« Aviva Structured Settlements and the Athene Buyout of Aviva USA Business | Main | Microsoft Stock "Unlucky 13" Buy And Hold | Down 51.9% Since 2000 »

August 23, 2013

QuoteMeaPrice.com Hustled Hartford Life Annuitants with Scare Tactic

by Structured Settlement Watchdog

Fear causes irrational and uninformed decisions. Seemingly intent to capitalize on this, in response to the recent downgrade of Hartford Life Insurance Company to BBB+ (stable) by Standard and Poors, Quote MeAPrice.com(QMAP) has issued a press release "priming the nation", but selectively omitting that Hartford Life also has an AM Best rating of A-, the Fitch rating of A- and the Moody's rating of A3 which remain intact, ALL on a stable outlook. The putative effort by QMAP to unsettle Hartford Life annuitants is misleading because it fails to recognize that the perception of risk is not as simple as a rating.

Purchasers on Lines of Credit or Securitizatons May Have Higher Cost of Money on Structured Settlement Payment Rights Associated with Annuity Issuers with the Lower Ratings

Some of the larger companies that buy structured settlement payment rights (structured settlement factoring companies) who rely on lines of credit or securitizations may have a higher cost of money associated with the purchase of payment rights issued by life insurers with lower ratings. The securitizations may offer multiple tranches of "cost of money". For example, one tranche could be a cost of money of 4% for one parameter of ratings and then 9% for the next tranche.

Purchasers who Source to Individual Investors less Affected by Ratings

  • Some secondary market sources indicate that investors interested in acquiring a stream of payments that begins now, or in the short term, are not going to be fazed by the current ratings.  What trepidation there may be, if any, will be a longer term lump sums.
  • There is no reason to sell your structured settlement payments unless you really have a need and have exhausted other resources.
  • Furthermore, rising interest rates will likely raise (improve) most insurance company ships.

Who controls Quotemeaprice(dot)com?

  • Upon information and belief QMAP is owned or controlled by Roger Proctor, Genex Capital and/or folks associated with one of his/its business entities. QMAP purports to do the same thing as Structured Settlement-Quotes(dot)com, which upon information and belief is owned and/or controlled by one or more of the same.
  • In the cases of both SSQ and QMAP, the spokespeople  (Brad Jones and Michael Hess respectively) do not come up on the grid except for press releases issued by these companies, leading one to question their validity.  No Linkedin profile, no Google +,  no Facebook. Brad Jones has been associated with Freedom1stfunding(dot)com according to information related by a recipient of a telephone call in 2012 following an inquiry to that site.
  • Quote Me a Price and Websnest Inc apparently share an address in Cheyenne Wyoming, 2510 Warren Ave. Cheyenne WY. The property at that address has not been sold since 2003, according to real estate records.  A registered age agent address for Websnest is another address. The Manta information for QMAP bearing the same address shows as updated by " William Hess".  The Webnest filing for Wyoming shows the contact as Boris Drubetsky. Boris Drubetsky is the COO of Genex Strategies and Genex Capital Corporation. A March 4, 2013 listing for QMAP on another site shows as submitted by Jeremy Biberdorf, a Vancouver, Canada search negine optimization specialist associated with Genex Capital's web properties. Biberdorf also submitted an entry to the same third party website for SSQ on March 1, 2013 and has been associated with press releases issued in the name of the "Brad Jones".

Source: Wyoming Secretary of State,  Manta.com, Zillow.com, the Robert Risk website structuredsettlements(dot)org, PRWeb, and sources on the ground.

  • A "kicking the tires" call to QMAP several months ago asking who owned the company was met with "you don't need to know that". The lack of transparency only raised further questions.
  • The privacy policy on the QMAP website which bears a copyright of 2013, states that the agreement is pursuant to the laws of South Carolina.  Visiting the South Carolina Secretary of State website shows an active company in that state associated with the name Sean C. Houlihan, who was the original creator of QMAP back in 2006. However, according to Mr. Houlihan when he telephoned me last month,  he no longer owns the QMAP platform, having sold to Andrew Cravenho and/or his business entity, with Houlihan receiving residuals from leads generated by the site from Cravenho and or his business entity. In or about November 2011, Roger Proctor/Genex Capital and/or one of his/its associated business entities acquired QMAP and SSQ, among other Cravenho created and/or controlled sites. Houlihan indicated to me that his remaining interest in QMAP was also paid for by Proctor/Genex and/or related or associated entities several years ago.

