Abacus Life
| Company type | Public |
|---|---|
| Nasdaq: ABL | |
| Industry | Life settlement |
| Founded | 2004 |
| Headquarters | |
Key people | Jay Jackson (CEO)[1] |
| Website | abacuslife |
Abacus Life, Inc. is an American life settlement company that specializes in the origination and management of life insurance policies.[2][3] It is based in Orlando, Florida.[4][5]
The company operates by purchasing policies either from insured individuals or from firms that invest in active life insurance policies.[6][7] After acquiring these policies, Abacus Life either maintains ownership or sells them to investment firms.[6][7]
History[edit]
Abacus Life was founded in 2004.[6][8] Over the years, Abacus Life has accumulated policies with a combined face value of $2.9 billion.[9]
In 2017, Abacus Life expanded its operations by founding Longevity Market Assets, an affiliate that specializes in life settlement asset management.[6]
In 2023, Abacus Life merged with East Resources Acquisition Company, a special-purpose acquisition company (SPAC) from Boca Raton, Florida, for $618 million, and as a result, got listed on Nasdaq.[10][11] In the same year, Abacus Life established the Abacus Marketplace, an online platform designed to assist clients in managing the sale of their insurance policies.[12]
References[edit]
- ^ "Jay J Jackson, Abacus Life Inc: Profile and Biography". Bloomberg.com.
- ^ Span, Paula (October 13, 2017). "Wringing Cash From Life Insurance" – via NYTimes.com.
- ^ "ABACUS LIFE: OPTIONS FOR YOUR LIFE INSURANCE". issuu.
- ^ https://www.bloomberg.com/news/articles/2022-08-30/insurer-abacus-said-to-near-deal-with-buffalo-bills-owner-s-spac
- ^ "Abacus Life Inc - Company Profile and News". Bloomberg.com.
- ^ a b c d Bell, Allison. "Life Settlement Firm Hopes to Have Stock on Nasdaq by July". ThinkAdvisor.
- ^ a b "Drained of Cash, Buffalo Bills Owner's SPAC Closes in on a Deal".
- ^ Bell, Allison. "Abacus Life to Use Blockchain to Track Life and Annuity Details". ThinkAdvisor.
- ^ https://www.bizjournals.com/orlando/news/2023/07/03/terry-pegula-abacus-life-spac-merger.html
- ^ Bell, Allison. "Abacus Life Gets Onto Nasdaq". ThinkAdvisor.
- ^ Petro, Michael (June 30, 2023). "Despite loss of most investors, Pegula's East Resources still merging with life insurance asset manager". Buffalo News.
- ^ Bell, Allison. "Life Settlement Firms Wrestle for Your Clients' Policies". ThinkAdvisor.