"2010 looks to be eventful for the life settlements market, with product structure innovations and investment strategies continuing alongside new regulatory pressures, shifting investment dynamics, and increasingly problematic PR.
With over 70% of speakers new for 2010, the 3rd Life Settlements & Longevity Summit will deliver perspectives and keynotes from fund managers and investors that you won’t find anywhere else.
Discussions at the 3rd Life Settlements & Longevity Summit include:
Multi-strategy hedge fund perspectives on accessing the longevity asset class
Transitioning to the tertiary market: Implications for investors, brokers and providers
Browndorf PEM workshop on engineering “fusion” life settlement hybrid products
Accessing the expanding Islamic finance market through Shari’ah-compliant longevity investments
Responding to the twin imperatives of privacy and transparency
Overcoming the challenge of negative PR
Investment best practices for pension funds and institutional investors
"
1. “Informative, well put-on, and great networking!” Register for the All-Access Pass
- Matthew Browndorf, Founder & CIO, Browndorf PEM by February 5th and SAVE $949!
3rd
Life Settlements
& Longevity
Summit
TM
Enhancing your Returns through
Strategic Investments in Life Settlements,
Longevity-Linked Assets, Synthetics & Life March 24 – 25, 2010
Settlement Securitizations Sentry Conference Center
New York, NY
30+ industry-leading speakers, including the following
thought-leaders, fund managers and investors:
Jonathan Sadowsky Rocky Roland Bjorn Schmolck David Nelson
Managing Director of CFA, Founder Co-Founder VP & Chief Operating Officer
Finance Alternative Traymar Capital Ltd Chartwell Asset
Browndorf PEM Investment Services Management
Eamonn Ling Arthur Bowen Benjamin Geber Robert Clayton Lau
Head of Investments Investment Director CEO & Managing Partner President and Chief
Catalyst Investment Tranen Capital Bally Capital Management Executive Officer
Group Clayton Dunning Partners
70% of speakers new for 2010!
New for 2010: Keynote Speakers:
• Multi-strategy hedge fund perspectives on accessing the longevity How Long Will We Live in
asset class the 21st Century?
• Transitioning to the tertiary market: Implications for investors, brokers
David Kekich
and providers
President & CEO
• Browndorf PEM workshop on engineering life settlement hybrid Maximum Life Foundation
products
• Accessing the expanding Islamic finance market through Shari’ah-compliant NASAA’s Role in the Future of
longevity investments Life Settlements Regulation
• Responding to the twin imperatives of privacy and transparency
Fred J Joseph
• Overcoming the challenge of negative PR Commissioner
• Investment best practices for pension funds and institutional investors Colorado Securities Commission
Sponsors: Media partners:
1-800-882-8684 • www.lifesettlementsummit.com
2. 3rd An Outstanding Line-
Life Settlements up of Investors, Fund
Managers and
Industry Experts:
& Longevity • Commissioner Fred J Joseph, Colorado
Securities Commission & Chairman, Life
Summit
TM
Settlements Committee, North American
Securities Administrators Association
(NASAA) – New!
• David Kekich, President & CEO,
Maximum Life Foundation – New!
• Ari Glass, President, Paine Heights
Capital Management – New!
Dear Colleague, • Bjorn Schmolck, Co-Founder, Traymar
Capital Ltd – New!
2010 looks set to be one of the most
eventful for the life settlements mark Peter Dodd, Fund Director, Fortress
continuing at a blistering pace alon et, with innovation •
gside new regulatory pressures, International Fund Management – New!
dynamics, and increasingly prob shifting investment
lematic PR.
• Matthew Browndorf, Founder & Chief
Following a misleading portrayal in Investment Officer, Browndorf PEM
the New York Times in late 2009,
industry has been coming under incre the life settlements
asing scrutiny – not all of it justified. • Jonathan Sadowsky, Managing
to be that some form of federal over The upshot seems
sight is coming to the marketplace Director of Finance, Browndorf PEM –
details remain uncertain. What will in 2010, but the
the impact be for investors, providers New!
participants? How will the new fede , and other market
ral oversight interact with existing
which already exhibit significant varie state regulations, • Benjamin Geber, CEO & Managing
ty? If you’re concerned about the Partner, Bally Capital Management –
environment, you won’t want to miss new regulatory
a much-awaited keynote address New!
