MINNEAPOLIS, July 21, 2015 /PRNewswire/ -- GWG Holdings, Inc. (NASDAQ: GWGH), ("GWG") a specialty finance company and leader in the life insurance secondary market, is pleased to announce that its wholly-owned subsidiary, GWG Life, LLC ("GWG Life") was granted a life settlement provider license by the Idaho Department of Insurance, effective July 16, 2015.
This life settlement provider license was obtained after a thorough licensure process and allows GWG Life to purchase life insurance policies in the secondary market from owners residing in the state of Idaho.
"With our newly acquired Idaho license, we are pleased to offer our services to the seniors of the over 1,600,000 residents in the Gem State," said Steve Sabes, Executive Vice President of Originations and Servicing for GWG Life. "This furthers GWG Life's effort toward providing real value to American seniors."
GWG Life is now licensed in 31 of the 42 states that require life settlement licenses, with applications pending in five additional states. This brings GWG Life's reach to over 97 percent of the U.S. population and helps further the Company's commitment to educating the public about life settlements and the financial benefits they provide to seniors who no longer want, need or can afford their life insurance.
About GWG Holdings, Inc. GWG Holdings, Inc. (NASDAQ: GWGH) is a specialty finance company and leader in the life insurance secondary market. GWG, through its subsidiaries, purchases life insurance policies from seniors who no longer want, need or can afford their policies. Since 2006, GWG has purchased more than $1.7 billion in life insurance policy benefits and paid seniors over $283 million for their policies – approximately $266 million more than the surrender or lapse value offered by insurance carriers. GWG's strategy is to originate and manage a diverse portfolio of life insurance policies that generate yields that exceed the costs to finance the policies (in aggregate). GWG finances the purchase and maintenance of a portfolio of policies primarily through a fixed income alternative investment product that is offered through independent broker-dealers and registered investment advisors nationwide. GWG's goal is to generate financial returns for GWG's investors and shareholders while providing valuable post-retirement financial solutions to seniors.
SOURCE GWG Holdings, Inc.