3rd Life Settlements & Longevity Summit


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"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

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3rd Life Settlements & Longevity Summit

  1. 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. 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. 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. 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. 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
  6. 6. About Our Sponsors For over 25 years, Coventry has been redefining insurance. Insurance is one of the most Founded in 1982, Coventry began as an insurance highly regulated industries. marketing, product development and policy administration Morrison & Foerster attorneys advise on firm. Known as a leading innovator in the industry, a broad range of issues affecting the insurance industry, from capital markets and Coventry assisted insurance carriers in the development of product, software and other business transactions, to tax and regulatory matters, to insolvency and distribution. It established itself as one of the top corporate life insurance companies restructuring advice, to insurance related litigation. With 1,000 attorneys in the in America during the 1990s, servicing over 70,000 policies for its corporate clients. world's financial centers, our wide-ranging experience enables us to provide our In 1998, Coventry created the secondary market for life insurance in the United clients in the insurance industry with comprehensive regulatory, legal and business States and coined the term “life settlement”. As the market leader, Coventry has and strategic advice. Website: www.mofo.com structured and financed transactions representing more than $25 billion of death benefit and has been a key driver behind the market’s rapid growth. Today, Coventry Sadis & Goldberg LLP is nationally recognized for its is the largest purchaser and servicer in the longevity and mortality market, employing formidable financial services practice that consists of more than 200 people. Based in Pennsylvania, Coventry was the first secondary representing hundreds of investment advisers and market firm to earn Standard and Poor’s highest servicer ranking (2004 and related investment entities (including hedge funds, reaffirmed in 2006). In 2005, Coventry was first in revenue in the insurance category private equity funds and venture capital funds). Similarly, the firm provides regulatory of the annual Inc. 500 listing of the fastest growing private companies in America. and compliance advice and representation in connection with SEC enforcement Website: www.coventry.com proceedings. Notwithstanding the emphasis on the financial services industry, the firm also provides a full range of litigation, real estate, intellectual property and corporate services to our clients. Website: www.sglawyers.com Sponsorship And Exhibition Opportunities Sponsorships and exhibits are excellent opportunities for your company to showcase its products and services to high-level, targeted decision-makers attending the 3rd Life Settlements & Longevity Summit. IQPC and Finance IQ help companies like yours achieve important sales, marketing and branding objectives by setting aside a limited number of event sponsorships and exhibit spaces – all of which are tailored to assist your organization in creating a platform to maximize its exposure at the event. For more information on sponsoring or exhibiting at the 3rd Life Settlements & Longevity Summit, please contact Mario Matulich at 212-885-2719 or sponsorship@iqpc.com. It was a great conference. The topics were well selected, and the event was very well managed. Thanks for your effort. – KT Huang, Managing Director, Emeritus Group Registration Information Team Discounts: For information on team discounts, please Book and Pay by Book and Pay by Standard contact IQPC Customer Service at 1-800-882-8684. Only one discount 5-Feb-10 5-Mar-10 Price may be applied per registrant. Special Discounts Available: A limited number of discounts are available All-Access Pass: Includes for the non-profit sector, government organizations and academia. For more Post-Conference Workshop (save $949) (save $549) (save $149) information, please contact customer service at 1-800-882-8684. + Main Conference $1,399 $1,799 $2,199 Details for making payment via EFT or wire transfer: JPMorgan Chase - Penton Learning Systems LLC dba Conference Only (save $800) (save $300) IQPC: 957-097239 ABA/Routing #: 021000021 $999 $1,499 $1,799 Reference: Please include the name of the attendee(s) and the event number: 17092.003 Workshop Only $549 $549 $549 Payment Policy: Payment is due in full at the time of registration and includes lunches and refreshment. Your registration will not be confirmed until payment is received and may be subject to cancellation. Please note multiple discounts cannot be combined. For IQPC’s Cancellation, Postponement and Substitution Policy, please visit Venue Information: A $99 processing charge will be assessed to all www.iqpc.com/cancellation registrations not accompanied by credit card payment at Sentry Conference Center Special Dietary Needs: If you have a dietary restriction, please contact Customer the time of registration. Service at 1-800-882-8684 to discuss your specific needs. 730 3rd Avenue MAKE CHECKS PAYABLE IN U.S. DOLLARS TO: IQPC ©2010 IQPC. All Rights Reserved. The format, design, content and arrangement of this New York, NY 10017 * CT residents or people employed in the state of CT must brochure constitute a trademark of IQPC. Unauthorized reproduction will be actionable add 6% sales tax. under the Lanham Act and common law principles. For hotel recommendations, please visit the website at www.lifesettlementsummit.com. YES! Please register me for 3rd Life Settlements & Longevity Summit TM ❑ All Access Pass ❑ Conference Only ❑ Workshop Only Name ____________________________________________________________ Job Title _________________________________________________ Organization______________________________________________________ Approving Manager________________________________________ Address _________________________________________________ City___________________________________State__________Zip__________ Phone________________________________________________E-mail_________________________________________________________________ ❑ Please keep me informed via email about this and other related events. ❑ Check enclosed for $_________ (Payable to IQPC) ❑ Charge my ❑ Amex ❑ Visa ❑Mastercard ❑ Diners Club Card #_______________________________Exp. Date___/___ ❑ I cannot attend, but please keep me informed of all future events. 6 1-800-882-8684 www.lifesettlementsummit.com