A publicly traded life settlement provider says it is helping 2 more investment funds buy life insurance policies on the secondary market.
Life Partners Holdings Inc., Waco, Texas, announced in 2005 to buy policies for the Life Settlements Fund, a Bahamas fund marketed by L.P. Management, Nassau, Bermuda. That fund has now closed and is listed on Bloomberg Market Data under the symbol LIFESET BM, according to Life Partners.
The managers of that fund will be buying about $30 million in life policy face value for a second fund, the Life Settlements Fund II, Life Partners says. Participants in the second fund will include large Swiss banks and other European institutional investors, the company says.
Life Partners also is buying policies for a third fund, which is bigger than the other 2 funds, the company says.