ClearLife Limited News

ClariNet™ 1.22 Released

2012-02-01T09:00:00.0000000Z

Contract Package, Document Verification and Case Closing Checklists improvements, New SmartSearch Criteria and new Report, Adding Cases to an existing Portfolio made easier, Ability to upload document with .msg extension, Creation of Received Transactions, New "Coverage Type" field on the Policy, New Case Participant Role "Irrevocable Beneficiary" and Other Improvements.

Changes to Contract Package and Document Verification
New SmartSearch Criteria and new Report
Changes to Case Closing Checklists
New "Coverage Type" field on the Policy
New Case Participant Role "Irrevocable Beneficiary"
Adding Cases to an existing Portfolio made easier
Creation of Received Transactions
Ability to upload document with .msg extension
Other Improvements

Release Notes are here: Release_Notes_1_22_v2_120201.pdf

ClariNet™ 1.21 Released

2011-12-19T09:00:00.0000000Z

COI interpolation, add Received Transaction on existing Cases, Send Received Cases, Split Bid History, Closing Transactions and Other Improvements.

Allow users to specify first period COI interpolation method
Ability to create a Received Transaction on an existing Case
Ability to Send Received Cases
Split Bid History
Closing Transactions
Other Improvements

Release Notes are here: Release_Notes_1_21_v2_111219.pdf

ClariNet™ 1.20 Released

2011-11-22T09:00:00.0000000Z

Sent, Received and Closing Transactions, Case Merging, Treatment of First Premium Payment in Illustration, Ability to change the COI curve and layout improvement, Changes to IRR calculations on Portfolio Valuation page, Allow NAIC Number in XML import, Policy Owner Type, etc.

Allow NAIC Number for Carrier in XML import
Policy Owner Type
Case lists: Sent and Received
Case lists: Closing Transactions
Case Merging
Treatment of First Premium Payment in Illustration
Ability to change the COI curve and layout improvement
Changes to IRR calculations on Portfolio Valuation page
Pricing improvements
Add Page Count and Size to documents
Improve readability of XML import errors

Release Notes are here: Release_Notes_1_20_v3_111122.pdf

"2 for 1" offer EMSI / ISC

2011-09-22T09:00:00.0000000Z

EMSI joins ClariNet™: ClearLife launches exclusive “2 for 1” offer with EMSI and ISC Services

EMSI offers life expectancy report ordering through ClariNet. Until the end of 2011, subscribers to ClariNet (including ClariNet Essentials™) can order a life expectancy report from each of EMSI and ISC on the same insured for a total price of $325.

EMSI Joins ClariNet

Examination Management Services, Inc. (EMSI) has now joined 21st Services, Fasano Associates and ISC Services on the panel of underwriters offering life expectancy report ordering through ClariNet. All four companies accept life expectancy orders directly from accounts on ClariNet and deliver the reports and associated report data straight back to those same accounts.

Mark Venn, CEO and Managing Director of ClearLife, said: “I am delighted that EMSI is now offering its life expectancy reports through ClariNet. EMSI has a range of different services for participants in the life settlements market and we very much look forward to adding those to ClariNet in the near future.”

Traci Davis, VP of Underwriting Operations at EMSI, commented: “EMSI is excited about partnering with ClearLife to offer underwriting services through ClariNet. Its unique, integrated design makes EMSI’s enhanced life expectancy information available with a single click. ClariNet affords EMSI greater exposure for its life expectancy and other services to the life settlement market.”

“2 for 1” offer on life expectancy reports

Until the end of 2011, subscribers to ClariNet (including subscribers to ClariNet Essentials, the free version) have the opportunity to order a life expectancy report from each of EMSI and ISC Services for a single price of $325. This offer is open to all ClariNet subscribers and is available exclusively through ClariNet.

Roger Tafoya, Chief Operating Officer of ISC Services, said: “As the market has matured, it has become very evident that investors need access to the full mortality curve in order to make a sensible determination of life expectancy – and the more information that is provided, the better. ClariNet subscribers have direct access to more of our underwriting information than is available through any other portal. We firmly believe that providing investors with the benefit of two views on the same insured, through the most efficient and secure platform in the life settlements market, represents a win for all concerned.”

Traci Davis added: “Offering two underwriting perspectives on a case gives prospective buyers a better sense of both value and risk. By combining EMSI’s services with those of ISC and ClearLife, we are able to offer these perspectives in the most secure and user-friendly environment possible. This is a tremendous opportunity for life settlement investors and EMSI is delighted to be part of it.”

