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March 22 & 23 • Marriott Grosvenor Square • London
Monday, March 22, 2010
Registration, Breakfast & Networking
8:00 - 9:00
8:00 - 9:00
Trends in 2010 that Will Affect Institutional Investors
9:05 - 9:30
This presentation gives an investor's perspective on the trends in the industry that will affect institutional money coming into the market. Topics include increased regulation, industry consolidation of providers and agents, another expected shift in underwriting, potential law suits against fund managers, the lapsing of premium finance portfolios, and the exit of hedge funds.
SPEAKER: ROBIN WILLI, Springside Capital
9:05 - 9:30
This presentation gives an investor's perspective on the trends in the industry that will affect institutional money coming into the market. Topics include increased regulation, industry consolidation of providers and agents, another expected shift in underwriting, potential law suits against fund managers, the lapsing of premium finance portfolios, and the exit of hedge funds.
SPEAKER: ROBIN WILLI, Springside Capital
Legal Developments & Fraud: Exploring High Profile Cases in the U.S. and Europe
9:35 - 10:25
With recent controversy surrounding the European market, what are the regulators doing to clean up the market? This panel examines recent high profile cases, and their impact on retail investment into the market. Panelists discuss the issues and concerns of European investors, and give an overview of current legal issues.
MODERATOR: JULE ROUSSEAU; Herrick, Feinstein
PANELISTS: RACHEL COAN, Katten Muchin Rosenmann; KARL-GEORG VON FERBER, KVF-Law; BORIS ZISER, Stroock & Stroock & Lavan
9:35 - 10:25
With recent controversy surrounding the European market, what are the regulators doing to clean up the market? This panel examines recent high profile cases, and their impact on retail investment into the market. Panelists discuss the issues and concerns of European investors, and give an overview of current legal issues.
MODERATOR: JULE ROUSSEAU; Herrick, Feinstein
PANELISTS: RACHEL COAN, Katten Muchin Rosenmann; KARL-GEORG VON FERBER, KVF-Law; BORIS ZISER, Stroock & Stroock & Lavan
Networking Break
10:25 - 10:50
10:25 - 10:50
How U.S. Legislation & Regulation Benefits European Investors in Life Settlements
10:50 - 11:50
Questions still remain as to whether Life Settlements are securities or insurance products and who should regulate them, but now that 38 states in America have passed laws to regulate Life Settlements, investors are regaining confidence in the market. This panel discusses how the recent increase in regulation in the United States will benefit European investment into the asset class.
MODERATOR: MICHAEL FREEDMAN, Coventry
PANELISTS: KATHLEEN BIRRANE, Maple Life Financial; JACK KELLY, Institutional Life Markets Association
10:50 - 11:50
Questions still remain as to whether Life Settlements are securities or insurance products and who should regulate them, but now that 38 states in America have passed laws to regulate Life Settlements, investors are regaining confidence in the market. This panel discusses how the recent increase in regulation in the United States will benefit European investment into the asset class.
MODERATOR: MICHAEL FREEDMAN, Coventry
PANELISTS: KATHLEEN BIRRANE, Maple Life Financial; JACK KELLY, Institutional Life Markets Association
Keydata Investment Services: The Post-Mortem
11:55 - 12:25
Keydata Investment Services was placed under administration by the Financial Services Authority in a case that is affecting many Life Settlement investors. This session examines this high profile case and the role played by the regulator in it. Topics to be discussed include the qualifications and experience of the fund promoters and management teams, problems associated with closed end structures, the lack of Life Settlements specialists within the accountancy and legal professionals in the UK and Luxembourg, and the need for training for retail practitioners and advisors.
SPEAKER: GEOFF HARTNELL, Vintage Financial
11:55 - 12:25
Keydata Investment Services was placed under administration by the Financial Services Authority in a case that is affecting many Life Settlement investors. This session examines this high profile case and the role played by the regulator in it. Topics to be discussed include the qualifications and experience of the fund promoters and management teams, problems associated with closed end structures, the lack of Life Settlements specialists within the accountancy and legal professionals in the UK and Luxembourg, and the need for training for retail practitioners and advisors.
SPEAKER: GEOFF HARTNELL, Vintage Financial
Networking Luncheon
12:30 - 13:30
12:30 - 13:30
Fund Restructuring for U.S. Tax Efficiency
13:30 - 14:20
Two recent Internal Revenue Service tax rulings have impacted the market. Panelists give practical examples of how some non-U.S. funds have restructured to avoid the 30% withholding tax, and discuss of how you can position your fund to invest in U.S. based policies while complying with tax treaties.
