MINNEAPOLIS, May 12, 2016 (GLOBE NEWSWIRE) -- GWG Holdings, Inc. (NASDAQ:GWGH) (“GWG” or “the Company”), a specialty finance company and a leader in the life insurance secondary market, today announced its portfolio of life insurance policies has exceeded $1 billion in face value of benefits.
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This achievement comes as the Company continues to lead innovation in the secondary market for life insurance. One key example is the Appointed Agent program, a proprietary policy origination initiative that enables insurance and financial professionals to easily help their clients access the value of their policies through the life insurance secondary market by working with GWG.
“The diversification of our policy origination platform has resulted in a significant increase in the number of policies received and purchased directly through our Appointed Agents,” said Michael Freedman, GWG President.
As of March 31, 2016, the Appointed Agent program accounted for 23 percent of the total pipeline of life insurance policies under review by GWG, and 13 percent of all policies purchased in the first quarter. As previously reported, GWG purchased 75 new life insurance policies in the first quarter of 2016 with an aggregate of $102 million in face value of benefits.
“GWG is realizing its goal of being a new leader for a new era in the life insurance secondary market,” Freedman said. “GWG is operating an industry-leading system for underwriting and purchasing policies that is well-suited for the life insurance secondary market. We believe our ability to intake, price, and close cases efficiently sets GWG apart and underscores our leadership in this marketplace.”
About GWG Holdings, Inc.
GWG Holdings, Inc. (NASDAQ:GWGH) is a specialty finance company and a leader in the secondary market for life insurance. GWG is dedicated to creating a vibrant secondary life insurance market for the economic benefit of seniors seeking post-retirement financial solutions, investors seeking yield derived from non-correlated assets, financial advisors seeking value-added products and services for their clients, and shareholders seeking to benefit from the growth of this marketplace. As of March 31, 2016, GWG’s growing portfolio consisted of over $1.0 billion in face value of benefits. Since 2006, GWG has purchased nearly $2 billion in life insurance policy benefits and paid seniors over $335 million for their policies.
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Source:GWG Holdings, Inc.