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May 08, 2017

Genex Capital's StructuredSettlement-Quotes.Com Outdated Inaccurate Insurer Ratings

by Structured Settlement Watchdog

How is it that Genex Capital CEO Roger Proctor supposedly owns an Island property in the Pacific Northwest and a condo at the Fairmont Pacific Rim, yet apparently can't find two nickels to rub together to update inaccurate information on the SSQ website that were posted in 2012. Yet somehow enough attention to detail is mustered each year to count the number of fannies at the Wreck Beach Preservation Society's annual skinny dipping contest as a sponsor and judge.

Skinny dipping
If Genex Capital just devoted as much effort as Roger Proctor puts into judging the number of fannies on Wreck Beach each July before forking over C$5 each for charity, consumers would be better informed

Structuredsettlement-quotes (SSQ), an online structured settlement factoring website associated with Genex Capital in Vancouver,  has, for almost 5 years, attempted to exploit billions that major insurers spend on advertising and branding.  By stuffing its website with page after page of listings of information about life insurers and liability insurers, the majority of whom DO NOT even issue structured settlement annuities, the StructuredSettlement-Quotes(dot)com website ploy appears simply to seek search engine juice. 

The information about insurers is in many cases outdated and inaccurate. In some cases the addresses are incomplete, the website URLs to the insurer are not live and inaccurate. In some cases the ratings are outdated or not even displayed on a page that is titled Insurance Company Ratings.

One of the worst Genex/SSQ abuses is in relation to New York Life Insurance Company and New York Life Insurance and Annuity Company

  • The purported website URL of New York Life Insurance Company is not live and corresponds to a page featuring a couple of gibberish in Swiss-German.
  • The address is incomplete.
  • The Standard & Poors issuer credited rating has a 1985 date and the financial strength rating is listed as N/A.  The date of he actual last action was June 24, 2015.

The real New York Life website URL is http://www.newyorklife.com/

Links to the current ratings from Standard & Poors as well as other rating agencies can be found here.   Here is the actual write up from S&P On NY LIfe Insurance Company. 

When it comes to American General, Genex Capital/SSQ is also "el stinko"

  • The purported website URL of American General Life Insurance Company displayed by SSQ is not live comes up with a 404 page not found error.
  • The address is incomplete.
  • The Standard & Poors issuer credited rating has a 1985 date and the financial strength rating is listed as N/A. 

Genex are right berks when it comes to Berkshire Hathaway Life of Nebraska too. Looks like nothing has been updated in 5 years. The company address is wrong. The outlook is not negative and the last rating action was more recent than 2010.

Aviva Life has not existed since October 2013 when its acquisition by Athene Holding Ltd was concluded.

MetLife Insurance Company of CT was folded into another entity

If you are seeking information about the insurance companies that issue structured settlement annuities or quotes for the placement of structured settlement annuities, then don't bother contacting Structured Settlement-Quotes(dot)com.

 This isn't the first time that Genex Capital has been called into question on website inaccuracy.

Posted at 06:34 PM in Factoring Company Bad Business Practices, False Advertising Re Creating, Buying or Selling Structured Settlements, Genex Capital Commentary, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Watchdog® |

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Guide to Structured Settlements 2021

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    Ways You Can Structure Your Settlement Payments. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
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    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as the an index linked structured settlement where payments are adjusted based on upside changes in the S&P 500 with no downside and a cap of 5%. Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team.
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    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
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  • What Are Market Based Structured Settlements?
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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.
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