MODERATOR: KIRK VAN BRUNT, Locke Lord Bissell & Liddell
SPEAKER: MIKE LEHRTER, Rust Group; THIERRY LESAGE, Arendt & Medernach; PATRICK MCADAMS, SL Investment Management; JAMES SOMERVILLE, A&L Goodbody Solicitors
13:30 - 14:20
Two recent Internal Revenue Service tax rulings have impacted the market. Panelists give practical examples of how some non-U.S. funds have restructured to avoid the 30% withholding tax, and discuss of how you can position your fund to invest in U.S. based policies while complying with tax treaties.
MODERATOR: KIRK VAN BRUNT, Locke Lord Bissell & Liddell
SPEAKER: MIKE LEHRTER, Rust Group; THIERRY LESAGE, Arendt & Medernach; PATRICK MCADAMS, SL Investment Management; JAMES SOMERVILLE, A&L Goodbody Solicitors
Bridging the Gap to Securitization: Standardization, Privacy & Technology
14:25 - 15:15
Successful securitizations have been few and far between in Life Settlements. Many investors believe that standardization of synthetic products coupled with effective privacy protection is critical to the growth of a robust securitization regime. This panel explores how the development of market standards and the effective use of technology could encourage new investors to step into the Life Settlements market.
MODERATOR: MICHAEL MACALUSO, Morgan Lewis & Bockius
PANELISTS: ELLIOT BERTRAM, Madison Westbridge; EMMANUEL MODU, A.M. Best; DANIEL PASSAGE, O'Melveny & Myers; MARK VENN, Clearlife
14:25 - 15:15
Successful securitizations have been few and far between in Life Settlements. Many investors believe that standardization of synthetic products coupled with effective privacy protection is critical to the growth of a robust securitization regime. This panel explores how the development of market standards and the effective use of technology could encourage new investors to step into the Life Settlements market.
MODERATOR: MICHAEL MACALUSO, Morgan Lewis & Bockius
PANELISTS: ELLIOT BERTRAM, Madison Westbridge; EMMANUEL MODU, A.M. Best; DANIEL PASSAGE, O'Melveny & Myers; MARK VENN, Clearlife
Headline Risk: The Importance of Educating the Press
15:20 - 16:10
A recent New York Times article comparing securitized settlements to the next subprime mortgage mess set off a stream of inaccurate stories that have affected the market. What have the implications been, and what can market participants do to educate the press about the industry?
MODERATOR: ANNA BAILEY, MLF LexServ
PANELISTS: ZOHAR ELHANANI, Legacy Benefits; ROBERT FINFER, Integrity Capital Partners; CHIAHUA PAN, Virtual Law Partners
15:20 - 16:10
A recent New York Times article comparing securitized settlements to the next subprime mortgage mess set off a stream of inaccurate stories that have affected the market. What have the implications been, and what can market participants do to educate the press about the industry?
MODERATOR: ANNA BAILEY, MLF LexServ
PANELISTS: ZOHAR ELHANANI, Legacy Benefits; ROBERT FINFER, Integrity Capital Partners; CHIAHUA PAN, Virtual Law Partners
Do Carriers & Investors Have a Common Interest in Cleaning Up Troubled Assets?
16:15 - 17:05
Many European investors are sitting on assets, and having difficulty moving them at a reasonable price. With issues of STOLI, premium finance and insurable interest surrounding the industry, what can be done to clean up the troubled assets that are out there? This panel explores how to classify a troubled asset, what the issues are, and ways in which the industry can work with the life carriers to better position the asset class for investors.
MODERATOR: ANDREW TERRELL, Avon Capital
PANELISTS: OLA ERIKSSON, Mizuho International; JOHN MCCARROLL, Q Capital Strategies; ROBIN WILLI, Springside Capital
16:15 - 17:05
Many European investors are sitting on assets, and having difficulty moving them at a reasonable price. With issues of STOLI, premium finance and insurable interest surrounding the industry, what can be done to clean up the troubled assets that are out there? This panel explores how to classify a troubled asset, what the issues are, and ways in which the industry can work with the life carriers to better position the asset class for investors.
