World’s First Life Settlement Exchange Opens for Advisors
SAN DIEGO, Sept. 15 /PRNewswire/ — LifeX, Inc. is pleased to announce,
from The Financial Planning Association’s 2005 convention in San Diego, that
its online trading system for buying and selling unneeded life insurance
policies on the secondary capital market is now available for all financial
advisors.
“LifeX is the best tool advisors can use to manage life settlement transactions. The LifeX trading system is free, simple to use, and links advisors directly to buyers,” said Ronald C. Alexander, President & COO of LifeX. Advisors initiate auctions by listing cases and scheduling auction dates at no cost. Buyers then compete against each other in web-based, real-time auctions, until only the high bidder remains. LifeX’s open auctions allow
buyers to see what others are offering, enabling a clear understanding of the market price for a policy.
LifeX streamlines the secondary market for life insurance. “Until now, life settlement negotiation has been an art. LifeX makes it a science,” said I. James Cavoli, Chairman & CEO of LifeX. The Company estimates that the speed and efficiency of its open, forward auction format will eliminate weeks, and in some cases months, from each negotiated settlement, while delivering scale and transparency to the market.
On April 29, 2005 LifeX completed the World’s first online life settlement. Since April, the firm has refined its electronic exchange platform, been approved for Ohio’s Technology Investment Tax Credit Program, and raised private equity to fund growth.
About LifeX, Inc.
LifeX is an electronic exchange for buyers and sellers of unneeded life
insurance policies in the secondary market. The patent-pending platform is the
world’s first online trading system that generates fast, fair, and verifiable
offers for life insurance policies directly to sellers from qualified buyers.
