Life Markets Trading Mortality and Longevity

Since January 1st, 2005 an American citizen turns 60 years old every seven seconds. Researchers believe that by 2050, 15% of the world's population will be over the age of 65, up from 7% today. There is a need now, more than ever, for innovative financial products that have the ability to hedge longevity exposure for pension funds, reinsurance companies, and governments. These products are currently being developed with the use of life settlements.In Longevity Trading, author Vishaal Bhuyan and a team of expert contributors from leading firms provide an extensive look at how to trade life settlements. Covering everything from the history of life settlements to making a transaction (pricing, service providers, exchanges, etc.), this book is the complete guide to longevity trading.

Vishaal B. Bhuyan is the Managing Partner of VB Bhuyan & Co., an advisory firm focused on educating institutional investors on the life markets. As an advisor, Bhuyan assists institutional investors on building profitable trading strategies that utilize a number of mortality and longevity risk related products. In addition to delivering presentations, Bhuyan has been featured, or published in, a number of widely read financial and economic publications and publishes the Wave Report, a monthly market commentary on the life markets. Bhuyan is a graduate of the University of Pennsylvania.

List of Contributors	p. xiii
Foreword by Dennis Gartman	p. xv
Preface	p. xvii
Acknowledgments	p. xxi
Life Settlement Basics
A Brief History of Life Settlements	p. 3
Features of Life Insurance	p. 5
What Is a Life Settlement? Professor	p. 11
Parties Involved in a Life Settlement	p. 17
Other Involved Parties	p. 23
Underwriting	p. 25
Life Insurance Policy Swaps	p. 39
Premium Financing	p. 43
Securitization
Life Settlement Securitization Emmanuel Modu	p. 49
Analytics and Pricing
Life Settlement Pricing	p. 95
Using Life Extension-Duration and Life Extension-Convexity to Value Senior Life Settlement Contracts	p. 109
Real Options Approach to Life Settlement Valuation	p. 135
Risk Explored
Risks Mitigation for Life Settlements	p. 153
The Risks of a Securitized Portfolio of Senior Life Settlement Contracts	p. 163
Synthetics	p. 179
Regulation
Life Settlements	p. 197
Regulatory Issues and Insurance Company Reaction	p. 213
Tax Implications	p. 225
Ethical Issues
The Ethics of Profiting from Mortality Professor	p. 235
Epilogue: Synthetic Longevity Assets-A Primer	p. 245
About the Author	p. 255
Index	p. 257
Table of Contents provided by Ingram. All Rights Reserved.

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Life Markets Trading Mortality and Longevity Risk with Life Settlements and Linked Securities

Summary

Author Biography

Table of Contents

Supplemental Materials