Coventry First Named 10th Fastest Growing Privately Held Company by Inc. 500.FORT WASHINGTON Fort Washington, military post during the American Revolution, situated on the highest point of Manhattan island, New York City, overlooking the Hudson River opposite Fort Lee, N.J. , Pa. -- Coventry First, the leader and creator of the secondary market for life insurance, announced that it has once again been named to Inc. magazine's annual listing of the fastest growing privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. in the U.S. The company moves up to the 10th position, having posted an annual growth rate of 1,675% over the past four years. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Inc. magazine, the companies that made this list have thrived despite continued stagnation Stagnation A period of little or no growth in the economy. Economic growth of less than 2-3% is considered stagnation. Sometimes used to describe low trading volume or inactive trading in securities. Notes: A good example of stagnation was the U.S. economy in the 1970s. in the economy, posting an average year-over-year sales growth of 265%, aggregate 2003 revenue of $12.6 billion, and more than 70,000 jobs. Coventry First was ranked 12th last year. The magazine cited focus and discipline as a defining characteristic of this year's listed companies. "This year's crop of Inc. 500 entrepreneurs didn't buy into the hype," said Inc. editor-in-chief John Koten. "When people were practically giving away funding in the late 1990s, these companies didn't overextend o·ver·ex·tend tr.v. o·ver·ex·tend·ed, o·ver·ex·tend·ing, o·ver·ex·tends 1. To expand or disperse beyond a safe or reasonable limit: overextended their defenses. 2. , and when everyone hit the panic button a few years later, they stayed calm and seized opportunity." Coventry First bridges insurance and capital markets to open new financial opportunities for consumers. The company created the secondary market for life insurance and pioneered the resulting life settlement industry. In the past three years, Coventry First has purchased life insurance worth more than $3 billion in face value, providing consumers with more than $450 million over cash surrender value The amount of money that an insurance company pays the insured upon cancellation of a life insurance policy before death and which is a specific figure assigned to the policy at that particular time, reduced by a charge for administrative expenses. for their underperforming life insurance. The Inc. 500 ranking follows the company's unprecedented recognition from leading U.S. and European rating agencies. In September, Standard & Poor's gave Coventry First its highest servicer ranking, the only time S&P has ranked a secondary market firm. In August, Coventry First became the nation's only secondary market firm to receive a AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. rating from Europe's Scope Group. "Clearly, the secondary market for life insurance is an idea whose time has come," noted Alan Buerger, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Coventry First. "By giving consumers access to the market value of their life insurance policies, we are transforming life insurance into a dynamic asset that should be managed and appraised alongside other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. like stocks and real estate." About Coventry First Coventry First (www.coventryfirst.com) bridges insurance and capital markets to provide consumers with unprecedented financial opportunities. The company created the secondary market for life insurance and pioneered the resulting life settlement industry. Fueled by bold ideas, a deep understanding of life insurance, and impeccable standards, Coventry First continues to lead the market by opening new opportunities for consumers and the financial professionals who serve them. Headquartered in Philadelphia, Coventry First has received Standard & Poor's highest ranking as a consumer finance servicer of life settlements, the only secondary market firm ever ranked. |
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