Industry News

PHILADELPHIA, PA--(Marketwire - March 19, 2008) - On April 16th, the Life Insurance Settlement Association (LISA) will continue its pioneering series of Producer Seminars on life settlements in Philadelphia, PA.
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After much anticipation the SOA/AAA Valuation Basic Table Team, a subgroup of the Preferred Mortality POG, has completed their work on the 2008 VBT.
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Critical variables can skew investment performance
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ATLANTA, GA -- Value Life Corporation (VLC), a premier provider of actuarial and advisory services to the lifesettlement and premium finance industries, announced today the launch of Instant On-Line Valuation. Instant On-Line Valuation™ is a web-based service which provides real-time calculations of actuarial values for Life Settlement and Premium Finance transactions.
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Direct-to-consumer sales model builds on leadership positions in structured settlement and annuity segments.
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WASHINGTON, D.C. -- (BUSINESS WIRE) -- February 26, 2008: Fasano Associates announced their development of new mortality tables for the over-65 life settlement market at the BVZL sponsored Life Settlement Conference held in Frankfurt, Germany on February 20th.
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ORLANDO, FL -- (MARKET WIRE) -- 02/14/08 -- The Kentucky House of Representatives has taken an important step to protect life insurance consumers with a ban on stranger originated life insurance (STOLI) schemes, according to the Life Insurance Settlement Association.
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January 28, 2008--(New York) ) -- Legacy Benefits Corporation a recognized leader in the life settlement industry, announces the closing of the transaction of a strategic partnership with Mofet Holdings, Ltd. which aims to broaden Legacy’s role as principal in the origination and trade of life insurance settlements andportfolios.
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This joint venture is just the first step in a goal to provide an end to end solution to the life settlement industry.
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January 21, 2008--Netherlands -- European Life Settlements Management formerly Abacus Life Settlements Management has changed their trade name this week to eliminate market confusion between themselves and the US life settlement provider firm Abacus Settlements, LLC.
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Yesterday the board of directors for Life Partners Holdings, Inc. (LPHI) authorized the buyback of as much as one million shares of its own stock.
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Two bankrupt investment units of Ritchie Capital Management LLC will pay Coventry First LLC $10 million in exchange for its recognition that they own key documents necessary for the sale of more than 1,000 life insurance policies.
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January 3, 2008 -- Netherlands -- The year has just begun and Life-Exchange has just added a new Member firm to its list. Titus van Heur, a seasoned CEO of many companies, has started his own firm as Abacus Life Settlements Management in the Netherlands. Previously he was responsible for managing another Dutch firm active in this field.
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SAN DIEGO--(BUSINESS WIRE)--The Life Insurance Finance Association applauds the adopted amendments to The National Conference of Insurance Legislators (NCOIL) Life Settlements Model Act, which was adopted unanimously, reflecting the collaboration of all parties.
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HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX) today announced that Edward W. Cassidy, executive vice president, has been given additional responsibilities for Annuity Distribution and John F. Sharry, senior vice president, who previously led Annuity Distribution, assumes a new position as head of business development for Alternative Products.
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Peachtree Life Settlements announces that it has recently renewed two credit facilities for the acquisition of life settlements. Together, these credit facilities total $500 million and allow for the acquisition of approximately $900 million of policy death benefits.
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The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has launched the first index that will allow market participants to measure, manage, and trade exposure to longevity and mortality risks in a standardized, transparent, and real-time manner.
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Miami Beach, FL --(November 28, 2007) Banyan Life Financial, a South Florida based specialist in life insurance financing, which focuses in multi-generational wealth transfer and inheritance tax mitigation for the elder affluent market, has been selected by Goldline Research as one of the Ten Most Dependable™ Wealth Managers of Florida.
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DealFlow Media, publisher of The Life Settlements Report, will host The Life Settlements Conference, the largest independent event for providers, brokers and investors involved in the secondary life market. This event covers the latest political, regulatory and legal developments as well as new products, investment strategies, securitization, premium financing, and pricing structures.
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A Redding father and daughter are among eight people indicted by a federal grand jury on felony charges alleging that they tried to bilk about 500 investors, many of whom are senior citizens, out of more than $25 million, officials with the U.S. attorney's office and Securities and Exchange Commission announced Thursday.
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ORLANDO, FL--(Marketwire - August 21, 2007) - The Life Insurance Settlement Association published a graphic representation of the life settlement process. "This is our effort to clear up some of the mystery and misinformation surrounding the process so that everyone can work from a common understanding," says LISA Executive Director, Doug Head.
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Australia's first life settlement fund has rocketed in the past four months to become one of the largest of its type in the world with funds under management (FUM) of half a billion dollars.
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The month of September will offer a unique opportunity for producers and brokers in the burgeoning market of life settlements. The Life Insurance Settlement Association is presenting a day long Producer Seminar on September 24th and a day-long Broker Summit on September 25th in sunny Orlando, Florida.
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Integrity Capital Partners (Bethesda, MD), is proud to have been recognized in the July 27th addition of the “Washington Business Journal” as the 16th largest Insurance Agent/ Broker in the Washington Metropolitan Area, and its inclusion in the Journal’s Annual Book of Lists.
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Institutional Investor Journals and the Life Insurance Settlement Association Publish New Research and Investment Strategies in a Special Section on Life Settlements in The Journal of Structured Finance
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Bethesda, MD, July 27, 2007—Lawrence S. Brown, Ryan A. Young and Robert F. Haran are pleased to announce the formation of 4Pluris, LLC, headquartered in Bethesda, Maryland.
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BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Peach Holdings, Inc. ("Peachtree") announces the appointment of Hasham J. Malik as Senior Vice President & Chief Capital Markets Officer.
