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Our goal is simply to be the best at what we do.

Our specialties include:
  • Life Settlement Underwriting
  • Life & Health Underwriting
  • Annuity Underwriting
  • Expert Witness Testimony

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Why should you consider Fasano Associates for your Life, Annuity, and Life Settlement Underwriting?

  • The Best Professional Underwriting Staff in the Business
  • More Physician Medical Directors than most insurance companies
  • Turn Key Underwriting - start to finish underwriting for life companies and Third Party Administrators
  • Structured Settlement and Substandard Annuity experience
  • Medical Record Summaries
  • Proprietary Older Age Mortality Tables
  • 97% Actual to Expected Accuracy based on SIX successive, independent Actuarial Studies.
    - Results based on actual predictions, not restated

For more information about obtaining a Life Expectancy Report or other Underwriting Services, please contact us.

Controversial Presentations at Fasano Longevity Conference

WASHINGTON, D.C.-(BUSINESS WIRE)-November 9, 2017: The November 6th Fasano Longevity Conference included controversial presentations on the Impact of Trump's Tax Policies and costly pricing mistakes seen in the Life Settlement Market.

Washington tax expert, Eugene Steuerle, keynoted the morning session with his analysis of the Long Term Increase In The Federal Deficit expected to result from President Trump's proposed tax changes.  He was followed with a sobering presentation by Demeter Capital's James Rouse that exposed significant pricing errors being made by life settlement investors who overestimate expected mortality at older ages.

The morning sessions also included a "State of the Industry" presentation by Leargas Capital CEO, Cormac Treanor, and an analysis of the Alternative Investment Strategy of the New Zealand Superannuation Funds by Fund Manager, Rishab Sethi. 

The afternoon sessions included two featured speakers: Dr. Robert Shavelle, who presented his research on the Impact of Functional Status on Life Expectancy in Cerebral Palsy, Traumatic Brain Injury and Stroke; and Dr. John Rogers, whose presentation on Soft Electronics for the Human Body covered groundbreaking work that he and his colleagues at Northwestern University have accomplished in developing the next generation of wearable devices.  The afternoon agenda also included an analysis by Dr. Daniel Bauer of Selection in the Structured Settlement Market and an eye opening presentation by cyber expert, Brian Finch, on Cyber Threats in the Workplace.

Said Michael Fasano, President of Fasano Associates, "This year's Conference was both topical and substantive - I think our best ever."  Fasano described his Conference as "Investor Focused". He added: "What distinguishes our Conference is that we are able to get longevity experts with fresh perspectives who can combine relevant experience with truly original research."

DVDs of the Conference are available ( for $495.  Next year's Fasano Longevity Conference will be held on Monday, November 5, 2018 in Washington, DC.

About Fasano Associates:
Associates is a leading underwriting consulting firm serving the life, health, annuity and life settlement industries.

Contact Information:
Mike Fasano

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Flawed Longevity Assumptions - James Rouse

  To view the presentation by James Rouse, click on the button below.

Evaluating Life Expectancy Evaluations - Daniel Bauer, Michael V. Fasano, Jochen Russ & Nan Zhu


The quality of life expectancy estimates is one key consideration for an investor in life settlements. The predominant metric for assessing this quality is the so-called A-to-E ratio, which relies on a comparison of the actual to the predicted number of deaths. In this article, we explain key issues with this metric: In the short run, it is subject to estimation uncertainty for small and moderately sized portfolios; and, more critically, in the long run, it converges to 100% even if the underwriting is systematically biased. As an alternative, we propose and discuss a set of new metrics based on the difference in (temporary) life expectancies.We examine the underwriting quality of a leading U.S. life expectancy provider based on this new methodology.

To view the full artice, click the button below.

Structured Settlement Underwriting Performance: Implications for Short Form Life Settlement Underwriting?


This month we are publishing Actual to Expected performance results for our Structured Settlement underwriting business.  The results are good, with an Actual to Expected ratio of 98% for the 2012 through 2016 period, assuming IBNR of 7%.  Without IBNR, the A to E ratio would be 91%. 


But the real story here is not the results, but the learning curve behind the results.  When we started underwriting structured settlements in 2007, our initial results were terrible.  We were reviewing files with Attending Physician Statements (APSs) and Paramedical Exams, and our life expectancies were far too long.  We learned that underwriting tools that worked for life insurance and life settlement underwriting do not work in the secondary market for structured settlements.  The demographic of people wanting to convert their structured settlement annuity into a lump sum is different than that of the higher income life insurance and life settlement populations.  First of all, the annuitants typically do not have a regular physician, but rather use the Emergency Room or a walk in clinic for their medical needs.  So APSs do not provide the same meaningful underwriting information as they do in other insurance related markets.  As important, the types of impairments this population have are frequently behavioral, such as incarceration histories and drug/alcohol abuse, and this information is often not picked up in APSs and paramedical exams.


