Alternative Investment Strategies - Life Insurance Settlements Major Topics of Discussion Life settlements market overview Seller’s v. buyer’s perspectives Individual v. Corporate-owned policies Life settlements as an alternative asset class Transaction process and underwriting Legal and regulatory framework Due diligence Tax implications Servicing the assets Overview of the risks

1. Moderator: Alexander B. Kasdan, Senior Managing Director, DelMorgan & Co.
Panel:
• Corwin K. (“Cory”) Zass, Founder, Principal and Consulting Actuary, Actuarial Risk
Management
• Brian T. Casey, Partner and Co-Chair of Regulatory & Transactional Insurance Practice
Group, Locke Lord LLP
• Doug Himmel, Co-Founder and Managing Director, Melville Capital, LLC
• Julius A. Rousseau, III, Partner, Arent Fox LLP
© Copyright 2017 Expert Webcast – All Rights Reserved
ALTERNATIVE INVESTMENT STRATEGIES:
LIFE INSURANCE SETTLEMENTS
September 28, 2017

2. 1
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3. 2
MODERATOR: Alexander B. Kasdan, Senior Managing Director,
DelMorgan & Co., brings more than twenty years of senior-level Wall Street
advice to middle market companies, entrepreneurs and institutional investors.
He has extensive experience in investment banking, corporate law and
restructuring at world’s leading firms, including Credit Suisse First Boston,
O’Sullivan Graev & Karabell LLP (now O'Melveny & Myers LLP), Battle
Fowler LLP (now Paul Hastings LLP) and Schlumberger Ltd., and as a
founding partner of Convergence Capital Partners. Alex has worked on more
than 100 domestic and cross-border transactions in North America, Europe and
Africa.
Alex is a Senior Advisor to Governance and Transactions LLC, an advisory firm
established in 2003 by Mr. James L. Gunderson, former Secretary and General
Counsel of Schlumberger Limited, to assist boards, management and owners
with corporate governance, compliance, structuring and strategic transactions.
Alex is a frequent moderator and an interviewer at Expert Webcast roundtable
discussions attracting business leaders and leading professionals from around
the world.
Alex graduated magna cum laude from Middlebury College with a B.A. degree
in Economics and Italian and was elected to Phi Beta Kappa during his junior
year. In addition, he holds a J.D. degree from Columbia University Law School
and has studied at the University of Florence in Italy.
100 Wilshire Blvd.
Suite 750
Santa Monica, CA 90401
+1 310 980 1718 mobile
+1 310 935 3826 office
ak@delmorganco.com
www.delmorganco.com

4. 3
Panelist: Corwin K. “Cory” Zass is the Founder,
Principal and Consulting Actuary of Actuarial
Risk Management, Ltd, an independent member of
the BDO Alliance USA since 2006..
For close to 25 years, Cory, a trained life actuary, and
his team’s collective advice were sought on topics such
as M&A, product & risk management, capital strategy
and financial reporting paradigms. His actuarial training
rests on a foundation blending common sense, business
views and actuarial technical aptitude enhanced by his
direct experience in roles of appointed actuary, auditing
actuary and consulting actuary.
Cory is a frequent expert witness, a published author
and a speaker. He was educated at the University of
Manitoba.
5914 W Courtyard Drive,
Suite 190
Austin, TX 78730
512-345-5200
czass@actrisk.com
www.actrisk.com

5. 4
Panelist: Brian T. Casey is a Partner in the Atlanta office of
Locke Lord LLP.
As Co-Leader of Locke Lord's Regulatory and Transactional
Insurance Practice Group, and a member of the Firm's Corporate,
Capital Markets and Health Care Practice Groups, Brian focuses
on corporate, merger and acquisition, corporate and structured
finance and other transactional, and regulatory matters for
corporate clients in the insurance, financial services and health
care industries. His clients include insurance companies,
insurance holding companies, managing general agents and
insurance agencies, third party and claims administrators, banks
and other financial institutions, investment banks and
reinsurance companies.
Brian holds an LL.M. in Taxation from Emory University School
of Law, a J.D. from The Ohio State University Moritz College of
Law, and a B.A./B.S. in Accounting, summa cum laude
From Auburn University.
Terminus 200
3333 Piedmont Road, NE
Suite 1200
Atlanta, Georgia 30305
404.870.4638 Direct Phone
bcasey@lockelord.com
www.lockelord.com