This of course begs the questions

  • Why the acquiring company issues press releases for QMAP out of Cheyenne Wyoming, where it is not registered with the Wyoming Secretary of State? I've already asked the same questions of SSQ where SSQ is not registered with the CT Secretary of State but has been issuing press releases using a Regus office center mail drop as an address.
  • Where is QMAP registered to do business in the United States, since it is soliciting US consumers?  The sale of structured settlements is prohibited in Canada, according to our sources.  The QMAP server is hosted in Montreal Canada as it has since 2011.
  • Is the Michael Hess that is purported to be associated with QMAP a person that actually exists?   If so, I'd like to know more about him for the benefit of American consumers.

Attempts to Unsettle Structured Settlement Annuitants is Not Without Precedent With Proctor/Genex Associated Entities

In March 2013, SSQ attempted to "hustle" John Hancock and Allstate structured settlement annuitants with a similar press release  {see SSQ's Dubious Press Release Targets Allstate and John Hancock Settlement Annuitants   March 31, 2013]. Neither of those companies were/are in financial trouble. They simply withdrew from issuing new business in the structured settlemet market.

November 10, 2010  Genex Capital's blog post about Government employee pension plans. Read my response

June 28, 2009 Roger Proctor dispenses advice for American structured settlement recipients that, if they had acted upon it, would have cost them financial losses when compared to just keeping their structured settlements.  Here's my contemporaneous response and an April 21, 2012 status update on the subject. Now that interest rates appear to be rising somewhat,  the financial stability of fixed annuity issuers should be improving.

Postscript

Genex Capital began listing QMAP as part of the Genex Capital Corporation after the settlement of a lawsuit against it filed by a competitor.

 

 

 

 

Posted at 03:28 PM in Factoring Company Bad Business Practices |

Twitter | Pinterest | Facebook

Comments

The comments to this entry are closed.

My Photo

Guide to Structured Settlements 2025

  • What is a Structured Settlement? What You Need to Know
    Structured settlements and what you need to know about them including a helpful introductory video featuring A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer of 4structures.com LLC
  • How Do Structured Settlements Work? How Structured Settlements Work
    How structured settlements work, including 4structures.com LLC's super helpful structured settlement flow chart/diagram showing how structured settlements fit in on the spectrum of settlement planning solutions.
  • Rated Ages and Structured Settlement Cost
    Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk to a life insurance company which specializes in assessing mortality risk to price its life insurance and annuity products. Rated ages boost your structured settlement annuity benefit per premium dollar, or your yield on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA, is being used [WCMSA, LMSA or NFMSA].
  • Top Structured Settlement Annuity Companies 2025
    Which life insurance companies issue structured settlement annuities in 2025? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors and/or other Tier1 NAIC ratings, with links to their websites and other useful information. Last updated November 3, 2024
  • Treasury Funded Structured Settlements
    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
  • Compare Structured Settlement IRR to Other Settlement Alternatives
    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
  • Structured Settlement Payments | Types of Structured Settlements 2025
    In 2025, you can structure your settlement payments in various ways. A structured settlement allows for multiple payment types within one agreement. You can tailor and merge different structured settlement payments to suit your individual needs, either alone or alongside other financial instruments. If desired, diversify your structured settlement by utilizing multiple annuity issuers, treasury-funded structured settlements, index-linked structured settlement payments, and market-based structured options.
  • Structured Attorney Fees for Tax Deferral for Attorney Contingency Fees
    Structured attorney fees offer a financial strategy that provides a unique method for deferring taxes for attorneys and their firms. Attorneys can structure or defer their legal fees independently of whether the plaintiff structures their settlement. There are various ways to structure attorney fees, including capped or uncapped index-linked structured settlement annuities with payments adjusted according to the S&P 500 or another index's positive changes. Trial lawyers might also opt for a special deferred payment/compensation arrangement if they seek market-based returns without a cap. As the year-end approaches, consider adding structured attorney fee specialist John Darer® to your settlement planning team for 2025.
  • Structured Settlement Annuity Company Customer Service Phone Numbers
    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click the title for a link to a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life), oran annuity issuer has changed its name and you're trying to track them down. Here you go! The list is regularly updated. Last updated December 9, 2024.
  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What does a Structured Settlement Lock-In Mean? How do plaintiffs, defendants and insurers benefit from a structured settlement quote lock in when finalizing a settlement? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
  • iStructure |Uncapped Fixed Index Structured Settlement Annuity
    iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon
  • Structured Settlements and Longevity Risk| What Are the Odds?
    Do your financial resources give you enough road, or will the road run out before you do? A structured settlement annuity helps mitigate the risk of outliving your savings, no matter how long you live. A structured settlement can include one or more customized payment streams and types.

Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

Contact Structured Settlement Expert John Darer®

About The Structured Settlement Blog

  • Subscribe to John Darer's Blog | Here's How!
    Simply Click the Subscribe Button at the top left of the page above the blog title which will take you to the blog subscribe page or follow this link https://feeds.feedblitz.com/structuredsettlements
  • STRUCTURED SETTLEMENTS 4REAL® Blog Is a Popular Source of Structured Settlement News, Information and Commentary, John Darer Reviews, Settlement Planning News and Financial Solutions for over 18 years,
    with a stable readership that seeks credible structured settlement information, John Darer Reviews, commentary and/or opinion about topical issues related to settlement planning, targeted to lawyers, injured persons and their family members, guardians, survivors, judges, magistrates, special masters, mediators, administrators, trust companies, insurance company executives and adjusters, financial advisers, settlement professionals, financial professionals, insurance regulators, government leaders, federal and state law enforcement, buyers and sellers of structured settlement payment rights, the news media and other interested parties. 4structures.com LLC established this structured settlement blog in 2005. John Darer ®, CLU ChFC MSSC CeFT® RSP CLTC, President of 4structures.com, located in Stamford, CT 06902. John Darer is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. He holds insurance licenses in 45 states, has 41 years financial services experience and 31 years in the structured settlements and settlement planning space. In his capacity as a investigative journalist and commentator, and professionally, John Darer passionately believes that shining the light on a business practice is both healthy and newsworthy. It is in the best interest of injury victims, their families and their legal advisers, that the settlement planning discussion involve those that are properly trained in the topic, properly informed on the topic and, with respect to structured settlements, properly licensed and/or appointed. It has significant instructional and deterrent value to other practitioners and firms as well as those who may be caught in the cross hairs. WHAT YOU GET here is the straight stuff with a touch of irreverence and humor. We hope you enjoy and find the content to be helpful. Subscribe to the structured settlement blog feed, or a specific category feed through your blog reader, or through the Subscribe button at the top left of this page. Followers of JDDarer™ on Twitter may also receive select content. If you would like to speak with John he can be reached at (888)325-8640 Thank you for reading! Last updated July 10, 2024

