NU Online News Service, Oct. 4, 2004, 5:40 p.m. EDT
Coventry First L.L.C., Fort Washington, Pa., has received a “strong” ranking with a stable outlook from Standard & Poor’s Ratings Services, New York.[@@]
The ranking is noteworthy because Coventry First is the first life settlements company that S&P has ranked.
Life settlement companies help arrange for the resale of life insurance policies that are already in force.
S&P analysts awarded Coventry First a high ranking because it has experienced executives and effective policies and internal controls, S&P says.
“There is careful tracking throughout the case-management process to ensure no issues arise that might affect the company’s ability to collect on a future claim payment,” S&P says in a comment on the ranking. “Policy and procedure manuals are well written, and the auditing mechanisms in place provide for regular cyclical reviews of all areas to mitigate potential servicing issues.”
Coventry now services about $3 billion in in-force life insurance policies.