Business Description
We are a specialty financial services company engaged in the secondary market
for interests in life insurance policies known generally as “life settlements.”
A life settlement is the sale of an existing life insurance policy to a third
party for more than the policy’s cash surrender value, but less than the
face value of the policy benefit. After the sale, the new policy holder will pay
the premiums due on the policy until maturity and then collect the settlement
proceeds at maturity.
We do not purchase or hold life insurance policies but, rather, hold a contractual
right to receive the net insurance benefits, or NIBs, from a portfolio of life
insurance policies held by a third party. These NIBs represent an indirect,
residual ownership interest in a portfolio of individual life insurance policies
and they allow us to receive a portion of the settlement proceeds from such
policies, after expenses related to the acquisition, financing, insuring and
servicing of the policies underlying our NIBs have been paid.
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