ORLANDO, Fla. & BOCA RATON, Fla.–(BUSINESS WIRE)–Abacus Settlements, LLC and Longevity Market Assets, LLC, a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, today announced that Nicholas Sawuk has joined the Company as Managing Director.
Sawuk brings nearly 20 years of experience in financial services and life settlements and has worked for companies such as a European Life Settlement Fund with its own life settlement provider, as well as Cantor Fitzgerald on Cantor Insurance Group’s life settlement and insurance-linked securities desk in New York. Most recently, Sawuk served as the of Head of Sales at Life Policy Traders, Inc., providing strategic solutions to managed funds, pension plans and other institutional investors seeking to minimize volatility through alternative asset allocation. As Managing Director at Abacus, Sawuk will be responsible for investment fund formation, capital raising, institutional policy trading, and portfolio and policy due diligence.
“I am thrilled to welcome Nicholas to the Abacus team and believe his extensive expertise in the life settlements industry will be crucial to support and strengthen our vision and growth initiatives that are already underway,” said Abacus Life CEO Jay Jackson. “We are scaling our team to fulfill our growing needs and to allow Abacus to continue expanding our portfolio and remain a leader in the life settlements industry. We have increased our employee numbers by 43% in the last year to meet our current growth.”
Abacus Life has entered into a definitive merger agreement with East Resources Acquisition Corporation (NASDAQ: ERES) (“ERES”), a special purpose acquisition company, that will result in Abacus becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Abacus Life, Inc. and is expected to remain listed on Nasdaq under the new ticker symbol “ABAL.”
About Abacus
Abacus is a leading vertically integrated alternative asset manager specializing in life insurance products. 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 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 have been 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.
About East Resources Acquisition Company
East Resources Acquisition Company, led by Terrence (Terry) M. Pegula, is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in North America.
