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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

Scroll down to view Fasano informative videos.



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
  • 96% to 99% (2011 study) Actual to Expected Accuracy based on FOUR 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.

Upcoming Events - November 3, 2014 - 11th Annual Life Settlement & Longevity Conference

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Fasano Life Settlement & Longevity Conference
November 3, 2014 -- Washington, DC


8:15AM - Welcome Address: Michael Fasano, President, Fasano Associates

8:30AM - Politics – From the Top and Inside: Howard Fineman, Editorial Director – Huffington Post

9:30AM - Quantifying the Effect of Anti-Selection on Life Settlement Pricing: Dr. Jochen Russ, Managing Partner – Institute for Finance and Actuarial Studies; Dr. Daniel Bauer, Professor of Risk Management – Georgia State University

10:30AM - Networking Break

10:45AM - Recent Developments in the Macro Longevity Market: Michael Economos, Vice President and Senior Actuary – Pacific Global Advisors; Kevin McLaughlin, Director, US Head of Pension Risk Management – Deutsche Bank; Stuart Silverman, FSA – Milliman

11:45AM - The Potential Size of the Life Settlement Market: Rajiv Rebello, FSA – Principal – Colva Insurance Services

12:45PM - Lunch - Atrium

1:45PM - The Intersection of Prescription Drugs and Mortality: Eric Carlson, FSA – Milliman Intelliscript

2:45PM - New Perspectives on Life Settlements: Joe Nardi, Group Vice President – Wilmington Trust; Michael Vostrizansky, Vice President – Flexpoint Ford; Jonas Martenson, Managing Director – Ress Capital

3:30PM - Networking Break

3:45PM - Structured Settlement Transactions – Hedged versus Unhedged: Dan Knipe, Life Portfolio Manager – Leadenhall Capital Partners; Ryan Pollard, Partner – WMS Partners; Marc Bisson, Manager – QBE Re

4:30PM - Fasano Underwriting – Is it Time for a Change? Steve Boger – FSA Managing Director – Maple Life Analytics

5:15PM - Closing Remarks: Michael Fasano, President – Fasano Associates

5:30PM - Cocktails, Entertainment & Dinner – Atrium

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New Perspectives on Life Settlements at Fasano Conference


New Perspectives on Life Settlements at Fasano Conference

The Fasano Life Settlement & Longevity Conference will feature some new investor perspectives on how institutional investors view the life settlement market and what is needed to improve the investment climate.

Joe Nardi, Group Vice President at Wilmington Trust, will be moderating a panel that includes Mike Vostrizansky, Vice President of Flexpoint Ford, and Jonas Martenson, Managing Director of Ress Capital. Flexpoint Ford is a private equity investment firm specializing in financial services and the healthcare industries, which is considering investing in the life settlement sector. Ress Capital is a European investment management company already actively investing in the life settlement market.

Said Mike Fasano, President of Fasano Associates: "This panel will feature some 'Out of the Box' thinking, which is what our industry needs. Ress Capital has taken a different approach than most in acquiring life settlements, while Flexpoint Ford brings a fresh perspective as to what changes are needed in the life settlement market to make it competitive with other investment alternatives. This should make for some interesting discussion."

Impact of Anti-Selection on Life Settlement Pricing at Fasano Conference


Impact of Anti-Selection on Life Settlement Pricing at Fasano Conference

There continues to be varying opinions about the extent anti-selection influences life settlement pricing. Dr. Jochen Russ, Managing Partner - Institute for Finance and Actuarial Studies, and Dr. Daniel Bauer, Professor of Risk Management - Georgia State University will be discussing the topic during the Fasano 11th Annual Longevity Conference on November 3rd in Washington DC. Their presentation will be based on original research developed from a working document on the topic written by Dr. Russ and Dr. Bauer. Said Mike Fasano, President of Fasano Associates, "The presentation is extremely interesting, and clearly demonstrates a new methodology to answer the anti-selection question."

VBT 2014 versus Fasano Mortality Tables at Fasano Conference

VBT 2014 versus Fasano Mortality Tables at Fasano Conference

photo Steve Boger, FSA, Managing Director - Maple Life Analytics, will present an analysis of the VBT 2014 mortality tables in comparison to both the VBT 2008 and the Fasano Mortality Tables.

Mr. Boger will analyze Fasano's Actual to Expected performance in concert with the proposed VBT 2014 Table and will present his findings as to whether any changes are needed in Fasano's underwriting parameters.

Said Mike Fasano, President of Fasano Associates, “Our most recent Actual to Expected analysis revealed good results (A to E of between 97% and 102%, depending on IBNR assumptions) for the period since 2008, which is when we implemented our current mortality tables. So I wouldn't anticipate changes of any significance. At the same time, it is always good to get a fresh, independent perspective on how we are doing, and Steve is among the best actuaries in the market today. I am delighted that he has agreed to undertake this analysis."

Macro-Longevity Developments at Fasano Conference


Macro-Longevity Developments at Fasano Conference

A Blue Chip panel of industry experts will present the most recent developments affecting the Macro-Longevity market at the 2014 Fasano Life Settlement & Longevity Conference on Monday, November 3rd in Washington, DC. The panel will compare the Macro longevity market with the Micro (Life Settlement) market and will address the expansion of the Macro market in the U.S. and the resulting investment products that will become available.

