FORT WASHINGTON, Pa., Jan. 4 /PRNewswire/ -- Coventry said today that the U.S. Bankruptcy Court for the Southern District of New York approved an agreement between the Company and Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. I and II for the resolution of outstanding issues related to life settlement policies previously purchased by Ritchie. The Ritchie companies declared bankruptcy in June 2007.
"I am pleased the agreement includes significant safeguards to make certain the insureds' identities remain confidential," said Alan H. Buerger, Coventry's Chief Executive Officer. "As the leader and creator of the secondary market for life insurance, Coventry has been at the forefront of seeking privacy protections for the insureds. From my point of view, having this issue dealt with in a responsible way by the parties was of paramount importance."
As part of the agreement, Ritchie will pay Coventry $10 million and the parties agreed to mutual releases of all claims against one another in the bankruptcy litigation. U.S. Bankruptcy Judge Burton Lifland approved the agreement at a hearing yesterday in Manhattan.
Coventry (http://www.coventry.com) bridges insurance and capital markets to create groundbreaking products for the financial services industry. The company is the leader in the secondary market for life insurance and pioneered the resulting life settlement industry. Fueled by bold ideas, impeccable standards and a deep understanding of structured finance and life insurance, Coventry has ignited a transformation by opening new opportunities for investors, consumers and the financial professionals who serve them. Based in Fort Washington, PA, Coventry was the first secondary market company to ever receive Standard & Poor's highest Servicer ranking in 2004 and 2006 and was ranked #1 in the insurance category of the INC. 500 listing of the fastest growing privately held companies in America.
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