ORLANDO, Fla., Sept. 21, 2016 /PRNewswire/ -- Abacus Settlements, a top tier player in the secondary market for life insurance, has emerged as one of the industry's most active buyers of life settlements. Citing industry data released earlier this year that compared the purchasing activities of 33 life settlement providers, Abacus ranked second in 2015 for the total amount of policy face value purchased, and ranked third for the total number of policies purchased.
According to a report released by The Deal in the second quarter of this year, Abacus earned the number two spot among providers for having paid $53.81 million to purchase 106 policies with a total face value of more than $184 million. Company officials noted that its transaction volume in 2015 – which doubled over the previous year's activity – significantly contributed to the industry's 32 percent surge in market volume in 2015.
"Based on the industry's heavily competitive environment for policy acquisitions and the upsurge in our transaction volume, Abacus Settlements has clearly demonstrated its commitment to consumers seeking to sell their unwanted policies, as well as to the institutional financing entities that purchase them," said Samantha Butcher, Director of Operations.
Butcher expressed optimism that the market will continue to flourish as awareness of the industry broadens. However, she also noted that many seniors are still leaving large sums of money on the table by surrendering policies for a fraction of what they are worth. Butcher cited the 2015 Annual Report published by the Federal Insurance office, U. S. Department of the Treasury, which found that surrenders of policies increased by 30 percent between 2010 and 2014.
About Abacus Settlements, LLC
Founded in 2004, Abacus Settlements, LLC is a licensed life settlement provider with locations in Florida, New York and Tennessee. An active member of the Life Insurance Settlement Association (LISA), Abacus works with professional advisors and consumers in optimizing the value of their life insurance policies. Abacus is committed to providing consumers with the knowledge they need to make informed decisions regarding life insurance policies that are no longer needed or affordable. A life settlement may not be appropriate for all circumstances. Policy sellers should consider all options before entering into a Life Settlement. Abacus Settlements is not licensed in all states. Visit https://abacuslifesettlements.com for more information.
Samantha Butcher, COO
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SOURCE Abacus Settlements, LLC