Lifemark actuary: 'Deal rotten from day one'

Yves Fouarge, MD of life settlement policy adviser for insurance companies and pension funds ACG Vie, says Lifemark's investment managers should have known bondholders had no chance of getting their money back within the lifetime of their policy. He says life settlement provider Montage, which purchased Lifemark's portfolio of traded life settlement assets on behalf of investment manager Meditron, bought policies which were unlikely to mature in less than 10 years. However, over 80% of products linked to Lifemark, including those sold by Keydata, were due to mature in five years. F...