News2020-09-24T21:22:26-04:00

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LISA Executive Director to Address the Fasano Longevity Conference

LISA Executive Director to Address the Fasano Longevity Conference

Bryan Nicholson, Executive Director of the Life Insurance Settlement Association (LISA) will present his views on the state of the Life Settlement Market at the November 1st Fasano Longevity Conference in Washington, DC.

Bryan will discuss the past, present and future of the life settlement market. Said Mike Fasano, President of Fasano Associates, “Our industry has gone through challenging times over the last two years – both due to Covid and from emerging legal and regulatory challenges that have impacted the life settlement industry. Bryan has been the right person to help steer the industry through these challenges.”

The Fasano Conference is a time efficient, one-day event that covers the most current and relevant topics affecting the longevity markets and has been favored by the investment and financial community. The early bird registration fee of $495 is still available, until September 24th.

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EARLY BIRD RATE WILL EXPIRE SEPTEMBER 24TH!

EARLY BIRD RATE WILL EXPIRE SEPTEMBER 24TH!

Register NOW and take advantage of the “EARLY BIRD RATE” of only $495!

A $100 SAVINGS OFF THE REGULAR CONFERENCE RATE!

THE EARLY BIRD RATE WILL EXPIRE SEPTEMBER 24TH!

Here’s What You Get:

  • Time efficient, one-day Conference in EASY to ACCESS, Washington DC
  • Substance packed agenda, including 8 Presentations with topics impacting all aspects of the Longevity Markets
  • All followed by the Best Networking Venue with Cocktails and Dinner
  • Register now! And take advantage of the Early Bird Rate BEFORE IT EXPIRES!

 

For complete conference details, click on the links below or call us at 202-457-8188

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Pot versus Opioids: Pros & Cons at Fasano Longevity Conference

Pot versus Opioids: Pros & Cons at Fasano Longevity Conference

Dr. Steven Rigatti will analyze the advantages and disadvantages of marijuana use in comparison to opioids at the November 1st Fasano Longevity Conference in Washington, DC.

Dr. Rigatti is Founder of Rigatti Risk Analytics and former Chief Medical Director of Mass Mutual.  His presentation will look at the mortality and morbidity associated with marijuana versus opioid use and compare their efficacy in treating pain and for other medical purposes.

Said Mike Fasano, President of Fasano Associates, “We have seen the adverse effect of opioid abuse in our underwriting business, and many have advocated marijuana as a safer alternative.  However, it has been hard to separate out the socioeconomic variables that correlate with adverse outcomes for both marijuana and opioid users.  Dr. Rigatti’s research will help to get us on the right path to rational analysis of the pros and cons of both marijuana and opioid use.”

The Fasano Conference is a time efficient, one-day event that covers the most current and relevant topics affecting the longevity markets it has been favored by the investment and financial community. The $495 early bird registration fee (good until September 24th) includes cocktails and dinner immediately following the Conference.

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Genetics of Sex Differences to be Covered at Fasano Longevity Conference

Genetics of Sex Differences to be Covered at Fasano Longevity Conference

Dr. Barbara Stranger will present her research findings on the Genetics of Sex Differences in Human Traits and Diseases at the November 1st Fasano Longevity Conference in Washington, DC.

Dr. Stranger is an Associate Professor in the Center for Genetic Medicine at Northwestern University, and is an expert in the genetics of sex differences in human complex traits and disease. Her presentation will focus on how sex based genetic variation contributes to variation in human traits, disease risk and longevity.

Said Mike Fasano, President of Fasano Associates, “Dr. Stranger’s research is cutting edge and will give us greater insight into how human genetic variation impacts gene expression, and how these relationships can impact disease risk and ultimately life expectancy.”

The Fasano Conference is a time efficient, one-day event that covers the most current and relevant topics affecting the longevity markets, and has been favored by the investment and financial community. The $495 early bird registration fee includes cocktails and dinner immediately following the Conference.

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240 Attend Fasano Virtual Longevity Conference Focused on Politics, COVID-19 and Epigenetic Research

WASHINGTON, D.C.-(BUSINESS WIRE)-November 3, 2020: 240 longevity professionals attended the November 2nd Fasano Longevity Conference.  The Conference, which was in virtual format, focused on politics, Covid-19 and epigenetic research.

The Conference opened with a Perspective on the Life Settlement Industry presented by Kurt Bolin, Principal of Stone Point Capital, a large private equity firm.  Bolin was followed by Washington insider, Jack Kelly, who analyzed the impact of COVID-19 on this year’s controversial Presidential election, as well as the key counties that will give an early signal as to the likely outcome.

The keynote speaker was Dr. Steve Horvath, a pioneer in epigenetic research, who focused on the remarkable predictive power of epigenetics.

