Coventry First, a Philadelphia-based insurance policy purchaser, announced the creation of a new business unit to locate and purchase existing life settlement and corporate-owned life insurance pools. The unit will initially target existing pools of life insurance policies that were created over the past several years by different life settlement providers and investment groups.

"We estimate there is more than $2 billion currently invested in existing life settlement and corporate-owned life insurance pools that will become available on the secondary market," said Coventry First CEO Alan Buerger.

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