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December 16, 2004 at 07:00 PM
NU Online News Service, Dec. 16, 2004, 6:36 p.m. EST
A big player in the life settlement market is forming a unit that will buy existing life settlement pools.[@@]
The company, Coventry First L.L.C., Fort Washington, Pa., says the new unit also will buy pools of corporate-owned life insurance.
Coventry helped create the modern U.S. market for in-force life insurance policies.
Now the company says it also wants to buy pools of life insurance policies that were created over the past several years by other life settlement providers and investment groups.
“Many such pools are available either due to a change in investors’ objectives or due to investor discomfort with the actual cash flows versus expected cash flows,” Coventry First says in a statement about the new unit.
More than $2 billion in life settlement and COLI pools could eventually come up for sale, the firm says.
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