Structured Settlements 4Real: What's Real News in the Structured Settlements, Settlement Planning, Consulting and Lawsuit Recovery Space?

Transamerica Life upgraded to A Plus (Superior) by A.M. Best

In a gratifying and continued sign that the insurance industry financial strength is improving, A.M. Best has UPGRADED  Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company to "A+" from "A". Here are the companies current ratings, as of June 29, 2010. Transamerica is part of the AEGON group of companies.

Agency	Rating	Description
A.M. Best	A+	Superior
Standard & Poor's	AA-	Very Strong
Moody's	A1	Good
Fitch	AA	Very Strong

Transamerica Life formerly issued structured annuities under subsidiaries which have merged into it.

If you have a structured annuity from Transamerica Life Insurance Company, or insurers merged into it (such as Transamerica Occidental Life Insurance Company or Transamerica Life and Annuity), please click below for 4structures.com, LLC's comprehensive list of customer service phone numbers.

Structured Settlement Service Phone Numbers For Current and Former Structured Annuity Companies

Structured Settlement Payment Rights: Buy Them HELP Tort Victims!

Way back my Northwestern Mutual general agent, Gerald N. Gilberg used to say that "you can't sell what you don't own", the rationale being that it's easier to ask for the premium on $1,000,000 of life insurance* if you own it yourself. While a certain amount of this was self serving, in it enabled Gilberg to build a significant annuity off each new recruiting class, the theory actually represented some sage advice. Yet in the structured settlement industry we can't sample any of the product we sell, OR CAN'T WE?

I'd love to be a fly on the wall when a few industry old timers read this, but we CAN sample our own product through the ethical players in the secondary market. I opine that by "by doing so" you can do your part to :

1. Help tort victims, annuitants and lottery winners get a much much better deal, IF the situation warrants, than they might get through the big advertisers; and
2. Act as a catalyst to drive down discount rates and provide a direct threat to opportunists in the factoring industry who "lie in wait" for the unsophisticated, the ignorant, the lazy, who do not know how to shop, to apply the "bite wound" of 18% discount rates on their necks, when much better deals are available;
3. Give your own retirement plans and those of attorneys you know a solid alternative;
4. Help grow the market by being able to show in a tangible way that you personally have confidence in the product and/or company. If someone has concerns over the "A" rating of the company with competitive rates,  would it not be a confidence builder to be able to say that you believe in the proposed company to such an extent that you own structured settlement payment rights yourself? 

At this point it is generally accepted that factoring is sometimes necessary due to lack of available financing alternatives. Those who think otherwise are kidding themselves. An estimate based on JG Wentworth's bankruptcy filing last year and its April 2010 securitization press release implies that less than 5% of all structures are factored.  Why not seek to help some of the less than 5%?

The trade associations and members have spent years concerned about primarily two things:

1. Abusive advertising

2. Abusive discount rates

   As Thornton Melon (left) once said in a commencement speech "Got to look out for number 1, but don't step in number 2". 

How about it? Let's help these folks to NOT STEP in "number 2"!

* in the days when $1,000,000 life insurance was considered a large number

Good Riddance, SmithBucklin Association Management!

Earlier today, National Structured Settlement Trade Association President Mike Kelly sent an email to members of the association reminding them that as of tomorrow SmithBucklin is no longer NSSTA’s management company.  Good riddance!  Echoing my June 3, 2010 blog post, in my opinion, to call SmithBucklin’s performance as NSSTA’s management company a disaster for NSSTA would be the understatement of the year.  

As readers of this blog know, I tackle tough issues.  I expect feedback to be mixed.  Some NSSTA members support my views.  Others strongly oppose them.  Fair enough. But earlier this month, after the aforementioned blog post about problems SmithBucklin has caused NSSTA, the response was unanimous.  NOT A SINGLE NSSTA MEMBER wrote (or called) me to support SmithBucklin.

I heard a lot of feedback and every communication applauded my criticism of SmithBucklin.  Most of the feedback went further, anecdotes of  phone messages not returned, CE credits not submitted, and other purportedly questionable behavior to officers and members of our association.

NSSTA members deserve a management company that meets basic professional standards. It’s certainly not too much to ask that phone messages be returned to officers and members!  I admit it's a low bar, but  we weren't looking for limbo rockers. 

In honor of the SmithBucklin NSSTA "quagmire", Glenn leads the sendoff.

see ya later sound bite  Glenn Quagmire sound bites

30 Year Treasury Gets Stuffed By Secondary Market Structured Settlement

TODAY

30 Year Treasury Yield 3.93%

In force structured annuity approximately same time period 7% 

Structured settlement payments rights backed by  a S&P AA- rated company no longer writing structured settlements in the primary market.

