Life Settlements Seminar Video Library

This seminar featured panel discussions by mortality experts on how Covid-19 is expected to impact senior insureds, the continued increase in pension and institutional investment, merger due diligence and current legal issues.

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Agenda & Videos

Covid’s Impact on Senior Insureds: Not as Dire as Once Thought, But Still a Risk

Originally, a data scientist at one of the leading life expectancy firms thought the coronavirus had increased the morality rate of seniors by six to 12% of the general population. But a more nuanced view now prevails – senior insureds are expected to die at six times the rate of the general population, not the higher estimate. Other mortality experts support the change in view as well, coming to believe that Covid-19 already may have killed sicker seniors earlier in the pandemic. As more guidance comes out on how to keep safe and isolate themselves, seniors, especially wealthier or healthier ones are more likely to survive. How are these revised estimates having an effect on the Life Settlements market?

Moderator: Donna Horowitz, Senior Editor, The Life Settlements Report, The Deal

Panelist: Nir Barzilai M.D., Director of the Einstein-Institute for Aging Research; Professor of Medicine and Genetics, Albert Einstein College of Medicine

Panelist: Jay Olshansky, Chief Scientist and Co-Founder, Lapetus Solutions Inc.

Panelist: Dan Ryan, Chief Science Officer, COIOS Research

Due Diligence for Mergers

Maple Life has just been purchased by ITM TwentyFirst, which itself was purchased by Stone Point Capital a few years ago. The ITM TwentyFirst parent company also acquired Fasano Associates at the end of last year, and Vida Capital was purchased a year ago by Redbird Capital and Reverence Capital for $590M. One of Vida’s major owners, QuantRes, which put $400M in the company for a 40% stake five years ago, has now asked Vida to put its $770M life settlement portfolio on the market, which is being shopped around by Maple Life Analytics, as it looks to exit the company. Vida also recently acquired Avmont from RedBird. Jade Mountain also purchased the majority interest in Emergent Capital last year. What do professionals in the market look for when they’re advising companies that have put themselves up for sale? How do they value such transactions and what due diligence is necessary?

Moderator: Donna Horowitz, Senior Editor, The Life Settlements Report, The Deal

Panelist: Brian Casey, Partner, Locke Lord

Panelist: Pat Curry, Chairman and CEO, Emergent Capital, Inc.

Panelist: Kurt Gearhart, CEO, Longevity Holdings, LLC

Panelist: Jack Kelly, Managing Director, Institutional Longevity Markets Association

Current Legal and Legislative/Regulatory Issues in the Life Settlements Market

Life Settlements investors have been waging lawsuits against insurance companies for the past five years over cost-of-insurance rate (COI) increases and those battles show no signs of letting up, even as the market has achieved class-action settlements. Also, stranger-originated life insurance (Stoli) litigation is heating up again, with Columbus Life Insurance Co. entering the fray. One Stoli case that went to the N.J. Supreme Court last year resulted in a law that was just signed by Governor Phil Murphy in New Jersey, and California, Texas and New York have all sought to reign in COI rate increases. In Congress, a bipartisan effort now led by the Life Insurance Settlement Association is under way to allow seniors to use tax-free proceeds of settled policies to pay for healthcare, and a regulatory effort has been undertaken to persuade state insurance departments to stop insurers from what it sees as unlawfully encroaching on life settlements. In addition, In another noteworthy development, Ontario legislators just passed the second reading of a bill to legalize life settlements and loans against policies, which would open up this market in Canada’s most populous province.

Moderator: Donna Horowitz, Senior Editor, The Life Settlements Report, The Deal

Panelist: Rudy Cuzzetto, MPP, Ontario Legislative Assembly

Panelist: Bryan Nicholson, Executive Director, LISA

Panelist: Jule Rousseau, Partner, Arent Fox

Panelist: Paul Tyers, Founder & Portfolio Manager, Canadian Life Settlements

Pension Fund Investment Growth and New Institutional Investment in Life Settlements

Not many pension funds invested in this asset years ago because they were afraid of headline risk. Not anymore. The growth has exploded over the past several years. Ress Life just announced that the Volvo UK pension fund is its latest investor. Corry Capital also has won investment from Dauphin County, Pa., and Memphis Light, Gas and Water Division pension funds as well as other pension investment. The Michigan and Alaskan retirement funds have $700M investment in this asset through Vida, BroadRiver and Apollo. Smaller pension funds and other new institutional investors including PIMCO and KKR have also recently entered the asset class. This panel will explore the recent increase in new institutional investment into the Life Settlements market.

Moderator: Donna Horowitz, Senior Editor, The Life Settlements Report, The Deal

Panelist: Perry Gillies, President, Lyric Services, Inc.

Panelist: Ann Juliano, Managing Director, D2 International Ltd.

Panelist: Jonas Martenson, Founder, Head of Sales, Ress Capital

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