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March 07, 2011 at 07:00 PM
The life settlement arm of Kohlberg & Company, L.L.C. has acquired two life settlement operations.
Chronos Life Group, a unit of Kohlberg, Mount Kisco, N.Y., has obtained a majority ownership interest in Life Equity L.L.C., Hudson, Ohio, according to Life Equity.
Chronos also has acquired the life settlement assets of JPMorgan Chase & Company, New York. Reports that JPMorgan was leaving the life settlement market began surfacing in June 2010.
Chronos now has a portfolio of life settlements with a total face value of about $1 billion, the firm says.
A Chronos asset manager, Chronos Investment Advisors, will manage the portfolio.
“With these acquisitions, Chronos Life will become a leading originator, servicer, and asset manager in the life settlements industry,” Chronos Chairman Scott Birnbaum says in a statement. “Chronos Life will be a fully-integrated life settlement business in an emerging financial services market. We believe life settlements are attractive investments due to their relatively high yields, limited credit risk, and returns that are uncorrelated to either the stock market or economic cycles.”
