MAPLE PARTNERS EXPANDS ITS FINANCIAL PRODUCTS BUSINESS BY ACQUIRING MAJORITY INTEREST IN US SPECIALTY FINANCE COMPANY
TORONTO, Canada January 28, 2002 Maple Partners Financial Group, Inc. (“Maple Partners”), a Canadian-based global financial services company, announced today the acquisition of a majority interest in Stone Street Financial, Inc. (“Stone Street”) of Bethesda, Md.
Stone Street is a privately held specialty finance company that deals with products designed to meet the needs of senior citizens. It engages primarily in life settlements, which are purchases of life insurance policies owned by those 65 and over who no longer need or want their policies.
The acquisition will enable Maple Partners to enter the rapidly growing life settlement business,” according to David Roffey, President and Chief Executive Officer of Maple Partners. He added, "it will further Maple Partner’s distinctive business model which enables it to offer financial institutions, corporation and individuals customized products.”
“More than 20% of outstanding life insurance policies on individuals age 65 or older have a fair market value greater than their cash surrender value, and it is very likely that billions of dollars of such transactions will take place during the next few years,” said Larry Brown, President and Co-CEO of Stone Street. “We are very excited that we will now be joining forces with the abundant human and financial resources of Maple Partners. Together, we will be able to take full advantage of this unique market opportunity.”
Lee Jundanian, Co-CEO of Stone Street, explained that many senior citizens are now less concerned about maintaining their old life insurance policies than they are about paying for long-term health insurance, generating immediate income by purchasing an annuity, or selling their business and retiring with no longer needed key man insurance. Mr. Jundanian noted that “a life settlement allows them to unlock the value that may be trapped in the policy. The proceeds from the sale can be used for any purpose.’
“We are confident that this new product will create a whole new group of financial options for senior citizens. Maple Partners is very optimistic about the ability we now have to provide those options,” added Mr. Roffey. “The selling of a life insurance policy may eventually become as common a financial choice for citizens as is the decision to pay off a mortgage or to move funds from stocks into bonds.”
Maple Partners provides a range of banking, securities and trust services to financial institutions, corporations, and individuals located in North America and Europe. Its principal operating subsidiary, Maple Partners Bankhaus GmbH, is a German bank regulated by the German Federal Banking Supervisory Agency.
Maple Partners’ principal shareholders are Ontario Teachers’ Pension Plan Board, First Marathon Inc., Sax Finance, and its own management.
Through its subsidiaries, Maple Partners is regulated by the German Federal Banking Supervisory Agency, the Office of the Superintendent of Financial Institutions, the Investment Dealers Association of Canada, the Financial Services Authority and the National Association of Securities Dealers, and is a member of the Frankfurt Stock Exchange, the Toronto Stock Exchange, the Toronto Futures Exchange, the London Stock Exchange, the Chicago Board Options Exchange, the German Federal Banking Association, the Canadian Investor Protection Fund and the Canada Deposit Insurance Corporation.
Needs change. Discover why many seniors are selling their unneeded or unwanted life insurance policies for cash.