January 15, 2009

Volume I, Issue 2 Inside this issue:
Longevity trading Yields to Life Expectancy Longevity Market Spreads Credit Watch 2 3 7 8

Trade Report
Month In Review
Thanks to all of our clients new and old for the great feedback from the launch of our first issue. It seems the consensus out there is that trade data on a monthly basis rather than a bi-monthly basis would be more useful to everyone since it is a lot of information to digest every two weeks. Our trade report will now be published only once a month around the 15th and we are also adjusting our subscription fee accordingly from $500 per month to $250. Those of you that have already subscribed will see this reflected in your billing statements. Also many of you asked for a description of our method for collecting and analyzing the data so we have attached to the last page of this report a description of our procedures. We also would like to announce the addition of a medical underwriting team to Life-Exchange. With the dramatic changes in life expectancies we feel that is more important than ever to make sure medical records are reviewed and summarized by a professional so that when they are submitted to the life expectancy underwriters they are accurately underwritten. I was shocked myself to learn how many errors can be prevented by taking this simple step. The last part of the year was quiet compared to years past where we usually see funds rush to complete trades and count them for their year end. This was no doubt due to the market still digesting the changes in life expectancies and adjusting their pricing models accordingly. Our community of buyers and sellers certainly feel much more optimistic

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Editor & Publisher Brian C. Dorr Contributing Editors Anne K. Zand Keith M. Feldman Carline B. Gele Managing Editor and Writer David C. Dorr
LIFE-EXCHANGE trade data is published monthly on the fifteenth of each month. Subscription rate is $250 per month or $2,750 for the whole year. No data herein should be construed to be recommendations to purchase, retain, or sell securities, or to provide investment advice of the companies mentioned or advertised. No fees are accepted for publishing any editorial information. LIFEEXCHANGE, its subsidiaries, and its employees may, from time to time, purchase, own, or sell securities or other investment products of the companies discussed or advertised in this publication.

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about Q1 2009 than Q4 2008 and we’ve certainly noticed a significant uptick in volume. Many auctions that we advised clients to wait on until the first of the year have been revived and many brokers that we speak with have also indicated that deals that were on edge last year may be coming back. Yields are still very high reflective of the fact that it is a buyer’s market right now. We suspect that yields will drop by at least 100bps over the next 90 days as buyer’s become more competitive with one another again. There is already talk amongst some of the bigger buyers of coming in and trying to “buy up” the market. With spreads as wide as they are right now there is certainly room for a well capitalized player to do just that. We believe this year will be significant for our market as the bridge between the capital markets and insurance markets sees more traffic. In that spirit we have republished here a timely piece that was written in 2007 and published in the Journal of Structured Finance.

Copyright @2009 Life-Exchange, Inc. All rights reserved.