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ORLANDO, FL--(Marketwire - July 19, 2007) - The Life Insurance Settlement Association (LISA) today renewed its objections to the recent amendments to the NAIC Viatical Settlement Model Act, after it was revealed that both the primary author of the model and its key supporter, the American Council of Life Insurance (ACLI), knew that the model act failed to address the problem of stranger originated life insurance (STOLI).
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Florida Atlantic University President Frank Brogan accepted a $7,362 Caribbean cruise in late 2005from Barry Kaye, a major donor whose relationship with the university has faced scrutiny in recent months.
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June 29 (Bloomberg) -- If MetLife Inc. is any guide, it's time to search beyond leveraged buyouts for investment returns.
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BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Genstar Capital, LLC and Boston Ventures announced today a majority investment in 21st Services, in partnership with management. The Minneapolis, Minnesota based Company is a leading provider of mission critical, life expectancy information that is currently used in the life settlement industry, the secondary market for life insurance, and with new applications planned to be launched in coming years.
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June 21 (Bloomberg) -- Ritchie Capital Management Ltd. sought bankruptcy protection for two Dublin-based funds after they lost more than $700 million on life insurance investments.
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The state will not launch a formal investigation into Boca Raton philanthropist Barry Kaye's relationship with a company accused of defrauding the elderly, an official from the Department of Financial Services said Tuesday.
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ATLANTA--(BUSINESS WIRE)--The National Association of Insurance Commissioners (NAIC) has adopted amendments to its Viatical Settlements Model Act. “This action was taken despite the fact that the model was poorly drafted, did not meet the stated objectives of the regulators and was expedited without having fully considering the issues raised by all industry sectors,” according to Scott J. Cipinko, executive director of the Life Insurance Finance Association (LIFA).
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BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Peach Holdings, Inc. (“Peachtree”) announces the closing on the first tranche of a $45 Million credit facility for use in its growing life insurance premium finance business. This credit facility will be used as part of the firm’s Senior Leverage Policy Ownership (“SLPO”) business.
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Financial services company Life Partners Holdings Inc. said Wednesday its first-quarter earnings increased, as sales nearly doubled on higher interest in so-called life settlements.
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NEW YORK — Mergers and the battle to maintain market share will dominate the agendas of many life insurers over the next 12 to 18 months, according to analysts and company executives at a Standard & Poor’s insurance conference here last week.
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WASHINGTON D.C. -- (BUSINESS WIRE) -- Secondary Life Capital, LLC (“SLC”) announced today that the State of Mississippi has granted their life settlement provider license. In addition to Mississippi, SLC was recently awarded a life settlement provider license in both Texas and Tennessee.
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Life-Exchange, Inc., (Pink Sheets: LFXG) the nation’s leading trading platform for the life settlement industry, announced today that their system has been successful in preventing the first attempted abuse of the electronic life settlement market.
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NEW YORK--(BUSINESS WIRE)--Stroock & Stroock & Lavan LLP, a national law firm with offices in New York, Los Angeles and Miami, announced today that three partners from Brown Rudnick Berlack Israels LLP have joined Stroock.
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SAN FRANCISCO (June 4, 2007) — The National Association of Insurance Commissioners (NAIC) today adopted amendments to the Viatical Settlements Model Act during the Association's Summer National Meeting in San Francisco.
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June 2, 2007 Boca Raton insurance magnate Barry Kaye was wrongly implicated in a fraud investigation after a Pennsylvania company gave erroneous information to a state regulatory agency, company officials said this week.
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(New York, N.Y. Friday, June 1, 2007) – Mr. Mark Ross, Chairman of the Board of Governors and Chief Executive Officer of the American Life Insurance Congress (ALIC or the Congress) and Chairman, President and Chief Executive Officer of Mark Ross and Co., Inc. announced today, on behalf of the entire Board that Mr. Harry P. Kamen, formerly Chairman and Chief Executive of the Metropolitan Life Insurance Company has been elected to the Board of Governors of the Congress.
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A Denver District Court judge has issued a restraining order against Life Partners Inc. and Life Partners Holdings Inc., Colorado Securities Commissioner Fred Joseph said Wednesday.
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WASHINGTON — Philanthropist and insurance tycoon Barry Kaye is bringing unwanted attention to a university that has benefited from his largess and to the life settlement industry.
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WASHINGTON (Dow Jones)--Sens. Tim Johnson, D-S.D., and John Sununu, R-N.H., introduced a bill Thursday that would create a federal charter for life and property and casualty insurers.
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ATLANTA--(BUSINESS WIRE)--As part of its efforts to support the premium finance industry through effective regulations, legislation, industry best practices and educational events, the Life Insurance Finance Association (LIFA) has announced an expansion to its membership.
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NEW YORK--(BUSINESS WIRE)--Reservoir Capital Group, L.L.C. today announced the establishment of Palisades Capital Advisors, L.L.C. (“Palisades”) and the appointment of Bradley D. Belt as its Chairman. Mr. Belt most recently served as Executive Director and CEO of the Pension Benefit Guaranty Corporation.
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NEW YORK--(BUSINESS WIRE)--Legacy Benefits Corporation (New York), a recognized leader and innovator in the life settlements industry, has been granted a life settlement provider license in the state of Colorado, which recently enacted legislation regulating the field.
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NU Online News Service, 16 May 2007 Managers of Life Partners Holdings Inc. are not sure why the price of the company’s common stock is going up and down so much this week.
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Atlanta, May 18, 2007 – Habersham Funding, LLC, a Georgia-based firm that does business nationally, has been licensed as a viatical settlement provider in California.
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A Winthrop man has defrauded elderly North Shore residents of more than $1 million by selling them fraudulent life insurance policies and by failing to return some or all of their prepaid funeral expenses, which he persuaded funeral directors to invest with him, according to an administrative complaint filed yesterday by Secretary of State William F. Galvin.