MODERATOR: ANDREW TERRELL, Avon Capital
PANELISTS: OLA ERIKSSON, Mizuho International; JOHN MCCARROLL, Q Capital Strategies; ROBIN WILLI, Springside Capital
Closing Remarks
17:05
17:05
The International Life Settlements Cocktail Reception
17:30 - 19:00
17:30 - 19:00
Tuesday, March 23, 2010
Registration, Breakfast & Networking
7:45 - 8:45
7:45 - 8:45
Merging and Expanding Portfolios: New Opportunities for Investors
8:45 - 9:35
As a result of the credit market downturn, many distressed portfolios have come on the market. This has produced opportunities for the creation of larger, more diversified portfolios with enhanced liquidity. This panel discusses what opportunities are being created for European investors, and explores how buying portfolios out of bankruptcy can benefit your portfolio.
MODERATOR: JASON JACOBS, Silver Point Capital
PANELISTS: MICHAEL CRANE, Coventry; FRANZ-PHILIPPE PRZYBYL, Alphabridge Capital; CHRISTIAN SEIDEL, Life Bond Management
8:45 - 9:35
As a result of the credit market downturn, many distressed portfolios have come on the market. This has produced opportunities for the creation of larger, more diversified portfolios with enhanced liquidity. This panel discusses what opportunities are being created for European investors, and explores how buying portfolios out of bankruptcy can benefit your portfolio.
MODERATOR: JASON JACOBS, Silver Point Capital
PANELISTS: MICHAEL CRANE, Coventry; FRANZ-PHILIPPE PRZYBYL, Alphabridge Capital; CHRISTIAN SEIDEL, Life Bond Management
The German Secondary Market: Examining the Risk-Return Profile
9:40 - 10:00
Germany is the third largest life insurance market in the world. This session discusses the differences between the U.S and German markets, focusing on recent developments and market size and examines the attractive risk-return profile of the market.
SPEAKER: FRANK ALEXANDER DE BOER, cash.life AG
9:40 - 10:00
Germany is the third largest life insurance market in the world. This session discusses the differences between the U.S and German markets, focusing on recent developments and market size and examines the attractive risk-return profile of the market.
SPEAKER: FRANK ALEXANDER DE BOER, cash.life AG
Investing in Longevity Risk: Synthetic Structures & Pension Fund Longevity Swaps
10:05 - 10:55
With the growing market for a variety of longevity risk investments including synthetics, pension fund swaps, and longevity risk insurance there comes a new crop of opportunities for investors. How can pension funds comply with ERISA rules? Who is buying and what is the future of the market? This panel explores micro and macro longevity, what types of derivative and synthetic products are being developed, and how they can be used to hedge mortality risk for Life Settlement portfolios and pension funds.
MODERATOR: GUY COUGHLAN, J.P. Morgan
PANELISTS: MARTIN BIRD, Hewitt Associates; JOHN FITZPATRICK, Pension Corporation
10:05 - 10:55
With the growing market for a variety of longevity risk investments including synthetics, pension fund swaps, and longevity risk insurance there comes a new crop of opportunities for investors. How can pension funds comply with ERISA rules? Who is buying and what is the future of the market? This panel explores micro and macro longevity, what types of derivative and synthetic products are being developed, and how they can be used to hedge mortality risk for Life Settlement portfolios and pension funds.
MODERATOR: GUY COUGHLAN, J.P. Morgan
PANELISTS: MARTIN BIRD, Hewitt Associates; JOHN FITZPATRICK, Pension Corporation
Networking Break
10:55 - 11:15
10:55 - 11:15
Underwriting Issues: Cash vs. Synthetic Structures
11:15 - 12:05
The differences between cash and synthetic underwriting lie in exposure to regulatory risk and credit risk of the issuing insurance companies in cash transactions, versus counterparty credit risk of the entity putting together the synthetic transaction. This panel explores the group underwriting and demographic issues, population differences in a synthetic structure vs. a cash structure, analyzing and comparing the credit risk in cash and synthetic structures, and how to go about reducing the regulatory risk.
MODERATOR: MIKE FASANO, Fasano Associates
PANELISTS: RICHARD MORRIS, Commerzbank; JEFF MULHOLLAND, Insurance Capital Markets Holdings
11:15 - 12:05
The differences between cash and synthetic underwriting lie in exposure to regulatory risk and credit risk of the issuing insurance companies in cash transactions, versus counterparty credit risk of the entity putting together the synthetic transaction. This panel explores the group underwriting and demographic issues, population differences in a synthetic structure vs. a cash structure, analyzing and comparing the credit risk in cash and synthetic structures, and how to go about reducing the regulatory risk.
