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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.


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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
  • 96% to 102% Actual to Expected Accuracy based on FIVE 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 COI Presentation at 2015 Fasano Longevity Conference

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Controversial COI Presentation at 2015 Fasano Longevity Conference

WASHINGTON, D.C.-(BUSINESS WIRE)-November 3, 2015: An analysis presented by Demeter Investments at the 12th Annual Fasano Life Settlement & Longevity Conference revealed potentially dramatic reductions in the value of life settlement portfolios resulting from scheduled and possible future Cost of Insurance (COI) increases. Said Mike Fasano, President of Fasano Associates: "The COI presentation was a wake-up call that has galvanized life settlement investors. But what is important to remember is that cost of insurance increases that are not actuarially justified don't just impact investors, but they hurt senior citizens and the larger population who can't afford to be priced out of their important insurance protection.

The Fasano Conference included a broad range of topics bearing on longevity markets. Medical presentations included groundbreaking research by Northwestern University's Dr. Vadim Backman on optical scanning technology done at the molecular level to detect the earliest signs of cancer cell creation, as well as a contrarian perspective debunking the conventional wisdom about cholesterol given by renowned expert on nutritional and metabolic medicine, Dr. Ron Rosedale.

Larry Rubin, FSA and Principal of PricewaterhouseCoopers, opened The Fasano Life Settlement & Longevity Conference with a presentation that detailed How Aggressive Pricing has Hurt the Life Settlement Market and other markets with long dated cash flows. Mr. Rubin was followed by Executive Chairman of DRB Capital, Jim Terlizzi, who shared his insights on Alternative Investment Opportunities.

The afternoon sessions included an analysis by Cormac Galvin and Keith Politte of RGA on the Transformation of the Macro Longevity Market to Institutional Investors, and a presentation by Jordi Posthumus of Hannover Re on the Potential Impact on Longevity Risk Management of Real Time Biofeedback.

The Conference ended with an Expert Panel answering the question, Is the World Flat?, with an analysis of the areas that are most susceptible to outsourcing and the pros and cons involved in the outsourcing decision.

DVDs of the Fasano Conference will be available to those who were unable to attend the Conference. Next year's conference is scheduled for Monday, November 7, 2016.

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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.