Page 2

Longevity Trading: Bridging the Gap Between the Insurance Markets and the Capital Markets
Introduction Trading is a fundamental part of commerce and an elemental part of any strong economy. The recent ability to trade longevity risk through the use of life settlements, whether for speculation, investment, or as a hedge has far reaching implications for the entire financial sector. Currently, there are two active markets that trade in life settlements: the secondary market and the tertiary market. The secondary life insurance market is where a life insurance policy first enters the marketplace. Typically, these policies are brought into the market via a life settlement broker whose fiduciary responsibility is to market his client’s policy to multiple buyers and to obtain the highest bid. Developing at twice the speed of the secondary market is the growth of the tertiary market. The tertiary market is where individual policies and portfolios of policies come back into the market and are traded between financial institutions. Technology: Meeting the Needs of the Secondary Market Two major road blocks have slowed down the growth of trading in the secondary market: the lack of effective tools to facilitate transactions and the lack of transactional transparency. It is noteworthy that while the majority of the life settlement industry is backed by technologically sophisticated, Fortune 500 financial institutions, the technological sophistication of the life settlement industry itself is antiquated and highly inefficient. Policy transactions continue to be labor intensive, cumbersome and disorganized undertakings. There is significant duplication of work, inappropriate policy transactions, state regulatory and HIPAA violations, miscommunication, and poor follow through; all of which contribute to a highly inefficient and un-equitable marketplace. By providing the industry with secure, business-to-business trading platforms specifically designed for life settlement transactions, online platforms such as Life-Exchange addresses many of the inefficiencies and shortcomings currently facing this industry. Equal Access and Greater Market Liquidity One of the primary barriers preventing fluid trading in this asset class has been a fundamental misunderstanding of the complexity involved in life settlement transactions and the lack of transactional tools to facilitate these transactions. As in the mortgage arena, life settlement transactions are based upon a complex set of origination documents, closing documents, state regulations and underwriting. As an asset class, life settlements are much more analogous to mortgage backed securities than they are to equities. Prior to the recent advent of trading platforms for life settlements, the process for managing these complex transactions has been a manual undertaking with sellers submitting and negotiating life insurance policies via email, phone and fax. Because of the inherent inefficiencies of these manual back-office operations, it has been difficult for sellers to efficiently maximize a policies’ value by matching it with the most appropriate buyer in the marketplace. Currently, some life settlement sellers have access to only a handful of buyers, whereas others may have access to as many as thirty buyers. Online trading platforms provide a means for sellers to submit their client’s policy to the entire universe of qualified buyers and sell them to the highest bidder. Unlike manual operations, independent online trading platforms can ensure -and verify -- that a seller has indeed received the highest offer in the marketplace while maintaining compliance with stringent state regulations. On the buy side, online exchanges allow buyers to significantly cut their operating costs by providing a means to sort and filter through thousands of policies in minutes – not months; and thus focus their resources on policies most appropriate to their needs. Continued on Page 4.

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Copyright @2009 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766

Page 3

Yield to Life Expectancy
When we see policies traded in the secondary market we often see new buyers forget to take into account the premium (in yield not payments to keep policies in force) that should be received for longer investment horizons i.e. longer life expectancies. There are 4 reasons we think this should be taken into consideration. 1. The most obvious is naturally the time value of money. 2. The historical trend of mortality improvements as evidenced by recent revisions to the industry’s most widely used underwriting tables. 3. The credit risk that exists over longer periods vs. shorter periods. 4. The currency risk associated with the long term potential decline of US dollar denominated contracts/ assets. You can see by looking at the chart below that the yield curve flattens out in the longer life expectancy ranges. Buyers active in the life settlement space also know that competition is limited in policies where insured’s have LE’s beyond 14yrs so this would be an additional factor suggesting that the yield curve should steepen significantly from where it currently is today.

Comparative Yields to Life-Expectancy Chart
December Comparitive Yields‐to‐life‐expectancy
17 16 15 14 R R 13 I / d l e i 12 Y 11 10 9 8 4 2 6 3 8 4 0 6 2 7 4 8 6 9 8 0 1 0 2 1 2 3 1 4 4 1 6 5 1 8 6 1 0 8 1 2 9 1 4 0 2 6 1 2 8 2 2 0 4 2 AVS Fasano 21st Services ISC EMSI

As you can see IRR’s for AVS have lowered back below 21st for Life expectancies above 144 months. The reason for this is that this data incorporates the changes in underwriting tables from AVS’s latest update from mid November. Early data for the next issue already suggests that Fasano, EMSI, and ISC IRR’s will continue to come down as well. We also predict that IRR’s for AVS will continue to drop below 21st for all month ranges as the market continues to accept the new changes.

