Sigorian recently acquired $1.157 million in Life Settlement policies which it holds as an asset on its balance sheet to further secure its seed capital investors. It continues to seek out ideal policies to add to its portfolio.
Two outstanding outside directors were recently added and it continues to interview candidates in order to find one additional member that will provide solid representation on Bay Street.
The prospectus for the Mutual Fund is in its final completion stage and should be filed with regulators within the next 30-60 days.
Sigorian has engaged various consultants to assist in the creation of a marketing plan and overall branding strategy. Some of these initiatives include the Sigorian website, marketing and presentation materials, and web recognition.
Market conditions are ideal for life settlements as an additional asset class which help to minimize volatility and are not directly correlated to other securities or investment vehicles. Sigorian continues to see heightened commentary on their potential in the investment community and it anticipates that life settlements will have an even greater presence in pension plans, mutual funds and individual portfolios. It is also anticipated that banks and other institutions will enter the life settlement arena sometime in the future, but we are confident that Sigorian will have the competitive advantage as being a well-established company at that time.
In a recent article in Benefits Canada, according to Avery Michaelson of Coventry Capital, the market for life settlements today is about US $12 billion to $15 billion annually, with total in-force life settlements of over $80 billion, a number Michaelson expects to rise to $180 billion. Of the $23 trillion of life insurance in force in the US, $800 billion covers seniors who are over 65, but not all policies have a value greater than their cash surrender value.
Canada represents an additional market about one tenth the size of the US and is currently in its infancy stage.
As the investment community at large better understands this new asset class and how it can enhance overall returns for their investment portfolios, more attention will be given by regulators both in the US and in Canada which will be healthy for the life settlement industry.
Sigorian will explore every opportunity involving life settlements and determine how it can capitalize on this alternative investment in order to maximize value for all shareholders and stakeholders in the short and long term.
The company’s advantage is that it has all the elements required to capture this unique opportunity and be a strong leader in the industry.