Legacy Benefits and Mofet Holdings Announce Strategic Investment.Legacy to Expand into Life Settlement Portfolio Trading NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Legacy Benefits Corporation (New York), a recognized leader in the life settlement industry, announces a strategic partnership with Mofet Holdings, Ltd. to broaden Legacy's role as principal in the origination and trade of life insurance settlements and portfolios. As part of this new alliance, Mofet will acquire for cash a 50 percent interest in Legacy Benefits, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Mofet Holdings is a subsidiary of Kaman Holdings, both public Israeli companies The top 10 Israeli companies by sales are[1]:
TASE The All Seeing Eye TASE Tactical Air Support Element TASE Thrust Assessment Support Environment TASE Telecontrol Application Service Elements (IEC communications protocol) : MOFTH, KMNH), with investments in a wide range of business sectors worldwide. Kaman's principal shareholder and chairman of the board, Roni Elroy, is an active director of the third largest conglomerate in Israel, whose chairman recently purchased the Plaza Hotel The Plaza Hotel in New York City is a landmark 19-story luxury hotel with a height of 250 feet (76 m) and length of 400 feet that (122 m) occupies the west side of Grand Army Plaza, from which it derives its name, and extends along Central Park South in Manhattan. in New York. Supporting Legacy Benefits' strategic growth plan, the Mofet investment will enable Legacy to expand on its acquisition strategy by purchasing a broader spectrum of policies. These policies will be warehoused and resold individually or as blocks in the active secondary market. "I am extremely excited about the future of our partnership with such a successful and internationally respected organization as Kaman. This new strategic alliance will enable Legacy to leverage its extensive experience and market intelligence in the secondary market for life insurance policies to assemble innovative investment products," said Meir Eliav, founder and president of Legacy Benefits. "Given our years of involvement in the life settlement space, we have considerable expertise in policy underwriting and acquisition, as well as in the development of portfolios to meet specified financial objectives. This new partnership provides us with a platform to leverage fully our industry know-how, taking the firm to a new level with greater access to a full range of policies as they come onto the market. This transaction allows Legacy to further expand its access to the international capital markets." Eliav points out that life insurance policy portfolios or blocks have a greater market appeal than individual policies. "Investors are recognizing that the purchase of a block of policies minimizes ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale and immediately generates fully realized returns because the portfolio purchasing process Purchasing Purchasing is the formal process of buying goods and services. The Purchasing Process can vary from one organization to another but there are some key elements that are common throughout The process usually starts with a 'Demand' or requirements is completed in a short timeframe. Therefore, the acquisition of a quality portfolio generates a significant premium. Legacy Benefits is now extremely well positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this growing demand." "The life settlement field is expanding dramatically and offers a wealth of opportunities. We are now poised to benefit from this potential as part of Mofet's U.S. expansion strategy focusing on the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. sector," said Giora Inbar, Kaman chief executive officer and Mofet chairman. "Kaman is particularly pleased to partner with Legacy Benefits, a well respected company in the life settlement industry and to work with their experienced and talented team. The future is bright. We are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the opportunities ahead." Mofet's investment in Legacy Benefits represents their entrance into the financial services and insurance arenas. Meir Eliav and the Legacy management team will continue to lead the Legacy Benefits organization. About Legacy Benefits A recognized leader in the life settlement industry, Legacy Benefits pioneered this burgeoning specialty finance field 16 years ago and today maintains its reputation as an industry innovator. Since 1991, Legacy Benefits has specialized in the origination, servicing and management of life insurance assets for a broad range of institutional clients. It utilizes an ever-evolving array of sophisticated analytical tools and upholds the highest ethical standards when evaluating and acquiring insurance policies for its institutional clientele. Legacy Benefits was founded by company president Meir Eliav, a 30-year financial services veteran, who was a founding member and past-president of the Life Insurance Settlement Association (LISA The first personal computer to include integrated software and use a graphical interface. Modeled after the Xerox Star and introduced in 1983 by Apple, it was ahead of its time, but never caught on due to its $10,000 price and slow speed. ), the largest U.S. trade association in the industry. In 2004, the innovative firm became the first ever to originate a portfolio of life settlement assets for a securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. transaction underwritten by Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. and rated A1/Baa3 rating by Moody's Investor Services. In 2006, Legacy Benefits received and reviewed life insurance policies covering over 8,000 lives with a total face value of approximately U.S. $12 billion. Visit the company's website at www.legacybenefits.com. About Kaman Holdings and Mofet Holdings Kaman Holdings, a public Israeli company (TASE: KMNH), invests through its subsidiaries in trade, manufacturing, retail, real estate, financial services and information technology. The group, which has invested in 24 companies to date, focuses on mature companies possessing quality management teams, reputations and growth potential. Mofet Holdings Ltd. (TASE: MOFTH), a public investment company, is a subsidiary of Kaman Holdings. |
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