Select Life Settlement Corporation Celebrates the New Year and First Anniversary in Business
(LongIsland.com, January 4, 2007)
The first thing you notice when you come to the offices of Select Life Settlement Corporation is how happy the employees are to see you. Warm greetings and kind words abound. Definitely no airs here.

Located in a former home at 291 Main Street, next to the old trolleys tracks in Northport village (last used in 1924), they have reason to celebrate on their first anniversary in business as Select Life Settlement Corporation has reached profitability. The life settlement firm brokers seniors' unwanted or unneeded life insurance policies. In this transaction known as a life settlement, a policyholder receives a sum often significantly higher than the surrender value. A secondary market of banks, insurance companies and hedge funds are now willing to pay for policies that qualify.

“Agents bring policies to us,” commented Co-Managing Director Steve Shorrock. “We send out for the medical information on the policyholder, package it up and send to approximately 15 providers.”

The providers then market to 60 investment groups in the secondary market. Select Life Settlement Corporation expects to successfully broker approximately 100 policies in 2007.

“Life settlements are an excellent exit strategy for those who don’t need their life insurance anymore,” Shorrock added. He mentioned that sellers could put that money toward living expenses, long-term care needs, the education needs of their grandchildren or to make a large tax-deductible donation to charity.

Shorrock was President of Bankers Life of New York from 1990 to 2003, a time in which sales skyrocketed from $2 million to $30 million annually. He resigned to become Chief Operating Officer of Improved Funding Techniques, then founded Select Life Settlement Corporation a year ago with longtime colleague Russel Dorsett.

Dorsett, also Co-Managing Director, has served as a senior executive for a number of major companies, including eight years as the Managing Director and CEO of AIA Australia, a licensed insurance company, and AIA Superannuation Company, an Approved Trustee for Australian Retirement Plans. Dorsett also had regional responsibility for AIG's life and A&H businesses in Australasia.

“We understand life insurance and life insurance products, having been responsible for designing and launching dozens of them through the years,” commented Dorsett. “We help agents and their clients develop a strategy for the life settlement, including an evaluation of investment and planning alternatives plus whether new life insurance is a viable option as well.”

(Key personnel in photo below, from left to right: Operations Director Liz Ramirez, Co-Managing Directors Russel Dorsett and Steve Shorrock, Marketing Director Randy Vogt.)