MT. KISCO, N.Y., March 7, 2011 /PRNewswire/ -- Chronos Life Group today announced the recent acquisition of J.P. Morgan's life settlements assets and a majority stake in Life Equity LLC, a prominent originator and servicer of life settlements. With these acquisitions, Chronos is acquiring a high quality portfolio of life settlements with an aggregate face value of approximately $1 billion. The life settlement portfolio will be managed by Chronos' asset manager, Chronos Investment Advisors.
"With these acquisitions, Chronos Life will become a leading originator, servicer, and asset manager in the life settlements industry serving both institutional investors and high net worth individuals," commented Scott Birnbaum, Chairman and CEO of Chronos Life Group. "Chronos Life will be a fully-integrated life settlement business in an emerging financial services market. We believe life settlements are attractive investments due to their relatively high yields, limited credit risk, and returns that are uncorrelated to either the stock market or economic cycles."
Chronos Life Group has the unique ability to serve existing or new life settlement investors by providing leading edge origination, servicing, and asset management services in a fully integrated offering or on a piecemeal and completely independent basis depending on investor requirements.
Life Equity LLC is one of the pioneers of the life settlements industry. It operates as a life settlement provider in 42 states and holds key industry licensing. It originates life settlements on the secondary and tertiary markets for institutional investors. Life Equity also provides services for the post-acquisition management of policy assets, including portfolio servicing and valuation, industry consulting, and market data services.
Chronos Investment Advisors will be serving as an independent third party asset manager for both institutional investors and high net worth individuals. The expert team of seasoned professionals at Chronos is experienced at building and managing life settlement portfolios tailored to the specific needs of sophisticated investors.
Chronos Life Group is owned by Kohlberg & Company, a leading U.S. private equity firm.
About Life Equity, LLC.
Life Equity is a life settlement provider and asset servicer that assists institutional investors with policy acquisitions and post-acquisition policy management. Life Equity has earned international recognition as a leader in the life settlement marketplace with a reputation of adherence to the highest ethical, professional and legal standards. Life Equity was founded in 2000 and is headquartered in Hudson, OH. For more information visit www.lifeequity.com.
About Chronos Investment Advisors
Chronos Investment Advisors is an independent third party asset manager of life settlement assets for both institutional investors and high net worth individuals. Its portfolio management team is experienced at building and managing life settlement portfolios tailored to meet specific needs of sophisticated investors.
About Kohlberg & Company, LLC.
Kohlberg & Company, LLC ("Kohlberg") is a leading U.S. private equity firm headquartered in Mt. Kisco, New York. Since its inception in 1987, Kohlberg has completed more than 50 platform investments and more than 100 add-on acquisitions, with aggregate transaction value in excess of $8 billion. Kohlberg has invested over $2.6 billion across six private equity funds to date, including through its current $1.5 billion sixth fund, Kohlberg Investors VI. For more information, visit www.kohlberg.com.
SOURCE Chronos Life Group