Presentations & Articles

  • As one of the leading independent life settlement advisors in the industry AAP has been invited to various events in the past few years. The following list provides an overview of the topic discussed and presentations given. Please contact us for more information about our research or a specific event.

    2017

    ELSA Spring 2017 Symposium
    London, April 25th 2017
    Topic: Closed-End Life Settlement Investments – How Risk Can Be Assessed From An Investor’s Perspective

    An analysis of risk factors related to life settlements such as stochastic and longevity with a particluar view on closed-end investements and the introduction of the 'Pass Rate' as a new standardized risk measure.

    AAP Life Settlement Roundtable
    Zurich, January 25th 2017
    Topic: Various presentations

    The event provided an overview of the current state of life settlement markets, gave insight into new developments and put a special emphasis on securitization and tradeability of life settlements.

    2016

    ASCOR Life Settlement Conference
    Geneva, October 27th 2015
    Topic: Life settlement market update

    Life settlements are attracting more and more attention. This increases the need for actual market data. AAP collects market data on a multi provider basis and therefore can shed light on a largely opaque but interesting asset class. The presentation gives an update about the current markets and compares the secondary with the tertiary life settlement market.

    AAP Life Settlement Roundtable
    Zurich, January 21st 2016
    Topic: Various presentations

    The AAP Life Settlement Roundtable is a kick-start into 2016 with a special focus on the transformation of life settlement transaction data into fair market valuations and the how investors can follow the performance of life settlements.

    2015

    ASCOR Life Settlement Conference
    Geneva, October 27th 2015
    Topic: Life settlement market update

    Life settlements are attracting more and more attention. This increases the need for actual market data. AAP collects market data on a multi provider basis and therefore can shed light on a largely opaque but interesting asset class. The presentation gives an update about the current markets and compares the secondary with the tertiary life settlement market.

    ELSA Spring 2015 Symposium
    London, April 24th 2015
    Topic: Pricing trends in the life settlement market, panel discussion

    An in-depth review of policy pricing and portfolio valuation in today’s secondary and tertiary markets. The panel discusses the current balance of supply and demand, specific investor demands and concerns, perceived risks and expected returns, typical underwriting and actuarial assumptions, and the potential for the emergence of a more transparent and efficient market.

    AAP Life Settlement Roundtable
    Zurich, January 22nd 2015
    Topic: Various presentations

    The AAP Life Settlement Roundtable is a kick-start into 2015. The event covers various topics and cutting edge information about the current life settlement markets, the valuation of life settlements under IFRS 13/AIFMD, the new AAP Investable Life Index and the transformation of life settlements into fixed income securities.

    2014

    Institute of Financial Services Zug
    Zug, November 27th 2014
    Topic: Introduction to life settlements as an asset class

    Investors are looking for non-correlating assets. And the current low interest environment makes the projected IRR of life settlements look attractive. The session gives an introduction to the asset class, the current markets as well as an overview about available products and risks associated with the life settlements.

    ASCOR Life Settlement Conference
    Geneva, October 30th 2014
    Topic: Life settlement market update

    Life settlements is a niche market with limited data available. AAP collects market data on a multi provider basis and therefore can shed light on a largely opaque but interesting asset class. The presentation gives an update about the current markets and compares the secondary with the tertiary life settlement market.

    BVZL/ELSA Summit
    Munich, September 29th 2014
    Topic: Best Practice Standards - What Are They and What Impact Are They Having on Behaviour and Product Design?

    BVZL and ELSA, the two European life settlement associations, have released best practises for the sake of the investors in 2013. However a recent study of the University of St.Gallen ‘Life Settlement Funds: Current Valuation Practices and Areas for Improvement’ uncovered that most funds are not managed in line with the best practises. The panel discusses how the implementation of the best practises can be increased and how it will affect the funds.