About ClearLife

ClearLife was established in November 2007. It is not affiliated with any company involved in the life settlements and premium finance markets and does not make investment decisions on behalf of any company. ClearLife is dedicated to enhancing the quality of service available to investors, providers, brokers, agents, servicers and other participants in the longevity derivatives, life settlements and premium finance markets. ClearLife’s principals previously established and ran a business managing over US$1.25 billion in face amount of life settlements. ClearLife now offers to investors in the life settlements market the benefit of its principal’s experience, their relationships, their understanding of processes and procedures and their knowledge of risk management and risk mitigation. ClearLife performs policy and portfolio evaluation and analysis, document verification, post-purchase servicing and administration for its clients. Through ClariNet, ClearLife offers a secure platform for subscribers to store and manage their policy and portfolio information, to interact with other market participants using a common interface and set of standards, and to manage their longevity risk businesses through ClariNet’s dynamic workflow management system.

CONTACTS

Valerie Coffey, Vice President, ClearLife LP, Alexandria, VA
Tel. (703) 672 7030
Mark Venn, CEO and Managing Director, ClearLife Limited, London, United Kingdom
Tel. +44 20 7100 0600
Email: info@clearlifeltd.com
Web: www.clearlifeltd.com

Fasano LE Reports on ClariNet™

2011-09-13T09:00:00.0000000Z

ClariNet Subscribers are now able to order life expectancy reports directly from Fasano Associates, Inc. Fasano Associates’ mortality tables are also available through ClariNet.

ClearLife is delighted to announce that Fasano Associates, Inc. has joined the panel of companies offering their life expectancy expertise through ClariNet. Subscribers to any of ClariNet’s modules can now order life expectancy reports from Fasano Associates directly from their accounts – and, when completed, have the reports and the report data delivered into their accounts. ClearLife makes no charge for this service, other than the fees charged by Fasano Associates for the report.

Mark Venn, CEO and Managing Director of ClearLife, said: “I am very pleased to welcome Fasano Associates onto ClariNet. Mike and his team offer a great deal of underwriting expertise to their customers. We at ClearLife look forward to delivering that expertise to our subscribers through ClariNet’s integrated case management environment.”

Mike Fasano, President and CEO of Fasano Associates, Inc., commented: “ClearLife has developed a first-class business management platform in ClariNet. We are delighted to support ClearLife by delivering our full range of life settlements services directly to ClariNet subscribers.”

Mark added: “In addition to offering life expectancy report ordering at no extra charge, direct access to mortality tables developed by Fasano Associates is now available as a premium service through Clarinet. Subscribers to our platform have the opportunity to purchase either a one year or a three year license entitling them to use Fasano Associates’ mortality tables in ClariNet’s industry leading policy and portfolio pricing models, as well as its risk analysis tools.”

ClearLife will be demonstrating ClariNet at the upcoming Fasano Life Settlement and Longevity Conference on October 24th (www.fasanoassociates.com).

About ClearLife

CONTACTS

ClariNet™ 1.19 Released

2011-09-07T09:00:00.0000000Z

Integrated Ordering of Fasano and EMSI LE reports, Cart and Electronic Payment, CRM mini-site for Organizations and Individuals, Changes to Case Setup Form and Insured pages, New support page and support email.

Integrated Ordering of Fasano and EMSI Life Expectancy reports
Changes to Case Setup Form and Insured pages
Cart and Electronic Payment
CRM mini-site for Organizations and Individuals
New support page and support email

Release Notes are here: Release_Notes_1_19_v2_110907.pdf

Version 1.20 is expected to be released in October.

ClariNet™ 1.18 Released

2011-08-01T11:00:00.0000000Z

New Anti-Fraud page, ICD9 codes, improvements to Case Setup Form, snapshot of Case Submissions now saved, Lump Sum Premium and Retained Death Benefit added, new FAQ page.

A read-only snapshot of the Case (including documents) is now saved when submitting Cases and the Case Reference can be retained when submitting to other parties.
The Case Setup Form has been improved to allow quicker creation of a Case.
Documents are no longer required when creating Underwriter Reports.
New Anti-Fraud/Compliance page added to Case Summary View.
ICD9 codes were added to Insured Information.
New FAQ page added to the Help menu.
Lump sum premium option was added to Premium Calculator and Retained Death Benefit added to pricing.
Fees have been simplified in the Pricing Model.

Release Notes are here: Release_Notes_1_18_110801.pdf

Version 1.19 is expected to be released in September.