Settlement Planning Oriented Websites Dominate Settlement Industry Traffic Ranking-July 2010

Which legitimate structured settlement industry websites are getting the most Internet traffic?

Three Month Trailing Top 10 Global Traffic Rank (Alexa Rank as of 06/29/2010) of Structured Settlement and Settlement Planning Industry websites* (+ or- traffic from 05/31/2010 report). Lower number is better (e.g. Google.com is ranked 1 in the overall scheme)

1. Structured Settlements 4Real Blog (John Darer) 464,997+
2. Speaking of Settlements (LBN Social Network) 550,995-
3. 4structures.com, LLC 586,956-
4. Beyond Structured Settlements Blog (Pat Hindert) 917,450+
5. National Structured Settlements Trade Association (NSSTA) 1,335,081-
6. Structured Settlement Services, LLC  1,694,343+
7. Ringler Associates, Inc.1,905,358+
8. Settlement Professionals-Oregon 2,350,061- 
9. Delta Settlements 2,848,809+
10. Society of Settlement Planners 3,345,210+

Three Month Trailing Top 10 USA Traffic Rank (Alexa Rank as of 06/29/2010) of Structured Settlement and Settlement Planning Industry websites*.

1. Structured Settlements 4Real Blog (John Darer authored structured settlement blog) 95,787+
2. Speaking of Settlements (LBN Social Network) 131,331-
3. 4structures.com, LLC 158,485+
4. Beyond Structured Settlements Blog (Pat Hindert blog) 226,345-
5. Structured Settlement Services, LLC 495,400+
6. Ringler Associates 502,912+
7. National Structured Settlements Trade Association 540,946-
8. Society of Settlement Planners 845,457
9. Settlement Professionals 867,246+
10. Delta Settlements 1,280,422

The 3 month data is used as it  is a measure of consistency. The USA data is meaningful because it is the country in which the predominant number of structured settlements are written. Who is reaching those prospects and clients on the Internet?

This survey omitted from the search results any websites with ISPs that do not differentiate between them and the ISP itself.  It is worth noting that the leading web sites are dominated by those whose creators, individually or as entities, employ a settlement planning approach to their business.

FAST FACT: A survey published in June 2009 found that 38% of those asked consider the Internet the most reliable source of news. The survey results further state that 56% of adults nationwide would pick the Internet if they were allowed just one source for their news. Source: Zogby, World Net Daily 6/17/2009

Structured settlement website traffic survey covers only USA websites on the creation side of structured settlements. Eligibles including professional or associate members of the National Structured Settlement Trade Association (NSSTA) or Society of Settlement Planners, Inc. (whether individuals or firms), the association websites and alternative structured settlement periodic payment providers. 

ONGOING SURVEY OF STRUCTURED SETTLEMENT WEBSITE TRAFFIC STANDINGS

( out of a possible 38 months-this structured settlement survey began in April 2007)

GLOBAL RANKING

Times Ranked #1 in 3 month global structured settlement website traffic, as measured by Alexa: 

• Structured Settlements 4Real blog (John Darer) 22
• Beyond Structured Settlements blog (Pat Hindert) 12
• Speaking of Settlements (LBN's settlement industry social network) 3
• Ringler Associates 1

Times Ranked #2 in 3 month global structured settlement website traffic, as measured by Alexa:

• Structured Settlements 4Real blog 16
• 4structures.com, LLC 7
• Beyond Structured Settlements 5
• Speaking of Settlements (LBN's settlement industry social network) 6
• Structured Settlement Services 3
• Ringler Associates 1

USA only RANKING

(out of a possible 10 months; survey began September 2009)

Times Ranked #1 in 3 month USA only structured settlement website traffic, as measured by Alexa.

• Structured Settlements 4Real blog (John Darer) 8
• Speaking of Settlements (LBN Social Network) 2

Times Ranked #2 in 3 month USA only structured settlement website traffic, as measured by Alexa.

