The company, which has a team of experienced life settlement professionals, will be headed by co-founders Jeff Hallman and Scott Thomas, who collectively have over 25 years of industry expertise. Both have closed approximately $3bn in policy value over the past 13 years.
Jeff Hallman said, "The success we have experienced over the years as life settlement brokers was not incidental, but intentional. It’s a matter of having worked hard to earn trust, proving our dedication, and delivering results."
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Scott Thomas commented, "At Asset Life Settlements, we recognize that consumers typically turn to their financial and insurance advisors to guide them in leveraging the highest and best use of their life insurance asset."
Hallman noted that a number of factors are expected to drive market demand in the foreseeable future such as greater awareness and consumer confidence brought about by increased state regulatory activities; the 2012 passage of the American Taxpayer Relief Act (ATRA) which rendered obsolete the need for wealthier individuals to own life insurance to pay estate taxes; the current low interest rate environment which is negatively impacting investment returns for universal life policies issued decades ago; and the impending long-term care crisis as millions of aging, financially strapped consumers look for ways to finance the ever-rising costs for health care and nursing home stays.
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