MINNEAPOLIS, June 01, 2017 (GLOBE NEWSWIRE) — GWG Holdings, Inc. (Nasdaq:GWGH), the parent company of GWG Life, a financial services company committed to transforming the life insurance industry through disruptive and innovative products and services, executed the second most transactions among companies in the life insurance secondary market in 2016, as measured by The Deal in its annual ranking of firms in the industry.
GWG Life’s 266 transactions accounted for a total face value of $337 million compared to its 2015 total of $180 million in face value when it placed fourth on the list. This represents a year-over-year growth rate of 87 percent in face value and over 150 percent in the number of policies purchased.
Those numbers exceeded the industry’s 2016 growth of 47 percent over 2015’s transactions. The Deal reported that 2016 was the life insurance secondary market’s busiest year since 2009. A total of 1,650 policies were purchased with a face amount of $2.14 billion, The Deal reported.
“We are pleased with the growth of the market and the value we are providing as we connect our innovative products and services with a growing number of agents, advisors and the policyholders they serve,” said Chris Orestis, GWG Life’s Executive Vice President of Life Insurance Secondary Markets. “There is a lot of room to grow as baby boomers retire and face the many challenges that represents including finding the resources to pay for long term care needs when two-thirds of Americans have failed to plan for them.”
The Deal’s list does not include purchases of previously acquired policies or portfolios (referred to in the industry as “tertiary” purchases). Including tertiary purchases, GWG Life purchased a total of 317 policies for a total face value of $465.8 million in 2016.
You can view The Deal’s list at http://www.thedeal.com/league-tables/life-settlements/
About GWG Holdings, Inc.
GWG Holdings, Inc. (Nasdaq:GWGH) the parent company of GWG Life, is a financial services company committed to transforming the life insurance industry through disruptive and innovative products and services. Already a recognized disruptor in the life insurance secondary market, GWG Life seeks to further transform the industry by continuing to create innovative products and services. As of March 31, 2017, GWG Life’s growing portfolio consisted of over $1.4 billion in face value of policy benefits. Since 2006, GWG Life has purchased over $2.4 billion in life insurance policy benefits and paid seniors more than $418.4 million for their life insurance.
CONTACT: Media contacts: Dan Callahan GWG Holdings, Inc. (612) 746-1935 [email protected] Matt Ehlers G&S Business Communications (919) 870-5718, x3221 [email protected]