The Convergence of the U.S. & European Markets: An Investor's Perspective
8:30 - 9:20
With the recent slowdown of U.S. investment into the secondary market, European interest is growing and is behind a steady flow of capital into the Life Settlements market. This panel explores how European investors have penetrated the U.S. market and examines where the growth is expected to come from in the future.
MODERATOR: PETER HINDLE, Surrenda-link
PANELISTS: JONAS MARTENSON, Ress Capital; ANDREW MURPHY, Mosaic Management Group THOMAS SCHMITT, Augur Capital; TITUS VAN HEUR, European LS Management

The Need for Innovation: The Future of the Secondary Market
9:25 - 9:55
This presentation explores the future of the secondary market and how it will be impacted by the global economic crisis, the new Obama administration, the maturity of the baby-boomer generation and the need for innovation.
SPEAKER: MICHAEL CRANE, Coventry

Life Expectancies: How They Have Evolved
10:30 - 11:20
Mortality assumptions are a significant factor in determining the value of a life insurance policy. In recent months the major life expectancy underwriters have revised their mortality tables. This panel discusses how these changes have affected the value of policies and if they will result in more accurate estimates and pricing going forward.
MODERATOR: DR. JEFFREY YOUNG, Physicians Review Network
PANELISTS: TRACI DAVIS, Advanced Underwriting Solutions; MORRIS FISHMAN, Insurance Strategies Services; VINCENT GRANIERI, 21st Services; ANNA HART, ARHart Consulting

The Emergence of Synthetic Instruments
11:25 - 12:15
A number of key players in the life settlements market fear that the newly developing synthetics market will tarnish their business, attracting unwanted attention from regulators. These structures have become a means to invest without actually purchasing the physical policies and have attracted new players into the market. This panel explores the emerging use of synthetics, the techniques involved, the potential elimination of policy-related risks and the legal advantages of these new transactions.
MODERATOR: PAUL MEYER, Clifford Chance
PANELISTS: MATTHEW BROWNDORF, Browndorf PEM; BILL CASSANO, Goldman Sachs; EAMONN LING, Catalyst Investment Group; DAVID RAWSON-MACKENZIE, Centurion

Traded Life Insurance Policies Funds: An Overview of Past Performance
12:20 - 12:40
Currently Germany, the United Kingdom and the United States are the only three developed markets that exist for traded life insurance policies. However the returns that can be reasonably expected in the three markets are not yet very well known. This presentation reviews the past performance of the three markets using historic performance data of open-ended mutual funds.
SPEAKER: BEAT HESS, AA-Partners

How to Price Distressed Portfolios
13:40 - 14:30
The market for distressed portfolios is expected to remain active through 2009 as the recession and changes in life expectancies put investors under pressure to raise cash. If portfolio assets were priced based on past shorter life expectancy estimates they have likely lost value. Panelists discuss what steps are necessary to realistically price distressed portfolios.
MODERATOR: LARRY SIMON, Life Settlement Solutions
PANELISTS: CHRIS ERWIN, Erwin & Johnson; NATE EVANS, Maple Life; BRYAN FREEMAN, Habersham Funding; MICHAEL KRASNERMAN, All Financial Group

The Infrastructure of a Life Settlement: Managing Risk & Return
14:35 - 15:25
The successful acquisition and management of a life settlements portfolio relies upon good relationships and systems. This panel discusses how to establish and maintain business relationships and information systems to support the growth of your business. It also looks at how those relationships and systems can combine to help you measure and mitigate risks within your portfolio.
MODERATOR: MARK VENN, Clearlife
PANELISTS: JASON JACOBS, Silverpoint Capital; ALEXI PORETZ, Sidley Austin; ANDREW TERRELL; Bristlecone Partners

Investment Managers Perspective: Discovering Value in the Life Settlement Market
16:00 - 16:30
This presentation explores the importance of sophistication when investing in life settlements. Topics include views on pricing and valuation, what to consider when selecting different investment products, and what you need to know to avoid some of the pitfalls when investing.
SPEAKER: PATRICK MCADAMS, Surrenda-link

The Emergence and Future of Reverse Equity Transactions
16:35 - 16:55
Unprecedented aging and runaway government spending will only further deepen our current economic condition and drive seniors to find new ways to generate income. The capital markets will adopt these uncorrelated transactions, which will give birth to the global life markets. This presentation discusses the demographic and economic fundamentals behind a massive boom in "reverse equity transactions", and ways investors can capitalize on them.
SPEAKER: VISHAAL BHUYAN, VB Bhuyan & Co.

