KBC Group N.V., Belgium, announced it has signed an agreement to sell its U.S. life settlement portfolio to funds held by Fortress Investment Group L.L.C.
According to KBC, a bank insurance company, its insurance derivatives unit in New York stopped acquiring new life settlement assets in September 2008. KBC then earmarked the portfolio for divestment.
KBC expects to complete the deal in the next months.
Fortress Investment Group (NYSE: FIG), New York, an investment management firm, reported assets under management of about $44 billion as of Sept. 30.