Arriving in Europe and Italy investment fund specializing in life settlement, the secondary market for life insurance, which are also defined by the experts "asset class" that alternative investments in real estate and commodities.

Such investments seem to be completely immune to the crisis that is affecting the whole investment market.

This is evidenced by the positive development and yields (around 8% annually) of the growth fund Corinthian lived in black bags from around the world, who have accused losses of between 40 and 50 per cent. This is specifically an offshore fund domiciled in Cayman Islands in fact specialized life settlement.

How do life settlement?

This new practice of investment is already very popular in the United States where elderly wealthy decide to settle their bill. Replace the money so they pay the premium and collect the capital at maturity. The bill goes to a fund together with other hundreds and becomes a financial instrument.

Notes About the insurance practice in acquiring all the rights of beneficiaries, including the collection of principal at maturity. The Life settlement provider (Lsp, in the States there are approximately 300) in turn puts the bill market, where specialist fund managers, based on age, sex and medical expertise, define the price. The bills are then "packaged" in funds whose shares are allocated for institutional investors.

According to the industry there would be a "decorrelazione total" of these products the financial markets, plagued by more than fifteen months of the collapse of share prices and an unprecedented volatility. At first glance, to hear those directly concerned, we face the alternative market that is affected in a very limited impact of the crisis and that promises to continue.

Turnover

The market for these securities, left 50 million dollars in turnover in the late 80s, currently worth about 15 billion but with a potential of 160 billion dollars in the U.S. and the prospect of enlargement to Japan.

Game rules

These tools are not yet approved in Italy, although they are gradually coming to Europe (notably Germany, France and Holland), where currently there are hedge funds, structured products such as unit-linked policies and funds of funds for qualified investors. From mid-February 2007 in Luxembourg is permitted by law the creation of Specialized Investment Fund (SIF).

The first fund of funds of its kind in the old continent is Alpha life settlement fund, reserved for qualified investors. Even for Alpha recent performances are all about: almost +1% gain in September, with an annual output of about +6,51 percent. Individual funds included in the portfolio of Alpha showed performance ranging between 0.31% and 1, 43 per cent.

Overseas instead a life insurance policy since 1989 is a transferable property. Policyholders who do not find it convenient or helpful to continue to pay an annual premium of between 3 and 5% of the agreed provision (which the company clears death dell'intestatario) contract to sell a life settlement company.

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