Miravast Asset Management, an investment adviser specialising in life contingent assets, has advised on the USD60m 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 USD5bn invested in approximately 7,000 life insurance policies representing more than USD20bn of death benefit.
Bill Taylor (pictured), president of Miravast, says: "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."