• 4structures.com, LLC 5
• Speaking of Settlements (LBN Social Network) 2
• Structured Settlements 4Real blog (John Darer) 1

Further survey criteria: Companies whose primary business is structured settlement factoring transactions are not counted in this survey because: (i) despite the propaganda and efforts of some to "frame" them otherwise, (i) they are part of the cash flow, factoring or settlement purchasing industry. sometimes referred to as "the secondary market"; and (ii) the additional purpose of this survey is to identify legitimate sources of information for tort victims, their families, consumers, attorneys, judges or companies seeking structured settlements and the structured settlement brokers, registered settlement planners, certified structured settlement consultants, settlement planners, appointed structured settlement companies and agencies, United States Treasury structured settlement providers, or other financial professionals, who have the ability to deliver this information

Which legitimate structured settlement industry websites are getting the most Internet traffic?

Three Month Trailing Top 10 Global Traffic Rank (Alexa Rank as of 06/29/2010) of Structured Settlement and Settlement Planning Industry websites* (+ or- traffic from 05/31/2010 report). Lower number is better (e.g. Google.com is ranked 1 in the overall scheme)

1. Structured Settlements 4Real Blog (John Darer) 464,997+
2. Speaking of Settlements (LBN Social Network) 550,995-
3. 4structures.com, LLC 586,956-
4. Beyond Structured Settlements Blog (Pat Hindert) 917,450+
5. National Structured Settlements Trade Association (NSSTA) 1,335,081-
6. Structured Settlement Services, LLC  1,694,343+
7. Ringler Associates, Inc.1,905,358+
8. Settlement Professionals-Oregon 2,350,061- 
9. Delta Settlements 2,848,809+
10. Society of Settlement Planners 3,345,210+

Three Month Trailing Top 10 USA Traffic Rank (Alexa Rank as of 06/29/2010) of Structured Settlement and Settlement Planning Industry websites*.

1. Structured Settlements 4Real Blog (John Darer authored structured settlement blog) 95,787+
2. Speaking of Settlements (LBN Social Network) 131,331-
3. 4structures.com, LLC 158,485+
4. Beyond Structured Settlements Blog (Pat Hindert blog) 226,345-
5. Structured Settlement Services, LLC 495,400+
6. Ringler Associates 502,912+
7. National Structured Settlements Trade Association 540,946-
8. Society of Settlement Planners 845,457
9. Settlement Professionals 867,246+
10. Delta Settlements 1,280,422

This survey omitted from the search results any websites with ISPs that do not differentiate between them and the ISP itself.  It is worth noting that the leading web sites are dominated by those whose creators, individually or as entities, employ a settlement planning approach to their business.

FAST FACT: A survey published in June 2009 found that 38% of those asked consider the Internet the most reliable source of news. The survey results further state that 56% of adults nationwide would pick the Internet if they were allowed just one source for their news. Source: Zogby, World Net Daily 6/17/2009

In Force Structured Annuities: Secondary Market Intermediary Provides E&O coverage

In a sign that the market for in-force structured annuities is being elevated towards the mainstream, secondary market intermediary Bulbrook-Drislane is now providing Agent Errors and Omissions coverage for cases written through the intermediary up to $1,000,000 per case/$3,000,000 aggregate.

Our ongoing series exploring the secondary market for structured settlements has shown that there are substantial opportunities in this market for plaintiffs, plaintiff lawyers, retirement plans and others as a stable market alternative to low interest rates available in other vehicles like CDs, US Treasuries.  

Bulbrook Drislane only works with licensed insurance agents

 

 

 

They SAID Cash NOW. Couldn't Fund and Then Held Sellers Hostage to Contract

Another one of the nation's "cash now pushers" that I am least enamored with advertised "cash now" for structured settlement and then couldn't "get it up" when it counted leaving 20-30 annuitants hanging for over a year. During the "hang time" the "cash now pusher" would not let these poor folks out of their contract (by comparison one of our sources says even JG Wentworth let people out when they had trouble funding during their dark days).

The company is STILL advertising "cash now" under a new name. What does that say about a company's ethics?

Who is this company?  July 4th is on our doorstep. Stay tuned for more as we barbecue the "pulp fiction" from this company

Singing The Blues: Credibility Buster Solicits Factoring Deals From Structured Brokers But Buyers Fell Through

Structured settlement brokers have been pounded with blast emails from a certain Florida based financial adviser who claims that he can get the best deals for their clients. Our sources tell us that at least 3 of those deals have collapsed because buyers fell through. Ouch!

Several weeks ago the same Florida adviser was claiming that he could get investors in structured settlements in the range of 10% which means that the amount that the seller is getting is not very competitive. The same adviser adviser told me several months ago that he is using "in force annuities" to compete with you. Caveat emptor.

Will let you know more as the story unfolds.

