ELSA elects new Officers, Board Members, and welcomes three new members

European Life Settlement Association Announces 2011 Election Results and Welcomes New Members
The European Life Settlement Association has elected the following officers at its Annual General Meeting:

Chair: Anna M. Bailey, Director of Business Development, MLF LexServ
Deputy Chair: Michael Fugler, Head of Global Capital Markets, Welcome Life Financial Group
Secretary: Simon Erritt, Managing Director, Coventry Capital Ltd.
Treasurer: Patrick McAdams, Investment Director, SL Investment Management
The following Board Members were also elected:
Tim Roberts, Chief Executive, Catalyst Investment Group
Daniel Beckmann, Director of Capital Markets, Maple Life
Craig Seitel, Chief Executive Officer, Abacus Settlements LLC

ELSA’s new Chair Anna M. Bailey commented:

“It is an exciting time to be taking on the task of chairing the European Life Settlement Association. I’ve been with the organisation since the early days, watching it grow, and growing with it. My predecessor, Patrick McAdams, has done a fantastic job with ELSA and my aim is to build on that as we continue with our commitment to bringing best practice to the industry.”

ELSA also welcomes three new members as part of the association’s continuing expansion. Craig Seitel, CEO, Abacus Settlements LLC, joined ELSA as joint chair of the newly formed Industry Collaboration Committee, which will focus on developing coordination and a concentration of resources in dealing with regulatory and educational challenges across the industry.

Beat Hess of AA Partners Ltd has joined ELSA’s existing Education Committee, and Jim Maxson, Partner at Morris, Manning & Martin LLP has joined as a legal adviser to ELSA.
Jim Maxson, Partner, Morris, Manning & Martin LLP,said “Our firm’s life settlements practice has grown in size and scope so it makes sense to partner with the European Life Settlements Association. Many of our clients are based in Europe, and the work done by ELSA promoting greater transparency and better standards embodied by its Code of Practice is vital to the continued growth of the industry. We are proud that ELSA has accepted our application for membership and look forward to contributing to the association’s continued success.”

Anna M. Bailey concluded:

“We are delighted to welcome our new members at this pivotal point in the development of the life settlement market. We are looking forward to their active participation in ELSA’s committees, which are continuing to provide education and support to all parties involved in life settlements. As a sign of the association’s ongoing commitment to transparency we will shortly be launching a comprehensive new website providing access to a range of information for investors, industry professionals, regulators and the media.”
For further information please contact:
Giles Abbott
Marketforce Business Media Ltd                      
direct line: +44 (0) 20 7760 8631                            
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Notes to editors
The life settlement market originated in the US, where life insurance policyholders are able to sell their policies to third parties for more than the surrender value but less than the maturity value. A thriving secondary market has now evolved trading these policies as an alternative asset class and in 2009 was estimated to be worth $7-8 billion globally. Life settlements are typically used in products designed for sophisticated investors, and characterised by the use of actuarial skill to assess potential returns.
ELSA, the European Life Settlement Association, was established in May 2009. ELSA sets standards for the European life settlement industry and promotes transparency by providing accurate, authoritative information to retail and institutional investors. Membership is open to capital providers, service providers and intermediaries in the life settlement market. ELSA’s mission is to promote the development, integrity and reputation of the European life settlement industry and to encourage fair competition within the European market, http://www.elsa-sls.org 
ELSA Executive
Chair: Anna M. Bailey, Director of Business Development, MLF LexServ
Deputy Chair: Michael Fugler, Head of Global Capital Markets, Welcome Life Financial Group
Treasurer: Patrick McAdams, Investment Director, SL Investment Management
Secretary: Simon Erritt, Managing Director of Coventry Capital Ltd
Tim Roberts, Chief Executive, Catalyst Investment Group
Daniel Beckmann, Director of Capital Markets, Maple Life
Craig Seitel, Chief Executive Officer, Abacus Settlements LLC