6. 5
Panelist: Doug Himmel is a Co-Founder and Managing Director of
Melville Capital in Los Angeles and President of Melville Capital
Structured Products Group, LLC (“MCSPG”) overseeing the
Firm’s Business Development, Marketing, Brand Building and PR
focus.
For more than 25 years, Doug has been involved in the financial
services, lending and life insurance. An active member of several
professional organizations including the American Bankruptcy
Institute, Turnaround Management Association, Association for
Corporate Growth and the Financial Planners Association, National
Association of Insurance and Financial Advisors, he is sought out as a
contributor, speaking at conferences, writing articles or for market
related quotes.
Through overseeing Melville Capital’s marketing efforts to individuals,
companies and their advisors, Doug has focused on helping to change
policy owners’ view of life insurance as a saleable asset and not just an
expense.
Doug earned a B.A. in Political Science and Finance from the
University of Arizona.
310.943.5370
dhimmel@melvillecapital.com
www.melvillecapital.com
The Life Settlement Advisors

7. 6
Panelist: Julius A. Rousseau, III is a partner at Arent Fox
LLP. Jule Rousseau focuses his practice on insurance and
reinsurance related matters and litigation. He advises clients in all
areas of the business, including policy and treaty wording,
regulatory compliance and strategy. Jule’s practice includes
property and casualty, life, accident, health insurance, and
insurance-linked products and he represents various participants
in these markets.
Jule has developed extensive knowledge in the life settlement
business and with premium finance structures used in the
purchase of life insurance. He represents clients in all facets of
this business – policyholders, lenders, life settlement brokers, and
providers and hedge funds providing capital to the industry and
he speaks frequently on subjects related to this market.
Jule holds a J.D. degree from the University of North Carolina
School of Law (cum laude), University of North Carolina at
Chapel Hill.
1675 Broadway
New York New York 10019
212-484-3948
917 533 2034
Jule.rousseau@arentfox.com
www.arentfox.com

8. 7
MAJOR TOPICS:
• Life settlements market overview
• Seller’s v. buyer’s perspectives
• Individual v. Corporate-owned policies
• Life settlements as an alternative asset class
• Transaction process and underwriting
• Legal and regulatory framework
• Due diligence
• Tax implications
• Servicing the assets
• Overview of the risks

9. 8
Arbitraging Risk with ARM
Page 1
Who is Actuarial Risk Management
q About ARM
• A BDO Alliance USA member since 2006
• Outsourced actuarial team for various Top 30 accounting firms
• Full service firm (life/health/P&C/health) - rivals ‘big-box’ brands
• ARM Network: 50+ senior level actuaries that average 25 years in the field
• www.actrisk.com
q ARM’s “Life Settlement” Team Background
• 125+ years of combined experience: Corwin Zass, Brian Forman, Lloyd Foster, Larry Stern
• Extensive experience with evaluating and managing longevity, mortality and morbidity risks
• Solid stochastic risk modelers and creative structure designers
• Broad and deep knowledge of life insurance and annuity sector via:
- Serving in senior management or executive roles of insurance & reinsurance companies
- Unmatched expertise with life products underwritten by the life insurance company (e.g.
UL with secondary guarantees)
- Superior M&A diligence proficiency from analysis and reviews of a combined 500+ blocks
of business and insurance company targets
- Senior roles of state financial exams of life carriers (e.g. Voya, AXA, Principal, Protective)
- Served on many professional SOA and AAA working groups

10. 9
Arbitraging Risk with ARM
Page 2
ARM Actuarial Life Settlement Team
• One of the most knowledgeable life settlement practices in the industry:
- Corwin (Cory) Zass, Founder & Principal
- Close to 25 years as an actuary, including a chief actuary role for a mid-size $2B+
life insurance organization; advises on strategy, valuations, integration approaches,
and asset-liability modeling; speaker at LISA events, ABS East and Dealflow life
settlement conferences, multi-year author of Financier Worldwide’s annual life
settlement outlook
- Brian Forman, Senior Life Actuarial Consultant
- Over 30 years of senior management experience with multiple life insurance
companies for over 20 years; very strong technical and IT skills used to develop ARM
proprietary ILS analytical tools
- Lloyd Foster, Senior Consulting Actuary
- Risk management professional with 30+ years direct experience in building complex
risk models for large financial corporations; career included: Chief Risk Officer of
SCOR Reinsurance, VP at AIG Risk Finance (involved in the AIG aggregation of the
large $14B LS portfolio)
- Larry Stern, Senior Consulting Actuary
- Over 40 years of extensive life insurance and reinsurance experience; currently
consulting to the SOA on a longevity initiative created by the SOA Board.