So we developed a new, streamlined underwriting approach using a Questionnaire targeted to the types of impairments found in the Structured Settlement population, supplemented with prescription drug reports, criminal/driving histories, and telephone interviews.  I think that the results speak for themselves.  But the real story here is that a streamlined, essentially short form underwriting methodology can work.  I think a similar approach could be used for some life settlements; but to be successful it is important to have practical experience and a proven track record, not only in life settlements, but in applying short form underwriting tools.

Michael Fasano,
President, Fasano Associates


Fasano Associates - A Diversified Underwriting Organization


Fasano Associates is a diversified underwriting organization serving the life insurance, annuity/structured settlement, life settlement and related industries.  We have chosen to diversify within the underwriting domain, which has allowed us to leverage our analytic strengths.  We are not affiliated with a Provider, Broker or Third Party Administrator.  We are not owned by outside investors.  In short, we do not have any conflicts of interest that might adversely affect our client's position. CLICK HERE to view the entire article.


Fasano Discusses New Tools in Risk Analysis


Fasano Associates President, Mike Fasano, discusses the valuable new medical information that will be available from wearable devices, as well as possible underwriting applications for Big Data analyses.

If you are unable to view this link, please contact us at or 202-457-8188.

Contingent Life – Structured Settlements - Fasano Associates Underwriting Methodology

Fasano Associates, a premier life expectancy provider in the life settlement space, has developed a new proprietary mortality table and underwriting methodology for the Life Contingent – Structured Settlement business. View the video below; Fasano Associates President, Michael Fasano, demonstrates and explains the ground breaking underwriting enhancements that have improved life expectancy predictions in the growing structured settlement market.

If you are unable to view this link, please contact us at or 202-457-8188.

Continuity in Ownership and Management Supports Consistency and Accuracy in LE Estimates

Continuity in Ownership and Management Supports Consistency and Accuracy in LE Estimates View video.

In responding to market concerns about possible life expectancy extensions, Mike Fasano took the opportunity to explain the structural aspects of Fasano Associates that have contributed to both consistency and accuracy in its life expectancy estimates.

Fasano said that their LE estimates have been longer and more accurate than the competition, and that they have never shocked the market with large LE extensions. Fasano added: “Our maximum LE extension ever was less than 10%, and since 2008, our LE changes have been imperceptible.”

He stressed that Fasano Associates was not investor owned (Fasano is the sole owner of Fasano Associates). “Our continuity in ownership and management has allowed us to serve our clients better – keeping a long term focus and not getting distracted by short term profit or transactional objectives, or frequent changes in management. We also have assembled a strong internal medical team, which has allowed us to identify the major variables affecting life expectancies and not get distracted with secondary issues.”

Fasano pointed out that they adjusted their life expectancies for the significant improvement in cardiovascular mortality in June 2007 – almost 6 years before the competition. He also explained that Fasano has not needed to shock the market with large LE extensions because of the consistency in their life expectancies over the years, and that this consistency has improved the quality of their database and their ability to identify the primary relationships affecting the mortality function.

He called for underwriters to publish their Actual to Expected performance based on the actual LE estimates given to clients, rather than adjusted, “current basis” estimates, which he argued could be misleading in the case of an underwriter who has made multiple changes in underwriting methodology and mortality tables over the years and made multiple, large LE extensions.

If you are unable to view this link, please contact us at or 202-457-8188.

New Methodology for Measuring Actual to Expected Accuracy Applied to Fasano Database

Drs. Daniel Bauer (Georgia State University) and Jochen Russ (Institute for Actuarial Studies) presented a new methodology for measuring Actual to Expected accuracy at the 9th Annual Fasano Life Settlement & Longevity Conference. The new methodology, Difference in Curtate Life Expectancy (DCLE), calculates the average difference between the actual and expected number of months lived, and is less biased than other methodologies. When applied to the entire Fasano life settlement database, Fasano’s average difference between actual and expected months of survival was less than one month.

Bauer and Russ then sorted Fasano’s DCLE by date of underwriting, as summarized in the following table:


Copies of Drs. Bauer and Russ’ slides are available at Copies of the subsequent article they published on this methodology are available here.

Recent Analysis Shows Convergence of AVS to Fasano LEs but Increasing Divergence of 21st LEs

A recent analysis performed by MapleLife Analytics showed AVS LE extensions resulting in a convergence of AVS and Fasano LEs while 21st LEs are, on average, 30 months shorter than Fasano and AVS.

