Fasano Associates announces their 7th Annual Life Settlements Conference to be held on October 18, 2010. The conference will take place at Fasano's headquarters: NAHB Building, 1201 15th Street Street, NW, Washington, DC 20005. For more information, registration details, and the Early Bird special, please go to the registration page. The agenda is now available.
Proud member of:
(LISA Board Member)
Welcome
FASANO ASSOCIATES is UNDERWRITING CENTRAL.
Our goal is to be simply the best at what we do.
Our specialties include:
FASANO ASSOCIATES is UNDERWRITING CENTRAL.
Our goal is to be simply the best at what we do.
Our specialties include:
- Life Settlement Underwriting
- Life & Health Underwriting
- Annuity Underwriting
- Expert Witness Testimony
Why should you consider Fasano Associates for your Life Settlement Underwriting?
- 96% Actual to Expected Accuracy based on 3 successive, independent Actuarial Studies. Our results are based on our actual predictions not restated estimates.
- Three day turn around for Life Expectancy submissions.
- For more information about obtaining a Life Expectancy Report from Fasano Associates, please contact us.
Upcoming Events - October 18, 2010 - 7th Annual Life Settlements Conference
Life Expectancies -- A Different View
by Michael Fasano
In recent months it has become evident that my views on life expectancies and Actual to Expected analyses are different than most, if not all,
of my friends in the life expectancy underwriting business. The consensus position was expressed in a well written and thoughtful article penned
by Darwin Bayston, “Life Expectancies — What Next?”, published in the June issue of Life Settlement Review
www.LifeSettlementReview.com.
Although I agree with many of Darwin’s arguments, there are some significant points that I would take issue with.....
Click here to read entire article
LISA Adopts Best Practices for LE Providers
LISA Board Member, Mike Fasano, announced the adoption of Best Practices for Life Expectancy
Providers at the 2009 Fall LISA Conference. Fasano chaired the LISA Taskforce that developed
Best Practices. Other Tack Force members included AUS, AVS, EMSI, and 21st Services.
Fasano had initially called for Best Practices for LE Providers at the 2008 Fasano Life Settlement
Conference. Said Fasano, “Best Practices will increase transparency among the LE Providers and should
help to restore investor confidence in our industry". What is most important is for Life Expectancy
Providers to use their actual estimates in calculating their Actual to Expected accuracy.
To restate estimates based on different methodologies would be misleading.
The last piece to be completed is the development of a Common Mortality Table to be used by all
life expectancy underwriters in calculating their Actual to Expected results. An actuarial
subcommittee tasked with developing the table reported that parameters for the Common Table have
been agreed upon, and it will be published by the end of March, 2010.
Best Practices Update
Michael Fasano, President of Fasano Associates, re-elected to LISA Board of Directors
Members of the "Life Insurance Settlement Association" (LISA), the leading trade association in the
Life Settlement space, selected six board members during its 16th Annual Spring Conference in Washington, DC.
Mike Fasano was re-elected to a new two year term on the Board. He has served on the Membership Committee and
chaired the LISA Best Practices for Life Expectancy Underwriters Taskforce, which established Best Practices to
provide for more transparency among life expectancy providers.
Other elected board members are:
- Zohar Elhanani, COO of Legacy Benefits, New York
- Nate Evans, President & CEO of Maple Life Financial, Bethesda, MD
- M. Bryan Freeman, President, Habersham Funding, LLC, Atlanta
- John McCarroll, Vice President, Q Capital Strategies, New York
- Craig Seitel, CEO, Abacus Settlements, New York
The full board is made up of 11 members each serving two year terms.
Upcoming Speaking Engagements
- July 14-16, Bermuda: The 8th Insurance Linked Securities Summit. Mike Fasano, President and Dr. Robert Lund, Medical Advisor, Fasano Associates, will be speaking on Demographics, Wealth and Genetics: What Really Matters When Estimating Life Expectancy?
- July 17, 2010, Chicago: Private Wealth Family Office Event. Mike Fasano will speak on Life Settlements As An Asset Class.
New Study Reveals Actual to Expected Ratio of 96%.
Fasano Associates' most recent independent performance evaluation revealed an Actual to Expected accuracy of 96% for the period 2004 through 2008. If you are interested in receiving a copy of this analysis, please contact us.
Recent Study Documents Differences Among Life Expectancy Underwriters
Longer has meant more accurate and more consistent life expectancy estimates from Fasano.
