Life Settlement News

Life Settlement Review/LISA study shows lack of consumer awareness still an issue for the industry.

The Life Insurance Settlement Association will proudly convene its 14th Annual Fall Conference on November 6th and 7th in Washington, D.C. As lawmakers and the nation grapple with the deepening financial crisis, LISA will represent an active and burgeoning market not correlated to the current focus of concern on Wall Street.

Advanced Underwriting Solutions (AUS) announced today that it has been named the preferred vendor of life expectancy underwriting for Asset Servicing Group.

“We strive to build long-term relationships with clients that share our belief in providing exceptional service, a proven track record of experience, and a focus on the customer that is not based on a “one size fits all” mentality. Asset Servicing Group shares these business imperatives and we are thrilled to have them aboard.” commented Traci Davis, President of AUS.

Hirshorn To Spearhead Capital Markets Activities

Legacy Benefits, LLC announces the addition of Mark Hirshorn to head its Capital Markets efforts. Prior to joining Legacy, Mark spent two years as Director, US Securitization at Fortis Securities LLC in New York. He focused on client-based transactions and projects involving structured solutions in the global markets. Prior to joining Fortis, Mr. Hirshorn spent ten years at Bayerische Hypo- und Vereinsbank where he managed the bank’s US securitization efforts.

Hirshorn will lead the company’s capital markets initiatives, developing and marketing life settlement based products and structures while establishing relationships with an expanded group of institutional clients. Hirshorn said, “This is a unique opportunity to help an established and respected organization build out its funding platform and origination capacity.

Leveraging my experience, and the skills developed over the past twenty years, I look forward to helping Legacy reach its full potential in the global markets.”

Advanced Underwriting Solutions (AUS) announced today that it has been named the preferred vendor of life expectancy underwriting for Cambridge Guarantee Limited.

The Kentucky House of Representatives has taken an important
step to protect life insurance consumers with a ban on stranger originated life insurance (STOLI) schemes,
according to the Life Insurance Settlement Association. HB 348, unanimously passed last week, protects
consumers by succinctly and directly prohibiting initiation of life insurance for wager purposes—without rolling
back a policy owner’s property right to gain or utilize the market value of a properly initiated policy as he sees
fit.

Legacy Benefits Corporation a recognized leader in the life settlement
industry, announces the closing of the transaction of a strategic partnership with Mofet Holdings, Ltd. which
aims to broaden Legacy’s role as principal in the origination and trade of life insurance settlements and
portfolios. As part of this new alliance, Mofet U.S. Holdings, Inc., a subsidiary of Mofet Holdings, Ltd., acquired
for cash a 50 percent interest in Legacy Benefits, LLC, a newly formed subsidiary of Legacy Benefits
Corporation. Mofet Holdings is a subsidiary of Kaman Holdings, both public Israeli companies with investments
in a wide range of business sectors worldwide.

The Life Insurance Settlement Association published a graphic representation of the life settlement process. “This is our effort to clear up some of the mystery and misinformation surrounding the process so that everyone can work from a common understanding,” says LISA Executive Director, Doug Head.

Institutional Investor Journals and the Life Insurance Settlement Association Publish New Research and Investment Strategies in a Special Section on Life Settlements in The Journal of Structured Finance

Life settlement-backed securities have seen tremendous growth in the past 12 months. The life settlement market expanded in 2006 to approximately $12 billion. While this number is still a fraction of what some predict will be the size in 10 years, it still represents a significant increase over the prior year. The market for life settlements grows as financial institutions become involved in unprecedented ways via securitization of life insurance policies or other new synthetic structures.
For the second year, Institutional Investor Journals and the Life Insurance Settlement Association (LISA) have published a special section on life settlements in the Summer 2007 issue of The Journal of Structured Finance.

The Life Insurance Settlement Association (LISA) today renewed its objections to the recent amendments to the NAIC Viatical Settlement Model Act, after it was revealed that both the primary author of the model and its key supporter, the American Council of Life Insurance (ACLI), knew that the model act failed to address the problem of stranger originated life insurance (STOLI). LISA has repeatedly raised concerns about the highly unorthodox process and closed-door tactics which were used to develop and adopt the amendments and has held firm that the model does not stop what the NAIC has already identified as the improper manufacturing of life insurance.