ClariNet™ 1.17 Released

2011-06-24T11:00:00.0000000Z

Portfolio import from Excel, improved management of insured lives, AM Best ratings information now shown, state regulatory information database, updates to valuation page.

It's now possible to add and delete the insured lives on a policy and to mark an insured as deceased at any point. Previously, the insured could only be marked as deceased as part of the servicing workflow.
The redundant Extended DB Rider field has been removed from the illustration and is now only stored at the policy level. Pricing now runs off the maturity age stored at the policy level; the illustration maturity age captures how far the illustration extends.
The valuation page has been improved so that it only calculates on demand. It also now shows the aged LE.
AM Best carrier rating information is now shown in ClariNet. This data is updated quarterly.
A new page has been added where subscribers can maintain a private database of state regulatory information.
It's now possible to import policy portfolios from Excel. A template is provided which shows the required spreadsheet layout.

Release_Notes_1_17.pdf

Version 1.18 is expected to be released mid-August.

ClariNet™ 1.16 Released

2011-05-10T11:00:00.0000000Z

Parallel portfolio pricing, multiple simultaneous document upload, rapid case submission to multiple recipients, improvements to Document tab on Case Summary.

Pricing of First-To-Die Joint Life Policies.
Case Submission process handles sending to multiple recipients simultaneously.
New parameter on Illustration page to show Insured age at the start or end of the Policy year.
Generate a Contract Package as a single Word document from multiple Document Templates.
Store tax ID or SSN with Organizations or Individuals in Interaction.
Business Gateway extensions to handle rules on the existence of documents on a Case.
Improvements to Case Summary Documents tab to allow users to add any type of document including documents where the Insured, Illustration, etc., must be chosen.
Contract Package documents are now displayed on the appropriate tab in the Case Summary as well as in the Contract Package.
New Portfolio Summary report.
Cases can now be imported and exported with their associated documents.
Improvements to Valuation Page.
Premium Optimization extended to Term and Whole Life Policies.
All users now have access to the File Upload feature in ClariNet to send files to ClearLife.
Users can now upload multiple documents simultaneously.
Added ability to store reference code associated with an Investor on a Case.
Added ability to designate a contact at the Broker.
Allow users to make/record multiple bids on a Case without counter offers.
Portfolio pricing calculations now run in parallel.

Release Notes are here: Release_Notes_1_16.pdf

Version 1.17 is expected to be released mid-June.

ClariNet™ 1.15 Released

2011-03-18T11:00:00.0000000Z

Information about AV/CSV on Start Date and Value Date, ability to combine/separate insured lives, calculation of post-purchase IRR, short-form case setup, document templates, optional bid approval workflow step, additional Monte Carlo outputs.

The Account Value and Cash Surrender Value on Start Date and Value Date are now shown on the pricing page. The values can now automatically be included as bid conditions.
A new panel has been added on the valuation page to show the COI.
A new page has been added called Insured Consolidation. This allows you to remove duplicate insured lives and to correct data errors; for example, if two policies incorrectly reference a single insured life.
A new column has been added on the portfolio page which calculates the post-purchase IRR. This will be computed if a price allocation has been set on that case.
A new case setup process is available. This is a single page that captures a subset of case information in order to allow transmission of the case to a recipient quickly and for the recipient to complete the setup themselves.
Document template functionality has been added for contract package generation. This allows you to create a document template in Word that can reference case data. During the closing process, this template will be filled in with data from the actual case.
A new optional workflow step called Bid Approval has been added. This allows you to have bids approved before they are submitted.
Selection of Case Closer. When a bid is accepted, the user is now required to select who closes the case.
The payment of premium between the Account Value Date and the Start Date (sometimes known as Projection Date), can now be specified during premium calculation. Previously, this was specified in the Premium Calculator Template. The value is now taken from the Template unless is it overridden on the Premium Calculator page.
A series of additional data points are now available from the Monte Carlo calculator, specifically geared towards viewing distribution information. The NPV, IRR and LE are shown for the portfolio for each simulation.

Release Notes are here: Release_Notes_1_15_v1_110307.pdf

Version 1.16 is expected to be released at the end of April.

ClariNet™ 1.14 Released

2011-02-04T15:00:00.8104474Z

Price allocation and bidding improvements, improved case importer, ability to attach documents to bids, extended valuation page, improvements to Excel exporter, user defined case statuses, auto-generated Case Identifiers.