Panelists include Kevin McLaughlin, Director of U.S. Pension Risk Management at Deutsche Bank; Stuart Silverman, FSA of Milliman; and Guy Coughlin, Managing Director of Pacific Global Advisors and a pioneer in the development of longevity indices for the U.K. pension risk transfer market.

Said Mike Fasano, President of Fasano Associates: “The Macro-Longevity market has developed tremendously in the UK and has helped pension funds better manage their longevity risk while providing new opportunities to investors. That market is starting to get traction in the U.S. and will provide similar opportunities for astute investors. Our panel includes 3 experts with different perspectives who will lay out the relevance of this market for both U.S. and European investors.

Life Settlement Market Potential to be Presented at 2014 Fasano Conference

Life Settlement Market Potential to be Presented at 2014 Fasano Conference

photo Rajiv Rebello, FSA, will analyze the future of the life settlement market at the Fasano Life Settlement & Longevity Conference on November 3rd in Washington, DC.  Mr. Rebello is Principal of Colva Insurance Services, a California based consultancy. His presentation will draw on modeling work he has done to estimate the potential of the life settlement market.

Said Mike Fasano, President of Fasano Associates, "The Life Settlement Report just reported that the life settlement market stopped its decline in 2013, and there have been a number of predictions as to the market's potential. But most of the estimates I have seen have been based on back-of-the-envelope calculations. Rajiv brings an incredibly keen analytic mind to the process and has developed the first really rigorous model I have seen to estimate the true potential of the life settlement market."

Sobering Presentations to 200 Professionals Attending 2013 Fasano Longevity Conference


Sobering Presentations to 200 Professionals Attending
Fasano Longevity Conference

WASHINGTON, D.C.-(BUSINESS WIRE)-October 29, 2013: Approximately 200 investors and industry participants attending the 10th Annual Fasano Life Settlement & Longevity Conference received a sobering assessment of our political economy. Noted economist and fiscal policy expert, Eugene Steuerle, opened the Fasano Conference with a cutting analysis of the economic problems facing the U.S. economy, including rising and unsustainable levels of debt and a weakened ability to combat recession and address new emergencies. Steuerle called for a radical restructuring of U.S. retirement, health and tax policy to combat years of irresponsible government policies. Steuerle was followed by Washington insider, Jack Kelly, who laid out how stunted economic growth coupled with high unemployment and languishing take-home pay have led to a nosedive in consumer confidence and how realignments in Congress have resulted in continued uncertainty in both politics and the economy. Kelly argued that the recent congressional compromise offers only temporary solutions and that the political dynamics are likely to lead to more polarization in Washington.

The Fasano Conference also included a number of investor focused presentations, including an analysis of the emerging Life Contingent Structured Settlement Market given by Brian Robinson and Erik Friedman, Managing Partners of GFG Alternative Investment Advisors, and the insights of Matt Popoli, Senior Managing Director of Reservoir Capital, on Why Large Investment Banks Have Exited the Life Settlement Market. In addition, Cormac Treanor, Senior Vice President of Longevity Markets at Wilton Re, which has been a significant investor in the life settlement space, presented a Buyer’s Perspective on Analyzing Tertiary Transactions.

Medical presentations were delivered by Dr. Mark Lachs, Chief of Geriatrics at the Weill Medical College of Cornell University, and Dr. John Iacovino, Senior Medical Director at Fasano Associates. Lachs’ presentation focused on the Impact of Functional Status on Longevity and Mortality Prediction in the Elderly while Dr. Iacovino addressed the Growing Mortality Risk of Prescription Opioids.

The Conference ended with an expert panel discussion of the Advantages and Disadvantages of Offshore Venues for ILS and Life Settlement Structures.



DVDs of the Fasano Conference are available to those who were unable to attend the Conference. To purchase the 2013 Conference DVD for $495, click on the button below. Next year's conference is scheduled for Monday, November 3, 2014.

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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.

Life Expectancy Performance Measurement – Industry Concerns!

During a recent BVZL Conference, Fasano Associates President, Michael Fasano, presented the strengths and weaknesses of different methodologies used to measure Actual to Expected accuracy and also discussed some of the significant shortcomings associated with restated or “current basis” approaches to performance measurement.

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

Fasano Responds to Concerns Over 21st LE Extension

Fasano Associates has responded to market concerns that other LE underwriters may follow 21st Services recent LE extension. View video.

Mike Fasano, President of Fasano Associates, made it clear that Fasano Associates would not be extending their life expectancy estimates.  Said Fasano: “Frankly, if after almost 12 years in this business, we saw the need to extend our LE estimates 20% or more, I would be tempted to pull the shades down and close our business.”

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.

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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:

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Fasano releases 99% Actual to Expected Ratio for 2005-2010

Fasano Associates has just released the latest independent actuarial analysis of its Actual to Expected (A to E) performance, including an Actual to Expected ratio of 99% for the 2005 through 2010 time period, based on the ACTUAL life expectancy estimates given to its clients.

To provide more granularity in the results presented, we have developed splits of Fasano's Actual to Expected experience based on gender, smoking status, and LE durational band. These detailed splits have been provided based on the assumptions that we consider to be representative of the current life settlement market yet with sufficient observations to be statistically credible. We have provided detailed results for the 2005 to 2010 period (last 6 years), based on the Fasano 2008 Mortality Tables and IBNR developed by Dr. Bruce D. Spencer, Chair of the Statistics Department of Northwestern University (Spencer IBNR). For more information about the study, please click here and fill out the 'General Inquiries' form.

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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
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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
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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.