NU Online News Service, Oct. 17, 10:45 a.m. – Coventry First, a unit of the Coventry Group, Fort Washington, Penn., has closed a $1 billion life settlement financing facility.
Coventry First says the transaction makes it the largest life settlement purchaser in the country.
“This is a unique transaction,” said Alan Buerger, chief executive and co-founder of The Coventry Group.
“We are not dependent on extension-risk insurance coverage, which frees us from prefunding premiums and other expenses. This will enable us to price extremely competitively, and to finance record volumes of life settlements,” Buerger says.