New York City Structured Settlements

Connecticut Structured Settlements

Structured Settlements 4Real Reader Comments

  • "I'm with ***** Settlement Funding and appreciate your TRUTHFUL information"
    Structured Settlement Factoring Company representative on LinkedIn, January 26, 2024
  • "You have a wonderful blog"
    Partner in Philadelphia law firm August 30, 2020
  • "Impressive Blog" -Counsel to Am Law 200 ranked International Law Firm July 22, 2020
  • "Thank you so much for giving us your time and leading us in the right path , Thank you, you are a God send , God bless you in all your works" -K April 11, 2017
  • "Once again, I can't tell you how appreciative I am for your help. In today's day and age, it is rare that you actually find people who are willing to go the extra mile..." -TC May 5, 2015
  • "I wanted to send you this email to say Happy New Year to you and your family. May God continue to bless you. I am grateful that I had the opportunity to meet you on the phone. I truly thank you for introducing me and my son, (redacted) to (lawyer). It is people like you that God put in the path of my son situation. Thanks a million times! {original on file] 1-2-2015
  • "John Darer has been nothing but honest,helpful,informative with options, & his "time" was NEVER an issue!"-Andrew S 8/18/2012
  • " I wish there were more like you" JG 9-15-2014
  • In my opinion, John Darer is an excellent consumer advocate in the insurance industry. When I had no one else to turn to after running up against the stone walls of these giant insurance company, John Darer used hours of his own time to investigate my situation. Not only is this an invaluable service to me the consumer but it is also of great value to the insurance industry by providing them consumer feed-back. This allows the insurance companies to correct their faults and move toward greater transparency which improves the overall public image of the insurance industry as a whole" JW 9/4/2014
  • John, Keep fighting the fight. -NASP member 12-4-2013
  • John...Thank you for your professional advice-Brandon 11-13-2013
  • "...Thanks to Mr. Darer's blog and personal pointers I was able to obtain a fair price for the sale of client structured settlement. Therefore, if one has no choice, but to sell their settlement educate yourself first before selling start by reading John's blog" Mr P. 11/17/2012
  • "I always appreciate when he (John Darer) keeps us informed on regs and rules. No one does it better"- structured settlement industry colleague and reader RY 7/26/2012
  • "Amen - and continued thanks for your vigilance, John"- RL 8/18/2011
  • "Thanks for writing these great blogs on your site John! As an individual investor I have learned so much about the secondary market (for annuities, structured settlements, lottery payments, etc.) from your blogs and video series!!!" (6/5/2011)
  • I have found the intelligent and forthright information on your site a godsend. So much so I have tried in a small way to pass on my findings to others. Please keep up the good work and enhance your well deserved reputation as the authority on this subject- Mike 4/29/2011
  • John - I can't thank you enough for bringing this to my attention. In my wildest dreams... PJ-May 12, 2011
  • John, I love reading your blog! Not only have I found very useful information there, but the comedy is much appreciated! Thanks for talking about "the big pink elephant in the living room" that everyone else ignores! Thank you again for your help via phone and blog! I really needed to hear what you had to say today! BM 11/23/2010
  • John—this (video published 11/2010) is a well done piece. I like the way you always stick to the facts-AM
  • What a wonderful blog you have! I have completely enjoyed reading some of your posts (4/16/2010)
  • Thank you so very much for discussing my concerns about Symetra, my annuity company. I am amazed that PI attorneys as well as a settlement broker in San Diego, could not answer the simplest questions I had regarding the Safeco/Symetra issue. Your blog/web site is most interesting and informative, and I am grateful you have take on the "watchdog" role! Thank you so much again (3/25/10)
  • "Keep up the good work exposing abuses in our industry - our future depends on clients being properly advised."-CD
  • Just checked out your blog and loved it. Keep up the good and balanced work-DL
  • "...we have never met but I thoroughly enjoy your web site and blog - excellent material…-PB
  • "I enjoy your website and its content. Informative and well written"-JC
  • I heard a radio ad for the Peachtree Settlement Fund as I was driving into work this morning. (San Francisco Bay area.) I decided to check it out on the Internet and came upon your blog. Thank you very much. I do not have a “structured” settlement,
  • "All the others that I had emailed & have seen on the net were "cash now types" & have no concern of me & just are looking for my $$$. When I came across your site & blog I realized that u are an upstanding guy & are not like others. That's why I emailed"
  • This was Great. Right On Point-TS
  • "Other Than John Darer No One Seems To Be Doing Anything"-J
  • Thanks for your help and also for the good work you do on behalf of our industry-L
  • "Thank you for being the inspiration that you are and for being a strong advocate for integrity in our business"-KL
  • "I Commend You On Your Effort To Make a Difference!" -R
  • "He is a fabulous writer who has a great passion for the structured settlement industry. I commend him on the passion he invokes when he writes on his blog listed above. That type of commitment and passion is hard to find and is rare in this world" -AC

Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
  • Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers
    5 Survey not yet complete.

Comments and Trackback Policy

  • Comments and Trackback Policy
    Comments to this blog are encouraged, welcome and add spice to the interactive nature of blogs. However, the unscrupulous practice by some to deliver comment spam, to connect all manner of unrelated products to structured settlements, detracts from user experience, is NOT tolerated by this author and thus necessitates the practice of comment screening.

Secondary Market Blawgs or Websites

Special Needs Blawgs and Resources

Subscribe to this blog's feed

Pages

Blog Search Engines and Directories

Helpful Structured Settlement Information is Here!

  • Learn more about structured settlements by reading structured settlement expert John Darer's blog
    Researching Structured Settlements? It may be helpful to check (1) in Archived Blog Posts (above left); (2) use the Google search box (below); (1) visit the 4structures® website at https://www.4structures.com, (4) visit 4structures® Structured Settlement Experts YouTube Channel by clicking https://www.youtube.com/user/4structures1, or (5) call settlement expert John Darer® at 888-325-8640, toll-free in the USA, 646-849-1588 in New York City, or 203-325-8640 in CT, or from outside the USA.
  • Subscribe to this Blog
    Simply click on the " Subscribe" link at the top left of this blog page and follow the simple instructions.
  • The John Darer® authored Structured Settlements 4Real® blog is the most prolific structured settlement blog, providing information, commentary and opinion since 2005 with over 5,420 blog posts, and counting!

Why Take a Structured Settlement?

  • A structured settlement offers guaranteed financial security to personal injury victims, wrongful death survivors and their families. A structured settlement involves a customized stream of payments, provides long-term stable tax-free income, for a period of years or a lifetime. Unlike other income annuities. a structured settlement annuity can have multiple payment streams to address multiple needs in a single contract.

Recent Posts

Tax Deferral Resources | Defer Taxable Settlement

Other relevant websites and blogs of interest

4 structures logo-01