LEGACY BENEFITS AND MOFET HOLDINGS ANNOUNCE CLOSING OF STRATEGIC INVESTMENT
January 28, 2008 - Legacy Benefits Corporation (New York), a recognized leader in the life settlement industry, announces the closing of the transaction of a strategic partnership with Mofet Holdings, Ltd., which aims to broaden Legacy’s role as principal in the origination and trade of life insurance settlements and portfolios. As part of this new alliance, Mofet U.S. Holdings, Inc., a subsidiary of Mofet Holdings, Ltd., acquired for cash a 50 percent interest in Legacy Benefits, LLC, a newly formed subsidiary of Legacy Benefits Corporation. Mofet Holdings is a subsidiary of Kaman Holdings, both public Israeli companies with investments in a wide range of business sectors worldwide.
Supporting Legacy Benefits’ strategic growth plan, the Mofet investment will enable Legacy to expand on its acquisition and trading strategy by purchasing a broader spectrum of policies, which will be warehoused, resold individually, or resold as blocks in the active secondary market.
This transaction will also enable Legacy to further expand its access to the international capital markets. Meir Eliav and the Legacy management team will continue to lead the Legacy Benefits organization.
About Legacy Benefits
A recognized leader in the life settlement industry, Legacy Benefits Corporation pioneered this burgeoning specialty finance field over 16 years ago and today maintains its reputation as an industry innovator. Since 1991, Legacy Benefits has specialized in the origination, servicing and management of life insurance assets for a broad range of institutional clients. It utilizes an ever-evolving array of sophisticated analytical tools and upholds the highest ethical standards when evaluating and acquiring insurance policies for its institutional clientele. Legacy Benefits was founded by company president Meir Eliav, a 30-year financial services veteran, who was a founding member and past-president of the Life Insurance Settlement Association (LISA), the largest U.S. trade association in the industry.
In 2004, the innovative firm became the first ever to originate a portfolio of life settlement assets for a securitization transaction underwritten by Merrill Lynch and rated A1/Baa3 rating by Moody’s Investor Services. Visit the company’s website at
www.legacybenefits.com.
About Kaman Holdings and Mofet Holdings
Kaman Holdings, a public Israeli company, invests through its subsidiaries in trade, manufacturing, retail, real estate, financial services and information technology. The group, which has invested in 24 companies to date, focuses on mature companies possessing quality management teams, reputations and growth potential. Mofet Holdings, Ltd., a public investment company, is a subsidiary of Kaman Holdings.
Contact:
Zohar Elhanani
Chief Operating Officer
info@legacybenefits.com
1-800-875-1000 Ext. 221
