Image of UC Logo

Disclosures and Privacy


Proud member of:

BVZL logo

elsa logo     Member of Executive Committee

ilma logo      Member of the Board of Directors

lisa logo 




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
  • 98% Actual to Expected Accuracy based on most recent Independent Actuarial Study.
    - Results based on actual predictions, not restated

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

Wide Range of Presentations at Fasano Longevity Conference

Wide Range of Presentations at Fasano Longevity Conference

WASHINGTON, D.C.-(BUSINESS WIRE)-November 13, 2018: The November 5th Fasano Longevity Conference included a wide range of presentations, including an analysis of the mid-term elections and groundbreaking cancer research. 


Washington insider, Kevin Madden, opened the Conference with his take on the mid-term elections.  He was followed by Coventry Chairman, Alan Buerger, who gave an upbeat assessment of the outlook for the Life Settlement market.

The morning sessions also featured a presentation by Securis Investment Partners with their analysis of Current Investment Values in Life Settlements, and finished with an analysis by Dr. Steven Rigatti of the Different Methods of Measuring Biologic Age. 


The afternoon sessions opened with a captivating presentation by Northwestern University’s Dr. Thomas Meade on his original research into ways of Disabling Cancer Cells from Metastasizing.  The afternoon sessions also included Wharton School research on the Impact of Medicare Reform on Longevity, James Atkins’ Critique of Pricing in the Secondary Structured Settlement Market and an all-star panel presentation covering the Impact of New Privacy Regulations in both the U.S. and the European Union.

Said Michael Fasano, President of Fasano Associates, "We attracted 200 longevity and investment professionals this year, and the feedback has been extraordinarily positive.  The presentations included a good balance of politics, investment analysis and breakthrough medical research."  Fasano described his Conference as "Investor Focused".

DVDs of the Conference are available (www.fasanoassociates.com) for $495.  Next year's Fasano Longevity Conference will be held on Monday, November 4, 2019, 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


dvd order button

Listen to what People Say About The Fasano Conference

register button

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 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 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.

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 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
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.