Integrity Capital Partners Blog

Maine Amends Life Settlement Law

Tuesday, January 19th, 2010

The Maine legislature has enacted a law clarifying the state’s requirement that life insurance companies notify policy holders of their option to sell their policy rather than let it lapse.

The new law amends PL 2009, c. 376, which was signed into law in June by Gov. John Baldacci. That law requires life insurers to inform individuals that there are alternatives, including life settlements, to surrendering their policy or allowing it to lapse.

The new legislation clarifies that c. 376 applies to policies with death benefits of at least $100,000, where the policy owner is at least 60 years old or is terminally or chronically ill.

Tags: Articles, Industry, Life Settlements
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Integrity Capital Partners Launches New Capital

Monday, January 11th, 2010

Integrityp.com is an exclusive service provider of life settlement and premium financing institutions adhering to wide range of work ethics and a commitment to excel.

Integrity Capital partners is a leading broker of the life settlements and other premium financing programs. We are one of the prominent members of Localization Industry Standards Association (LISA) and National Association of Insurance and Financial Advisors (NAIFA).

Our Principal Robert E. Finfer is the honorable producer of the trade association Million Dollar Round Table (MDRT). It extends in 32 states and extends to E&O coverage. With an excellent commitment to work ethics, it continues to have access to the best financial and institutional funding from United States and abroad.

We have a strong industry expertise that allows for the in depth analysis of any policies like the traditional life settlement, recourse and recourse premium financed policies, contestable policies, bridge financing on policies with the existing loans, rescue programs on policies facing the lapse status and the small face programs for clients having realistic expectations.

In addition to these services we have introduced a real worth program called as the “Term it around”. This program is targeted towards the insurance policy owners who are aged between 56 to 75 years; the policy in question needs to be over 2 years. The policy which is issued at a price less than the standard will not be entertained in the pricing model. The payouts of the policy will be around 1-3% of the face value of the policy.

The nature of our work will be basically performance of agency functions. Some of the distinct characteristics with our deal are as follows: We adhere strictly to the “No shop policy” i.e. we do not entertain any transactions that have been dealt by any brokers or intermediaries.

Out of our rich experience over 8 years we believe to the fact that dealing with complete transparency is the key for the production of best results.

Tags: Articles, Integrity Capital Partners, Life Insurance, Life Settlements, Premium Finance
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Robert Finfer quoted in The Washington Business Journal “Sources Say” Column

Monday, January 11th, 2010

What challenges have you had in getting financing in the past year?

“Financing continues to be challenging for our industry. While we saw a huge pullback during the last quarter of 2008 and in the first quarter of 2009, we are beginning to see cash come back into the market. The financing that is currently being offered and the terms at which we are being provided funds still need to come a long way to get back to the levels we saw in late 2007.”

— Robert Finfer, CEO, Integrity Capital Partners LLC and Integrity Settlement Group Inc.

“We haven’t needed growth capital recently, but certainly our banking relationship is ‘financing’ based. This relationship has remained positive, but that’s likely due to the fact we’ve had great success in managing our business around potential pitfalls by tightening our control of cash flow and boosting performance at all levels. Also, Spadac’s increased visibility as a leader in spatial analytics services and technologies has helped support this growth. We closed 2008 strong, our profits have continued to rise over the past three quarters, and we have strong expectations for 2009 and beyond.”

—Mark Dumas, CEO, Spadac Inc.

“We have not experienced any challenges getting financing, and I would say that there are two key reasons for this. First is past performance. We grew our top line significantly during the boom years (2006 and 2007), but unlike many companies that experience growth in sales, we did not sacrifice our bottom line. Similarly, we avoided both wasteful overhead spending and getting overleveraged during these same boom years. Instead, we hoarded cash. Second is a strong balance sheet. Our growth, coupled with conservative practices, has translated into a very strong balance sheet for our bankers to lend against.”

— Barry Lake, president, Rollins-PCI Construction Inc.

“Lately, financing has been tough. We thought we had a bulletproof business plan to get investors, but when we started talking to people it seemed as if everybody was burying their money in their backyard. We have had to scrape money out of wherever we could find it to keep our business afloat. We have not pursued bank financing as of yet.”

— Gregory Korthase, president, Etreev

“In executing an ‘alternative investment strategy,’ we’ve seen wonderful opportunities. With the cost of capital at all-time lows, we would love to finance as many opportunities as possible. The lending community is in disarray. Their margins have been all but eliminated, and it is coming to light that their financial reserves have been drastically understated. Yet the financial community says they want to issue good loans to good customers. We are learning how important it is that bankers understand our business, but it is equally important for us to illustrate how we as a client will be profitable for their business in the long term.”

— Craig Kendall, president, Financial Investments Inc.

Tags: Articles, Industry, Robert Finfer
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Life Settlement and Premium Finance Articles

Thursday, January 7th, 2010

• Longer Life Expectancies Spell Changes for Life Settlements (Agent’s Sales Journal December 2008)
• Cashing In: An Insurance Man Builds a Lively Business in Death (Wall Street Journal, 11/27/07)
• Top Insurance Brokers & Agents (Washington Business Journal, July/August 2007)
• Settling Premium-Finance Policies Can Be Thorny for Agents, Clients (National Underwriter, 06/25/07)
• Are Today’s Battles Déja Vu All Over Again (National Underwriter, 04/30/07)
• Late in Life, Finding a Bonanza in Life Insurance (New York Times, 12/17/06)
• Business Uses for Life Settlements (Life Insurance Selling, April 2004)
• Perspective: New Twist (Trusts & Estates, November 2003)

Tags: Articles, Life Insurance, Life Settlements, Premium Finance
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