It is now possible to have Case Identifiers generated automatically by ClariNet. The format for these identifiers can be chosen from a set of templates defined by ClearLife. New templates can be added on request.
The News and Announcements panels on the home page update asynchronosly, making the loading of that page faster.
A new tab has been added to the Case Summary page called Price Allocation. This allows users to specify how the price paid for a case is allocated amongst the counterparties in a transaction.
Bid splits can now be specified on both the valuation and bidding pages. A bid can be created on the valuation page and a button allows users to place a bid directly from this page. This means users can calculate the implied IRR and then bid on that basis.
Documents can now be attached to bids. For example a PDF containing conditions related to a bid can be sent along with the bid.
It's now possible to solve for a single IRR from the gross price on the valuation page.
The assumed AV/CSV at the Start Date of a premium schedule is now shown on both the premium schedule and valuation pages.
Users can define their own case statuses and manage these statuses on the bid management page. This is useful for managing information about cases that have been sent out to both ClariNet subscribers and external case recipients.
The Excel exporter has been improved so that cash flows are shown on a common list of dates (i.e. cash flows on the same date line up). This is useful for carrying out cash flow calculations in Excel on data exported from ClariNet.

Release Notes are here: Release_Notes_1_14_v2_110204.pdf

Version 1.15 is expected to be released in mid March.

ClariNet™ 1.13 Released

2010-12-24T18:08:11.8104474Z

Case auditing, new case import wizard, expanded import, Monte Carlo improvements, accounting, new case submission wizard.

Display case auditing information. A new tab has been added to the case summary view which display an audit trail of changes to a case.
Ability to specify interest rate paid on DB during collection lag period. It's possible to select which interest rate is applied between the date of death and the date the payment is received.
New case import wizard. All XML imports are run through a common import wizard which deal with validation errors and conflicts. It also allows you to add the cases to a portfolio.
Expanded data importer. ClariNet now imports premium schedules from Access files.
Improvements to Monte Carlo model. The model now runs in parallel and uses more efficient code, making it much faster. Users can now run up to 20,000 simulations. A graph is displayed showing the resulting mean cash flows over time. The mean simulated portfolio NPV is now shown.
Accounting table for underwriter report ordering. Users can now see a summary of their report orders over a specified period for accounting purposes.
New page to allow case submitter to control data seen by recipient. When users submit cases to others, they can now select which documents are sent and which underwriter reports are sent to the recipient.
Add additional premium charge component. It's now possible to have a second premium charge which is charged when the premium exceeds a specified target amount.
Ability to record gross purchase price.

Release Notes are here: Release_Notes_1_13_v1_101222.pdf

Version 1.14 is expected to be released in mid February.

ClariNet™ 1.11 Released

2010-11-11T18:08:11.8104474Z

ClearLife has released version 1.11 of ClariNet™, its business management platform for participants in the life settlements market.

Some of the keys features in Version 1.11 are:

Sorting of cases lists by columns. By popular demand it is now possible to reorder case lists by clicking on the column header.
User specified mortality tables. In addition to the existing VBT 2001 and 2008 tables, users can upload custom mortality tables for use in pricing and risk analysis.
The ClariNet home page has been simplied and the layout improved to make better use of screen space.
Two new reports have been added. The first report gives a summary of pricing on a list of cases. The second allows users to generate a detailed report from a valuation on a single.
Order tracking and follow ups have been added to the portfolio servicing To Do list. This allows users to see all the action items on a porfolio.

Release Notes are here: Release_Notes_1_11_v1_101104.pdf

Version 1.12 is expected to be released in mid December and will enhance ClariNet’s market-leading suite of portfolio management tools and analytics.

ClariNet™ 1.10 Released

2010-10-05T18:08:11.8104474Z

ClearLife has released version 1.10 of ClariNet™, its business management platform for participants in the life settlements market.

Some of the keys features and improvements in Version 1.10 are:

A To Do list to manage all the servicing tasks across a portfolio from a single page. On this new page you will see all your servicing tasks ordered by priority for every case in that portfolio and link directly to the pages to carry out those tasks.
Portfolio summary information pages to show portfolio characteristics graphically. A series of new pages give graphs showing carrier concentration, distribution of age, LE and face amount. We also have maps showing the state of residence of insured lives and the state of policy ownership.
The ability to manage the closing process for bidders outside ClariNet. When you send cases to external parties and that counterparty wins the case, you can manage the case closing process inside ClariNet.
Report style improvements including the ability to upload your own logo to appear on the reports.

