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LEGACY BENEFITS CORPORATION CONCLUDES ITS MOST SUCCESSFUL YEAR SINCE ITS ESTABLISHMENT IN 1991
Legacy To Further Accelerate Its Business Growth
New York, NY, February 28, 2008 - Legacy Benefits Corporation has announced that it had concluded its most successful year in 2007, more than doubling its business results in life settlement transactions while securing a major equity investment by Mofet Holdings, Ltd.
As a direct result of these accomplishments, Legacy Benefits, LLC, a newly formed affiliate of Legacy Benefits Corporation, has transformed its business model to expand its corporate competencies in order to further accelerate the company’s growth and market leadership. The transformation marks a huge leap forward from the company’s prior dealings, mostly in the back-to-back buying and selling of policies as a life settlement provider, to expand the business and assume a more sophisticated paradigm of warehousing large quantities of policies for individual or packaged resale and product structuring in the active secondary marketplace. Legacy Benefits, LLC has already begun purchasing policies in its capacity as principal with the intent of structuring its own unique longevity-based financial products as well as providing its existing policy purchaser clientele with increased policy supply.
The company’s operations have similarly risen to new levels of sophistication with the launch of a proprietary and web-based workflow solution. The web-based CRM platform is expected to streamline life settlement transactions and increase company capacity and productivity in processing an increased volume of policies, while providing the company’s policy buyer and supplier clientele with instant access to transaction-specific information.
Legacy Benefits, LLC has also expanded its headquarters in the Empire State Building in order to accommodate the ongoing expansion of its internal workforce. The company has commenced recruiting of highly skilled leaders in areas of capital markets, financial analysis, policy acquisitions, closing/compliance and legal teams.
About Legacy Benefits
A recognized leader in the life settlement industry, Legacy Benefits Corporation pioneered this burgeoning specialty finance field 16 years ago. Today, Legacy Benefits, LLC maintains the company’s reputation as an industry innovator. Since 1991, Legacy Benefits Corporation has specialized in the origination, servicing and management of life insurance assets for a broad range of institutional clients. Legacy Benefits 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, Legacy Benefits Corporation became the first ever to originate a portfolio of life settlement assets for a securitization transaction underwritten by Merrill Lynch and rated A1/Baa3 by Moody’s Investor Services.
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