|
23-Feb |
 |
London
(Sponsored by
Catalyst Investment Group) |
|
12:00 – 13:00 |
|
Lunch |
|
12:00 – 14:00 |
|
Registration |
|
14:00 - 14:15 |
|
Introduction to Life Settlements
in London |
|
|
|
Recognized as one of the three most
significant financial centers in the world, along
with New York and Tokyo, London presents a rich
environment for life settlement investors to enter
the market. Important tax treaties among the United
Kingdom, Ireland and the United States must be
understood and navigated skillfully in this
burgeoning industry. Patrick McAdams, Investment
Director at SL Investment Management and ELSA Joint
Chairman and Doug Head, LISA Executive Director
together bring their considerable knowledge and
expertise to bear on marketplace issues essential to
understanding private life settlement investment in
the United Kingdom. |
|
|
|
|
|
|
|
Brian Casey,
Partner- Lock Lord Bissell & Liddell LLP |
|
|
|
Patrick McAdams -
ELSA |
|
|
|
|
|
14:15 - 14:45 |
|
Settlements: An Attractive
Alternative for Investors and Asset Managers |
|
|
|
A complex multi-billion dollar industry is simplified in this
session by Mr. Michael Crane, Managing Director of
Capital Markets with Coventry Capital Ltd in London.
Mr. Crane will discuss the reasons underlying the
appeal of this true alternative asset class, while
providing key information regarding how the market
works and how it has developed over the past 10
years. |
|
|
|
|
|
|
|
Michael Crane,
Managing Director, Capital Markets - Coventry |
|
|
|
|
|
14:45 - 15:30 |
|
The Roles of Life Settlement Professionals |
|
|
|
Over the course of a decade, the
financial transaction commonly understood today as a
“life settlement” has evolved from a simple and pure
exchange between a life insurance policy owner and a
purchaser to a more nuanced and complex series of
actions made possible by numerous actors. This
session will provide a clear illustration of the
life settlement process, each industry participant
involved and the implications of their role in the
outcome. |
|
|
|
|
|
|
|
Moderator: Michael Fugler,
Head of Global Capital Markets - Welcome Life
Financial Group (Broker) |
|
|
|
Rogelio Tafoya,
Vice President & Chief Underwriter - ISC Services |
|
|
|
Mark Todd, Senior
Vice President of Capital Markets - Maple Life
(Provider) |
|
|
|
Mark Venn, CEO and
Managing Director - ClearLife (Industry Services) |
|
|
|
|
|
15:30 - 15:45 |
|
Break |
|
|
|
|
|
15:45 - 16:15 |
|
Tax |
|
|
|
As with the industry itself, tax
treatment of life settlements has evolved over the
years. Most recently, in response to growing calls
for greater clarity, the United States Internal
Revenue Service (IRS) issued two important tax
rulings profoundly affecting a variety of possible
life settlement scenarios. Importantly, IRS Rulings
2009-13 and 2009-14 may have serious implications
for foreign funds. This session will offer a
comprehensive look at the tax treatment of life
settlements for parties acting under the purview of
UK, Irish and U.S. tax treaties. |
|
|
|
|
|
|
|
Andrew Quinn,
Partner - A&L Goodbody |
|
|
|
Kirk Van Brunt,
Partner - Locke Lord Bissell & Liddell, LLP |
|
|
|
|
|
16:15 - 17:00 |
|
The Unique Characteristics of
Dublin Structures |
|
|
|
Issues surrounding the building of
proper financial structures for life settlement
funds will be the focus of this important session.