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Berlin, Germany and Atlanta, Georgia - May 16, 2007 - Berlin Atlantic Capital (BAC), the leading German investment house for Structured Life Products, has strengthened the management team of its US subsidiary, BAC Structured Life Group, with the addition of several experienced industry professionals.
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WACO, Texas-(Business Wire)-May 10, 2007 - Life Partners Holdings, Inc. (Nasdaq GM:LPHI), announced today that it will pay a quarterly dividend of $0.0625 per share to shareholders of record as of May 31, 2007 to be paid on or about June 15, 2007.
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The Florida Office of Insurance Regulation (Office) today issued a Notice and Order to Show Cause to Coventry First LLC alleging violations of the Florida Insurance Code and for "engaging in fraudulent or dishonest practices."
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Amsterdam, Netherlands -- Advanced Life Settlements Management, B.V. (“Advanced LSM”), a specialized Dutch firm active in life settlements responded to rumours today of a possible alliance with a major US investment bank.
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Ross and Collaborating Agents Acting in Concert with Him Could Be Held Liable for Millions of Dollars, According to MCC
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PR News Wire, 2 May 2007 New York-- In a significant reversal of its previous position, the Superior Court of Orange County ruled that life insurance industry innovator Mark Ross cannot be prevented from engaging in public dialogue about the business practices of Mutual Credit Corp. [MCC], an Irvine, Calif.-based premium finance agency that Mr. Ross alleges has defrauded seniors out of hundreds of millions of dollars in life insurance protection.
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PR Newswire, 2 May 2007 Fort Washington, Pa. Coventry today issued the following statement in connection with a lawsuit that was filed by Ritchie Capital Management
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NEW YORK, May 2 /PRNewswire/ -- Ritchie Capital Management today filed a complaint against Coventry First, a leader in the life settlements industry, under the Federal RICO Act and for fraud, breach of fiduciary duty and breach of contract.
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BOCA RATON — Philanthropist and self-made insurance tycoon Barry Kaye wants Florida Atlantic University to use one of his new life insurance plans to make the school $100 million richer.
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An Association for Advanced Life Underwriting official would like to see regulators at the National Association of Insurance Commissioners change the NAIC’s proposed life settlements model revision.
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WASHINGTON, D.C. - (BUSINESS WIRE) May 1, 2007 – Fasano Associates announced the results of a new analysis of its accuracy in estimating life expectancies. The study revealed an overall actual to expected ratio of 96% for business underwritten by Fasano from 2001 through the end of 2005.
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SAN DIEGO--(BUSINESS WIRE)--April 30, 2007--The newly designed Web site for Life Settlement Awareness Month, presented by Life Settlement Solutions, offers financial services and insurance industry professionals educational resources to better serve their clients.
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NEW YORK--(BUSINESS WIRE)--Consumer and industry must benefit equally in life settlement legislation. That was the message behind a recent web-based seminar focusing on the National Association of Insurance Commissioners (NAIC) Viatical Settlement Model Act governing the life settlements field, which brought together recognized legal, financial and industry experts.
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New York, N.Y. (April 27, 2007) - Peter Molinaro has been named Managing Director of Mark Ross & Co., Inc., it was announced today by Mark Ross, president and chief executive officer of the company.
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CLEARWATER, FL -- April 27, 2007-- ISC Services is pleased to announce its role as a preferred Life Expectancy Provider to First Equity Benefits of America Inc., a leading Life Settlements firm with offices in New York City and Toronto.
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Integrity Capital Partners/ Integrity Settlement Group (Bethesda, MD), announced today a major new initiative aimed at expanding its capabilities and client service offerings. As part of this initiative, Integrity has moved into a new 5,000 sq. ft facility in Bethesda, a stones throw from the Nation’s Capitol.
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NEW YORK — North Dakota last week became the first state to adopt a more stringent statute regulating life settlements, with special emphasis on stranger-originated life insurance. Other states may follow, making life settlements a less attractive option for adviser clients who want to sell or invest in life insurance policies, industry observers say.
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BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Peachtree Life Settlements is pleased to announce the launch of Life Settlement Trading operations which it commenced in the first quarter of 2007. This new endeavor has made a strong start with policies representing over $200 million in net death benefit sold to institutional counter-parties in the first quarter of 2007.
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ORLANDO, FL -- (MARKET WIRE) -- April 19, 2007 -- At its 13th Annual Spring Conference May 16-18 in New York City, the Life Insurance Settlement Association (LISA) will honor legislators and regulators, "who are strong proponents of a pro-consumer, free-market approach," says Doug Head, the Association's executive director, in announcing the Life Consumer Freedom Awards.
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Ramiro Rencurrell, Of Magna Administrative Services, President of the Board of LISA said, it is important that we recognize the efforts of public officials who believe in consumer choice and fight for consumer rights in regards to life settlements and other financial innovations."
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Amsterdam, Netherlands -- Advanced Life Settlements Management, B.V. (“Advanced LSM”), -- specialists in the Netherlands focused on the US life settlement market announced today the successful closing of their first advisory trade on Life-Exchange.
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Life settlements continue to generate controversy, but continue to be popular, viable solutions for some of today’s consumers.
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WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (NASDAQ GM:LPHI), parent company of Life Partners, Inc., today announced it expects to report an increase of 215% in net income for its 2007 fiscal year ended February 28, 2007. The Company expects to report net income of approximately $3.6 million or $0.38 per share compared to $1.14 million or $0.12 per share reported for its 2006 fiscal year.
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AMSTERDAM, Netherlands — Large Dutch pension plans are turning to securitized life insurance policies, or life settlements, as a new source of uncorrelated returns.