Copyright @2009 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766

Page 4

Longevity Trading - Cont.
Continued from page 2. Furthermore, because buyers can place their capital faster and with greater efficiency, they are thus able to increase their investment yields. Bringing Equal Access to the Entire Market Life settlement sellers and buyers have traditionally shied away from working with smaller face value policies because the cost to process these policies generally outweighs the return. Online exchanges however, offer an ideal solution to significantly lower the fixed costs associated with brokering, underwriting, and purchasing life insurance policy and consequently provide the opportunity for smaller policies to be brokered on the secondary market. Typically, the owners of smaller face value policies can benefit the most from the sale of their policy since they are often not as financially secure as someone who owns a large face value policy. Privacy and Security Within the life settlement industry, email is used far too often for the transmission of sensitive medical information and this presents two problems. First, and most obvious, is the fact that email is not a secure method for transmitting medical information and it is not HIPAA compliant. Second, medical records are large and often require multiple emails to be sent in order to transmit just one individual’s records. Should one of these emails not be received -- which happens regularly -- it can have a major impact on the mortality assessment of the insured. The typical consequence of such an impaired mortality assessment is that the life expectancy ends up being longer than it should and consequently lowering the offer to the seller. In order to address these short comings within the industry, trading platforms such as Life-Exchange, offer their members secure hosting capabilities to store, retrieve and exchange medical data in a manner that maintains compliance with both HIPAA and state regulations. Assured Integrity of Documents With traditional manual back-office operations, it is not uncommon for sellers to send incomplete policies in various formats to providers via FTP sites, email and fax. Furthermore, it is not uncommon for sellers to submit policies with incorrect information or information missing altogether; such as not informing the buyer of the next premium amount or the next premium due date. With electronic document management capabilities and backend databases, online trading platforms are ideally suited to providing a standardized format for all policy information and documentation. Online exchanges allow sellers and buyers have access to the correct documents and the ability to make and communicate changes 24/7 from any where world via an Internet connection. In addition, with their tracking and audit feature, online exchanges ensure accountability by addressing the confusion caused by different members of an operation making changes to documents and not communicating those changes explicitly. Regulatory Compliance In addition to dealing with multiple documents amongst multiple parties, there are also a multitude of regulatory bodies that are specific to this asset class that must be dealt with. For example, each state requires different types of licensure and licensing requirements can vary for brokers, providers, financing entities, agents, etc. Typical examples of regulatory blunders include brokers shopping policies in states where they are not licensed to sell policies, as well as brokers sending policies to providers who are not licensed to view such policies. As the life settlement industry grows in both volume and complexity, there will be an increasing need for the facilitation of state compliance. Here again, electronic trading platforms provide the ideal solution to monitor, update, and report upon regulatory requirements of both sellers and buyers. Transparency and Disclosure One of the primary issues effecting the growth of this market has been the complete lack of transparency and disclosure with regards to life settlement transactions. Perhaps most disturbing, is the fact that traditional life settlement operations are far from transparent and prone to back office politics and unethical practices. As has been reported widely in the press of late, several major industry participants are facing investigations by state attorney generals and state insurance departments for various forms of fraud. For example, it is not uncommon for multiple sellers to try and sell the same policy, and as a consequence, buyers are often in the position to double bid on the same policy held by different sellers. Continued on next page

Copyright @2009 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766

Page 5

Longevity Markets - Cont.
The unfortunate consequence for the policy owner is to drive the fair market price for their policy down unfairly. Similarly, because traditional life settlement operations offer little or no transparency as to the true nature of the bidding activity on a policy, some brokerage operations simply misrepresent bids in order to artificially inflate prices. Another issue regarding transparency is lack of disclosure. This takes the form of brokers not fully disclosing their commissions to their clients, as well as not disclosing the gross offer received for the client’s policy. Of all the areas where electronic trading platforms can benefit the secondary life insurance market, transparency and disclosure is probably the most compelling justification for their use. With regards to double bidding for example, electronic exchanges can insure that a seller has exclusive control over policy, which effectively eliminates double bidding. With regards to transparency of gross offers and bids made on a policy, by their very nature, online trading platforms require that all bids are transparent and displayed to all auction participants in real time. The Tertiary Market Though the secondary market for life insurance has only recently developed, institutional investors and others involved in the life settlement industry are witnessing early signs of a very robust tertiary market for life settlement policies. The tertiary market allows investors an arbitrage in the marketplace where a policy can be bought at one price and then immediately sold at a higher price. The overall effect of these spreads increases the purchasing power of the secondary market by freeing up cash which ultimately benefits the consumer. The ability to sell a life insurance policy multiple times provides institutional buyers with the opportunity to buy policies, hold them for various lengths of time, and resell them instead of holding them until maturity. Specifically, for these investors who are seeking either new investment opportunities or to diversify their existing investment portfolios, a tertiary market for life settlements offers a means to minimize risk in a new class of investments. Securitization Paralleling the course of mortgage backed securities, the ultimate evolution of the life settlement market is securitization. Indeed, over the past several years, several institutions have completed successful securitizations of life insurance portfolios. The market is also seeing a number of participants develop uniquely tailored securitization transactions being built upon derivative products, such as mortality swaps, that have huge implications for the overall industry. Clearly, as life settlements continue to transform the way wealth management professionals serve their high-networth clients, the potential for securitization of this asset will continue to garner the interest of investors throughout the world. Regardless of the form of securitization, in order for this sector to flourish, all these financial instruments will require that an electronic exchange is in place to centralize and facilitate these trades and transactions. For example, future trading tools will likely involve real time portfolio analysis which will enable

