ISI is part of the greater group of foundations and think-tanks that are America’s primary pool of social venture capital. ISI’s freedom and devotion to study insurance in theory and practice has become recognized as its greatest strength. To assure this freedom and social capital remains effective, ISI follows these operating principles:
- Establish and communicate clear and specific goals and focused strategies.
- Assure that the Board of Directors is engaged in the definition of goals and strategies.
- Commit to the creation of knowledge that provides or enhances understanding of the insurance industry’s economic impact on society.
- Keep decision making processes and operating structures simple and costs held to a minimum.
- Provide grant applicants and project teams with fairness, responsiveness and approachability.
- Distribute research and discovered knowledge to its network of nearly 1,000 addresses (academic, industry, media, public policymakers, etc.), and continue to expand this network.
- Continue to operate with a lean Team and nominal overhead, and multiply resources in partnerships with intellectual assets resident in other research teams. Establish a â€œscorecardâ€ for measuring and monitoring ISI’s institutional effectiveness as related to its goals and strategies.
Outstanding Individuals Bring Experience, Support and Leadership to ISI’s Efforts
ISI’s projects and forums require not only extensive internal research, but also expert opinions, constructive advice, and collaborative assistance. And so it is with great appreciation that ISI has amassed an impressive network of resources: research assistants; professional, educational, and business leaders; government contacts and industry specialists. In particular, The Center for Retirement Research at Boston College, the Wharton’s School of Insurance and Risk Management at the University of Pennsylvania, and the Carlson School of Business at the University of Minnesota have been pivotal collaborative partners.
Distinguished and valued contributors include:
Alicia H. Munnell, Director, Center for Retirement Research at Boston College, and Peter F. Drucker Professor of Management Sciences, Carroll School of Management
Richard W. Kopcke, Ph.D. Research Economist, Center for Retirement Research at Boston College
Andrew D. Eschtruth, Associate Director for External Relations, Center for Retirement Research at Boston College
Kent Smetters, Ph.D. Coordinator & Boettner Chair Associate Professor, University of Pennsylvania / Wharton Doctoral Economics Program
Brian Casey, Partner, Locke Lord Bissell & Liddell, LLP
Morgan Holcomb, Assistant Professor, Hamline University School of Law
Roger D. Lorence, Partner, Tax Group, Sadis & Goldberg, LLP
John A. (Jack) Kelly, Partner, The McPherson Group, LLP, Washington D.C. , and Director of Government Relations, Institutional Life Markets Association (ILMA)
Mike Fasano, President, Fasano Associates
John R. (Rob) Haynie, Managing Partner, Life Insurance Settlements, Inc.
Antony Mott, Managing Director, ICAP Capital Markets, LLC
Steve Washington, Managing Director of Business Development, Life Equity, LLC
Brian Smith, President and CEO, Life Equity, LLC
Eleanor Kitzman, Vice President for Government Relations, Goldman Sachs Reinsurance Group. Former South Carolina Director of Insurance.
Scott Crohn, Manager ABS, WestLB AG Bank (NY)
Kurt Gearhart, Director, Investment Banking Division, Credit Suisse Securities (USA), LLC
David Hopkins, Lecturer & Program Director, Carlson School of Management at the University of Minnesota
Based in beautiful Keystone, Colorado as a virtual hub, ISI offers its employees a unique work experience. Armed with laptops and cell phones, ISI’s small full time staff, paid interns, and support personnel work autonomously from Minnesota, Colorado and elsewhere, and enjoy the efficiencies of flexible schedules. ISI benefits from this arrangement as well. The â€œnon-corporateâ€ atmosphere allows for greater choice of personnel, lower overhead costs, and a very dedicated, respectful, and productive team.