Fred Joseph, Colorado Securitie from Commissioner
s Commissioner and Chairman
Settlements Committee, who will of NASAA’s new Life • Eamonn Ling, Head of Investments,
not only speak about the new com
regulating life settlements but more mittee’s role in Catalyst Investment Group
broadly about the future of regulatio
particularly at the federal level. See n in the space,
page 4 for further details. • Rocky Roland CFA, Founder, Alternative
At the same time, exciting new struc Investment Services – New!
tures and investment strategies cont
innovation that is needed to overcom inue to supply the • William Fink, Partner, Delta Derivatives
e challenges like longevity extension
imposed restrictions. “Fusion” prod risk and investor- LLC – New!
ucts, which involve the blending of
alternative investment types, have life settlements with Gene Miao, Managing Director,
recently been touted as an exciting •
longevity risk – and are finally start hedging tool for Highland Capital Management
ing get the coverage they deserve.
honored to welcome back Matthew In this light, we are
Browndorf from Browndorf PEM • Arthur Bowen, Investment Director,
an in-depth workshop on the struc who will be leading
turing challenges of life settlemen Tranen Capital – New!
further details). Shariah-compliant t hybrids (see page 3 for
investment strategies have simil
to expand the investor universe for arly emerged in 2009 • David Nelson, VP & Chief Operating
this promising, non-correlated asset
class – see page 4. Officer, Chartwell Asset Management
With over 70% of speakers new – New!
for 2010, Finance IQ continues to
keynotes, fund managers and inves deliver perspectives,
tors that you won’t find anywhere • Zach Murphy, Director, CRE & Longevity
confirmed to speak include Paine else. New hedge funds
Heights Capital, Traymar Capital, Risk, Silverpoint Capital LLC – New!
Bally Capital Management, Silve Fortress, Tranen,
rpoint and Clayton Dunning, amo Thomas Schmitt, Managing Partner,
Furthermore, we are extremely excit ng many others. •
ed to feature a keynote guest addr Augur Capital LLC
President & CEO of the Maximum ess by David Kekich –
Life Foundation – who will deliv
thought-provoking insights into the er fascinating and • Beat Hess, Managing Partner, AA
future of human longevity. Kekich
venture capital investor who turned – an ultra-successful Partners
his life to aging research after a perso
young age – also boasts one of the nal tragedy at a
most inspiring stories of any of our • Andrew Terrell, Principal, Atlantic Street
More details on his unique address keynote speakers.
can be found on page 6. Fund Management Partners
It’s truly an exciting time to be evalu • Robert Clayton Lau, President and
ating and/or investing in longevity Chief Executive Officer, Clayton Dunning
look forward to meeting you in New -based assets. I greatly
York next March, at the third insta Partners – New!
successful life settlements series. llment of IQPC’s
• Michael Freedman, SVP, Government
Kind regards, Affairs, Coventry
• Scott Willkomm, SVP, Business
Don miss the Browndorf
’t Development, Coventry
PEM workshop on “fusion
” • P. A. Corky Gillis, Author, “The Death
Bond Conspiracy” – New!
Toby Donovan life settlement products
Program Director
– see page 6!