The specific characteristics of
Dublin-based investment structures will be covered
by distinguished financial professionals. |
|
|
|
|
|
|
|
Frank Gannon,
Partner - KPMG Audit |
|
|
|
Andrew Quinn,
Partner - A&L Goodbody |
|
|
|
Brian Tyrrell,
Director - Athena Securities Group |
|
|
|
Moderator: Kirk Van Brunt,
Partner - Locke Lord Bissell & Liddell, LLP |
|
|
|
|
|
17:00 – 19:00 |
|
Cocktail Reception- Royal Garden
Hotel
Pre-Function Area, Lower Level |
|
Overnight Stay
|
|
Overnight Stay-
Royal Garden Hotel |
|
|
|
|
|
24-Feb |
|
London |
|
08:00-09:00 |
|
Breakfast |
|
09:00-09:30 |
|
What Investors Can Find in this
Market and Best Practices (LISA/ELSA) to Ensure
Understanding |
|
|
|
Expectations in Europe are high for
an industry that has seen exponential growth in the
United States. The distinguished panel brings
considerable experience and market knowledge to a
discussion focused on these expectations and the
current financial realities faced by all interested
parties. Additionally, the panel will address
current efforts to develop a common Best Practices
framework. As with all maturing markets,
establishing a coherent Best Practices framework is
essential to the efficient functioning of the market
as well as to its credibility in the investment
community. As life settlement investment interest
grows in the United States and finds firmer footing
in Europe, the need for a commonly recognized and
adhered to Best Practices model is greater than
ever. |
|
|
|
|
|
|
|
Simon Erritt,
Managing Director - Coventry |
|
|
|
Moderator: Bryan Freeman,
President - Habersham Funding, LLC |
|
|
|
Scott Gibson, Vice
President - Lewis & Ellis |
|
|
|
|
|
09:30-10:15 |
|
Mitigating the Risks Involved in
Life Settlement |
|
|
|
Sophisticated investors entering the
market require a sound understanding of the
underlying risks in this unique asset class.
Industry experts will put forth sensible risk
mitigation strategies to grapple with a variety of
areas common to life settlements. Among the areas
addressed will be issues of market uncertainty
surrounding life expectancies (LEs), portfolio
valuation, carrier solvency, credit, premiums,
mortality, reputation, “moral hazard,” and others.
Practical solutions for the transfer of risk will be
essential to the efficient development and viability
of a European market. |
|
|
|
|
|
|
|
Ian Cotgias,
Senior Actuary - SL Investment Management |
|
|
|
Jose Garcia, CEO -
Carlisle Management Company |
|
|
|
Vincent Granieri,
Chief Actuary - 21st Services, LLC |
|
|
|
Moderator: Brian Smith, CEO -
Life Equity, LLC |
|
|
|
|
|
10:30 - 11:00 |
|
Break |
|
10:30 - 11:15 |
|
Custom Building a Life Settlement
Portfolio |
|
|
|
Building a life settlement portfolio
that is at once sufficiently diversified and
efficient can be a task fraught with pitfalls. This
session will address key elements common to
successful life settlement portfolios while
highlighting areas of potential uncertainty. Key
issues to be addressed include varied approaches to
market regulation, difficulties in disclosure,
transparency of process, policy differences, life
expectancies and others. |
|
|
|
|
|
|
|
Eric Ranson, Fund
Manager - Catalyst Investment Group |
|
|
|
Steve Shapiro,
President & CEO - Q Capital Strategies, LLC |
|
|
|
Larry Simon,
President &CEO - Life Solutions International |
|
|
|
|
|
11:15-12:00 |
|
Retail Investment: How Can Private
Investors Gain Exposure to Life Settlements |
|
|
|
At the final session of the trade
mission in London, the panel will address retail
investment in the life settlement industry looking
at past performance and future growth |
|
|
|
|
|
|
|
Moderator: Mark
Goode, CEO - Secondary Life Capital |
|
|
|
Paul Bruton,
Managing Director - Opus Life Assets |
|
|
|
Andrew Wilkins,
Executive Director - Catalyst Investment Group |
|
|
|
|
|
12:00-13:00 |
|
Lunch |
|
|
|
Regulatory Priorities for the Life
Settlement Industry |
|
|
|
- Product design
- Treating customers fairly
- Systems and controls
- Financial promotions
- Sales by intermediaries |
|
|
|
|
|
|
|
Peter Smith, Head
of Investment, Policy Department - Financial
Services Authority |
|
|
|
|
|
15:05-17:25 |
 č |
Flight from London to Luxembourg City
on Lux Air |
|
|
|
|
|
24-Feb(Cont) |
 |
Luxembourg
(Sponsored by
Carlisle Management Company) |
|
19:00-21:00 |
|
Cocktail Reception- Sofietel Luxembourg Europe |
|
Overnight Stay |
|
Sofietel Luxembourg Europe - or -
Novotel Luxembourg Kirchberg |
|
|
|
|
|
25-Feb |
|
Luxembourg |
|
08:00-09:00 |
|
Breakfast & Registration |
|
|
|
|
|
09:00-09:15 |
|
Introduction to Life Settlements
in Luxembourg |
|
|
|
Commonly recognized as one of the
world’s leading international banking and financial
centers, Luxembourg brings a unique set of
characteristics to the investment in life
settlements. Luxembourg’s favorable tax treaty with