President and CEO (2007 – present)
Mr. Siegert has over 46 years of experience in national and international business, with focus on financial and investment strategies, management practices, fiscal controls, profit incentives, systems, corporate structuring and governance. Over his career, Mr. Siegert has been a consultant to Fortune 500 corporations, regional firms, emerging businesses, and government and educational organizations. Mr. Siegert has served as director, general partner, and advisor to partnerships and corporations, and has assisted in the restructuring of economically troubled businesses. Mr. Siegert has provided written testimony to the Senate Finance Committee regarding SEC practices, and created two companies registered under the Investment Advisors Act of 1940. Mr. Siegert was an active participant in the formation and direction of the Colorado Institute for Artificial Intelligence at the University of Colorado. His education includes studies toward an MBA at the University of Chicago, and Bachelor of Science in Industrial Management from Purdue University. Specific insurance-related experience include: the creation of one of the nation’s first employer self-funded life, medical, and disability insurance programs; designing medical, life insurance, and social security opt-out programs for qualifying institutions; incorporation of financial analysis disciplines in life insurance and estate planning; and strategizing of key-man insurance plans and life insurance in business continuation planning for corporations and senior executives. He founded GWG Life, a major funder and provider in the life settlement business sector, and currently serves as a Managing Director. In 2007, he established Insurance Studies Institute to research social and economic issues stemming from the many insurance industry paradigms. Mr. Siegert is also active in a variety of charities and foundations, including Rotary International.
Director of Research and Project Development (2008 – 2010)
Mr. Kampa joined ISI in June of 2008, after spending the previous two years in business school, where he earned an MBA from the University of Saint Thomas. During his tenure at Saint Thomas, he also interned for GWG Life Settlements. Mr. Kampa’s responsibilities at ISI are many: he takes a lead role in the research, development, and publishing of content relating to the economic paradigms of life insurance, builds financial models, and guides/supervises research assistants. He is also involved in many volunteer activities including Junior Achievement, where he teaches middle school students about the importance of personal finance and identifying career goals. Mr. Kampa will be featured in the soon-to-be-published book on leadership titled Lesson in Life and Business: Dialogues with David Koch.
Operations Coordinator (2007 – present)
A native of the Midwest, Miki Jorgenson now calls the high peaks of Colorado home. Ms. Jorgenson graduated Magna Cum Laude from Colorado State University’s School of Business, then ventured to Summit County, Colorado, where a â€œseasonâ€ skiing turned into an eighteen year career in the hospitality/lodging business. Skills honed there – project administration, finance, marketing, communications and crisis management – have transferred well to the responsibilities now held at the Insurance Studies Institute. Character building pursuits over the years have included on-air radio work, running the local PTA, and a recent return to the drawing board (literally) to earn architectural CAD certifications.
Board of Directors
ISI is headed by a President (CEO) that reports to the Board of Directors. Current board members include:
Paul A. Siegert
ISI President and CEO.
Jon R. Sabes
ISI Director, Secretary and Treasurer. Mr. Sabes is a financial professional with over twenty years of experience spanning law, finance, banking, venture capital, business development and federal taxation. Since 1999, Mr. Sabes has served as CEO of Opportunity Finance, LLC, a family investment company specializing in structured finance. Mr. Sabes’ experience includes leading the development of two insurance-related finance companies: GWG Life, a life insurance finance company, and MedFinance, an innovative healthcare and casualty insurance finance company. Mr. Sabes’ education includes a Juris Doctor degree, Cum Laude, from the University of Minnesota Law School; and a Bachelor of Arts degree in Economics, from the University of Colorado. In addition to being an active father of three, Mr. Sabes serves on the boards of several charities and foundations.
ISI Board Member. Mr. McGough has been the senior controller for Robert Sabes Enterprises since 1989. His responsibilities include accounting and financial reporting systems for multiple closely held businesses, primarily in hospitality and finance related industries. His work has included design and implementation of internal financial statement reporting systems, legal reviews, insurance programs, tax preparation, and accounts payable/receivable management. Prior experience includes controller functions at various health and recreation firms. Mr. McGough’s education includes an MBA from Mankato State University, and a Bachelor of Science in business administration and computer science from Northwest Missouri State University.