Fred Love, President of the National Association of Settlement Purchasers (NASP), gave his thoughts on some of the issues facing the Secondary Market for Structured Settlements.  He was followed by a trio of presentations on the topic of the day, COVID-19:

The Long-Term Mortality Impact of COVID-19 was analyzed by Dr. Andrew Cairns, Professor of Financial Mathematics at Heriot-Watt University in Edinburgh and Stuart McDonald, Head of Demographic Assumptions and Methodology at Lloyds Banking Group.

Two Northwestern University professors, Drs. Rick Zinbarg and Robin Nusslock, presented their original research on the Psychological Impact of COVID-19.

The Conference ended with an eye-opening presentation by economist, Eugene Steurele, who framed the economic impact of COVID-19 in a setting of uncontrolled deficit spending that has threatened the viability of both Medicare and Social Security.

Said Michael Fasano, President of Fasano Associates, “This year’s Conference laid out the multi-faceted impact of Covid-19 on our lives and the economy and also included original epigenetic research and a practical look at the life settlement and structured settlement markets.”  Fasano described his Conference as “Investor Focused”.  He added: “This year’s virtual format was certainly different and we all missed the face to face dynamic of a live conference, but the content was very strong and there was a good exchange of ideas between the speakers and the audience.”

DVDs of the Conference are available (mfasano@fasanoassociates.com) for $195. Next year’s Fasano Longevity Conference will be held on Monday, November 1st in Washington, DC.

About Fasano Associates:

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

Contact Information:

Mike Fasano
mfasano@fasanoassociates.com
www.fasanoassociates.com
202-457-8188

Fasano Longevity Conference to Cover Politics, Covid-19 and Epigenetic Research

WASHINGTON, D.C.-(BUSINESS WIRE)-October 20, 2020: The Fasano Longevity Conference, which will be held on November 2nd, will include a wide range of topics bearing on longevity markets, our health and the economy.

The Conference will start this year with a Private Equity Investor’s Perspective on the Life Settlement Industry by Kurt Bolin, Principal of Stone Point Capital.   Kurt will be followed by Washington insider, Jack Kelly, who will give us his insight and analysis on this year’s controversial Presidential election.

The keynote speaker is Dr. Steve Horvath, a pioneer in epigenetic research.  Steve will be presenting on Epigenetics and Biomarkers: A New Age in Longevity Modeling, and will focus on some of the newer longevity modeling approaches developed from his epigenetic research.

The National Association of Settlement Purchasers (NASP) will be represented again this year, with a presentation by NASP’s President, Fred Love, of his thoughts on the Secondary Market for Structured Settlements.  Mr. Love will be followed by a trio of presentations on the topic of the day, COVID-19:

Dr. Andrew Cairns, Professor of Financial Mathematics at Heriot-Watt University in Edinburgh, will give a modeling perspective to the Long-Term Mortality Impact of COVID-19, while Stuart McDonald, Head of Demographic Assumptions and Methodology at Lloyds Banking Group, will add an actuary’s views.

Andrew and Stuart will be followed by two Northwestern University professors, Drs. Rick Zinbarg and Robin Nusslock, who will present their extremely interesting, original research on the Psychological Impact of COVID-19.

The Conference ends with an eye-opening presentation by economist, Eugene Steurele, on the Implications of COVID-19 for the Economy and Government Policy.

Said Michael Fasano, President of Fasano Associates, “This year’s Conference lays out the multi-faceted impact of Covid-19 on our lives and the economy, and also includes original epigenetic research, and a practical look at the life settlement and structured settlement markets.”  Fasano described his Conference as “Investor Focused”.

The Fasano Conference is a time efficient, one-day event that covers the most current and relevant topics affecting the longevity markets, and has been favored by the investment and financial community. This year the Conference will be delivered in virtual format, value priced at $195.

About Fasano Associates:

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

Contact Information:

Mike Fasano
mfasano@fasanoassociates.com
www.fasanoassociates.com
202-457-8188

Noted Economist to Discuss Economic Impact of Covid-19 at Fasano Conference

Noted Economist to Discuss Economic Impact of Covid-19 at Fasano Conference

Noted economist and fiscal policy expert, Eugene Steuerle, will discuss The Implications of Covid-19 for the Economy and Government Policy at the 2020 Fasano Life Settlement & Longevity Conference on Monday, November 2nd.

Dr. Steuerle is a Fellow at the Urban Institute and Co-Chair of the Urban-Brookings Tax Policy Center. He has published widely on budget, finance and public policy issues and previously served as Deputy Assistant Secretary for Tax Policy at the U.S. Department of Treasury.

His talk at the Fasano Conference will cover the interrelated pressures of the Covid-19 pandemic & recession, unsustainable growth in debt, and the anticipated Social Security & Medicare collapse. These pressures will hurt young, working families, people of color, and will limit opportunity for all.

Said Mike Fasano, President of Fasano Associates: “Researchers have understandably focused on the medical impact of Covid-19; but the economic impact has and will be equally important to our society. Gene’s analysis is eye-opening, but it is important that we face the harsh economic reality that will affect us for years to come.”