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Recent share market volatility caused by the fall in the Chinese equity market has illustrated the value of including non-market correlated assets in an investment portfolio, according to an industry fund manager.
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NEW YORK--(BUSINESS WIRE)--Earlier today top investment banks announced the launch of the Institutional Life Markets Association, Inc. (ILMA), a not-for-profit trade association formed to educate consumers, investors, and policymakers about the benefits of the mortality and longevity related marketplace.
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WASHINGTON, D.C. - (BUSINESS WIRE) April 10, 2007 - Fasano Associates announced today that it will host its Fourth Annual Life Settlement Conference on Monday, November 5, 2007 at its headquarters in Washington, D.C
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BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Peachtree Life Settlements was recently appointed as an approved originator and servicer for a large German life settlement fund. This fund is the most recent in a series of funds marketed and managed in Germany by the fund initiator which is part of a multi-national European banking giant.
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NEW YORK-(Business Wire)-April 4, 2007 - Legacy Benefits Corporation (New York), a recognized leader and innovator in the life settlements industry, announces a major new effort aimed at attracting a greater volume of policies from today's growing number of sellers and at originating an ever-larger number of life settlement assets for its institutional clients.
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BOYNTON BEACH, Fla.-(Business Wire)-April 3, 2007 - Peachtree Life Settlements has obtained licensing in two important states for the Life Settlement business - Louisiana and Mississippi. The regional expansion into additional U.S. states where Peachtree Life Settlements can purchase life insurance policies will be a significant enhancement to its already successful Life Settlement business.
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TROY,  NEW YORK, March 30, 2007 — Representative Michael Ripley (IN), Chair of the National Conference of Insurance Legislators (NCOIL) Life Insurance & Financial Planning Committee, has scheduled an interim meeting of an NCOIL Subcommittee on Life Settlements on Saturday, April 21, at the Hyatt Regency Crystal City at Reagan National Airport outside Washington, D.C.
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BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Peachtree Life Settlements is pleased to announce that it has closed on a $500 million credit facility for the acquisition of life settlements. This new facility gives Peachtree Life Settlements the capacity to purchase an additional $1.5 billion in life insurance policies. This development will add to Peachtree Life Settlements’ ongoing presence as a pioneer in providing institutional financing for the life settlement market.
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The National Association of Insurance Commissioners is revising its model act on life settlements. If approved, the revisions must still be adopted by legislatures in each state for it to become law. The NAIC is trying to prevent the purchase of insurance by investors with the intention of later being sold as a life settlement.
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ORLANDO, FL -- (MARKET WIRE) -- March 20, 2007 -- In light of recent revelations regarding the mass purchase of investor-initiated life insurance at Oklahoma State University, state legislators and regulators should beware of protectionist measures sponsored by life insurors, says Doug Head, executive director of the Life Insurance Settlement Association.
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NEW YORK, March 14 /PRNewswire/ -- A lawsuit filed late yesterday in the California Superior Court for Orange County, California, alleges that a California life insurance premium finance agency has "created a deceptive premium financing program" that has defrauded seniors out of hundreds of millions of dollars of life insurance protection.
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WASHINGTON DC—(March 13, 2007) – Life Policy Dynamics, LLC, (“LPD”) announced today, the completion of its 2006 aggregated market analysis of the life settlement industry. The market analysis examines 168 life insurance policies transacted in the secondary life insurance market during 2006.
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CLEARWATER, FL - March 12, 2007 -- ISC Services www.iscservices.com is pleased to announce that after careful and thorough analysis, Secondary Life Capital, LLC, a premier Life Settlement Provider based in Washington DC, has chosen ISC Services as a preferred Life Expectancy Provider.
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BETHESDA, Md., March 7 /PRNewswire/ -- The New World companies of Great Neck, NY and the management team of Stone Street Capital, Inc. of Bethesda, Maryland, announced that they have purchased the assets of Stone Street Capital, Inc. through a new entity, Stone Street Capital, LLC.
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Managing Partners (MPL), the Cayman Islands-based fund management group that invests in traded life policies, has launched a new sterling share class of its Traded Policies portfolio, the GBP Growth Class.
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Defendants Carol Traina and Bari Wiggins entered guilty pleas before United States District Judge Paul C. Huck in Miami, announced R. Alexander Acosta, United States Attorney for the Southern District of Florida, and Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation (“FBI”). Traina and Wiggins were employee-managers at Mutual Benefits Corp. (“MBC”), a viatical and life settlement company that was closed by federal regulators in May 2004.
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ATLANTA and WINDSOR, Conn., Feb. 26 /PRNewswire/ -- Life settlements, bank insurance, and consumer motivation are just some distribution and marketing topics on slate for the fifth annual Life Insurance Conference, April 16-18, 2007 at the Westin Peachtree Plaza, Atlanta, GA.
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A wholesale fund that enables investors to gain exposure to life insurance policy settlements is now available in Australia.
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ATLANTA--(BUSINESS WIRE)--The Life Insurance Finance Association (LIFA) board of directors voted today to open its membership to insurance producers, agents and financial advisors.
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NEW YORK--(BUSINESS WIRE)--Focusing on the value of life settlements, Legacy Benefits president Meir Eliav joined life insurance expert Dr. Barry Kaye and a panel of distinguished experts at a recent symposium on consumer financial opportunities in the secondary life market at Florida Atlantic University in Boca Raton. The symposium was sponsored by Dr. Kaye, a strong proponent of life settlements, and the University.
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Life settlement funds are emerging as a fresh asset class as investors seek alternative investments uncorrelated to traditional investment markets.
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At a time when life settlements are under pressure from state regulators in regards to disclosure issues, PerformaCorp establishes a standard procedure for full disclosure on every transaction.
