Turkey, Romania and Albania. He can speak German, English and French. Mr Westphal specialises in property and casualty insurance. He has extensive experience in the valuation of loss reserves for all major lines of business for both primary insurers and reinsurance companies.

Manuel Sales is a consultant of Towers Perrin in its London office. His areas of expertise include economic capital and risk aggregation, stochastic modelling and “smart modelling”; Dr Sales also has extensive experience in building financial models for market consistent valuation of insurance business, closed form solutions for cost of guarantees, as well as variable annuity hedging models.