LEGACY BENEFITS BROADENS ITS PURCHASING CAPACITY BY WAREHOUSING POLICIES FOR ITS INSTITUTIONAL CLIENTS
Legacy To Aggregate Policies in an Expanding Marketplace
New York, NY, April 2, 2009 - Legacy Benefits, LLC has announced that it recently secured new clients by providing products supplementing its Life Settlement purchasing and origination services.
In an effort to broaden its product offering to institutional purchasers of Life Settlements, Legacy Benefits has complemented its traditional origination platform by warehousing policies for its clients, in advance of a fund launch – significantly enhancing policy ramp-up speed and quality.
Legacy announced that, as part of this applied business strategy, it has recently completed a profitable sale of a block of Life Settlement policies that it had warehoused for a client, totaling nearly $36 million in face value. This transaction was accomplished despite current challenging market conditions. This block sale follows other trades concluded by Legacy from its own warehouse in the past 12 months.
Legacy’s clients have already benefited from the enhanced ramp-up and faster deployment of capital. “This expansion and implementation of the firm’s broader strategy adds significant value to Legacy’s clients, further leveraging its origination core strength as a life settlement provider,” said Meir Eliav, Legacy’s President. “We are expanding the business by applying a sophisticated strategy of warehousing large quantities of policies for individual or packaged resale along with product structuring in the growing secondary marketplace,” added Eliav.
As the market awareness for Life Settlements grows, Legacy Benefits continues its efforts to develop its network of policy suppliers, which include life insurance professionals, financial planners, CPAs and attorneys.
The company’s operations have similarly risen to new levels of sophistication, with the expansion of its proprietary and web-based workflow solution. The web-based CRM platform provides real-time processing of incoming market data, ensuring immediate response to client needs on the capital and policy supply side.
About Legacy Benefits
A recognized leader in the life settlement industry, Legacy Benefits Corporation pioneered this burgeoning specialty finance field 17 years ago. Today, Legacy Benefits, LLC maintains the company’s reputation as an industry innovator. Since 1991, Legacy Benefits has specialized in the origination, servicing and management of life insurance assets for a broad range of institutional clients. Legacy Benefits utilizes an ever-evolving array of sophisticated analytical tools and upholds the highest ethical standards when evaluating and acquiring insurance policies for its institutional clientele. Legacy Benefits was founded by company president Meir Eliav, a 30-year financial services veteran, who was a founding member and past-president of the Life Insurance Settlement Association (LISA), the largest U.S. trade association in the industry.
In 2004, Legacy Benefits Corporation became the first ever to originate a portfolio of life settlement assets for a securitization transaction underwritten by Merrill Lynch and rated A1/Baa3 by Moody’s Investor Services.