MLF graph

The Report concludes that LEs reflect “meaningful and consistent differences” across long time periods and age bands and points out that “investors who base their purchase and retention decisions on LE reports without awareness of the differences in the underlying patterns will not achieve the results they expect”.

Click here to view the complete Analysis and here to view the attachments.

Fasano Proposes That Life Expectancy Underwriters Publish Unadjusted Post 2008 A/E Results

At the Spring 2012 LISA (Life Insurance Settlement Association) Meeting, Mike Fasano, President of Fasano Associates, proposed that Life Expectancy underwriters agree to publish their post 2008 Actual to Expected performance on an unadjusted basis – based on actual life expectancy estimates given to clients and based on the mortality tables used in developing their estimates.

In his presentation on a panel of the 4 major life expectancy underwriters, Fasano argued that adjusted or “current basis” Actual to Expected results were inherently misleading and did not reconcile with the large life expectancy spreads that still exist in the market. He noted that the last major changes in life expectancy mortality tables and methodologies were implemented in 2008, almost four years ago, and that therefore there was no need to perform any kind of adjusted A to E analysis for the period subsequent to 2008.

Fasano also proposed that life expectancy underwriters share all their mortality ratings and life expectancy estimates with an independent third party for the purpose of publishing the spreads in life expectancy that exist in the market.

Said Fasano: “These two actions would bring more transparency to the market than any of the proposals that have been put forth thus far.”

Fasano presented Fasano Associates’ Actual to Expected results for the period July 1, 2008 through March 31, 2012, assuming no IBNR (incurred but not reported deaths) and based on a 7% IBNR assumption:

A to E charts

Poor Underwriting Practices Spark Life Settlement Losses

Rajiv Rebello, a fellow of the Society of Actuaries, a member of the Academy and a Chartered Enterprise Risk Analyst, has written an article titled "Poor Underwriting Practices Spark Life Settlement Losses". He is a principal of Colva Insurance Services in San Diego. His email address appears at the conclusion of the article. Mr. Rebello's comment "Discounting historical results in favor of better expectations of future mortality offer life settlement investors a false sense of confidence in the accuracy of the underwriting", captures the essence of today's industry discussion. Click here to read entire article.

Michael Fasano authors chapter on life settlement underwriting
book cover

A Publication for Professional Traders and Institutional Investors.

LIFE MARKETS --- Trading Mortality and Longevity Risk with Life Settlements and Linked Securities

Internationally acclaimed expert Vishaal Bhugan, Managing Partner of VB Bhuyan & Co., 'and a team of coauthors, including Fasano Associates' President, MICHAEL FASANO, and others from leading financial institutions, hedge funds, actuarial firms, law firms and universities provide a complete analysis of the life settlements market and show how to trade with confidence in the burgeoning market'. Comprehensive in scope 'Life Markets' covers a wealth of material touching on everything from the history of life settlements to making a transaction---pricing, service providers, and exchanges.

YOU SHOULD NOT MISS THIS ONE -- order your copy directly from the publisher, John Wiley & Sons, Inc.

Michael Fasano Adds Underwriting Expertise to New Book on Reverse Mortgages -- Pens Chapter Four on Underwriting Reverse Mortgages
book cover

An Institutional Investors Guide to the Burgeoning Field of Reverse Mortgage Securitization.

REVERSE MORTGAGES and LINKED SECURITIES: The Complete Guide to Risk, Pricing, and Regulation by Vishaal B. Bhuyan is a collaborative effort of many of the leading minds in the Home Equity Conversion Mortgages (HECM) industry, including reverse mortgage lenders, institutional investors, underwriters, attorneys and regulators.

Michael Fasano was tapped to share his professional experience from life settlement underwriting and to explain how more sophisticated underwriting could be a boon to the reverse mortgage market.

The book discusses the securitization of reverse mortgages and other linked securities and includes coverage of pricing techniques and risk mitigation, and is one of the only guides to reverse mortgages and linked securities targeted towards institutional investors interested in securitized products.

A MUST READ BOOK ---  order your copy directly from the publisher, John Wiley & Sons, Inc.

ALEC - Fasano's Automated Life Expectancy Calculator

Developed to be used as a SCREENING TOOL for life settlement acquisitions and to assist individuals in financial planning applications. A "user friendly" tool that does not require the assistance of underwriters OR other professionals to complete. Not a replacement for the "real thing" BUT an inexpensive way to assess case value - easy to use while providing good risk discrimination. To try "ALEC", click on the link in the left sidebar.