The new owner of a major life settlement portfolio has hired a firm to help it sell and administer the 900 settled policies in the portfolio.
Maple Life Financial Inc., Bethesda, Md., says it and an affiliate, MLF LexServ L.P., Bethesda, now have contracts with a firm that bought the life settlement portfolio in February.
The portfolio was sold after the entity that developed it, Ritchie Risk Linked Trading Strategies (Ireland) Ltd., sought bankruptcy court protection, Maple Life says.
The policies in the portfolio are set to pay a total of $2.3 billion in death benefits, Maple Life estimates.
Maple Life “has been retained as the exclusive marketing and sales agent for the disposition of a significant portion of the portfolio,” Maple Life says. “It is anticipated that the assets will be sold in a series of portfolio transactions over the next 9 months.”
MLF LexServ L.P. has been hired to provide servicing and asset management services for the policies in the portfolio, Maple Life says.
MLF now services policies set to pay total of $6.5 billion in death benefits, Maple Life says.