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New Phoenix Unit May Try Life Settlement

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A large life insurer may get into the secondary market for in-force life insurance policies.

Phoenix Companies Inc., Hartford, says it is naming John Hillman and Frank Gencarelli to run a new life solutions unit that will explore the “emerging life settlements market” and other opportunities to do more business with wealthy customers, the company says.

Hillman, now chief executive of the Phoenix Philadelphia Financial Group subsidiary, will continue to hold that title, Phoenix says.

Hillman has a bachelor’s degree from Saint Joseph’s University. He holds the Certified Public Accountant, Chartered Life Underwriter, Chartered Financial Consultant and Fellow of the Life Management Institute professional designations. He recently was chairman of the Philadelphia Ronald McDonald House finance committee.

Gencarelli previously was senior vice president for business development at Genworth Financial Inc., Richmond, Va.

Gencarelli has a bachelor’s degree in mathematics from the University of Virginia and a master’s in mathematics from the Massachusetts Institute of Technology. He has been a 10-year member of the brokerage committee at LIMRA International, Windsor, Conn.