A study just released by Life Policy Dynamics (LPD) revealed some significant differences among Life Expectancy Underwriters, as well as some similarities. According to the LPD analysis: "Fasano consistently provided the longest LEs overall, and EMSI appears to have consistently been the shortest among the five LE providers. AVS, 21st Services and ISC are between the two, exhibiting almost identical changes in slope with each other. It is interesting to note that the AVS and 21st LEs are now closer than they were last year, after both LE providers exercised changes in their underwriting methodology."
Mike Fasano, President of Fasano Associates, said that the results were consistent with what he has seen in the market. Said Fasano: "Unfortunately, many in the market are trying to sweep our differences under the rug in an attempt to lure new capital into the market. The fact is, notwithstanding the significant LE extensions made by some of the other underwriters in fall of 2008, there are still large differences among medical underwriters. The analytics have been clouded by the inability of the underwriters thus far to agree on such fundamental issues as whether to measure historic Actual to Expected accuracy based on the actual life expectancy estimates given to our clients or based on adjusted or restated estimates that are presumably based on current methodologies." Fasano's firm has reported three consecutive analyses performed by independent actuarial firms that concluded an overall Actual to Expected accuracy of 96%, based on actual estimates. Added Fasano: "We think that it is easier to validate expected future performance when you start with an analysis of your actual historic performance and then estimate the impact of any recent changes to methodology. Analyses based on adjusted or restated life expectancy estimates are more difficult to validate and inevitably seem to generate rosy results. The LPD analysis demonstrates that Fasano, on average, is more than 15% longer than the other underwriters, yet I see Actual to Expected ratios from other underwriters of close to 100%. The numbers just don't add up. We still can't all be close to 100% accuracy when our LE estimates are so far apart."
Fasano concluded that investors need to dig into the Actual to Expected analyses of the underwriters and come to their own conclusions about who is most accurate. Said Fasano: "Otherwise, investors could be hurt by a system that appears biased towards using shorter LEs, regardless of the facts." Contact information
Michael Fasano named as one of the Top Ten Most Influential in Life Settlement Industry
Michael Fasano has been named one of the top ten most influential people in the Life Settlement Industry. Mr. Fasano, CEO and President of Fasano Associates, was selected based upon his "... ability to alter and shape the current regulatory, legislative and economic forces that guide this market." The announcement was made in the April 2009 issue of the Life Settlement Review, a publication of the Life Insurance Settlement Association. Press Release
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---To order your copy directly from the publisher, John Wiley & Sons, Inc.,
please click here
Past Events - October 26, 2009 - 6th Annual Life Settlement Conference
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Fasano Conference Attracts Industry Leaders at its Sixth Annual Life Settlement Conference
Kent Smetters, former Bush Administration Treasury official and current Wharton School Professor opened the Conference with an in-depth Analysis of President Obama’s Economic Policies. He demonstrated how attempts to inflate the economy through increased money supply have not been successful, as banks have chosen to hold historically high excess reserves.
Philippe Hatstadt, Managing Director of Barclays Capital followed with a cutting edge analysis of Pricing and IRR Risk Associated with Life Extension, including the impact of too short life expectancy estimates and of disease elimination.
The afternoon sessions included a presentation by Dr. Jochen Russ of the Institute for Finance and Actuarial Studies, the Death of Premium Finance, in which he exposed the premium finance industry’s dependence on unrealistically short life expectancy estimates and detailed the impact that longer life expectancies have had in curtailing market activity.
Jack Kelly, Executive Director of ILMA (the Institutional Life Markets Association), brought the house down with his presentation, An Industry Under Assault – Myth versus Fact, in which he brought perspective to the recent media assault on life settlements and laid out a strategy for the industry’s future.
Additional presentations were made by Jim DeHayes, renowned
marketing expert and CEO of DeHayes Consulting Group, Thomas Laumont, Chairman
of the German Life Settlement Association (BVZL), Brian Casey, Partner of Locke,
Lord, Bissell, and Fasano Associates Medical Director, Dr. Jim Wright. In addition, Mutaz Qubbaj of Credit
Suisse set the record straight on the
Differences Between Mortgage Backed Securities and Life Settlement Markets.
Past Events - April 11-14, 2010 - 9th Annual Association of Home Office Underwriters (AHOU) Conference, San Antonio TX
Fasano Associates, Underwriting Central, Vice President of Underwriting Al Mayer represented the firm at the recent AHOU 9th Annual Conference held in San Antonio, TX, on April 11-14, 2010. Underwriting Central was an Exhibitor, promoting the firm's multifaceted life, health and older age market underwriting capability. A ‘main stage presentation’ by Sanjay Gupta, MD, noted neurosurgeon, educator, and media personality, focused on Medical Innovations and resulting impact on today’s medical underwriting. With over 900 in attendance, the conference was a huge success.
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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.
