Coventry First Offers 21st Services $5 Million for Independent Verification That Its Life Expectancy Projections Are Accurate.
In November 2004, Coventry filed suit against 21st Services in federal district court alleging that 21st Services was providing life expectancy projections that routinely and consistently understate the true life expectancy of the insured, in violation of Pennsylvania's Settlement Act. Alan H. Buerger, CEO of Coventry, said at that time, "We are concerned that the methods employed by 21st Services are a key component of flawed investment structures promising unrealistic results. We believe that the investors who are relying on their projections will suffer significant losses, which will threaten the long-term viability of the secondary market for life insurance."
Mr. Buerger said that "if, in fact, 21st Services is the 'gold standard,' as it claims to be, then it should welcome Coventry's offer as an opportunity to publicly vindicate its practices and receive $5 million in the process. On the other hand, if they do not accept our Offer of Judgment, that will speak volumes about the legitimacy of their practices and the truth of their allegations against Coventry."
About Coventry First
Coventry First (http://www.coventryfirst.com/) bridges insurance and capital markets to create groundbreaking products for the financial services industry. The company is the leader in 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. Based in Fort Washington, PA, Coventry First has received Standard & Poor's highest Servicer ranking, the only firm in the secondary market for life insurance to be ranked, and was named the nation's 10th fastest-growing privately held company in the annual INC. 500 listing.
CONTACT: Coventry First Kirstin Crouthamel 877-836-8300 firstname.lastname@example.org
CONTACT: Kirstin Crouthamel of Coventry First, +1-877-836-8300, email@example.com
Web site: http://www.coventryfirst.com/
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|Date:||Feb 17, 2005|
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