Florida’s Office of Insurance Regulation, under the auspices of the state’s Department of Financial Services, recently granted a provider license to New York-based Abacus Life Settlements, enabling it to buy policies throughout the Sunshine State.
Abacus Life Settlements, which functions through the secondary market for life insurance, expects to be able to serve Florida’s population well.
"Abacus Life Settlements looks forward to expanding its secondary market services to the more than 20 million residents in the state of Florida, 19.4 percent of whom are seniors 65 or older," Abacus COO Samantha Butcher said.
General counsel for the company Brady Cobb, of Ft. Lauderdale’s Cobb-Eddy Law Firm, said that Abacus was “honored” to be selected, as Florida has one of the nation’s strictest licensing procedures.
A recent study published by The Deal, an online reporter of transaction information, revealed that Abacus ranked second highest in the U.S. for purchase of death benefits and third highest for total number of policies. Butcher observed that Abacus’ numerical rank bolsters its market position when vying for new policy acquisition.
Abacus stated that senior consumers can find efficient investment opportunities through its policies as the aging baby boomer generation prepares for medical and long-term expenses.
"We encourage Florida policy sellers to visit our Life Settlement Learning Center … and to use our online pre-qualification and pricing tools,” Butcher said.