the United States, along with a number of other
vital market elements combines to effectively drive
business to this country. As Chief Executive Officer
at Carlisle Management Company, Mr. Jose Garcia will
lend insight and clarity to the Luxembourg
investment environment and what it means for
interested life settlement participants. |
|
|
|
|
|
|
|
Jose Garcia, CEO -
Carlisle Management Company |
|
|
|
|
|
09:15-09:45 |
|
Life Settlements: An Interesting
Alternative for Investors and Asset Managers |
|
|
|
One of the industry’s most
experienced professionals bring a fresh perspective
to the basics of a life settlement transaction. Mr. Brian Casey look back on the
market history of life settlements providing a
balanced perspective on a growing and sometimes
controversial industry. Other topics of discussion
include market performance, business volume, and the
influence of past vocabulary on present public
perceptions. |
|
|
|
|
|
|
|
Brian Casey,
Partner - Locke, Lord, Bissell & Liddell, LLP |
|
|
|
|
|
09:45-10:30 |
|
Life Settlements: Who’s involved? |
|
|
|
The life settlement process is a
multi-layered event with a variety of interests at
stake. This session will offer a 360 view of a life
settlement transaction and an in-depth illustration
each industry participant involved. Additionally,
investment in life settlements has introduced new
actors with unique relationships to the process. It
is critical to understand how all participants
currently interface and the nature of their
relationships relative to the overall process.
|
|
|
|
|
|
|
|
Moderator: Rob Haynie,
Managing Director - Life Insurance Settlement, Inc.
(Broker) |
|
|
|
Andrew Murphy, COO
- Mosaic |
|
|
|
Roger Tafoya, VP &
Chief Underwriter - ISC Services (LE Underwriter) |
|
|
|
Sheri Townsend,
Asset Servicing Group - Industry Services) |
|
|
|
|
|
10:30-10:45 |
|
Break |
|
|
|
|
|
10:45-11:25 |
|
Mitigating the Risks Involved in
Life Settlement |
|
|
|
Sophisticated investors entering the
market require a sound understanding of the
underlying risks in this unique asset class.
Industry experts will put forth sensible risk
mitigation strategies to grapple with a variety of
areas common to life settlements. Among the areas
addressed will be issues of market uncertainty
surrounding life expectancies (LEs), portfolio
valuation, carrier solvency, credit, premiums,
mortality, reputation, “moral hazard,” and others.
Practical solutions for the transfer of risk will be
essential to the efficient development and viability
of a European market. |
|
|
|
|
|
|
|
Meir Eliav,
President - Legacy Benefits |
|
|
|
Michael Fasano,
President - Fasano Associates |
|
|
|
Jeff Mulholland,
Consultant - Fasano Associates |
|
|
|
|
|
11:25-12:15 |
|
The Unique Characteristics of
Luxembourg Tax Treatment and Structures |
|
|
|
Following the IRS' tax rulings last year, Luxembourg, along
with Dublin, found itself in a unique position. The
following panel will begin with a presentation
detailing the changes to the new tax rules followed
by an in-depth discussion on the unique
opportunities to be found for investors in
Luxembourg. |
|
|
|
|
|
|
|
Andre Pesch,
International Tax Practitioner - Ernst & Young
Luxembourg |
|
|
|
Steven Huttler,
Partner - Sadis & Goldberg |
|
|
|
Moderator: Timmo
Mol, COO - Carlisle Management Company |
|
|
|
Denis Van Den
Bulke, Managing Partner - Van Den Bulke |
|
|
|
|
|
12:15-13:00 |
|
What Investors Can Find in this
Market and Best Practices (LISA/ELSA) to Ensure
Understanding |
|
|
|
A deep panel of life settlement
professionals convene this session to brief
Luxembourg investors on the advantages and risks in
the settlement market. ELSA and LISA have made great
strides in developing hest practices for an industry
now reaching new markets around the world. In what
areas might common business practices be shared
between U.S. and European parties? What are the
essential differences between their respective
insurance industries and how do these differences
shape the development of a mutual best practices
model? |
|
|
|
|
|
|
|
Moderator: Jackie
Lee, Consultant - Lewis & Ellis |
|
|
|
Darryl Glatthorn,
Head of Strategic Finance - Caldwell Funding |
|
|
|
|
|
13:00-14:00 |
|
Lunch |
|
|
|
|
|
16:10-21:24 |
č |
Train from Luxembourg to Zurich - 1st
Class |
|
|
|
|
|
Overnight Stay |
|
Renaissance Hotel Zurich |
|
|
|
|
|
26-Feb |
 |
Zurich |
|
08:00-09:00 |
|
Breakfast & Registration |
|
09:00-09:25 |
|
Introduction to Life Settlements
in Zurich |
|
|
|
Zurich, the final stop on the Life
Settlement Trade Mission, is a leading European
banking centre and home to some of the world’s
largest financial institutions. With long
established economic ties between this thriving
nation and the United States, Zurich is also home to
a budding life settlement investment community. Mr.
