Chairman and co-founder of Coventry recognized as the creator of the secondary market for life insurance
FORT WASHINGTON, Pa., March 23, 2021 /PRNewswire/ — The Life Insurance Settlement Association (LISA), the nation’s oldest and largest organization representing participants in the life settlement industry, has awarded Alan H. Buerger, Chairman and co-founder of Coventry, with the inaugural LISA Industry Leadership Award.
Under Buerger’s leadership, Coventry created a secondary market for life insurance, led efforts to pass sensible regulation, and transformed the industry by giving consumers the opportunity to sell their unneeded insurance policies in a free market environment. This work enabled the life settlement industry to be born, expanding the power, value, and flexibility of life insurance for policyowners.
By uniquely bridging insurance and capital markets, Buerger opened up a new class of alternative assets for institutional investors worldwide, providing an investment opportunity that is largely uncorrelated with other asset classes. For ten years, he served as the voice of the industry, first as Chair of the LISA board of directors and later as a board member.
“Recognizing the intrinsic value of life insurance as an asset has enabled our industry to unlock billions in value for policyowners. The years he spent personally traveling across the U.S. meeting with federal and state regulators, investors and advocacy groups helped create the robust protections that exist for life insurance policyowners today. The LISA Board unanimously agrees that there is no better fit for this award,” said Steven Shapiro, LISA’s Chair.
LISA’s Industry Leadership Award was created to acknowledge and honor an industry leader who has made significant contributions to support the development and growth of LISA and the life settlement marketplace. Award applicants are ranked based upon execution, accomplishments, innovation, breadth of service, organizational focus on commercial growth, and recognition by peers and industry participants as a common voice for the life settlement industry.
The Life Insurance Settlement Association (LISA) is the nation’s oldest and largest organization representing participants in the life settlement industry, with a current membership of more than 65 companies doing business in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. LISA’s mission is to promote the development, integrity and reputation of the life settlement industry, to advance the highest standards of practice and professional development for the industry, and to educate consumers and advisors about a life settlement as an alternative to lapse or surrender of a life insurance policy.
Coventry created the secondary market for life insurance, coining the term “life settlement” to describe the transaction that enables policyowners to sell their unneeded life insurance policies. For more than 20 years, Coventry has been the life settlement market leader, driving the industry forward and expanding opportunities for policyowners. Since its founding, Coventry has completed more than $40 billion in longevity-linked transactions. To learn more about Coventry, please visit www.coventry.com.
The Bliss Group