Before revision:  Hence, the dynamics of mortality and longevity securities used in the securitization is described without mortality specification, and this constitutes our second novel contribution. Our third main contribution resides in finding explicitly the risk-minimization strategy as well as the corresponding undiversified risk for a largest class of mortality/longevity linked liabilities with or without the mortality securitization .
After revision:  Hence, the dynamics of mortality and longevity securities used in the securitization is described without mortality specification, and this constitutes our second contribution .