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Life Settlements News Show in San Diego The Life Insurance Direct Marketing Association (LIDMA) is sponsoring its 4th Annual Fall Meeting & Showcase from September 10 through September 12 at the Omni Hotel in San Diego. Attendance is available only to LIDMA members. LIDMA membership is available before June 30 for direct marketers and producers for $2,000. That includes one ticket for the Fall Meeting & Showcase. Subsequent tickets may be purchased for $549. LIDMA memberships are also available for business partners, exam companies, and carriers. For more information, visit www.lidma.org. Life Settlement Trading Operations Peachtree Life Settlements launched life settlement trading operations. Policies representing over $200 million in net death benefit have been sold to institutional parties in the first quarter of 2007. For more information, visit www.life-settlementco.com. ------------------------- Ritchie Capital Management Sues Coventry First Ritchie Capital Management filed a complaint against Coventry First under the Federal RICO Act. Ritchie Capital is seeking damages of $700 million against Coventry First. Beginning in 2005, Ritchie Capital negotiated an arrangement with Coventry First to invest in life insurance products. The company is accusing Coventry of bid rigging and concealing unlawful conduct and an investigation by the Attorney General of New York, unbeknownst to Ritchie Capital, added Puccio. In the following is a summary of a statement by Coventry: Coventry has not committed fraud of any kind. Coventry has been and continues to be in full compliance with all agreements related to the Ritchie life settlement portfolio. This action by Ritchie Capital Management is a cheap publicity stunt to divert attention from its own well-documented problems. According to published reports, Ritchie is facing a myriad of problems including the withdrawal of $1 billion by investors and a citation by the Securities and Exchange Commission for benefiting from allegedly improper trades. Notices have been issued to its principals for possible illegal trading of mutual funds and serious defections of senior management from the company. Ritchie Capital Management was well aware of the investigation by the New York Attorney General and acknowledged in writing that its civil complaint against Coventry was not an event of default under any agreement between Coventry and Ritchie. Coventry is a significant investor in the Ritchie life settlement portfolio and is concerned that this action by Ritchie Capital Management may put this investment at risk. Coventry believes that this life settlement portfolio is a strong investment vehicle, though it has been compromised by a lack of liquidity due to the well-publicized problems of Ritchie Capital Management. --------------------- Integrity Settlement Group Expands Capabilities Integrity Capital Partners/Integrity Settlement Group is expanding its capabilities and client services. Integrity has moved into a new 5,000 sq. ft facility in Bethesda, Md, which is near the NationÕs Capital. Integrity will become the newest member of Life-Exchange. For more information, visit www.integrityp.com University Benefits from a Life Settlement The Palm Beach Post features a lengthy article about how an "insurance tycoon," is proposing life settlements as a fundraising tool for Florida Atlantic Univ. (FAU). Barry Kaye's proposal would be similar to the purchase by Oklahoma State University (OSU) of $250 million worth of life insurance on the lives of 25 elderly donors. Kaye said he would be responsible for raising the $100 million if FAU accepts the program he is proposing. Kaye, who has taken FAU under his wing with more than $20 million in personal pledges and donations, said he believes his proposal could be approved within three to four months. In June 2005, FAU created the Barry Kaye Institute of Insurance Philanthropy after Kaye donated $5 million to the school's business college. ------------------------ The Life Settlements Conference 2007 will be held September 17 to 18 at Disney's Grand Floridian Resort in Orlando. This event covers political, regulatory, and legal developments as well as new products, investments strategies, securitization, premium financing, and pricing structures. The agenda includes panel discussions and individual speakers covering the complex legal and structural issues, industry trends, investment updates, and perspectives on global opportunities. For more information, call 516-876-8006. |
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