Abacus Global Management (ABX) Fireside chat summary

Introduction and agenda

• Patrick Davitt opened the session with Jay Jackson and invited audience questions by email, Bloomberg, or Slido; the discussion began with life settlements and the investment case.

Background and experience of the speaker

• Jackson described an operating model centered on originating and market-making life settlements, asset management, data and technology; the business has operated for 24 years.

• He characterized the business as an alternative asset manager, not an insurer or policy issuer; AUM grew from $50 million to over $3.5 billion in three years.

Current industry trends

• The life-settlement market draws on $14 trillion of life insurance in force, of which Jackson said 90% will not pay a claim; institutional interest has accelerated over the last decade and especially in recent years.

• Jackson cited an estimated $75 billion annual pool of potentially suitable lapsed policies for people 75 and older, versus roughly $3 billion of current industry activity.

• He described policy exposure as low-correlated to traditional bond and equity markets, with high- to low-single-digit yields and A-rated insurance-carrier counterparties.