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October 16, 2007 at 09:22 AM
A money manager is investing in a U.S. life settlement firm.
Mofet Holdings Ltd., a public investment company arm of Kaman Holdings (Mendelson Group) Ltd., Herzliya Pituach, Israel, is buying a 50% interest in Legacy Benefits Corp., New York, according to Legacy Benefits.
Mofet wants to help Legacy Benefits, a life settlement originator and trading firm, buy a “broader spectrum of policies,” Legacy Benefits says.
Legacy Benefits may resell the policies individually or in blocks, the firm says.
In many cases, life policy blocks now have more appeal to investors than individual policies do, according to Legacy Benefits President Meir Eliav.
The companies are not saying how much Mofet is paying for the stake in Legacy Benefits, but Legacy Benefits says Meir Eliav and other Legacy Benefits managers will continue to run the firm.
Eliav founded the firm in 1991.
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