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WATERLOO, ON, Jan. 29 /CNW/ - Tony Duscio, President and CEO of Universal Settlements International inc. (USI) announced that he has stepped down from the leadership of the company he founded in 1995, effective January 25. 2007. Mr. Duscio has resigned from the company's Board of Directors and will also divest himself of all of the shares he owns in the firm.
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WASHINGTON DC-- (January 26, 2007) – Life Policy Dynamics, LLC, (“LPD”) announced today the completion of its 4th quarter market analysis of the life settlement industry. The market analysis provides life settlement funders and premium finance lenders an independent summary of economic values for life policies recently traded in the secondary market. The analysis is based upon a sample of actual transactions completed during the fourth quarter of 2006.
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HARTFORD, Conn., Jan. 22 /PRNewswire/ -- The life insurance industry is facing a change in the way investors, agents and individuals respond to the increasing availability of financial and medical information, according to a new study by Conning Research & Consulting, Inc. New advances in medical technology and the availability of medical, genetic, and lifestyle information increase the threats of antiselection and arbitrage in life insurance, but also present opportunities for insurance companies.
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Peter Lombardi, the former president of Mutual Benefits, was sentenced to 20 years in federal prison today for his role in defrauding some 28,000 investors out of nearly $1 billion.
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While analyzing what steps to take to restrict the sale of life insurance policies purchased only to be resold again, state legislators are closely evaluating the issue of life settlements.
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CORRECTION...by Life Partners Holdings, Inc.
WACO, Texas--(BUSINESS WIRE)--Headline of release should read: Life Partners Reports Third Quarter and Nine Months Results (sted ...Second Quarter and Nine Months Results).
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NEW YORK--(BUSINESS WIRE)--Jan. 16, 2007--Zohar Elhanani has been named chief operating officer for Legacy Benefits Corporation (New York), a recognized leader and innovator in the life settlements industry.
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MINNEAPOLIS, Jan. 12 /PRNewswire/ -- The ING life companies in the U.S. have signed an agreement with Capital Management Strategies, which allows ING life company producers access to Capital Management's Capital Maximization Strategy (CMS)(SM) premium financing programs.
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Following the decision of the NAIC Life Insurance and Annuities (A) Committee to adopt varied amendments to the Viatical Settlements Model Act, officials and members of the Life Insurance Settlement Association (LISA) vowed to continue the fight and condemned NAIC’s so-called consumer protection measure as “a direct assault on consumer rights and established law, on the contrary.”
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SAN DIEGO -- Jan. 10, 2007 -- New Jersey recently enacted life-settlement provider licensing requirements, and Life Settlement Solutions Inc.,one of the nation's premier sources of life-settlement funding, was among the first life-settlement providers to receive a license under the law.
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Maple Life Financial recently conducted a survey of financial service advisors in an attempt to measure the awareness of life settlements and to gain a better understanding of this important segment.
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R. Alexander Acosta, United States Attorney for the Southern District of Florida, and Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation (“FBI”), announced today the guilty plea of defendant Clark Mitchell before United States District Judge Paul C. Huck in Miami. Clark Mitchell, a medical doctor once associated with Mutual Benefits Corp. (“MBC”), pled guilty to securities fraud in connection with his role in a viatical and life settlement scheme in which 28,000 investors lost approximately $956 million, in violation of 15 U.S.C. §§ 78j(b) and 78ff(a), 17 C.F.R. §240.10b-5, 18 U.S.C. § 2.
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SAN ANTONIO, TX -- (MARKET WIRE) -- 12/14/2006 --Members of the Life Insurance Settlement Association. (LISA) are "prepared to fight" action taken at the just concluded National Association of Insurance Commissioners (NAIC) winter meeting in San Antonio.
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SAN ANTONIO (Dec. 11, 2006) – The Life Insurance and Annuities (A) Committee of the National Association of Insurance Commissioners (NAIC) today adopted highly debated amendments to the Viatical Settlements Model Regulation during the Association’s Winter National Meeting in San Antonio.
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BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Peachtree Life Settlements (“Peachtree”) has announced that it has arranged for a credit facility allowing it to purchase over $1.5 billion of Life Settlements. Peachtree expects to close on the purchase of several billion dollars worth of life insurance contracts in 2007 and is working closely with major capital markets banks to augment this new facility.
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The suitability of ‘experienced investor funds’ (EIFs) within offshore bonds based in the Isle of Man has been questioned by a former regulator in the territory.
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Scottsdale, AZ, November 30, 2006 – Examination Management Services, Inc. (EMSI), a life settlement service provider, has been asked by two leading organizations in the life insurance industry to provide presentations on life settlement issues.
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NEW YORK, NY -- (MARKET WIRE) -- November 29, 2006 -- The Life Insurance Settlement Association will meet in conference in New York from November 29 to December 1. This will be the twelfth consecutive year for this conference, and it will occur in New York City at the Crown Plaza Hotel in Times Square. As in previous years, LISA will continue to provide leadership for the industry and to confront the challenges of the day. Industry leaders have shown confidence in LISA by breaking registration records for the conference, which is fast approaching 500 attendees.
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BOYNTON BEACH, Fla.--(BUSINESS WIRE)--More than $9.7 trillion of individual life insurance was in force on approximately 168 million policies at the end of 2004. Hundreds of millions of dollars in excess value has been paid by life settlement providers to senior citizens for life insurance policies that they no longer need or want. The excess costs flow directly to the owners of the policies, senior citizens, rather than to the insurance carriers who otherwise profit when policies lapse or are surrendered.
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WASHINGTON, Nov. 28 /PRNewswire/ -- The American Council of Life Insurers (ACLI), the Association for Advanced Life Underwriting (AALU), the National Association of Insurance and Financial Advisors (NAIFA), and the National Association of Independent Life Brokerage Agencies (NAILBA) are calling for changes to state regulation to protect the vital, social purposes of life insurance from transactions known as stranger-originated life insurance (STOLI).
