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Life Markets: Trading Mortality and Longevity Risk with Life Settlements and Linked Securities


Praise for Life Markets

"This is certainly not a coffee table book, but an extremely comprehensive and in-depth study of the problems associated with longevity and an aging population and how individuals and financial institutions can benefit from trading in life settlements and linked securities."
—Dr. Marc Faber, Editor, Gloom, Boom & Doom Report

" The team's insights are keen and their approach crisp; this is useful information for professionals in the field."
—Steve Acunto, Editor, Insurance Advocate magazine

"Vishaal Bhuyan has assembled leading practitioners and academics in the longevity/mortality space to analyze in depth the intricacies of investing in life settlements. In a rapidly changing marketplace that still remains transparency-challenged, Vishaal and his coauthors provide an indispensable tool to both the novice and the experienced investor thus shifting the risk/reward balance of life settlements investing."
—Robin Willi, Head of Life Settlements, BlueCrest Capital Management

Coauthors include Micah Bloomfield, Boris Ziser, and Joseph Selvidio of Stroock & Stroock &Lavan; David Blake and Debbie Harrison of the Pensions Institute; James Cavoli of Life Settlement Insights; Mike Fasano of Fasano Associates; Congressman George Keiser; Joseph Mason of the Wharton School; Emannuel Modu of A.M. Best; Antony Mott of ICAP Capital Markets; Nemo Perera of Risk Capital Partners; Hal Singer of Criterion Economics; Charles A. Stone and Anne Zissu of; and Matthew Browndorf and Jonathan Sadowsky of Browndorf PEM

Vishaal B. Bhuyan is the Managing Partner of VB Bhuyan & Co., an advisory firm focused on educating institutional investors on the life markets. As an advisor, Bhuyan assists institutional investors on building profitable trading strategies that utilize a number of mortality and longevity risk related products. In addition to delivering presentations, Bhuyan has been featured, or published in, a number of widely read financial and economic publications and publishes the Wave Report, a monthly market commentary on the life markets. Bhuyan is a graduate of the University of Pennsylvania.

List of Contributors.

Foreword by Dennis Gartman.



Part One: Life Settlement Basics.

Chapter 1: A Brief History of Life Settlements (Vishaal B. Bhuyan).

Chapter 2: Features of Life Insurance (Vishaal B. Bhuyan).

Chapter 3: What is a Life Settlement (Dr. David Blake and Debbie Harrison).

Chapter 4: Parties Involved (Vishaal B. Bhuyan).

Chapter 5: Other Involved Parties (Vishaal B. Bhuyan).

Chapter 6: Underwriting (Michael Fasano).

Chapter 7: Life Insurance Policy Swaps (Vishaal B. Bhuyan).

Chapter 8: Premium Financing (Vishaal B. Bhuyan).

Part Two: Securitization.

Chapter 9: Life Settlement Securitization (Emanuel Modu).

Part Three: Analytics and Pricing.

Chapter 10: Life Settlement Pricing (I. James Cavoli).

Chapter 11: Using Life Extension-Duration and Life Extension-Convexity to Value Senior Life Settlement Contracts (Charles A. Stone and Anne Zissu).

Chapter 12: Real Options Approach to Life Settlement Valuation (Joseph R. Mason and Hal J. Singer).

Part Four: Risk Explored.

Chapter 13: Risks Associated with Life Settlements (Nemo Perera).

Chapter 14: The Risks of a Securitized Portfolio of Senior Life Settlement (Charles A. Stone and Anne Zissu ).

Chapter 15: Synthetics (Antony R. Mott).

Part Five: Regulation.

Chapter 16: Life Settlements (Boris Ziser and Joseph Selvidio).

Chapter 17: Regulatory Issues & Insurance Company Reaction (George J. Keiser).

Chapter 18: Tax Implications (Micah W. Bloomfield).

Part Six: Ethical Issues.

Chapter 19: The Ethics of Profiting From Mortality (David Blake and Debbie Harrison).

About the Author.