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

ISBN: 978-0-470-41234-3
262 pages
August 2009
Life Markets: Trading Mortality and Longevity Risk with Life Settlements and Linked Securities (0470412348) cover image

Description

A complete guide to longevity finance

As the Baby Boomer population continues to age and the need for the securitization of life insurance policies increases, more financial institutions are looking towards longevity trading as a solution. Consequently, there is now a need for innovative financial products and strategies that have the ability to hedge longevity exposure for pension funds, reinsurance companies, and governments. These products and strategies are currently being developed with the use of life settlements. Here, author Vishaal Bhuyan provides a complete guide to this burgeoning sector. In Life Markets, Bhuyan and a team of expert contributors from leading firms offer an extensive look at how to trade life settlements.

  • Provides practical guidance to the growing field of longevity finance
  • Outlines the innovative financial products that are populating this field
  • Highlights a safe haven for investors seeking returns in troubled times

Covering everything from the history of life settlements to making a transaction-pricing, service providers, exchanges, and more-this book contains extensive coverage of the many issues surrounding longevity finance.

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Table of Contents

List of Contributors.

Foreword by Dennis Gartman.

Preface.

Acknowledgments.

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.

Index.

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Author Information

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.

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