Jean-Paul Messerli, Partner at Fundabilis
provides an introduction to the current Zurich life
settlement landscape and details what makes this
vibrant financial center so attractive to investors. |
|
|
|
|
|
|
|
Jean-Paul Messerli,
Partner - Fundabilis GmbH |
|
|
|
|
|
09:25-09:45 |
|
Life Settlements and Interesting
Alternative for Investors and Asset Managers |
|
|
|
In recent years Zurich has seen a
number of life settlement funds open their doors to
investors. In a relatively new environment for such
activity, a return to the basics is invaluable. To
provide a thorough overview of the life settlement
industry, Mr. Bryan Freeman of Habersham Funding offers
his perspectives. Understanding the
rapid evolution of life settlements requires a broad
view of the market’s history and performance over
the past decade. These seasoned professionals offer
their thoughts on how asset managers might benefit
from investment in the secondary market for life
insurance. |
|
|
|
|
|
|
|
Bryan Freeman,
President - Habersham Funding, LLC |
|
|
|
|
|
09:45-10:30 |
|
Life Settlements: What’s the
process? |
|
|
|
As the Life Settlement industry has
matured so have the roles of the industry’s players.
Four industry experts, representing the main links
in the Life Settlement chain, outline their role and
how they add value to a Life Settlement investment.
|
|
|
|
|
|
|
|
Anna Bailey - MLF
Lex Serv (Industry Services) |
|
|
|
Vincent Granieri,
Chief Actuary & CFO - 21st Services (LE Underwriter) |
|
|
|
Moderator: Rob Haynie,
Managing Director - Life Insurance Settlement
Association (Broker) |
|
|
|
Dan Sheedy,
Director of Capital Markets - GWG Life (Provider) |
|
|
|
|
|
10:30-10:45 |
|
Break |
|
|
|
|
|
10:45-11:25 |
|
Mitigating the Risks Involved in
Life Settlement |
|
|
|
No investment is risk free and Life
Settlements brings with it unique factors that need
to be addressed. The session will address the risks
involved in a Life Settlement investment and how
these risks are mitigated. Including a detailed look
at how Life Expectancy estimates are made and their
involvement in portfolio valuation. |
|
|
|
|
|
|
|
Moderator: Michael Fasano,
President - Fasano Associates |
|
|
|
Meir Eliav,
President - Legacy Benefits |
|
|
|
Jeff Mulholland,
Consultant - Fasano Associates |
|
|
|
|
|
11:25-12:00 |
|
Tax Treatment and Overview of
Acceptable Structures |
|
|
|
The two recent Internal Revenue
Services tax rulings have had significant
consequences for foreign investors. The rulings have
led to foreign funds now being subject to a 30%
withholding tax. An expert on the topic outlines
these changes and the impact it has had on foreign
investments. In addition, the panel will delve into
a detailed analysis of the possible investment
vehicles that can avoid the US withholding tax while
remaining compliant with US tax treaties. |
|
|
|
|
|
|
|
Steven Huttler,
Partner - Sadis & Goldberg |
|
|
|
Moderator: Timmo Mol, Chief
Operating Officer - Carlisle Management Company |
|
|
|
Brian Tyrrell,
Director - Athena Securities Group |
|
|
|
|
|
12:00-12:30 |
|
Structures Offering Life
Settlement Exposure |
|
|
|
There are many structures offering
exposure to this asset class. This session will
focus on exploring different structures and
discussing the pros and cons of each one of them. |
|
|
|
|
|
|
|
Dr. Heinz Kubli,
Principle - Fundabilis GmbH |
|
|
|
|
|
12:30-13:30 |
|
Lunch |
|
|
|
|
|
13:30-14:15 |
|
What Investors Can Find in this
Market and Best Practices (LISA/ELSA) to Ensure
Understanding |
|
|
|
Fundamental to a successful Life
Settlement investment is ensuring that all players
involved follow best practices. Recent cases
involving Deutsche Bank and Keydata have highlighted
the need for guidelines. The panel
will convene a substansive discussion between U.S.