Who Will Attend:
■ 8% Pension Funds &
Institutional Investors
■ 22% Hedge Funds
For investors interested in life settlements, there are exciting opportunities but ■ 15% Asset Management
Firms & Other
a number of pitfalls too that can catch the unwary. Attending IQPC’s Life Buyside
■ 15% Banks
Settlements conference is a great way to make sense of this promising,
■ 15% Life Settlement
uncorrelated, yet challenging asset class Companies
■ 10% Law Firms
– Christopher McGlashan, Special Counsel, Stroock & Stroock & Lavan, LLP
■ 10% LE Provers &
Underwriters
■ 5%
2 1-800-882-8684 www.lifesettlementsummit.com Other
3. Main Conference Day 1
Wednesday, March 24, 2010
7:30 Coffee & Registration 11:15 Investor Perspectives on Longevity
Derivatives: Trading Strategies to
8:15 Chairman’s Opening Remarks Deliver Enhanced Returns
• Packaging longevity derivatives effectively for investor and insurer
8:30 The State of the Market Today: Innovation, groups
Regulation and Consolidation • Considerations on indices and the capturing of sample populations
• Examining the biggest challenges currently facing the long-term • Determining the most effective use of leverage
viability of the asset class • Comparing return dynamics versus traditional investments in life
• Evaluating the success of innovation in investment product structures settlements
• A closer look at the three emerging regulatory paradigms: Which • Examining the scope for further innovation in the longevity
is gaining ascendance? derivatives space
• Understanding the shift in market dynamics over the past year Bjorn Schmolck
Scott Willkomm Co-Founder
SVP Traymar Capital Ltd
Coventry Benjamin Geber
Matthew Browndorf CEO & Managing Partner
Founder & Chief Investment Officer Bally Capital Management
Browndorf PEM Beat Hess
David Marinoff Managing Partner
Managing Director AA Partners
Guggenheim Capital
12:00 Keynote Address: Lifting the Lid on NASAA’s Role
9:15 Investor Perspectives on the Asset Class: in the Future of Life Settlements Regulation
Understanding the Role Played by Life • Understanding the role of NASAA’s Life Settlements Committee in
Settlements in a Diversified Portfolio monitoring emerging trends in the marketplace
• Understanding the most appealing aspects of exposure to the life • Examining the most significant threats to investors and consumers
settlements investment class • Considerations on whether the sale of life settlements should be
• Identifying the dangers of investing in life settlements regarded as securities transactions
• Diversification strategies for life settlement investors: Determining • STOLI, insurable interest, and the future of life settlements
the most effective blends of LEs and impairment types regulation Keynote
• Linking fund structure and management style to investment Regulatory
Commissioner Fred J Joseph Address
horizons and objectives Colorado Securities Commissioner & President
• Understanding the role played by life settlements in a North American Securities Administrators Association
diversified asset allocation strategy
• Comparing longevity-based investments with alternative portfolio 12:45 Networking Luncheon
diversifiers
Robert Clayton Lau 2:00 The Problem Of Negative PR: Is The Life
President and Chief Executive Officer Hear from Settlements Industry Winning Or Losing The
Clayton Dunning Partners the Hedge Publicity Battle?
Funds • Examining the major sources of negative publicity over the past 18
David Nelson
months:
VP & Chief Operating Officer • The sub-prime debacle, and fuzzy associations with the “spectre” of
Chartwell Asset Management
life settlement securitizations
Gene Miao • Newspaper articles and press treatment
Managing Director • Sleaze, fraud, and a few “bad apples”
Highland Capital Management • Does the life settlements industry deserve the reputation it is acquiring?
Ari Glass
• Determining the most effective strategies for winning the publicity war
President Eamonn Ling
Paine Heights Capital Management Head of Investments
Catalyst Investment Group
10:00 Mid-Morning Coffee & Networking Break Thomas Schmitt
Managing Partner
10:30 Realigning your Fund Structure with the New Augur Capital LLC
Taxation Regime: Cost-Effective Solutions for
Responding to the IRS Guidance
• Understanding what the IRS rulings mean for the taxation of 2:45 Asian Investment Interest in the Life Settlements
death benefits en-route to your fund Market
• Identifying the sources and types of Asia-Pacific investment capital
• Determining the most suitable regions for setting up a life • Examining the geographical dispersal of Asian investors throughout
settlement fund
Thailand, Malaysia, Singapore, Hong Kong, and Australasia
• Identifying the sources of international investment capital within • Understanding the role that life settlements play in Asia-Pacific
your portfolio
asset allocation strategies
• What to do if you have both treaty and non-treaty investment sources • Overcoming the obstacles to attracting Asia-Pacific investment
• Creating transparent structures to avoid commingling headaches if
capital
setting up a fund from scratch
Arthur Bowen
Roger Lorence
Investment Director
Partner
Tranen Capital
Sadis & Goldberg
Eamonn Ling
