NU Online News Service, Sept. 18, 12:35 p.m. – The Zurich Financial Services Group Inc., Zurich, is getting into the U.S. life settlement market by starting Centre Life Finance Ltd., Minneapolis, a life settlement company.
Zurich Financial has hired A. Mark Berlin Jr. to be president of the new unit.
Berlin previously was chief financial officer of Viaticus Inc., a life settlement subsidiary of CNA Financial Corp., Chicago.
Berlin is bringing over two other Viaticus executives, Bob Miller and Kevin Glowacki, Zurich Financial says.
A life settlement is an arrangement the holder of a life insurance policy can use to sell rights to death benefits to a third party. The seller gets immediate access to cash, and the buyer gets a chance to profit on the difference between the price paid for the benefits and the actual benefits.