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NEW YORK--(BUSINESS WIRE)--DLJ Merchant Banking Partners ("DLJMB") today announced that its affiliate Orchard Acquisition Company has completed its acquisition of Peach Holdings, Inc. (AIM: PSF), the parent company of Peachtree Settlement Funding ("Peachtree"), in a cash merger at £3.85 per share. Orchard Acquisition Company is a newly formed company owned by an investor group led by DLJMB, which also includes the senior management of Peach Holdings, Credit Suisse, LLR Partners and Greenhill Capital Partners.
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SAN DIEGO – Nov. 20, 2006 – Myths and realities surrounding the life insurance premium finance industry will be clarified Nov. 29 by industry experts, including state regulators, attorneys, producers, agents and lenders, who will make up the panel of speakers at the first Life Insurance Finance Association conference.
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WASHINGTON DC-- (November 16, 2006) – Life Policy Dynamics, LLC, (“LPD”) an outsource servicing solution for the secondary life insurance market, announces the completion of its third quarterly market analysis of the life settlement industry. The LPD market analysis provides life settlement funders and premium finance lenders an independent summary of economic values for life policies recently traded in the secondary market
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WASHINGTON, Nov. 9 --(Businesswire) -- Jim Terlizzi, CEO of Peachtree Life Settlements, called on the life settlement industry to be more proactive in putting forth a regulatory agenda addressing broker fee disclosure, insurable interest abuses and other issues affecting the life settlement market. He urged the more than 275 industry participants attending Fasano Associates’ Third Annual Life Settlement Conference to become more politically active.
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WASHINGTON, Nov. 2 /PRNewswire/ -- The Life Settlement Institute (LSI), the leading organization representing secondary market providers for life insurance, reaffirmed today its pro-consumer and pro-competition efforts to regulate life settlements.
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WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq:LPHI) announced today that the board of directors has unanimously voted to appoint Dr. Harold E. Rafuse as an independent director and member of the audit and compensation committees as of November 1, 2006.
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Attorney General Eliot Spitzer today sued a leading financial services company, alleging that it orchestrated a broad scheme to defraud owners of life insurance.
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Peter Lombardi, former president of a Fort Lauderdale company that allegedly bilked some 28,000 investors out of nearly $1 billion, pleaded guilty to one count of securities fraud on Monday in federal court.
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WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq: LPHI) today announced net income of $223,743, or $0.02 per share, for the three months ended August 31, 2006 compared to $247,521 or $0.03 per share, reported for the same period last year. Revenues increased by 35% over the same period last year while total business volume, as measured in policy face values transacted, increased by 100% over last year to almost $29 million.
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LONDON (AFX) - Peach Holdings Inc., which earlier this month recommended a takeover by Orchard Acquisition Company, an affiliate of DLJ Merchant Banking Partners, today reported an 81 pct drop in pretax profit for the first half of 2006 to 4.3 mln usd from 22.6 mln the prior year.
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Scottsdale, AZ, September 25, 2006 – Examination Management Services, Inc. (EMSI) announces the appointment of Linda S. Goodwin, MD, FACP, as a medical director for EMSI’s underwriting department. Dr. Goodwin is board certified in both internal medicine and insurance medicine with a special certification in geriatric medicine. She has extensive experience in insurance underwriting having served as medical director for both United of Omaha and Transamerica Reinsurance.
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CLEARWATER, Fla., Sept. 22, 2006 --ISC Services has successfully been registered with the State of Florida Office of Insurance Regulation (OIR) as a Life Expectancy provider. While Florida is the largest source of Life Settlement contracts in the US, the Florida legislature has only recently required Life Expectancy providers to become registered with OIR. As one of only four registered Life Expectancy providers in the state of Florida, ISC Services is uniquely positioned to provide industry-leading Life Expectancy services to the Life Settlement industry.
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SAN DIEGO--(BUSINESS WIRE)--Sept. 20, 2006--Formed last year to address emerging matters affecting the life insurance premium finance market, the Life Insurance Finance Association (LIFA) has had great success in working cooperatively with insurance carriers, regulators, other associations, and consumers, and has issued an industry-approved code of conduct.
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WASHINGTON, D.C.--(BUSINESS WIRE)--September 19, 2006--Fasano Associates announced today that it will host its Third Annual Life Settlement Conference on Wednesday, November 8, 2006 at its headquarters in Washington, D.C. The conference will address regulatory, investment and other issues affecting the life settlement market with presentations by Lehman Brothers, Baker & McKenzie and Fasano Associates.
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NEW YORK--(BUSINESS WIRE)--Sept. 18, 2006--Ernst & Young LLP today announced its Global Insurance Center will be the lead sponsor of the 2006 Annual Executive Conferences for the Insurance Industry that address "Managing Change" in the Property/Casualty and Life/Health sectors. The events are organized by The Conference Group, Ltd., a division of National Underwriter Company.
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The life insurance industry's need for a flexible, carrier-approved premium-finance program is evident by the overflow of cases received during the phase-one rollout of the Ridge Capital Flexible Premium-Finance Loan.
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LONDON, Sept 12 (Reuters) - U.S. specialty finance firm Peach Holdings (PSF.L: Quote, Profile, Research) said on Tuesday it had agreed to a 404 million pounds ($755 million) takeover proposal by Orchard Acquisition, a consortium led by DLJ Merchant Banking Partners.
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SAN FRANCISCO (Dow Jones) -- The legal team representing Maurice "Hank" Greenberg said Wednesday that Eliot Spitzer has dropped "key" charges against the former American International Group chief executive. However, Darren Dopp, a spokesman for the New York Attorney General, said the "guts" of the civil complaint against Greenberg remain, including charges related to transactions involving Berkshire Hathaway's (BRKA) (BRKB) General Re division.
