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TheStreet Open House

Miravast Asset Management Closes A $60 Million Life Insurance Portfolio Acquisition

PEMBROKE, Bermuda, July 11, 2013 /PRNewswire/ -- Miravast Asset Management Ltd., an investment advisor specializing in life contingent assets, today announced that it has advised on the successful $60 million purchase of a life insurance portfolio by a substantial institutional investor.  Miravast developed and structured the transaction, including selecting the life insurance policies, conducting medical reviews of the insureds and performing an actuarial analysis of each of the life insurance policies, which were recently acquired on the secondary market.  Miravast Asset Management is also responsible for the ongoing management of the portfolio.

Miravast's team of insurance professionals has extensive experience underwriting and managing portfolios of life insurance policies, including the development of a proprietary mortality table and medical underwriting manual.  Management previously played a key role in the building, underwriting, acquisition and management of the industry's largest life settlement portfolio, with more than $5 billion invested in approximately 7,000 life insurance policies representing more than $20 billion of death benefit.

Bill Taylor, President of Miravast, commented, "I am very pleased that an important new investor has entered the life contingent asset class and has selected Miravast Asset Management as its advisor.  We expect this to be one of many investments by institutional investors as this asset class continues to grow."

The investment occurred shortly after the London Business School released a detailed report on life settlements stating, in part, "Given that longevity risk is largely uncorrelated with other financial markets, the life settlement option appears to be not only greatly beneficial for policyowners wanting to sell their policies, but also provides an interesting investment opportunity for institutional investors willing to include longevity risk in their portfolio and to commit capital for the medium term."

Bill Taylor further commented, "We see the momentum in the life settlement industry and are excited to be in the position to help investors gain access to this socially responsible alternative asset class." 

About Miravast Asset Management

Miravast Asset Management is an investment advisory firm led by much of the team responsible for developing the largest life settlement investment platform while formerly at AIG.  Using its extensive experience in the asset class as well as access to the only buy side in-house medical underwriting department, Miravast Asset Management offers structuring, valuation and management services to institutional investors looking to participate in the life contingent investment class.

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