Steven Huttler
Head of Investments
Partner
Catalyst Investment Group
Sadis & Goldberg
3 1-800-882-8684 www.lifesettlementsummit.com
4. Main Conference Day 1
Continued
3:30 Transitioning to the Tertiary Market: Implications 4:45 Afternoon Guest Address: Sex, Violence,
for Providers, Brokers and Investors and Stranger-Originated Life Insurance: The
• Measuring saturation levels: How much of the market has been Inspiration Behind the “Death Bond Conspiracy”
settled out? • The inspiration for the novel
• Determining what the effects will be on market dynamics as • Realistic? Determining the extent to which the events described in
saturation approaches 100% the novel could theoretically occur today
• What does the tertiary market look like? What kinds of companies • Actual tales from the fringes of the market place
will achieve dominance? P. A. Corky Gillis
• Understanding what the implications of a transitioning Author
market will be for providers, brokers and investors “The Death Bond Conspiracy”
Rocky Roland
CFA, Founder 5:30 Cocktail Reception
Alternative Investment Services
6:30 Networking Dinner
8:00 End of Main Conference Day 1
Main Conference Day 2
Thursday, March 25, 2010
7:30 Coffee & Registration Andrew Terrell
Principal
8:15 Chairman’s Opening Remarks Atlantic Street Fund Management Partners
Benjamin Geber
8:30 Pension Fund Investment Strategies: Institutional CEO & Managing Partner
Best Practices for Gaining Exposure to the Longevity Bally Capital Management
Asset Class
• Identifying the most significant risks of investing in longevity from an 10:45 Mid-Morning Coffee & Networking Break
institutional viewpoint
• Comparing physical and synthetic approaches to longevity investments 11:15 Securitization of Life Settlements: Poison or Panacea
• Considerations on making the selection between providers, LE for the Industry?
providers, and other investment partners • Examining the progress towards making securitization more mainstream
• Understanding how smart policy selection can make life settlements • Understanding the obstacles to a deeper securitization market:
an LDI-suitable asset class • Hesitancy among rating agencies
Zach Murphy Pension • Insufficient life settlement ownership concentration
Director, CRE & Longevity Disk Fund • Regulatory concerns and publicity problems
Silverpoint Capital LLC Investment • How large do we want the securitization market to be?
Strategies • Pinpointing the benefits of securitization for new types of investor
Scott Willkomm
SVP Jonathan Sadowsky
Coventry Managing Director of Finance
Browndorf PEM
9:15 Towards a Deeper Understanding of Older-Age Peter Dodd
Mortality: What LE Providers can do to Further Fund Director
Enhance Longevity Analyses Fortress International Wealth Management
• Charting the evolution of LE perspectives on older age mortality
• Understanding how the methodologies of different LE providers differ Emmanuel Modu
• Quantifying the differences between competing LE providers: Are Managing Director, Insurance-Linked Securities
significant variances confined to the past? AM Best
• Evaluating the scope for further enhancing the accuracy of LEs David Marinoff
Session Reserved for Leading LE Underwriter Managing Director
Guggenheim Capital
10:00 Transparency and Privacy in the Life Settlements
Market: Incompatible Goals? 12:00 Choosing Between Asset Servicing Providers: Is it
• Examining the importance of access to reliable and consistent Purely a Question of Cost?
information on asset quality, pricing, valuation, and
• Understanding how market dynamics are increasing the importance of
transaction costs effective asset servicing
• A closer look at state and federal laws that enforce privacy of medical
• Distinguishing between high-value and low-value servicing activities
records, including HIPAA
• Identifying the tools available to reduce portfolio servicing costs
• Identifying the most effective strategies for ensuring transparency of
• Quantifying the savings possible over the lifetime of a typical portfolio
the asset whilst maintaining the privacy of the insured
• Examining the ways in which aggressive deployment of higher value
• Are privacy and transparency genuinely compatible, or do servicing activities can dramatically improve the IRR of your portfolio
they represent conflicting drivers for the marketplace? William Fink
Partner
Delta Derivatives LLC
4 1-800-882-8684 www.lifesettlementsummit.com
5. Main Conference Day 2
Continued
12:45 Networking Luncheon David Kekich
President & CEO
2:00 Keynote Guest Address: How Long Will Maximum Life Foundation
We Live in the 21st Century? Mr. Kekich founded the country’s largest life
• Examining the factors that will continue to play a role in the extension insurance master general agency, co-founded a major Future
of longevity: Human
financial services company and arranged venture capital Longevity
• Biotechnology & genetic engineering
funding for private companies. He is a recognized expert Trends
• Improvements in diet
on private investing and authored the venture capital
• Medical advancements in the treatment of cancer, respiratory
handbook “How the Rich Get Richer with Quiet Private
and heart disease Investments”.