Upcoming Events
01.24.2009-01.28.2009 The International Forum 2009 Annual Meeting in Los Angeles, CA

01.26.2009-01.27.2009 FRA’s 5th Investors Summit on the Secondary Market in New York, NY

01.28.2009-01.30.2009 FRA's 5th Insurance Linked Securities Summit in New York, NY
www.site-members.com/ eventwebsites/usils09

traders to make bids not only based on the individual underwriting for a policy, but that will also take into account other policies already held within the trader’s portfolio. Trading tools such as real time pricing will also significantly improve the liquidity of the market and provide a huge boost towards completing securitizations since real time analytical tools will make it easier to acquire a pool and properly diversify it for a securitization. Other future developments will likely include proper clearing and real-time settlement capabilities, similar to the way the DTCC works for the stock markets. Certainly, before the life settlement industry could potentially match the liquidity of other markets, such as equities, there will need to be an industry accepted mechanism in place for clearing and settlement.

Continued on next page.

Copyright @2009 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766

Page 6

Longevity Markets - Cont.
The Impact of Longevity Trading on the Primary Market With their low betas and high alphas, life settlements have seen an influx of capital from the financial markets, both domestically and abroad. However, as Wall Street capital floods this market looking for short term gains, many people are overlooking the larger overall impact of life settlements on the financial world, namely the ability to spread risk. Insurance, of any type, is all about risk and life insurance is designed to cover the risk of an individual dying and the financial impact that his or her death will have. In exchange for taking on this risk, life insurers collect premiums and hope to profit by accurately calculating that the premiums they take in and invest will exceed the money they pay out in death claims. Today, similar to the way banks use syndicated loans to diversify and reduce risk, most carriers offset large portions of their risk to reinsurers. However, now that the capital and insurance markets are merging, there are many new innovative ways to diversify risk that are more efficient and cost effective than simply spreading risk to reinsurers and the ability to spread this risk into the capital markets depends heavily on the ability to effectively and efficiently trade risk. Not only does a liquid secondary and tertiary market in life insurance create greater financial planning options for people purchasing life insurance in the primary market, but a liquid market in life insurance also provides insurers the ability to hedge their own underwriting. For example, for policies where a carrier must adjust their mortality assumptions they made in their original underwriting, by purchasing life settlements, an insurer can reduce the liabilities of impaired blocks of business. This reduces risk for insurers and can even present opportunities for them to over hedge mortality risk and lower their premiums in the primary market to be more competitive. The Future of Longevity Trading As validation of the impact that life settlements are having on the financial sector, a consortium of capital market players, including Bear Stearns, Goldman Sachs, Mizuho, West LB, Merrill Lynch, CSFB, and UBS AG, have recently formed the Institutional Life Settlements Market Association (ILMA). ILMA is a not-for-profit trade association which was formed to educate consumers, investors, and policymakers about the benefits of the mortality and longevity marketplaces. Some of ILMA's published guiding principles include promoting transaction transparency, protecting the identity of insureds, supporting longstanding insurable interest principles, and advancing public understanding of the life settlement and premium finance industries. In addition, ILMA seeks to establish industry best practices and disclosures, to encourage standardization of documents, and to advocate for the appropriate regulation of the rapidly evolving life settlement and premium finance marketplace. The future of longevity trading will provide the ability for new types of products to be developed that will benefit both the wholesale and retail investors alike. Currently, life settlements are primarily an investment of niche hedge funds, investment banks, and private equity firms. Over the next couple of years, we will likely see a trend towards products designed specifically to broaden these wholesale markets to include endowments, pension funds and other financial institutions. An example of a wholesale product could be a bond or CDO (collateralized debt obligation) made to meet certain credit rating and risk requirements of pension funds or endowments. Retail products might include mutual funds that invest in multiple life settlement backed bonds and offer investment opportunities in the fund to the everyday investor. Both wholesale and retail life settlement products will provide a great addition to any portfolio because they offer added diversification in a noncorollary asset class that is less likely to experience market volatility or the loss of investment. Indeed, all life settlements are backed by A rated or better life carriers and never in the history of insurance has an A rated carrier failed to pay out a death claim due to insolvency. Conclusion Trading in life settlements and the future of the sector -- a liquid life settlement market -- will demand that there are mechanisms in place to assist in the efficient transfer of risk and assets. However, like any emerging market, it will take time for standards to emerge that are adopted by all industry participants. As life settlements enter their third decade, successful trading platforms for this sector are addressing the demands of both the insurance and the capital markets and as a consequence, we are seeing standards begin to emerge which significantly help to preserve the integrity of the marketplace and the value of life insurance; today and into the future.