The Continuing Effort to Regulate Life Settlements: Critical Elements for Investors
8:30 - 9:20
The life settlement market's state-by-state legislative battle with anti-settlement insurers continues this year. This panel explores the current regulatory environment in the United States, and how the proposed regulations will affect the market.
MODERATOR: STEVE WASHINGTON, Life Equity
PANELISTS:MICHAEL FREEDMAN, Coventry; JACK KELLY, Institutional Life Markets Association; THOMAS MORANTE, Holland & Knight

Investment Risks Associated with Life Settlements
9:25 - 9:55
Even with accurate life expectancies, there are risks associated with portfolios that are not well diversified. This presentation illustrates the shortfall in expected returns due to both statistical and clinical issues.
SPEAKER: MIKE FASANO, Fasano Associates

Aggregating Life Settlement Portfolios: Building Custom Portfolios
10:25 - 11:15
As the financial markets turn to new investment vehicles, life settlements are a clear target. While purchasing an existing pool of insurance policies may appear to be the quickest and most efficient way for fund managers to enter the market, some argue that the time and energy needed to perform proper due diligence is better allocated by building a new portfolio from scratch. This panel explores how building custom portfolios enables fund managers to transparently select the size, type and performance characteristics of a portfolio in advance without the headaches surrounding the evaluation of existing portfolios.
MODERATOR: STEVEN SHAPIRO, Q Capital Strategies
PANELISTS: ZOHAR ELHANANI, Legacy Benefits; SCOTT PAGE, The Lifeline Program; ANDREW PLEVIN, Goldman Sachs; ROBIN WILLI, BlueCrest Capital Management

New Tools: Correct Settlement Pricing Hinges on Appropriate Life Expectancy Underwriting
11:20 - 11:50
A computer model combining medical facts with activities of daily living and other functional charactersitics of an insured is now available to determine life expectancy in individual life settlement prospects. This presentation examines how this model works and can potentially eliminate costly mistakes in offer pricing.
SPEAKER: PETER MAZONAS, Life Settlement Financial

Fixed Life Settlements: Securities Transactions?
11:55 - 12:15
Fixed life settlements may be construed as a securities transaction if not done properly. In addition to life settlement and life insurance licenses, certain participants in the market must also hold securities licenses and registrations. Depending on the role of your firm in the transaction, you may need to use a broker-dealer to process your life settlements. Inconsistencies in state regulations and terminology, along with continued life settlement industry evolution, make this a complicated issue, and one that must be addressed by those engaging in life settlement transactions.
SPEAKER: MIKE LEIBOWITZ, Invescor

Litigation: An Overview of the Major Cases and How They Impact Life Settlements
13:15 - 14:05
Developments in litigation issues and the outcome of these matters can substantially impact your business. This panel offers an overview of major litigation pending in the Life Settlements Market.
MODERATOR: BRIAN BROOKS, O'Melveny & Myers
PANELISTS: MICHAEL MULVANEY, Maynard Cooper & Gale; CHIAHUA PAN, Morrison Foerster

Pristine Origination: Picking Your Partners in a Confusing Marketplace
14:10 - 15:00
Although life settlements as an asset class is a global phenomenon, virtually all of the physical assets are dollar-denominated polices on U.S. citizens. Where do they come from, and how does the process of origination influence the value proposition for both sellers and buyers in the secondary market for life insurance? This panel examines the structure of distribution in the primary life insurance market, the role of agents and independent marketing groups, intermediation, transparency, regulation and pitfalls for policy origination.
MODERATOR: CRAIG SEITEL, Abacus Settlements
PANELISTS: PIERRE OLIVIER BENSAHEL, Peninsula Group; JIM CAVOLI, Life Settlement Insights; RUSS DORSETT, Select Life; RAMIRO RENCURRELL, Magna Life Settlements; TOM WEINBERGER, Stroock Stroock & Lavan

Tax Aspects of Life Settlements
15:25 - 16:15
This panel gives a general overview of the U.S. tax treatment including tax reporting obligations for life settlement providers. Panelists also discuss tax considerations for international investors including when capital gains rates apply, managing withholding of taxes, fund structures and the benefits of tax treaties.
MODERATOR: WILLIAM WINTER, Morris, Manning & Martin
PANELISTS: JOSE GARCIA, Carlisle Management Company; WAYNE KELLNER, Rothstein Kass; KIRK VAN BRUNT, Locke Lord Bissell & Liddell

Keyman Insurance Policies: New Source of Cash for Companies
16:20 - 17:10
It's not uncommon for companies to protect themselves against the loss of their highest ranking executives. As times get tougher and these executives get older, some companies are deciding that the insurance they bought for the future might have value today. This panel examines how the current economy has motivated sellers of the transactions and how to position your company to benefit from this trend.
MODERATOR: ROBERT FINFER, Integrity
PANELISTS: DOUG HIMMEL, Melville Capital; PETER KLEIN, Amtech Capital Corporation