The Fasano Conference is a time efficient, one-day event that covers the most current and relevant topics affecting the longevity markets, and has been favored by the investment and financial community. This year the Conference will be delivered in virtual format, value priced at $195.

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Long-Term Mortality Impact of COVID-19 at Fasano Longevity Conference

Long-Term Mortality Impact of COVID-19 at Fasano Longevity Conference

Andrew Cairns and Stuart McDonald will present their views on the Long-Term Mortality Impact of COVID-19 at the November 2nd Fasano Longevity Conference in Washington, DC.

Dr. Cairns is Professor of Financial Mathematics at Heriot-Watt University in Edinburgh and is a Fellow of the Royal Society of Edinburgh, Scotland’s National Academy of Science and Letters. He recently co-authored a research paper on the Impact of Covid-19 on Future Higher-Age Mortality.

Stuart McDonald is Head of Demographic Assumptions and Methodology at Lloyds Banking Group.  He is a Fellow of the Institute of Actuaries and a chartered Enterprise Risk Actuary.  He has been active in following Covid-19 research and statistics.

Said Mike Fasano, President of Fasano Associates, “Andrew brings a modeling mindset to the question as to what the longer term mortality impact of Covid-19 will be, while Stuart adds an actuarial perspective.  Anyone investing in longevity related assets should want to hear what they have to say.”

The Fasano Conference is a time efficient, one-day event that covers the most current and relevant topics affecting the longevity markets, and has been favored by the investment and financial community. This year the Conference will be delivered in virtual format, value priced at $195.

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Groundbreaking Geneticist to Keynote Fasano Longevity Conference

Groundbreaking Geneticist to Keynote Fasano Longevity Conference

Dr. Steve Horvath will deliver the Keynote Presentation on Epigenetics and Biomarkers: A New Age in Longevity Modeling at the November 2nd Fasano Longevity Conference in Washington, DC.

Dr. Horvath, UCLA Professor in Human Genetics and Biostatistics, is the developer of the “Horvath” Epigenetic Clock, a biochemical test that determines the age of body tissues and organs.  His presentation will focus on some of the newer longevity modeling approaches developed from his epigenetic research.

Said Mike Fasano, President of Fasano Associates, “Steve is truly a pioneer in the field of epigenetic research.  Of all the research of the last decade to develop new tools to help measure aging and predict life expectancy, Steve’s work by far offers the most potential.  Anyone with an interest in longevity related investments will want to see his presentation.”

The Fasano Conference is a time efficient, one-day event that covers the most current and relevant topics affecting the longevity markets, and has been favored by the investment and financial community. This year the Conference will be delivered in virtual format, value priced at $195.

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Private Equity Perspective on Life Settlements at November 2nd Fasano Longevity Conference

THE 2020 FASANO
LONGEVITY CONFERENCE:

Private Equity Perspective on Life Settlements

Kurt Bolin, Principal at Stone Point Capital, will present his views on the longevity and life settlement markets at the November 2nd Fasano Longevity Conference in Washington, DC.

Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed eight private equity funds – the Trident Funds – with aggregate committed capital of $26 billion.  Stone Point targets investments in companies in the global financial services industry and related sectors.

Stone Point Capital has been focused on the life settlement industry for 20+ years.  Mike Fasano, President of Fasano Associates, said: “Private equity firms have a different perspective than hedge funds and other investors.  Kurt Bolin and the Stone Point team have a long track record with insurance and longevity-related assets, and I very much look forward to hearing his insights on the current state of the market.”

The Fasano Conference is a time efficient, one-day event that covers the most current and relevant topics affecting the longevity markets, and has been favored by the investment and financial community. The $495 early bird registration fee includes cocktails and dinner immediately following the Conference.

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2020 FASANO LONGEVITY CONFERENCE: BEST VALUE EVER!

THE 2020 FASANO
LONGEVITY CONFERENCE:

BEST VALUE EVER!

  • Its Virtual: No cocktails or dinner this year; but we will make it feel real with live Q&A following every presentation
  • All Substance: Our Agenda this year maintains Fasano’s preeminence in delivering fresh, relevant presentations affecting the longevity markets. Topics will include:
    • Epigenetics and Biomarkers: A New Age in Longevity Modeling
    • COVID-19: Financial, Mortality and Psychological Impact
    • Private Equity Perspective on Life Settlements
    • Outlook for Structured Settlements
    • 2020 Election Predictions
  • Best Value: At $195, the 2020 Fasano Conference is a compelling value!

 

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Over 250 Attend Fasano Longevity Conference to Hear Broad Range of Topics

Flawed Longevity Assumptions – James Rouse

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 article, 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 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 techsupport@fasanoassociates.com 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 techsupport@fasanoassociates.com 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 www.ifa-ulm.de/downloads/DCLE.pdf. Copies of the subsequent article they published on this methodology are available here.

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

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

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.

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. CLICK HERE to view the entire article.