Highlights Industry Leading Pricing
Abacus Settlements, LLC (d/b/a Abacus Life) and Longevity Market
Assets, LLC (together “Abacus”) is a leading buyer of life
insurance policies and a vertically integrated alternative asset
manager specializing in specialty insurance products. The Deal
recently featured Abacus by highlighting its transparent and
competitive pricing, as well as recent management hires Cassie
Schaelling, Efi Laina and Courtney Pezzopane. The full article can
be viewed here: The Deal Reports That Abacus Promotes Trio To
Head Consumer Business - Abacus Life Settlements
“[Abacus Life CEO Jay Jackson] pointed out that Abacus’s average
amount paid per face value was 22.5% in 2021, compared to 16.7% by
rival Coventry First LLC. Overall, the average paid per face in the
market came in at 18.35%. The percent paid per face was reported in
the annual market volume story in June by The Life Settlements
Report.”
Prospective clients interested in selling their life insurance
policies to Abacus Life can earn significantly more than the rates
provided by their competition. As a result, Abacus has purchased an
industry-leading ~$1.3 billion (face value of policies) from
2019-2022.
As previously announced on August 30, 2022, Abacus Life has
entered into a definitive business combination agreement with East
Resources Acquisition Company (NASDAQ: ERES), a special purpose
acquisition company, that is expected to result in Abacus Life
becoming a publicly listed company. Completion of the business
combination is subject to customary closing conditions.
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 19 years, the company has built an
institutionalized origination and portfolio management process that
is supported by a 78-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.
www.Abacuslife.com
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.
Forward-Looking Statements This communication contains
certain forward-looking statements within the meaning of the
federal securities laws with respect to the transaction, including
statements regarding the anticipated benefits of the transaction,
the anticipated timing of the transaction, the future financial
condition and performance of Abacus and expected financial impacts
of the transaction (including future revenue and pro forma
enterprise value) and the platform and markets and expected future
growth and market opportunities of Abacus. These forward-looking
statements generally are identified by the words “believe,”
“predict,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “scales,” “representative of,” “valuation,”
“potential,” “opportunity,” “plan,” “may,” “should,” “will,”
“would,” “will be,” “will continue,” “will likely result,” and
similar expressions or the negatives of these terms or variations
of them. Forward-looking statements are predictions, projections
and other statements about future events that are based on current
expectations and assumptions and, as a result, are inherently
subject to risks and uncertainties. These forward‐looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. Actual events and circumstances are beyond
ERES’s or Abacus’ control, are difficult or impossible to predict
and may differ from assumptions. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this communication, including but not limited to: (i)
the risk that the transaction may not be completed in a timely
manner or at all, which may adversely affect the price of ERES’s
securities, (ii) the risk that the transaction may not be completed
by ERES’s business combination deadline and the potential failure
to obtain an extension of the business combination deadline if
sought by ERES, (iii) the failure to satisfy the conditions to the
consummation of the transaction, including the requisite approvals
of ERES’s stockholders and Abacus’ owners, the satisfaction of the
minimum aggregate transaction proceeds amount following any
redemptions by ERES’s public stockholders and the receipt of
certain governmental and regulatory approvals, (iv) the lack of a
third party valuation in determining whether or not to pursue the
transaction, (v) the occurrence of any event, change or other
circumstance that could give rise to the termination of the merger
agreement relating to the transaction, (vi) the effect of the
announcement or pendency of the transaction on Abacus’ business or
employee relationships, operating results and business generally,
(vii) the risk that the transaction disrupts current plans and
operations of Abacus, (viii) the risk of difficulties in retaining
employees of Abacus as a result of the transaction, (ix) the
outcome of any legal proceedings that may be instituted against
Abacus or against ERES related to the merger agreement or the
transaction, (x) the ability to maintain the listing of ERES’s
securities on a national securities exchange, (xi) changes in the
competitive industries in which Abacus operate, variations in
operating performance across competitors, changes in laws and
regulations affecting Abacus’ business and changes in the combined
capital structure, (xii) the ability to implement business plans,