MODERATOR: MIKE FASANO, Fasano Associates
PANELISTS: RICHARD MORRIS, Commerzbank; JEFF MULHOLLAND, Insurance Capital Markets Holdings
Mitigating the Risks Involved in Pre-Settled Life Settlement Portfolios
12:10 - 12:30
Sophisticated investors entering the market require a sound understanding and an efficient methodology for identifying the underlying risks for this class of pooled Life Settlement assets. This presentation addresses life expectancy estimates, portfolio valuation and nominal cash flow calculations, asset quality, origination risk, portfolio longevity risk, and carrier solvency estimates and ratings.
SPEAKER: DAVID TEPPER, Neuma
12:10 - 12:30
Sophisticated investors entering the market require a sound understanding and an efficient methodology for identifying the underlying risks for this class of pooled Life Settlement assets. This presentation addresses life expectancy estimates, portfolio valuation and nominal cash flow calculations, asset quality, origination risk, portfolio longevity risk, and carrier solvency estimates and ratings.
SPEAKER: DAVID TEPPER, Neuma
Networking Luncheon
12:30 - 13:30
12:30 - 13:30
Examining the Expansion of the Life Extension Risk Insurance Market
13:35 - 14:00
Fund managers are starting to use life extension risk insurance to ensure greater returns. This presentation focuses on the availability of longevity risk insurance products for Life Settlements investors, the costs associated, the structure of these policies and the stability of the companies offering these products.
SPEAKER: NEMO PERERA, Risk Capital Partners
13:35 - 14:00
Fund managers are starting to use life extension risk insurance to ensure greater returns. This presentation focuses on the availability of longevity risk insurance products for Life Settlements investors, the costs associated, the structure of these policies and the stability of the companies offering these products.
SPEAKER: NEMO PERERA, Risk Capital Partners
The Life Settlements Investors Roundtable
14:05 - 15:20
This interactive town-hall style panel is the largest gathering of active Life Settlements investors in one place. Panelists participate in an open Q&A session designed to engage the audience in active discussion about the issues that are important to investors in the market. You don't want to miss this session!
MODERATOR: ADAM BALINSKY, Caldwell Life Strategies Corporation
PANELISTS: FRANK ALEXANDER DE BOER, cash.life AG; PAUL J. MOE, Living Benefits Financial Group; FRANZ SCHMIDPETER, Augur Capital; STEPHEN STANTON, Trinity Life Settlements; TITUS VAN HEUR, European Life Settlements Management Company
14:05 - 15:20
This interactive town-hall style panel is the largest gathering of active Life Settlements investors in one place. Panelists participate in an open Q&A session designed to engage the audience in active discussion about the issues that are important to investors in the market. You don't want to miss this session!
MODERATOR: ADAM BALINSKY, Caldwell Life Strategies Corporation
PANELISTS: FRANK ALEXANDER DE BOER, cash.life AG; PAUL J. MOE, Living Benefits Financial Group; FRANZ SCHMIDPETER, Augur Capital; STEPHEN STANTON, Trinity Life Settlements; TITUS VAN HEUR, European Life Settlements Management Company
Insurance Event Linked Securities: An Excursion to the Non-Life Side of Things
15:25 - 15:55
Are insurance-linked securities an asset class worth looking into? Many believe that these alternative investments provide a solid opportunity for high spreads and strong returns while being uncorrelated to traditional equity type investments. Insurance and reinsurance companies find additional risk capital at reasonable prices, with little or no credit risk. This session examines the structural aspects and characteristics of the market, and discusses how investor interest is growing, capital is still at a premium, and what opportunities these alternative investments bring to the market.
SPEAKER: KARSTEN BROMANN, Solidum Partners AG
15:25 - 15:55
Are insurance-linked securities an asset class worth looking into? Many believe that these alternative investments provide a solid opportunity for high spreads and strong returns while being uncorrelated to traditional equity type investments. Insurance and reinsurance companies find additional risk capital at reasonable prices, with little or no credit risk. This session examines the structural aspects and characteristics of the market, and discusses how investor interest is growing, capital is still at a premium, and what opportunities these alternative investments bring to the market.
SPEAKER: KARSTEN BROMANN, Solidum Partners AG
Closing Remarks
16:00
16:00
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