MAPLE LIFE FINANCIAL AND CANTOR FITZGERALD ESTABLISH MLF LEXSERV
BETHESDA, MD, February 16, 2007—Maple Life Financial and Cantor Fitzgerald announce the establishment of MLF LexServ, an advanced life settlement servicing company.
The first of its kind, MLF LexServ offers turnkey life settlement servicing for institutional investors. Uniquely positioned in an asset class project to be worth $161 billion (gross life insurance face amount purchased), MLF LexServ provides value and expertise to an often overlooked, but vital market component called servicing.
Mario Coniglio, vice president of servicing and information technology for MLF LexServ explains saying, “Life settlement servicing is the analyzing, processing, remitting, and validating services for portfolio assets; important and necessary tasks that pertain to the sale of a life insurance policy. Many involved with the industry focus on policy origination and few if any have the experience, technical expertise, or infrastructure to provide such services.”
In addition to supporting institutional investors, MLF LexServ will also play a critical role in Cantor Fitzgerald’s revolutionary new online life settlement auction platform, called LexNet.
Mirrored after their successful inter-dealer US Treasuries trading system, now serving over 4,000 financial institutions worldwide and generating over $50 Trillion annually in transactions, LexNet is a new stage in the evolution of the life settlement industry. It offers an online marketplace dedicated to enabling the trading of life settlements in a secure environment that is fair to all participants, achieves maximum economic benefits for buyers and sellers, and ensures that all transactions are settled efficiently.
“The life settlement market is rapidly changing,” says Maple Life Financial’s president and chief executive officer, Nate Evans, “the leap forward taken by LexNet will transform how the industry utilizes technology to maximize efficiencies, and will open new doors for an even greater number of buyers and sellers looking to realize the many opportunities offered by the secondary life insurance market.”
MLF LexServ fully supports the technical infrastructure of LexNet by leveraging its industry experience and expertise, and providing comprehensive and integrated processing, closing, and servicing functions.
“MLF LexServ is a vital component to the success of our new offering,” says Stuart Fraser, vice chairman for Cantor Fitzgerald, “not only because of the valuable service they provide, but also due to their the expertise, high standards, customer service, and sound business practices, all of which match our core values and commitment to providing innovative financial services.”
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