Life Settlement News

Life Insurance Finance Association to Host First Conference; Conference to Bring Members of Insurance Industry Together and Celebrate Organization’s First Year in Existence

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.

Fasano Associates announced today that it will host its Third Annual Life Settlement Conference on Wednesday, November 8, 2006 at its headquarters in Washington, DC. The conference will address regulatory, investment and other issues affecting the life settlement market with presentations by Lehman Brothers, Baker & McKenzie and Fasano Associates.

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.

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.

Peach Holdings Inc, the parent company of consumer finance company Peachtree Settlement Funding said it has recommended an offer from Orchard Acquisition Company, an affiliate of DLJ Merchant Banking Partners (‘DLJMB’), at 3.85 stg cash per share and valuing the whole of Peach Holdings at 404 mln stg.

One group of advisers last month opened up its own specialty broker-dealer specifically to make sure trades of life settlements are handled properly.
With NASD last month issuing a notice to members reminding.

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.

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.

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.

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.”