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NEWPORT BEACH, Calif., Aug. 24 /PRNewswire/ -- Super-wealthy families will win twice if estate tax repeal or reform eventually becomes law, according to Ashton Group CEO Stephen Wolff. Beyond the obvious tax savings, America's richest citizens would greatly benefit from selling off the multi-million dollar life insurance policies that they no longer need -- at an enormous profit.
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The life settlement industry is poised for another major growth spurt in the latter half of 2006 as many non-recourse premium financing contracts enter the secondary market, according to life settlement broker John Welcom of Welcome Funds. Life settlements enable seniors to sell existing life insurance policies for sums that exceed their cash surrender values.
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The Life Insurance Finance Association ("LIFA") commends the Congress for its decision to protect the retirement financial security of millions of Americans while also preserving the value of the secondary life insurance market for consumers, commonly known as "life settlements."
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The insurance industry is a sweeping part of our culture that impacts many aspects of our lives, both personal and professional. But, rather than try to grade the entire industry, I would like to focus my “mid-year grading report” on recent trends in the area of life settlements.
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Fate continues to shower blessings on the greatest generation. Elderly Americans may soon be able to supplement their incomes by collecting fees from investors who wish to bet on their life expectancy. That, at least, is the fear of the life insurance industry, still wondering how to get the "viatical" genie back into the bottle.
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Institutional Investor Journals and the Life Insurance Settlement Association (LISA) today announced the publication and release of a special section on the growing life settlement industry which appears in the Summer 2006 edition of The Journal of Structured Finance. The special section was a joint initiative between the publisher of Institutional Investor Journals and LISA in response to the growing demand for information on the emerging life settlement marketplace.
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CURACAO, Netherland Antilles, July 31 /PRNewswire/ -- The Lifetrade Fund B.V., has received a Standard & Poor's Credit Quality rating as a life settlement investment fund. Lifetrade is the first open-ended fund to receive such a rating from Standard & Poor's in the secondary life insurance market.
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As part of Ridge Capital Group, LLC's commitment to quality, premium-finance products and strict compliance with industry regulations, the company today is announcing its support of the Life Insurance Finance Association's statement of best practices.
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Maple Life Financial recently participated in an industry discussion on World Business Review, a popular newsmagazine television show respected for its broadcasts of factual information about the latest topics, trends, and solutions to industry problems.
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Life Partners Holdings, Inc. (Nasdaq:LPHI) today announced net income of $469,105, or $0.05 per share, for the three months ended March 31, 2005 compared to $940,063 or $0.10 per share, reported for the same period last year.
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Ridge Capital Group, LLC today announced it is unveiling a new premium finance loan program to address the needs of both insurance carriers and insured's in the current life-insurance premium-finance environment.
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The Life Insurance Settlement Association (LISA) is pleased to announce the election of new board of director officers at our recent board meeting on Wednesday, June 7, 2006 in Washington, D.C.
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Many insurance agents want to use life settlements as a financial-planning tool, but a lack of education stands in the way of offering this strategy to eligible clients.
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- Peach Holdings eased ahead today after the US specialty finance company reported a big increase in full year profits and said the current year has started “encouragingly”.
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ALTAMONTE SPRINGS--May 26, 2006--Trinity Financial Services, LLC, a full service Life Settlement Brokerage firm, has obtained E&O coverage in response to their recent success and growth. Additionally, it illustrates Trinity Financial Services’ desire to continue strengthening their position in the Life Settlement marketplace by solidifying pending agreements with a number of Broker-Dealers that are looking to add Trinity Financial Services, LLC to their, “Approved Provider” list for Life Settlements.
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HAMILTON, Bermuda - May 23, 2006 (PRNewswire-FirstCall) -- Scottish Re Group Limited (NYSE: SCT - News), a global life reinsurance specialist, announced today that Scott E. Willkomm will present at the "Citigroup Life Insurance Securitization Seminar - What They Mean for Equity Investors" seminar to be held May 31, 2006 at the Citigroup Conference Center in New York City.
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SAN DIEGO--(BUSINESS WIRE)--May 15, 2006--Life insurance agents and brokers looking to side-step the usual summer sales blues may have heard of life settlements, but may not have sufficient knowledge to offer them to clients.
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The Life Insurance Finance Association (LIFA) represents the life insurance premium finance industry and other life insurance, financial planning and loan professionals who support that industry.
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New York Attorney General Eliot Spitzer isn't finished with the insurance industry. Now, he's going after one of its more tawdry businesses -- life settlements.
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Maple Financial Group, Inc. announced today that it has entered into a definitive agreement to sell its wholly-owned subsidiary, Maple Life Financial Inc., to investment funds managed by
Reservoir Capital Group, LLC.
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Coventry First strongly supports the life settlement legislation sponsored by Senator John A.
DeFrancisco and Senator James L. Seward that will provide much-needed protection for New York seniors who choose to sell their life insurance policies in the secondary market.
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With a cooling housing market, vanishing company pension plans and diminishing confidence in Social Security, the millions of baby boomers approaching retirement age may seek an alternative financial option to fund their retirement, and shift focus from selling their home to selling their life insurance policy to alleviate liquidity concerns.
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There's a new development in the insurance industry. For the first time, buyers are able to finance significant amounts of life insurance with no personal guarantees or collateral apart from the future value of the policy. This can be a valuable tool for estate and business planning.
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BETHESDA, Md., Feb. 1 /PRNewswire/ -- Maple Life Financial is pleased to announce the release of FLEX (Flexible Life Exchange(TM)). FLEX is a unique financial planning tool that allows qualified seniors to convert their unwanted or underperforming life insurance policies into immediate cash while maintaining a reduced amount of coverage with no premium responsibility.
