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December 17, 2004

Coventry First to Acquire Existing Pools of Life Insurance Policies

Coventry First, the leader and creator of the secondary market for life insurance, announced today that it has created a new business unit to locate and purchase existing life settlement and corporate owned life insurance pools.

The unit will initially target existing pools of life insurance policies that were created over the past several years by different life settlement providers and investment groups. Many such pools are available either due to a change in investors' objectives or due to investor discomfort with the actual cash flows versus expected cash flows.

"Life settlements are outstanding investments, but just as someone's need for insurance changes over time, the objectives of corporations and investors change over time," said Alan Buerger, CEO of Coventry First. "We estimate there is more than $2 billion currently invested in existing life settlement and corporate owned life insurance pools that will become available on the secondary market.

"The resale of policies that have been previously acquired by investors is expected to increase as the secondary market grows. As the creator of the secondary market and the largest company serving the market, the acquisition of existing pools of policies is a logical next step both for Coventry First and the market."

About Coventry First

Coventry First (www.coventryfirst.com) bridges insurance and capital markets to provide consumers with unprecedented financial opportunities. The company created the secondary market for life insurance and pioneered the resulting life settlement industry. Fueled by bold ideas, a deep understanding of life insurance, and impeccable standards, Coventry First continues to lead the market by opening new opportunities for consumers and the financial professionals who serve them. Headquartered in Philadelphia, Coventry First has received Standard & Poor's highest ranking as a consumer finance servicer of life settlements, the only secondary market firm ever ranked.

Posted by Tom Troceen