NU Online News Service, March 10, 2004, 12:57 p.m. EST – Coventry First L.L.C., Fort Washington, Pa., says it has acquired life insurance policies with a face value of more than $1 billion in the past 10 months.[@@]
Coventry First uses Wall Street capital to buy annuity and life insurance benefits from the original contract owners. The firm says it has bought more than $2 billion in life policies and annuities since November 2001.
The sellers received payments that were $240 million greater than the cash-surrender value of the life policies and annuities, Coventry First says.