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WACO, Texas--(BUSINESS WIRE)--Jan. 17, 2006--Life Partners Holdings, Inc. (Nasdaq:LPHI - News) today announced net income of $323,470, or $0.03 per share on revenues of $6.9 million, for the three months ended November 30, 2005 compared to $563,278 or $0.06 per share on revenues of $3.8 million, reported for the same period last year.
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ATLANTA--(BUSINESS WIRE)--Jan. 16, 2006--Scott J. Cipinko is joining the newly formed Life Finance Association of America as director, drawing from his more than 18 years' experience in corporate and regulatory insurance.
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HARTFORD, Conn., Jan. 12 /PRNewswire/ -- The life settlements market continues to expand rapidly despite some continuing obstacles, according to a new study by Conning Research  and Consulting, Inc.
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Wall Township, New Jersey (PRWEB) January 10, 2006 -- Ideal Settlements of Wall Township would like to thank all that have helped our Company to grow into one of the largest life settlement companies in the US. Says of Senior Director, Robert Taurosa, "due to our diligent practices and our immediate funding capabilities, we have seen many referrals from our existing clients and the financial professional community.
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ATLANTA--(BUSINESS WIRE)--Jan. 10, 2006--The Lifeline Program(R), a life insurance settlement company, today announced plans to remodel and expand its global headquarters in Atlanta. The company retained Boca Raton, Fla.-based Yoshino Trieschmann Design Group, a global architectural, space planning and interior design firm, for the project.
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SAN DIEGO --(Business Wire)-- Jan. 9, 2006 -- Many investors might not know life settlements are an investment vehicle for hedge funds, but at the GAIM USA 2006 conference, Larry Simon, founder of Life Settlement Solutions, Inc., will share his insights on the subject.
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DARIEN, Ill., Jan. 4 /PRNewswire-FirstCall/ -- Quotesmith.com, Inc., (Nasdaq: QUOT - News; http://www.insure.com), the only place on earth where you can get instant life, auto, health and home insurance quotes from over 200 companies and have the freedom to buy from the company of your choice, announced today that it intends to enter the life settlement brokerage market, which is an emerging secondary market for life insurance. 
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WACO, Texas--(BUSINESS WIRE)--Jan. 4, 2006--Life Partners Holdings, Inc. (Nasdaq:LPHI) announced a limited partnership arrangement with an investment fund managed by a well-known U.S. based global investment and asset management firm to purchase life settlement contracts.
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BETHESDA, Md., Jan. 4 /PRNewswire/ -- Maple Life Financial announces the release of its 2006 Life Settlement Industry Outlook report. Designed as a resource tool for senior market financial service advisors, the report provides an inside look at where the industry is heading, including discussions on the top issues, insight from twenty-eight industry professionals with backgrounds in accounting, finance, insurance, law, marketing, and technology.
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BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 3, 2006--Peachtree Settlement Funding is proud to announce it has exceeded the two billion dollar mark in committed financing. This accomplishment further substantiates Peachtree's continued growth and strong financial support from the capital markets.
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NEW YORK, Dec. 16 /PRNewswire/ -- Hedge funds appear to be lengthening their lockup periods in order to circumvent the upcoming SEC hedge fund registration deadline this February. Couple longer lockups with more esoteric strategies being employed by hedge funds and their investments are looking similar to those made in private equity.
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JENKINTOWN, Pa.--(BUSINESS WIRE)--Dec. 15, 2005--Industry expert David A. Jacobs, partner of the Westhem Grant Group in Solana Beach, California, announces that the life settlement industry faces a promising future. Jacobs' evaluation is based in part on the recent report by the National Center for Health Statistics and dozens of other health agencies and organizations that was released on December 8, 2005.
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ATLANTA, GA -- (MARKET WIRE) -- 12/12/2005 -- The Lifeline Program®, a life insurance settlement company, today announced the launch of the first of a series of innovative marketing and sales incentive programs for life settlement industry brokers and agents. The company's first program, The Lifeline Bowl, is a football-themed promotion designed to coincide with football's playoff and bowl season.
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For Michael Mandell, running a hedge fund is a matter of life and death. After investors pulled 90per cent of the $US80million ($108million) in his New Aquarian funds, starting last year amid bruising competition in the industry, Mandell sought investments that hadn't been picked over by rivals. He created a new partnership, LSF Investment Fund, and entered the life insurance business.
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WASHINGTON, Nov. 17 /PRNewswire/ -- An insurer funded study of the secondary market for life insurance used flawed data, contained serious actuarial errors, and ignored the economic benefits of life settlements, two prominent economists have concluded in a report released today, the Life Insurance Consumers Alliance (LICA) announced. 
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PHOENIX, Nov. 17 /PRNewswire/ -- iPipeline is pleased to announce, from the National Association of Independent Life Brokerage Agencies' 2005 Annual Meeting in Phoenix, that Life Settlement Insights LLC (LS Insights) will be electronically distributing its point of sale tools and forms through iPipeline's content distribution service.  Using iPipeline, LS Insights will enable general agents to provide their writing agents with forms to order life settlement illustrations, submit policies for non-binding life settlement quotations, and apply for premium financing. 
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According to a 2003 survey by Trusts & Estates of 297 bankers, attorneys and accountants who are professional trustees, 83.5 percent of them have no guidelines and procedures for handling trust-owned life insurance. The same survey also revealed an astonishing 95.3 percent of these trustees do not have policy statements on how to handle life insurance investments.
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Newswire Today - (newswire) - Norcross, Georgia, 11/14/2005 - Peachtree's leveraged bonus program (LBP) to participate in the National Association of Independent Life Brokerage Agencies.
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