Provident Capital Partners Announces Innovative Life Settlement Bond Issue

St. Legier, Switzerland, December 16, 2010 --(PR.com)-- Provident Life, a wholly owned subsidiary of Provident Capital Partners, L.P., has announced the issue of a new, innovative zero coupon mortality bond. The face amount of the bond is USD300 Million. The bond will be due in 2018 (8 year maturity) with an annual coupon of 7%. The bonds will be secured by the purchase and portfolio management of U.S. Senior Life Insurance Settlements, issued mainly by U.S. life insurance companies with a minimum A.M. Best rating of A+. Average life expectancies of the policies are expected not to exceed 96 months.

Theodore Petrara, Managing Partner and co-founder of Provident Capital Partners, said: “We are extremely pleased that we are able to bring this issue to market so soon after the peak of the global credit and liquidity crises. Further, the potential market size of the life settlements industry—estimated to be over $130 Billion, allows much greater opportunity to introduce novel ways to securitize this little known asset class. We are very proud of the hard work that went into this issue on the part of all at Provident, as well as the cooperation and unfailing creativity of our insurance and banking partners.”

Provident Capital Partners, LP is an institutional asset management firm and alternative investment manager based in the St-Légier, Switzerland. Provident Life Insurance Company is wholly owned by Provident Capital Partners.

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