A new ISI Advisory Board of up to fifteen members is being established. This Advisory Board will help conceptualize and develop future research avenues for ISI, and assist with networking to resources useful to ISI, both intellectual and financial. The Advisory Board members will be invited to participate in at least one ISI Concepts Forum per year, which may be scheduled exclusively for the Advisory Board. Current members include:
Mr. Smetters is the Boettner Chair Professor at the University of Pennsylvania’s Wharton School and a Faculty Research Fellow at the National Bureau of Economic Research. Previous positions include the Congressional Budget Office (1995 to 1998), the Kaiser Visiting Professor of Economics at Stanford Economics Department (2000-2001), and the Economics Policy Coordinator for the United States Treasury (2001-2002). His research focuses on incomplete financial markets, optimal portfolio choice, and social insurance programs. He has published academic articles in leading journals, including American Economic Review, Journal of Political Economy, and The Quarterly Journal of Economics. He is often cited in major media outlets.
John R. Haynie, Jr. (Rob)
Mr. Haynie has been a major influence in the evolution of the life insurance secondary markets (LISM) during his sixteen-year career of proactive involvement. Rob has been directly involved in negotiating and settling several thousand life settlement contracts. Mr. Haynie is a principle in Life Insurance Settlements, Inc. (LIS) which was one of the LISM original brokers and remains one of the largest life settlement broker companies. He serves on the Board of Directors of the Life Insurance Settlement Association (LISA) in addition to having served as its Vice President. He was recently recognized as one of the 10 most influential people in the LISM by his peers. Additionally, he is a noted speaker, panelist, author and contributor on the topic of the LISM across the globe. Rob serves on the customer advisory board of 21st Services, a life expectancy underwriter firm. Mr. Haynie, an Alumnus of Florida State University, currently holds a Life Agent License with Viatical Settlement Broker Appointment for LIS.
Mr. Casey is a Partner in and Co-Leader of the Corporate and Regulatory Insurance Practice Group of Locke Lord Bissell & Liddell LLP and is based in the firm’s of the Atlanta office. Mr. Casey’s practice encompasses a broad array of insurance industry clients and focuses in the areas of mergers and acquisitions and the multi-state regulation of insurance companies, insurance agencies, third party administrators, and other financial services firms, life insurance settlements, privacy and security, reinsurance, corporate finance, electronic commerce and signatures, insurance taxation and extended warranties. Mr. Casey is a nationally recognized speaker and regularly addresses some of the most prestigious organizations in the United States on issues regarding legal and regulatory trends affecting the insurance industry.
David K. Hopkins
Mr. Hopkins is the Managing Director of Carlson Brand Enterprise and Marketing Faculty at the Carlson School of Management, University of Minnesota. Focusing on strategy, he blends best practices in academic theory with practical â€œreal worldâ€ experience. Mr. Hopkins is an accomplished business leader with over 20 years of experience and proven expertise in the development and application of corporate strategy, brand management, innovation and operations improvement. Possessing a broad industry background, including consumer products, retail, manufacturing, high-tech, aerospace and defense, and transportation industries, he has worked with both emerging growth companies and Fortune 500 corporations. His experience includes leadership positions in Academia as well as high growth and turnaround environments. He has been very successful in providing quantifiable results in top line growth and operational effectiveness. Mr. Hopkins has had several articles published and is sought after as an industry/subject matter expert for regional and national print and broadcast media.
2009-2012 Operating Budgets
The operating budget represents the simple and efficient ISI organization and the projects, events and undertakings that are in progress and planned. Actual and projected revenues and expenses, and pro forma balance sheets, are summarized below for 2009 through 2012. Contributions and miscellaneous income in 2008 totaled $452,635 and operating expenses totaled $320,712, leaving a net surplus of $131,918.
Available upon resquest: 2009-2012 Operating Budgets
Detailed reporting for Insurance Studies Institute.
2010 Annual Report
2009 Annual Report
2008 Annual Report
990 Tax Form
Tax reporting for Insurance Studies Institute.
2010 Tax Form
2009 Tax Form
2008 Tax Form
Approval of the ISI 501(c)3 non-profit classification was received from IRS on September 26, 2008.