The receiver in charge of a collection of life settlement portfolios has hired a firm to help it sell and administer the settled policies in the portfolio.
Life Settlement Insights L.L.C., Cleveland, says it now has a contract with the court-appointed receiver for Mutual Benefits Corp. Fort Lauderdale, and 2 related companies.
State and federal regulators seized the companies in 2004, after alleging that the companies gave investors inaccurate descriptions of the nature of the policies in the portfolios.
LSI says it plans to start by offering investors 3 separate investment opportunities.
LSI says the first offerings will include a collection of 5 individual policies, with a total of about $14.5 million in death benefits; a portfolio with about $19 million in total death benefits and another with $4.2 million in death benefits; and fractional interests in up to 300 policies of various size.
The auctions will start in late July, LSI says.