Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Genworth Unit Invests In Life Settlement Effort

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

Organizers of the new Institutional Life Services L.L.C. operation have signed another backer.

National Financial Partners Corp., New York, and the longevity markets group at Goldman Sachs Group Inc., New York, announced the formation of ILS in September.

The firms now report that Senior Financial Inc., a “wholly owned venture investment subsidiary” of Genworth Financial Inc., Richmond, Va., has agreed to become an ILS minority shareholder.

The organizers have described ILS as a “marketplace” that will bring institutional investors and seller representatives together.

Genworth Institutional Life Settlements Inc., a Senior Financial subsidiary, will get a 10% ownership interest in ILS and will hold one seat on the ILS board, according to Genworth.

A unit of Goldman Sachs and a unit of NFP each will have a 45% stake in ILS, Genworth says.

Organizers hope to launch ILS by March 31, 2008, Genworth says.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.