Release Notes are here: Release_Notes_1_10_v1_101101.pdf

Version 1.11 is expected to be released in early November and will enhance ClariNet’s market-leading suite of portfolio management tools and analytics.

ClariNet™ 1.9 Released

2010-09-03T18:08:11.8104474Z

ClearLife has released version 1.9 of ClariNet™, its business management platform for participants in the life settlements market.

Version 1.9 adds a number of enhancements to the rich set of features included in ClariNet, including:

Improved Submission Process: Version 1.9 simplifies the process used by ClariNet subscribers to transmit case information to other market participants, including those outside ClariNet. A single email (which now allows the sender to identify itself and specify the face amount in the subject heading) links directly to a secure download site from which the recipient can access case data and documents.
Flexible Case Setup: Users can elect to set Cases up without entering an illustration. When setup is complete, a user can elect to move the Case into Bid Management for submission to other market participants or move the Case straight through to servicing.
Q(x) Adjustments: Users can adjust the periodic mortality rates in the base mortality table used in ClariNet’s pricing model, by applying a factor or adding or subtracting a specified number of lives.
Improved Case searching and filtering: SmartSearch has been converted to an expanding tab on the Home page and now offers Quick Search (with the six most common search criteria) and Advanced Search (allowing users to combine different parameters with AND as well as OR operators). The results for an active SmartSearch are displayed in the Cases list and searches can be saved for re-use on a later occasion.

Release Notes are here: Release_Notes_1_9_v1_1_100902.pdf

Version 1.10 is currently expected to be released in early October and will enhance ClariNet’s market-leading suite of portfolio management tools and analytics.

Life Solutions International Adopts ClariNet™ As Its Primary Life Settlement Business Management System

2010-02-19T15:40:11.8104474Z

Life Solutions International – a leading life settlement provider – has entered into an agreement with ClearLife to become a subscriber to ClariNet.

“Having one of the oldest and largest life settlement providers adopt ClariNet as its primary business management system is a testament to ClariNet’s comprehensive capabilities and uniqueness in the marketplace,” said Mark Venn, CEO, ClearLife. “ClariNet is a fully integrated system, incorporating a comprehensive pricing and risk analysis suite for policies and portfolios. It has been built from the ground up with advice and assistance from brokers, providers, institutional life settlement investors and servicing companies, and incorporates the most stringent security and privacy protection safeguards of any hosted business management system in the life settlement market.”

Valerie Coffey, Vice President of ClearLife, added: “The development of ClariNet and its adoption by leading, institutionally-focused market participants such as Life Solutions International represents an important step towards the standardization of business process and data interchange for life settlements. This is essential for the development of a robust investor-driven marketplace and ultimately the growth of a sustainable securitization model.”

“Life Solutions International and its affiliate Life Settlement Solutions will use the system to accept cases from brokers and transact policies and portfolios with investors,” said Larry Simon, president, Life Solutions International. “With so many institutions seeking non-correlated assets like life settlements, we are seeing a flood of inquiries from potential investors; the need for a state-of-the-art business management system like ClariNet has never been greater.”

Life Solutions International, LLC. (“LSI”) and its affiliates develop and implement asset accumulation programs in the US life settlement industry for purchasers worldwide. This alternative asset offers the potential for: above market returns on receivables from highly rated issuers, portfolio diversification, alpha improvement and reduced volatility. For more information, visit www.lifesolutionsint.com.

21st Services and ClearLife Announce the Life Settlements Impairment Grid (LSIG)

2009-11-06T18:08:11.8104474Z

ClearLife is delighted to announce the impending release of the Life Settlements Impairment Grid or “LSIG”. Developed jointly by 21st Services and ClearLife, LSIG has been developed as an easy way for investors to measure the diversity of medical impairments, using a series of categories and sub-categories to collect impairment data across a portfolio of life settlements and then report that data at different levels of granularity.

Additionally, in conjunction with its Medical Advisory Board, 21st Services has developed for each sub-category of impairment within LSIG an Impairment Risk Measure, or “IRM”, which assigns a measure of volatility to the prognosis surrounding that impairment. This is the first time that an industry participant has developed a means for expressing the degree of risk surrounding the prognosis for impairments and ClearLife is delighted to be offering such a powerful tool through ClariNet.

