The Minneapolis-based company, which is among the leaders in the secondary life insurance market, has announced that its portfolio of life insurance policies has now broken the $1 billion threshold.
According to a company release, the achievement comes in part because it is leading innovation in the sector with one recent example being its Appointed Agent program, which allows professionals to easily help their clients access the value of their policies via the secondary market.
“The diversification of our policy origination platform has resulted in a significant increase in the number of policies received and purchased directly through our Appointed Agents,” said Michael Freedman, GWG’s President.
Currently the program accounts for 23 per cent of the total pipeline of life insurance policies under the company’s review – and also makes up 13 per cent of all policies purchased during the first quarter of the year. Overall, the company brought in 75 new life insurance policies during the first quarter of the year with a face value of $102 million.
There is a new billion-dollar player in the life insurance industry – in the form of GWG Holdings Inc.