Venture firm Anthem Management, part of Anthem Media Group family of companies, has purchased a significant interest in Kansas-based life settlement financial services business, Life Insurance Buyers (LIB).
The acquired business will be included in the newly formed Beacon Life Funds to expand the life settlement business.
Terms of the transaction were not disclosed.
Established in 1995, LIB offers terminally ill patients with guidance on the brokerage of viatical and life settlements.
Viatical settlements include the sale for cash of an existing life insurance policy for terminally or chronically ill individuals at a discount from its face value.
Anthem chief financial officer Ed Place said: "Through an equity investment in this industry, Anthem seized an opportunity to combine our unique capabilities with strong industry expertise in order to enable even more timely service and solutions for individuals in need.
"We believe that our marketing abilities and data analysis toolbox will be a game-changer in an industry that’s beginning to experience rapid growth."
According to recent Bloomberg Business Week article, the market for the sale of life insurance policies showed 20% growth in 2013.
Image: Anthem Management has bought a stake in Life Insurance Buyers. Photo: courtesy of cooldesign/ FreeDigitalPhotos.net.