and European industry professionals committed to
a uniform Best Practices model. |
|
|
|
|
|
|
|
Jose Garcia, CEO -
Carlisle Management Company |
|
|
|
Darryll Glatthorn,
Head of Strategic Finance - Caldwell Life Strategies
Corporation |
|
|
|
Christian Seidl,
Executive Vice President - Life Bond Management
GmbH/BVZL |
|
|
|
|
|
14:15-14:45 |
|
The Gap into Knowledge - Using Technology in Life
Settlements |
|
|
|
Investors in life
settlements need to manage information as well as
people. Best practices, not to mention the volume of
information involved in trans-actions, require that
security, privacy and data integrity be addressed as
integral to any investment business. For many
institutions not completely familiar with the
Longevity Marketplace there is a need for
independent objective advice. This panel examines
how technology can help investors with their needs
for compliance, risk management, pricing, trading
and infra-structure while addressing the tools
available to assist investors in bridging the
knowledge gap.
Michael Fugler of
Welcome Life Financial Group and Mark Venn of
ClearLife discuss the issues surrounding privacy and
transparency and explore some of the technology
available to assist investors with trading, risk
management and portfolio analysis. |
|
|
|
|
|
|
|
Michael Fugler,
Head of Global Capital Markets - Welcome Life
Financial Group, LLC |
|
|
|
Mark Venn, CEO &
Managing Director - ClearLife |
|
|
|
|
|
14:45-15:00 |
|
Break |
|
|
|
|
|
15:00-15:25 |
|
Asset Class Past Performance And
Analyses |
|
|
|
Facts and figures will bring light to
past performance of the asset class and the impact
of the financial crisis. Expect to see a breakdown
regarding face values, age of the insured using
historical data of open ended mutual funds. |
|
|
|
|
|
|
|
Beat Hess - AA
Partners |
|
|
|
|
|
15:25-16:00 |
|
Future for Life Settlements |
|
|
|
In 2009, the United States life
settlement community celebrated its 10-year
anniversary. While the market has seen a substantial
evolution, the full story of life settlements has
yet to be told. With growing international interest
and federal governments taking notice, industry
professionals have an unprecedented opportunity to
establish a new brand for a rapidly maturing
investment market. Leading representatives from
LISA and ELSA will convene a discussion on the
future possibilities of the life settlement industry
as it expands across Europe and into Asia. |
|
|
|
|
|
|
|
Moderator: Doug Head,
Executive Director - LISA |
|
|
|
Rob Haynie,
Managing Director - Life Insurance Settlements, Inc. |
|
|
|
Patrick McAdams,
Investor Director, SL Investment Management |
|
|
|
Christian Seidl,
Executive Vice President - Life Bond Management
GmbH/BVZL |
|
|
|
|
|
16:00-18:00 |
|
Cocktail Reception - Renaissance
Hotel Zurich |
|
|
|
|
|
|
|
|
|
March 2nd and 3rd, 2010
Berlin |
|
At the adjournment of the Life Settlement Trade
Mission, attendees are encouraged to attend
The
BVZL Summit: Secondary Markets for Life Insurances
commencing March 2nd in Berlin.
|
