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Article: Insurance sector shows signs of life.
- Article from:
- Asset Securitization Report
- Article date:
- August 23, 2004
- Author:
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Market sources report that Nomura Securities is structuring its first term offering backed by life settlements, although it is unclear when the transaction might be completed.
Nomura has been warehousing life settlements, market sources said, and the deal is thought to be structured similarly to the $70 million Legacy Benefits Corp. offering which priced via Merrill Lynch in March. Bankers at Nomura declined to comment.
The Legacy deal was made up primarily of senior settlements with a smattering of annuities mixed in, and is the only transaction successfully securitizing such a pool, ratings analysts said. Moody's Investors Service provided the sole ...