Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a
leading buyer of life insurance policies and alternative asset
manager specializing in specialty insurance products, today
announced that Seth Miller has been appointed as Chief Revenue
Officer to continue to drive relationships with life insurance
carriers and wealth management institutions.
Miller brings 25 years of leadership experience in financial
services distribution and manufacturing and previously served in
senior roles for World Financial Group (a Transamerica company),
including leading its US business. Prior to his role at World
Financial Group, Miller served as Chief Executive Officer of
Transamerica Financial Advisors as well as a number of other
leadership roles for Transamerica. As Chief Revenue Officer at
Abacus, Miller will focus on relationship-building with the goal of
partnering with insurance carriers and institutions and driving
awareness of Abacus’ offerings.
“We’re excited to welcome Seth to the Abacus team and believe
this marks an important step in bridging the gap between the life
settlement industry, insurance carriers and wealth management
institutions,” said Abacus CEO Jay Jackson. “Abacus continues to
maintain positive relationships with life insurance carriers and
our goal is to continue collaborating and expanding on these
relationships with the help of Seth.”
“This is an exciting time to be joining Abacus,” said Miller.
“Abacus fills a unique need for financially savvy consumers as well
as meeting a growing demand from larger institutions. With the
foundation of an experienced leadership team and a successful track
record of almost 20 years, Abacus leads the way as the only public
company of its kind. I look forward to sharing this compelling
message with many in our industry.”
About Abacus
Abacus is a leading originator and asset manager specializing in
longevity and actuarial technology that is democratizing the life
insurance space through groundbreaking AI development and an
industry first blockchain solution. Since 2004, the Company has
purchased life insurance policies from consumers seeking liquidity
and has actively managed those policies over time (via trading,
holding, and/or servicing). With over $2.9 billion in face value of
policies purchased, Abacus has helped thousands of clients maximize
the value of their life insurance.
Over the past 18 years, the Company has built an
institutionalized origination and portfolio management process that
is supported by an 83-person team, long-term relationships with 78
institutional partners and 30,000 financial advisors, and the
ability to operate in 49 states. The Company has serviced
approximately $950 million in policies and has managed assets for
large asset managers and third-party investment funds.
Abacus’ leadership team averages 20+ years of experience and
consists of innovators since the life settlements industry’s
inception in the mid-90s.
The Company is a proud member of the Life Insurance Settlements
Association (LISA) and complies with HIPAA and privacy laws to
maintain and protect confidentiality of financial, health, and
medical information. Abacus is also proud to be a BBB Accredited
Business with an A+ rating.
www.Abacuslife.com
Forward-Looking Statements
This communication contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the transaction, including statements regarding the anticipated
benefits of the transaction, the future financial condition and
performance of Abacus and expected financial impacts of the
transaction (including future revenue and pro forma enterprise
value) and the platform and markets and expected future growth and
market opportunities of Abacus. These forward-looking statements
generally are identified by the words “believe,” “predict,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “scales,” “representative of,” “valuation,”
“potential,” “opportunity,” “plan,” “may,” “should,” “will,”
“would,” “will be,” “will continue,” “will likely result,” and
similar expressions or the negatives of these terms or variations
of them. Forward-looking statements are predictions, projections
and other statements about future events that are based on current
expectations and assumptions and, as a result, are inherently
subject to risks and uncertainties. These forward‐looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. Actual events and circumstances are beyond
ERES’s or Abacus’s control, are difficult or impossible to predict
and may differ from assumptions. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this communication, including but not limited to: (i)
the risk that the transaction disrupts current plans and operations
of Abacus, (ii) the risk of difficulties in retaining employees of
Abacus as a result of the transaction, (ix) the outcome of any
legal proceedings that may be instituted against Abacus or against
ERES related to the merger agreement or the transaction, (iii)
changes in the competitive industries in which Abacus operate,
variations in operating performance across competitors, changes in
laws and regulations affecting Abacus’s business and changes in the
combined capital structure, (iv) the ability to implement business
plans, forecasts, and other expectations after the completion of
the transaction, and the ability to identify and realize additional
opportunities, (v) risks related to the uncertainty of Abacus’s
projected financial information, (vi) current and future conditions
in the global economy, including as a result of the impact of the
COVID-19 pandemic, (vi) the risk that demand for Abacus’s life
settlement and related offerings does not grow as expected, (vii)
the ability of Abacus to retain existing customers and attract new
customers, (viii) the potential inability of Abacus to manage
growth effectively, (ix) the potential inability of Abacus to grow
its market share of the life settlement industry or to achieve
efficiencies regarding its operating model or other costs, (x)
negative trends in the life settlement industry impacting the value
of life settlements, including increases to the premium costs of
life insurance policies, increased longevity of insureds, and
errors in the methodology and assumptions of life expectancy
reports, (xi) legal challenges by insurers relating to the validity
of the origination or assignment of certain life settlements, (xii)
the enforceability of Abacus’s intellectual property rights,
including its trademarks and trade secrets, and the potential
infringement on the intellectual property rights of others, (xiii)
Abacus’s dependence on senior management and other key employees,
(xiv) the risk of downturns and a changing regulatory landscape in
the industry in which Abacus operates, and (xv) costs related to
the transaction and the failure to realize anticipated benefits of
the transaction or to realize estimated pro forma results and
underlying assumptions, including with respect to estimated
stockholder redemptions. The foregoing list of factors is not
exhaustive.
Nothing in this communication should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should carefully consider the foregoing factors and the other risks
and uncertainties which will be more fully described in the
documents filed by ERES and Abacus from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers of this communication are cautioned not to put undue
reliance on forward-looking statements, and Abacus and ERES assume
no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither Abacus nor ERES gives any
assurance that any of Abacus or ERES, or the combined company, will
achieve expectations.
Contacts:
Abacus Life Investor Relations
investors@abacuslife.com
Abacus Life Public Relations
press@abacuslife.com
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