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August 24, 2012

Symetra Calls Time on External Buying of Structured Settlements

Symetra has stopped buying structured settlement payment rights from external sources, according to industry sources. 

Symetra had previously purchased structured settlement payment rights through a subsidiary called Clearscape Funding since about early 2006, a move that was seen as controversial within the primary structured settlement market and was the basis for this author's request to withdraw his appointment with Symetra at the time.

Symetra continues to offer liquidity to structured settlement annuitants on structured settlement obligations that have been assigned to Symetra Assigned Benefits Service Company, a qualified assignment company which is believed to be the recipient of a notable Private Letter Ruling 200918001 which dealt with restructuring of structured settlement payments.

Offering liquidity to its own structured settlement annuitants is not a bad thing only IF the discount rates are competitive with what is offered in the secondary marketplace for structured settlement payment rights. For example, Allstate recently announced an 8% discount rate on its Advanced Funding Exchange Notice (AFEN).   

A structured settlement annuitant seeking liquidity should first contact the annuity issuer to see what options are available and then, at the very least, such annuitants could use those numbers to shop around and negotiate with external buyers for a better rate.

 

 

 

Posted at 01:52 PM in Structured Settlement Factoring News, Structured Settlement Industry News, Structured Settlement Payment Rights, Structured Settlement Watchdog®, Symetra Structured Settlements |

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