LSIG allows investors to collect impairment data and report that information in a standardised way, without needing to track ICD-9 codes or any of the other medically-led impairment categorisations. It has been designed with investors in mind, simple enough to be implemented coherently by someone with no medical training, but comprehensive enough to provide sophisticated investors – and their senior management, risk management and capital providers - with the underlying data from which to analyse correlation across different impairment categories. The IRM categories go further still and provide the life settlements industry with its first measure of medical impairment volatility – a significant leap forward in risk analysis. 21st Services has committed to having the IRM categories for each impairment reviewed regularly by its Medical Advisory Board and any changes to the IRM categories will be made available directly through ClariNet.

LSIG will be made available to approved ClariNet subscribers which are investors and will come at no additional charge over the ClariNet subscription fee. ClearLife expects LSIG to be available through ClariNet to approved subscribers in January 2010.

ISC Services Report Ordering and Mortality Tables Available Within ClariNet

2009-11-06T18:07:51.9264592Z

ClearLife is pleased to announce that, from January 2010, ClariNet subscribers will be able to order life expectancy reports from ISC Services directly from within their ClariNet accounts. Furthermore, approved ClariNet subscribers which are investors in life settlements will be able to use ISC Services’ mortality tables within ClariNet’s integrated policy pricing model.

Mark Venn, CEO and Managing Director of ClearLife, said: “I am delighted to welcome ISC Services onto ClariNet. I believe that ClariNet’s subscribers will benefit greatly from the experience and skill demonstrated by Russell and his team at ISC in underwriting senior mortality for life settlements. I have no doubt that ISC’s mortality tables will help our investor subscribers to improve the pricing of new acquisitions and develop their understanding of the longevity profile within life settlements.”

ISC’s life expectancy report ordering and mortality tables will be available to ClariNet subscribers from January 2010. Access to ISC’s mortality tables via ClariNet comes at an additional cost to the ClariNet subscription and is subject to approval by ClearLife and ISC.

21st Services Products Coming to ClariNet

2009-11-06T18:07:30.9263594Z

From January 2010, ClariNet subscribers will have access to a range of product offerings from 21st Services, directly from within ClariNet.

ClariNet subscribers will be able to order life expectancy reports from 21st Services directly from within their ClariNet accounts. Report ordering and progress updates will be available from within ClariNet, with medical records and life expectancy reports communicated securely between ClariNet and 21st Services. Subscribers which are existing customers of 21st Services can have this functionality enabled on request to ClearLife – other subscribers can apply for an account with 21st Services from within ClariNet and begin to manage their life expectancy information as soon as their application is approved by 21st Services. Reports ordered through ClariNet cost no more than ordering directly from 21st Services – and all of the primary mortality information contained in the report is automatically uploaded into the subscriber’s relevant Case upon delivery, together with an electronic copy of the report.

In addition to ordering life expectancy reports, approved subscribers which are investors in life settlements will be able to use 21st Services’ mortality tables within ClariNet’s integrated policy pricing model. Approved subscribers will be able to benefit from 21st Services’ extensive experience in the analysis of old age mortality in the life settlements market – and deploy those mortality tables within ClariNet in the pricing and risk analysis of policies and portfolios of policies.

21st Services Life expectancy report ordering and mortality tables will be available to approved ClariNet subscribers from January 2010. Access to 21st Services’ mortality tables via ClariNet comes at an additional cost to the ClariNet subscription and is subject to approval by ClearLife and 21st Services.

ClearLife hires Valerie Coffey as Vice President

2008-12-10T18:07:10.9123582Z

ClearLife is delighted to announce the addition of Valerie Coffey to its team. Valerie joins as Vice President of ClearLife LP, ClearLife's U.S. operation, responsible for the development of ClearLife's US business and operations. She will also lead the roll-out of ClariNet™, the business management system developed by ClearLife for participants in the life settlements and longevity risk markets.

Prior to joining ClearLife, Valerie spent three years as Director of Operations with Life Policy Dynamics and one year with Secondary Life Capital, both companies within The Peninsula Group. Prior to joining The Peninsula Group, Valerie spent four years with Pacific Life Insurance.

Valerie said, "This is a unique opportunity to join a company dedicated to the provision of services to market participants. The addition of ClariNet™'s technology - with its ability to integrate external service providers into the client's workflow process - to the investment and risk management experience within ClearLife represents an unrivalled combination of resources. I look forward to utilizing my life insurance and policy servicing experience to help ClearLife reach its full potential."

Mark Venn, ClearLife's CEO, said "I am delighted that Valerie has joined ClearLife. She brings a wealth of talent and business knowledge to our company. I and the rest of my team very much look forward to working with her during 2009 and beyond, as we develop and roll out our pre-trade and post-trade services and the case management, data security and risk analysis capabilities of ClariNet to market participants."