forecasts, and other expectations after the completion of the
transaction, and the ability to identify and realize additional
opportunities, (xiii) risks related to the uncertainty of Abacus’
projected financial information, (xiv) current and future
conditions in the global economy, including as a result of the
impact of the COVID-19 pandemic, (xv) the risk that demand for
Abacus’ life settlement and related offerings does not grow as
expected, (xvi) the ability of Abacus to retain existing customers
and attract new customers, (xvii) the potential inability of Abacus
to manage growth effectively, (xviii) the potential inability of
Abacus to grow its market share of the life settlement industry or
to achieve efficiencies regarding its operating model or other
costs, (xix) negative trends in the life settlement industry
impacting the value of life settlements, including increases to the
premium costs of life insurance policies, increased longevity of
insureds, and errors in the methodology and assumptions of life
expectancy reports, (xx) legal challenges by insurers relating to
the validity of the origination or assignment of certain life
settlements, (xxi) the enforceability of Abacus’ intellectual
property rights, including its trademarks and trade secrets, and
the potential infringement on the intellectual property rights of
others, (xxii)Abacus’ dependence on senior management and other key
employees, (xxiii) the risk of downturns and a changing regulatory
landscape in the industry in which Abacus operates, and (xxiv)
costs related to the transaction and the failure to realize
anticipated benefits of the transaction or to realize estimated pro
forma results and underlying assumptions, including with respect to
estimated stockholder redemptions. The foregoing list of factors is
not exhaustive.
Nothing in this communication should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should carefully consider the foregoing factors and the other risks
and uncertainties which will be more fully described in the “Risk
Factors” section of the proxy statement discussed below and other
documents filed by ERES from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers of this communication are cautioned not to put undue
reliance on forward-looking statements, and Abacus and ERES assume
no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither Abacus nor ERES gives any
assurance that any of Abacus or ERES, or the combined company, will
achieve expectations.
Additional Information About the Proposed Transaction and
Where to Find It This communication relates to the proposed
transaction between ERES and Abacus. In connection with the
proposed transaction, ERES has filed with the SEC a preliminary
proxy statement on Schedule 14A (the “proxy statement”). ERES will
also file other documents regarding the transaction with the SEC.
Before making any voting decision, investors, security holders and
other interested persons of ERES and Abacus are urged to read the
proxy statement (including all amendments and supplements thereto),
which is currently available, and all other relevant documents
filed or that will be filed with the SEC in connection with the
transaction as they become available because they will contain
important information about the transaction. Investors, security
holders and other interested persons will be able to obtain free
copies of the proxy statement and all other relevant documents
filed or that will be filed with the SEC by ERES through the
website maintained by the SEC at www.sec.gov. The documents filed
by ERES with the SEC also may be obtained free of charge upon
written request to ERES at 7777 NW Beacon Square Boulevard, Boca
Raton, Florida.
Participants in the Solicitation ERES, Abacus and their
respective directors and executive officers may be deemed to be
participants in the solicitation of proxies from ERES stockholders
in connection with the transaction. A list of the names of such
directors and executive officers and information regarding their
interests in the transaction are or will be contained in the proxy
statement. You can find more information about ERES’s directors and
executive officers in ERES’s Annual Report on Form 10-K for the
year ended December 31, 2021, which ERES filed with the SEC on June
22, 2022. You may obtain free copies of these documents as
described in the preceding paragraph.
No Offer or Solicitation This communication does not
constitute an offer to sell or exchange, or the solicitation of an
offer to buy or exchange any securities, or a solicitation of any
vote or approval, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation, sale, or exchange
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of section 10 of the Securities Act, or an exemption
therefrom.
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version on businesswire.com: https://www.businesswire.com/news/home/20230321005899/en/
East Resources Acquisition Company Investor Contact: Kelly
Seward info@eastresources.com
Abacus Life Investor Relations investors@abacuslife.com
Abacus Life Public Relations press@abacuslife.com
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