The European Life Settlement Association (ELSA) elected new officers for the coming year at its Annual General Meeting in London on Tuesday 4 March. Simon Erritt, Managing Director, Finance of Coventry Capital Ltd, was elected to a second term as Chair of ELSA. Gareth Mee, Senior Manager at EY was elected Deputy Chair. Paul Cook, Head of Life and Pensions at Grant Thornton, was elected ELSA Secretary, and Daniel Beckmann, Managing Director of Maple Life Analytics, was reconfirmed as ELSA Treasurer. Members of the Executive were also elected: Patrick McAdams, Investment Director of SL Investment Management; Jim Maxson, Partner at Morris, Manning & Martin; Mike Fasano, President and CEO of Fasano Associates; Brian Casey, Partner at Locke Lord; and Jule Rousseau, Partner at Arent Fox.

Jule Rousseau
Jule Rousseau

ELSA will mark its fifth anniversary in 2014 with the pursuit of an extensive set of goals. A primary area of focus will be the promotion of reinvigorated growth in the industry, via increased educational outreach to new and existing investors on the potential attractions of Life Settlement investments, and greater focus on the development of innovative products for policyholders, for instance smaller policies. ELSA will also promote the continued improvement in standards across the industry by maintaining its code of practice and encouraging industry-wide adoption of the code. ELSA’s current membership has certified compliance and committed to promoting the code within its client and relationship base.

Additional plans for 2014 include holding multiple industry events, both in London and continental Europe; the development of a new website; the release of new research materials; and the expansion of the ELSA membership base among the growing universe of companies committed to the long-term development of the Life Settlement market.

Simon Erritt, Chair, said, ‘ELSA’s new management team reflects the strength, professionalism and determination of its members. I’m delighted to be part of it and look forward to helping meet or exceed the association’s ambitious goals over the coming year.’


Life settlements are the sale of a life insurance policy by its owner to an investor.  As an alternative to their lapse or surrender, U.S. policy owners have the right to sell their policies and receive a market value for them.  Life settlements are regulated in 42 of the U.S. states, covering more than 90 percent of the U.S. population.

According to a 2010 U.S. government report on life settlements, policy owners entering into a life settlement received $5.62 billion more than they would have received from their life insurer for the years 2006-2009.  The report also estimated that the life settlement market grew from $200 million in 1998 to $5.5-13 billion in the years 2006-2009.   Today, the life settlement market is estimated to be $4-7 billion.

A 2011 Conning Research & Consulting report, entitled “Life Settlements:  An Asset Class Resets”, while detailing the risks and past performance of life settlement investments, stated that “{a}s the life settlement market reboots, investors will continue to find an opportunity to make returns that are higher than other fixed income investments” and pointed out that investors “will find clearer, and more stable, regulation” and “a legal landscape that has seen several recent cases that strengthened their ability to receive death benefits.”


The European Life Settlement Association (ELSA) was founded in 2009 to set standards for the European life settlement industry. We represent European funding sources, service providers and intermediaries in the life settlement market who are looking to promote transparency by providing accurate, authoritative information to retail and institutional investors, regulatory bodies and the media. Our focus is on the promotion of best practice and the positive development of the European life settlement industry’s reputation amongst all stakeholders. We encourage fair competition and investor protection within the European market.

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