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The firm said it has been seeking life settlements on policies valued at more than $100 million in face value this month and gets about five new cases from throughout the country each week. "With an in-depth knowledge of life insurance products, we know how to maximize their value as life settlements," the company said. Select Life Co-Managing Director Russel Dorsett was previously Chief Executive Officer of American International Assurance of Australia for nine years. Before that he worked for American International Group in Hong Kong and previously was Vice President for Marketing with Philadelphia Life. He also was a member of the White House Task Force on White Collar Productivity. Steve Shorrock, the other Co-Managing Director, was President/CEO of Bankers Life of New York from 1990 to 2003 and Chief Operating Officer of Improved Funding Techniques. "The original idea was to run a fund," Dorsett said. "We understand life insurance products real well. We both are products guys." "We began to work on the business plan. The limiting factor was policies to buy," he added. "There's a lot of money chasing fewer policies than people would like." Once they realized that, they decided to work on the broker side of the business to obtain policies for the secondary market. "We have an e-mail list. Most of the business comes from relationships we have," Dorsett said. "We do e-mail blasts regularly." As to whether former colleagues were surprised see him and Shorrock get into life settlements, Dorsett said, "I'm sure there are those in the industry who think we've gone to the dark side." But he said having contacts in the industry and understanding life insurance has paid off. While he believes insurance agents are aware of the life settlement business, Dorsett said "they don't know where the providers are and how to value policies. They need help."
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