Copyright @2009 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766

Page 7

Longevity Market Spreads
This section shows a comparison of 10yr (LE) life settlement IRR’s vs. different bench marks such as 12 month LIBOR, 10yr treasuries, and an index of 10yr investment grade corporate bonds.
20 15 10 5 0

10yr US Treasuries
Spreads in longevity markets are currently dropping after several months near highs of 1400+bps. As you can see our December data suggests IRR’s are starting to come back down for the first time in 8 months. We believe this is an indication that buyers are becoming comfortable with the table changes that occurred for both 21st and AVS.

10yr LS

10yr Treas

10yr Tre/10yr LS

20 15 10 5 0

12mo LIBOR
Since LIBOR is used as a benchmark to track the cost of borrowing and lending we have included in this chart to track correlations between lower LIBOR rates and life settlement IRR’s. It is clear that although rates have been coming down this has not translated into lower IRR’s in life settlements. This is not unique to our asset class as many borrowers have found it difficult to obtain financing despite lower rates.
10yr LS 12mo LIBOR 12mo LIBOR/10yr LS

20 15 10 5 0

10yr IG Corporate Bonds
This chart shows the relationship between 10yr life settlements and a comparative index of 10yr investment grade corporate bonds. You will notice that spreads diverge the least in this chart. The reason is that all life insurance contracts have an inherent credit risk in them similar to corporate bonds. A life insurance contract is an obligation for a company to pay a claim in the event of a death and should that carrier become insolvent then there is a risk that they may not be able to meet that claim. See our Credit Watch section for more on this.

10yr LS

10yr IG Corp

10yr IG Corp/10yr LS

Copyright @2009 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766

Page 8

Credit Watch
Credit Watch is a list of Life Insurance Carrier’s that have been placed on “Credit Watch” by the underlining Rating Agencies. Credit Watch is when an Insurance Carrier has been downgraded or is being watched for possible downgrade. The Ratings listed below are the latest data from the two rating agencies. All ratings listed can found on the public Web site of the underlining rating agencies. This information is the most accurate at the time of publication.