    Life Equity Roundtable
    Aurora/ Ohio, July 16th 2014
    Topic: Policies supply (panel discussion)

    The life settlement market is in a delicate equilibrium of supply and demand. The supply in the secondary market is driven by the capabilities to source policies as well as the knowledge of owner of unwanted or unneeded policies about the secondary market option. The panel discusses the drivers behind policy supply and relates it to investors’ needs.

    European Life Settlement Association – Valuation & Expectation
    London, June 16th 2014
    Topic:  An approach for estimating the gross market return for life settlements (slides)

    The level of IRR which can be achieved by investors is still largely untapped area. And given the relatively short history of the asset class and the rather long investment horizon it’s not trivial to come up with a realistic estimate. Beat Hess presents the latest research about current return projections by investing in US life settlements.

    2013

    ASCOR Life Settlement Conference
    Geneva/Switzerland, Oct 10th 2013
    Topic: Life settlement market update (slides)

    Available market information increased significantly over the last years, and data support the appeal of the asset class life settlements. There is a steady deal flow on very attractive projected return level. Current trends support the value proposition of life settlements further.

    ELSA’s 3rd Investor Summit
    London, September 25th 2013
    Topic: Green shoots and leaves: regulatory developments and transparency (panel discussion based on slides)

    The regulatory landscape changes dramatically in Europe.  IFRS 13 obliges life settlement assets to be valued as close to actual market prices and AIFMD imposes stricter regulation with regards to authorization, ongoing operation and transparency. The panel discusses the impacts of IFRS 13 and AIFMD on life settlement asset managers and the congruence with ELSA’s Code of Practice.

    BVZL International Secondary Life Insurance Markets Symposium 2013
    Munich, September 23rd 2013
    Topic: BVZL Best Practices – Guidelines for investors and suggested best practices standards for professionals in the US Life Settlement Investment Industry (panel discussion based on slides)

    BVZL supports investors’ protection and proposes a set of ‘Best Practices’ to be adopted by the members of the association as well as further market participants. The panel discusses the improvements which are targeted with the proposed code based on market experience.

    LISA’s 19th Annual Spring Life Settlement Conference
    Las Vegas, May 29th-31st 2013
    Topic: The environment for investment in life settlements in Europe is improving (panel discussion based on slides)

    Life settlements were a booming investment topic until 2008 followed by a ‘anemic’ development since then. However since a few months there are encouraging signs of renewed interest. The panel discusses the drivers behind the demand for life settlements out of Europe in the future.

    IFZ MAS Private Banking & Wealth Management

    Zug, February 18th 2013
    Topic: Traded life insurance policies (slides)

    Life settlements can be an interesting amendment of client portfolios. Within the framework of a course for private banking and wealth management practioners life settlements are introduced as a additional diversification element within established asset allocations.

    2012

    ASCOR life settlement conference
    Geneva, November 6th, 2012
    Topic: Life settlement market update (slides)

    The life settlement market is in a better shape than in 2010 or 2011. The improved transparency and data availability improves the situation in general. The projected IRR are on attractive levels and offer interesting investment opportunities.

    Dealflow Life Settlement Conference
    Las Vegas, September 10th-11th 2012
    Topic: Life expectancies: portfolio managers and advisors talk about the results (panel discussion based on slides)

    It’s no secret that returns haven’t lived up to expectations in the past as overly optimistic life expectancies drove down profits. Now, a new concern has popped up over a spread in estimates between major life expectancy providers. How are portfolio managers addressing the latest glitch in the market and other mistakes of the past to ensure good results going forward?

    BVZL International Secondary Life Insurance Markets Symposium 2012
    Munich, March 7th 2012
    Topic: Life settlements – Do’s and Dont’s for investors and points to care about for a successful investment (panel discussion based on slides)

    Life settlements are a fascinating investment idea however the investment results so far are sobering. The panellists discuss the success factors of investments in life settlements and use illustrative examples of open-end life settlement funds to support the proposals.