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Three life insurance agents each face up to 80 years in prison after they were charged by federal authorities in a five-count indictment with orchestrating a $100 million stranger-originated life insurance (STOLI) scheme. More
Other Top Stories... |
The California Department of Insurance has scheduled a workshop for March 9 seeking comment on six proposed changes to rules regulating life settlements. More
The Financial Services Authority confirmed it is investigating London-based Catalyst Investment Group, the Financial Times reported. More
Wells Fargo Bank is asking a Florida federal judge to reverse his decision in the Pruco Life Insurance Co. case that allowed the carrier to void a $10 million stranger-originated life insurance (STOLI) policy and keep the premiums. More
Nik Bardulla, a senior actuary at Griffin Risk Capital Partners, died unexpectedly Feb. 3 on a plane ride back from California to Philadelphia, according to Nemo Perera, managing partner with Risk Capital Partners. More
As the U.K.'s financial regulator takes steps to limit marketing of life settlements to retail investors, the industry's European trade organization is trying to walk the fine line of diplomacy and advocacy. More
ISC Services, which is among the five main life expectancy providers in the life settlement business, is shutting down, Roger Tafoya, chief operating officer of the Clearwater, Fla.-based firm confirmed. More
Robert Underhill, former director and counsel at Credit Suisse, has joined Fortress Investment Group as senior vice president and counsel, according to his profile on the LinkedIn professional networking website. More
In what appears to be the latest victory for the life settlement market in California, a federal court said a carrier is not entitled to keep premiums in an $8.7 million beneficial-interest deal it had hoped to void. More
The European Life Settlement Association (ELSA), in a Feb. 6 letter, warned the Financial Services Authority that its proposed ban in marketing life settlement investments to retail investors in the U.K. would "represent a disservice to current and future market participants including those entities that are not directly engaged in retail marketing." More
Coventry laid off about 12% of its 300-employee workforce, most of them in its life settlement business, including a number in its overseas capital markets offices, according to Alan Buerger, chief executive of the firm. More
EEA Life Settlements Fund, which was suspended following "unprecedented" redemption requests, said it has earned $62 million from policy maturities in three months. More
Financial Services Authority Managing Director Margaret Cole, who called life settlement investments "toxic," is leaving the U.K. financial regulation agency. More
Bill Taylor, senior vice president and chief underwriting officer at Chartis, confirmed that he has left the insurer to form a new life settlement company in which Reid Buerger, executive vice president of provider Coventry First, will hold an equity stake. More
A Feb. 13 bondholder vote on a liquidation plan for embattled life settlement bond company Lifemark was postponed because there was not a quorum of votes for all 25 bonds, according to an investor. More
The Strategic Life Settlement Fund said that Joseph Keane has resigned as a director. More
Fortress Investment Group has sued Pacifica Group and KBC Bank NV alleging fraud in its purchase of the $6.2 billion KBC portfolio and is seeking $50 million in damages, plus 9% interest. More
A tax bill in the U.S. Senate would revise an Internal Revenue Service rule that penalizes people who sell their policies over those who surrender them to carriers. More
A Utah federal court decision involving an injury to a seven-year-old boy who was hit in the head by a bat during a softball game may have applicability to the life settlement market. More
The Crump Group, which includes a life settlement brokerage, is being sold to BB&T, a Raleigh, N.C.-based financial services holding company, for $570 million, both firms said Feb. More
As bondholders prepare to vote on an orderly wind-down of Lifemark, the life settlement bond company's provisional administrator, KPMG, is requesting that Luxembourg financial regulators pull Lifemark's securitization license and move the company into a judicial liquidation. More