Hoopster "Leg Off "Case Overturned by New York Appellate Court

The publication of shocking legal awards often singe our senses because they seem to obviate any idea of personal responsibility. The classic example everyone has probably heard was the McDonald's coffee spill case and the outrage it caused due to the idea that someone would actually put a cup of burning hot coffee between their legs while driving.  Nevertheless fewer people know the background behind the case, or the final price paid, and if they did they might have different impression.

The New York Post carried the story of former college hoopster Dustin Dibble who had the misfortune to fall onto subway tracks while apparently alcohol impaired (.18 blood alcohol level according to news reports) and a train ran over him causing the loss of his leg. A jury awarded him $2.3 million. The Metropolitan Transportation Authority (MTA) appealed and on June 22, 2010 the Appellate Division issued a decision that it had reversed the jury award. While his lawyer Andrew Smiley has said he will appeal, I have written a limerick to "sum up" the story to date:

Hey Dibble Dibble

The MTA Did A Quibble

The Former Hunk's $2 million damage award

The Appellate Decision

Was Met With Derision

By the former hoopster who was utterly floored

His lawyer named Smiley

Said "It Might Take a Whiley"

To Appeal Overstep of Judicial Authority

It Wasn't His Choice To Lose The Leg

"Bloomie*" Differed To Beg

After All  Dibble Chose To Imbibe

Had it not been that "shot-a"

He might not teeter-tot-tah

And this limerick there'd be no need to scribe.

Like the McDonald's hot coffee

One Needs to Sound-Off-ee

On the Subject of Personal Responsibility

We live in an age

Where it is a total outrage

The lack of personal accountability.

We await news of the appeal.

* NYC Mayor Michael Bloomberg

He's Still Talking About Guaranty Associations in Sales Materials But Is It Kosher or Accurate?

Despite prohibitions on advertising state insurance guaranty associations in sales literature why does Millennium Settlements' Bryan Milner continue to do so?

As of June 25, 2010 at 125am EDT, the following Questions and Answers on alleviating structured settlement fears appears on a website captioned Millennium Settlements and attributed to Bryan Milner:

Q: Are Structured settlements "insured" or guaranteed by someone other than the company issuing them? 

A: All states have a Guaranty Association Act.  The Act states that in the event that a member insurer, who is licensed to sell annuities in that particular state, is ordered to be liquidated by a court, the Guaranty Association Act enables the State Guaranty Association to provide protection up to a certain amount for its residents who are holders of annuity policies with the solvent insurer.   For example in North Carolina, the State Guaranty limit is $300,000.  

Q:  Is it possible to "split" annuities among different companies to spread risk?  Would that also help to keep the annuity amount "under" the maximum coverage provided by the NC Guaranty Fund? 

A: Yes, it is possible to "split" the settlement amount into different life companies for the structured settlement in order to stay under the $300,000 limit for the North Carolina Guaranty Association Act. 

Structured settlement watchdog doing the "shake and bake"

Comments:

1. Regardless of Milner's capabilities as a settlement consultant, what Milner states contains inaccuracy and it may be unlawful.  To wit...

N.C. GS 58-62-96 (a) No person shall make, publish, disseminate, circulate, or place before the public, or cause directly or indirectly to be made, published, disseminated, circulated, or placed before the public, in any newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio station or television station, or in any other way, any oral or written advertisement, announcement, or statement that uses the existence of the Association or this Article for the purpose of sale or solicitation of or inducement to purchase any kind of insurance covered by this Article.  (emphasis added)

North Carolina Life & Health Guaranty Association prohibition on advertising  (N.C. GS 58-62-96)

2. This is not the first time the structured settlement watchdog has snarled in the direction of Bryan Milner. Commentary on Milner's apparent faux pas in this regard extends back over a year. This is the 4th post!

3. Milner's website also contains a multitude of other inaccuracies concerning the companies that issue structured settlement annuities, including inaccurate AM Best ratings, inaccurate ratings from other rating agencies, display of annuity issuers no longer writing structured settlements

4. The URL is http://www.msettlements-milner.com is registered to Louis Masry. Download Msettlements-milner

5. This author is aware that Millennium Settlement consultants are generally independent contractors and not employees of Millennium Settlement Consulting. Nevertheless given (1) neither Milner, nor Masry (as owner of the domain) have taken steps to correct inaccuracies or cease advertising that which appears should not be advertised (2)  that the Millennium Settlements logo is being used and (3)Millennium Settlements is an IFS Company, one wonders if and when Millennium management or IFS management will take steps to stop the aforementioned.