Insurance Carrier AIG Life Insurance Co Beneficial Life Insurance Co CIGNA Life Insurance Co of NY Cincinnati Life Insurance Co Connecticut General Life Ins Co Constitution Life Insurance Co Farm Bureau Life Insurance Co FBL Financial Group Inc First Central Nat Life Ins Co of NY First SunAmerica Life Insurance Co General Fidelity Life Insurance Co Genworth Life and Annuity Ins Co Genworth Life Insurance Co Genworth Life Insurance Co of NY Hartford Life and Accident Ins Co Hartford Life and Annuity Ins Co Hartford Life Inc Hartford Life Insurance Company Humana Ins of Puerto Rico Inc Liberty Union Life Assurance Co Reassure America Life Insurance Co

ICR - BEST Long Term a/Negative a/Negative a/Negative a+/Stable a/Negative bbb-/Stable a-/Negative bbb-/Negative aa-/Negative a/Negative a-/Negative aa-*/Negative aa-*/Negative aa-*/Negative aa-/Negative aa-/Negative a-/Negative aa-/Negative bbb-/Negative bb/Negative aa/Negative

ICR - S&P Long Term A+/Watch Dev/-A/A-1 Negative

FSR - BEST A/Negative A/Negative A/Negative

FSR - S&P A+/Watch Dev/-A/A-1/Negative

State of Domicile DE UT NY


A/Stable A/Negative B+/Stable







A+/Negative A+/Watch Dev/-A/Negative A-/Negative AA-/Negative/A-1+ A+*/Negative AA-/Negative/-AA-/Negative/A-1+ A+*/Negative AA-/Negative/A-+1 AA-/Negative/-AA-/Stable/-AA-/Stable/-A/Negative/A-1 AA-/Stable/A-1+ A+/Negative B+/Negative B/Negative A+/Negative AA-/Stable/A-1+ A+*/Negative AA-/Negative/-A+/Negative A+/Negative AA-/Stable/-AA/Stable/-A+/Watch Dev/--


The Rating’s listed above are the latest data from the two rating agencies. All ratings listed can found on public Web site of the underlining rating agencies. This information is the most accurate at the time of publication.

Copyright @2009 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766

Data Aggregation and Analysis Methodology 
Aggregation  We acquire data through a multitude of channels and each channel contributes different amounts.  For  a breakdown of data sources and the percentage of data each one is responsible for please refer to the  chart on page 2.  We look at the data we receive as layers for performing our analysis.  Below are the  three types of data layers we use and how we integrate them.  Primary Data Layer  The primary data layer comes from closed and funded transactions that have occurred via Life‐ Exchange, through life settlement providers/ funders that can document actual transactions that have  closed or have underwriting data available on them.  We also receive this data from life settlement  brokers, general agencies, broker/dealers, and financial advisors.  To be considered primary data the information must include supporting transaction documentation.   This documentation may include but is not limited to purchase & sale contracts, life expectancy reports,  pricing outputs from Milliman or other in‐house software, verification of coverage both pre and post  closing, escrow agreements, wire verifications, etc.  Secondary Data Layer  Secondary data is typically made up of spreadsheets that contain transaction details within them.  We  will conduct random sampling and cross check with other contributors either primary or secondary data  to verify accuracy.  Tertiary Data Layer  Tertiary data is information we gather via phone interviews and through email surveys.  This data is the  most difficult to verify but is the most useful for gauging market sentiment and has at times been very  revealing regarding pricing and industry volume.  Composition of Data  Currently the typical composition of data is approximately 35% primary, 45% secondary, 20% tertiary.  Analysis  Analysis of policies and other data is both science and art.  When pricing there are a multitude of inputs  that can affect the outcomes.  When we analyze the data we will in every transaction possible price  policies using various IRR’s, crediting rates, and with multiple life expectancy reports.  There is an infinite  number of ways to crunch the data and as different market preference develop or evolve we will adjust  accordingly. 

Data Sources
Life‐Exchange Auction Sales Reports Life Settlement Providers Funders and pool owners (also includes lenders and financing entities) Law firms Life Settlement Brokers Service Providers Life Insurance Settlement Association State Insurance Departments Other sources of publicly available information 4% 3% 2%1% 9% 15% 2% 28% 36%


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Copyright @2009 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766

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