Berlin Atlantic gets Life Settlement Funding
Berlin Atlantic Gets $500 Million Warehouse Facility
Berlin Atlantic Group said it recently obtained a $500 million warehouse facility from a national U.S. bank to buy life settlement policies.
The Berlin-headquartered company, an integrated provider-funder, has in the past funded its purchases with money raised in Germany, said Benedikt Ibing, director of business development and spokesman for the company in its Atlanta office.
James Sinnott, chairman and managing director of Berlin Atlantic, announced that the company had secured the commitment for the warehouse facility during a talk July 16 at an insurance-linked securities conference in Bermuda.
The $500 million facility will allow Berlin Atlantic to buy about 1,000 policies with a face value of about $2 million each, Ibing said. He declined to name the bank.
“For us, that’s a huge commitment of trust on part of the bank that they would do this at this time,” Ibing said, referring to the turmoil in the financial markets.
Because of concerns about the troubled financial markets in the U.S., Berlin Atlantic, which has 30 people in its structured life group business in Atlanta, hasn’t been able to raise as much capital in Europe as it anticipated this year, Ibing said.
Berlin Atlantic launched a premium finance business in the U.S. four years ago, and became active in life settlements two years ago, he added.
Call 1-888-973-8377 if you have a policy you are interested in selling.
