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内容説明
Recent turbulence in the financial markets has highlighted the need for diversified portfolios with lower correlations between the different investments. Life settlements meet this need， offering investors the prospect of high， stable returns， uncorrelated with the broader financial markets. This book provides readers of all levels of experience with essential information on the process surrounding the acquisition and management of a portfolio of life settlements; the assessment， modelling and mitigation of the associated longevity， interest rate and credit risks; and practical approaches to financing and risk management structures. It begins with the history of life insurance and looks at how the need for new financing sources has led to the growth of the life settlements market in the United States. The authors provide a detailed exploration of the mathematical formulae surrounding the generation of mortality curves， drawing a parallel between the tools deployed in the credit derivatives market and those available to model longevity risk. Structured products and securitisation techniques are introduced and explained， starting with simple vanilla products and models before illustrating some of the investment structures associated with life settlements. Capital market mechanisms available to assist the investor in limiting the risks associated with life settlement portfolios are outlined， as are opportunities to use life settlement portfolios to mitigate the risks of traditional capital markets. The last section of the book covers derivative products， either available now or under consideration， that will reduce or potentially eliminate longevity risks within life settlement portfolios. It then reviews hedging and risk management strategies and considers how to measure the effectiveness of risk mitigation.  
Book Description
The life insurance industry is an old and established industry with over $4 trillion in policies outstanding and billions more coming on board every year. Like the MBS market the underlying security has little risk. Most life insurers have to have an investment grade rating in order to write insurance. In most cases the carrier is a Standard and Poors A rated or higher carrier. In the US where most policies are purchased， 46 of the 50 states have an insurance fund backing the payout of any and all insurance. As a result the credit risk or risk of default on the payout is very low. Life Settlement Pools is comprehensive reference for investors and structurers looking to enter this rapidly expanding arena. With more than $4 trillion in policies outstanding， and billions coming on board every year， it has all the earmarks of becoming the next big asset class. The book begins by introducing readers to life insurance， focussing on the different sorts of policies available and to settlement policies before moving on to actuarial science， and in particular， life expectancy vs. mortality rates. The book then goes on to look at securitization and how to structure these products within a portfolio， and introduces the capital market products such as barrier bonds and equity linked notes and how readers can create securities with guaranteed payouts， no matter what the markets or other forces do. Life settlements are almost totally correlation free. Bonds with no principal payback or principal free mortgages are just a few of the products that can be structured - all with substantially higher returns than comparably rated securities. This book will enable practitioners to structure or securitize a product with little risk and substantial returns， and even guarantee payments of principal of the underlying security and is sure to become a definitive text on the topic.