• Examining the factors likely to increase levels of mortality:
• Obesity & the “sedentrification” of the Western Mr. Kekich founded both public and private companies, was engaged as
lifestyle a consultant and served as director to numerous private and public
• Flu and the risk of pandemics corporations. He also sold and developed real estate. In 1999, Mr.
• Population growth and geopolitical tensions Kekich founded the “Maximum Life Foundation”, a 501(c)(3)
• Combining the factors into a unified model: How will our longevity be corporation dedicated to curing aging related diseases.
influenced by changes in 21st century life?
2:45 Post-Conference Workshop
Post-Conference Workshop
Thursday, March 25, 2010
3:00 pm – 5:00 pm (Registration at 2:45 pm)
Life Settlement “Hybrids”: Effectively Structuring Fusion Products to Expand the
Investor Base for Longevity-Based Investments
One of the major risks associated with traditional investments in life Matthew C. Browndorf is the founding and managing member of
settlements is that of longevity extension: the chance that – whether Browndorf PEM, LLC. Mr. Browndorf has successfully led Browndorf PEM
through underwriting error or sheer bad luck – a portfolio of life during the past two years and navigated the Firm through perilous credit
settlements takes longer than expected to mature. Longevity extension, if climates to form four successful and emerging Funds with absolute return
it is acute, can significantly reduce the returns on a portfolio or even features and diverse asset classes such as Longevity, film equities and other
eliminate them entirely, turning the investment into a source of loss. illiquid assets. Mr. Browndorf is a pioneer in risk-mitigation strategies
involving longevity-linked principal protection and structured products.
One new strategy for mitigating extension risk is blending or “fusing” life
Prior to joining Browndorf PEM, Mr. Browndorf was an attorney in
settlements with other alternative asset classes, to create life settlement
Manhattan, New York (most notably at Bryan Cave LLP and Buchanan
“hybrids”. These new life settlement products preserve much of the
Ingersoll PC), where he represented securities brokers and private clients in
uncorrelated characteristics of the asset class, but remove the sting of a
securities and white collar criminal litigation, including the notable People
possible longevity extension scenario. Matthew Browndorf and Jonathan
of New York v. Kozlowski and Swartz litigation involving TYCO.
Sadowsky – both of Browndorf PEM – have pioneered the approach in
recent months, and will guide you the challenges of structuring these
Jonathan Sadowsky
investments most effectively.
Managing Director of Finance
What You Will Learn: Browndorf PEM
• Understand the concept of life settlement “hybrids”
• Determine the most effective assets for inclusion within fusion products
Jonathan T. Sadowsky, Managing Director of Finance and Portfolio
• Examine the ways in which fusion products react within different market
Manager, manages all of the Browndorf Life Settlement Funds, which
specializes in obtaining longevity risk both in synthetic and physical form.
scenarios
• Identify the investor types most likely to benefit from fusion products
As one of the only buy-side hedge funds to specialize in the asset class in
synthetic form, Browndorf PEM specializes in a distinct combination of
qualitative and quantitative analysis to opportunistically and efficiently
How You Will Benefit:
• Engineer product structures that mitigate longevity risk
manage longevity assets and their risks.
• Reduce your exposure to underwriting error
Mr. Sadowsky's prior derivatives modeling and risk management
• Create new sources of diversity within a portfolio, beyond multiple lives
experience allow the fund to efficiently manage longevity risk in synthetic
• Attract new kinds of investor
form, which mitigates all of the unwanted physical policy risks most life
settlement assets carry.
About the Workshop Leaders:
Interested in attending the workshop? Make sure you register for
Matthew Browndorf
the All-Access Pass – Main Conference & Post-Conference Workshop
Founder & Chief Investment Officer – on the registration form.
Browndorf PEM
5 1-800-882-8684 www.lifesettlementsummit.com