ORLANDO, Fla., May 5, 2015 (GLOBE NEWSWIRE) -- The Life Insurance Settlement Association (LISA), the nation's oldest and largest organization representing participants in the life settlement Industry, today announced the election of Cynthia Poveda as the new chairman of LISA.
Poveda's appointment was announced this morning at LISA's 21st Annual Spring Life Settlement Conference, which was held May 3-5, 2015, at the Hyatt Regency Boston.
"I'm honored by the confidence that my peers in the life settlement industry have shown in me and excited about the opportunity to lead the association at an important time," said Poveda, chief executive officer of Life Equity, LLC. "The life settlements business has bounced back from a severe downturn in 2008-2010 and we're now starting to thrive again. My vision for the year ahead is to continue our focus on raising consumer awareness about the life settlement option and to provide opportunities for LISA members and industry participants to invest in our future growth."
Based on the outcome of a membership vote held at the LISA conference, the following individuals were elected to new terms on the board:
| Jim Maxson, partner at Culhane Meadows, PLLC |
| Cynthia Poveda, chief executive officer of Life Equity, LLC |
| Sheri Townsend, chief operating officer of Asset Servicing Group |
| John Welcom, president and chief executive officer of Welcome Funds, Inc. |
| Dan Young, president of Magna Life Settlements |
These new directors join the other four board members still serving active terms:
| Alan Buerger, chief executive officer of Coventry |
| Michael Freedman, president of GWG Holdings, Inc. |
| Vince Granieri, chief executive officer of Predictive Resources, LLC |
| Phil Loy, president of AVS Group |
The full slate of LISA board members also elected new officers. In addition to Poveda's election as chair, Freedman was appointed to serve as vice chair, Loy was appointed as treasurer and Maxson was selected as secretary.
"Cyndi is a dynamic leader in our industry and I look forward to working closely with her and our other board members in the years ahead as we accelerate our efforts to raise awareness among American seniors of the life settlement option," said Darwin Bayston, president and chief executive officer of LISA.
A life settlement is the sale of a person's life insurance policy to a third-party investor. In a life settlement, the policy's owner transfers the ownership of that policy in exchange for an immediate cash payment from the buyer. Candidates for life settlements are typically 70 or older, with a life insurance policy that has a "face value" (death benefit) of more than $100,000.
About the Life Insurance Settlement Association
The Life Insurance Settlement Association (LISA) is the nation's oldest and largest organization representing participants in the life settlement Industry, with a current membership of more than 90 companies doing business in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. The mission of LISA is to promote the development, integrity and reputation of the life settlement industry, to advance the highest standards of practice and professional development for the industry, and to educate consumers and advisors about a life settlement as an alternative to lapse or surrender of a life insurance policy. For more information, visit www.lisa.org.