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KBRA Assigns Preliminary Ratings to Gracie Point International Funding 2020-B, Series 2020-B

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Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Gracie Point International Funding 2020-B, Series 2020-B (Gracie Point, the Company or Sponsor). This is the first insurance premium finance securitization for Gracie Point, LLC in 2020, the fourth KBRA rated securitization and the sixth overall.

Gracie Point formed in February 2010 is in the business of financing life insurance policy premium payments. Gracie Points clients are high net worth individuals, procuring or having procured life insurance for estate planning or business purposes.

This transaction is secured by participation interests (Participations) in insurance premium finance loans (each, a Premium Finance Loan) made by a premium finance lender (Premium Finance Lender) to an eligible finance borrower (Eligible Finance Borrower or Borrower). The Premium Finance Lender is a wholly-owned subsidiary of Gracie Point. Each Premium Finance Loan will be at least 100% collateralized by a combination of (i) a life insurance policy issued by an eligible life insurance carrier (each, an Eligible Life Insurance Company) having a minimum cash surrender value (CSV), (ii) cash, if needed and (iii) a letter of credit from an eligible letter of credit provider, if needed. Each Eligible Finance Borrower of a Premium Finance Loan is required to reserve one collection period of accrued and unpaid interest plus six months of forward interest on such Premium Finance Loan.

Click here to view the report. To access ratings and relevant documents, click here.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the U.S. Information Disclosure Form located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA.

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Alan Greenblatt, Senior Director (Lead Analyst)

+1 (646) 731-2496

[email protected]

Lenny Giltman, Senior Managing Director

+1 (646) 731-2378

[email protected]

Peter Giacone, Managing Director

+1 (646) 731-2407

[email protected]

Preston Boutwell, Senior Analyst

+1 (646) 731-2367

[email protected]

Rosemary Kelley, Senior Managing Director (Rating Committee Chair)

+1 (646) 731-2337

[email protected]

Business Development


Ted Burbage, Managing Director

+1 (646) 731-3325

[email protected]

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Life Settlement Pioneer Launches PolicyAppraisal.com for Financial Advisors

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ATLANTA, Dec. 1, 2020 /PRNewswire/ — Life insurance settlement industry pioneer Wm. Scott Page recently announced the launch of PolicyAppraisal.com, a website that uses custom algorithms to enable financial advisors and life insurance agents to determine the existing value of life insurance policies. Using its proprietary software know as Value Finder™, PolicyAppraisal.com's team uses analytics to quickly identify if a policy can be sold on the secondary market. Value Finder streamlined the appraisal process to provide a quick “yes” or “no” answer regarding the viability of a life settlement. Today, many financial advisors are bogged down when trying to get simple answers from many life settlement brokers.

Each member of the executive team at PolicyAppraisal.com has more than 25 years of experience working within the life insurance settlement industry. Page, the organization's founder, is a pioneer of the life settlement industry and has unmatched experience, knowledge, and funding relationships within the secondary market.

“We have dramatically overhauled the process of determining the value of a life insurance policy,” said Page. “Using new technology, industry experience with underwriting medical impairments, and knowledge of institutional buying patterns and return targets, we have created a system that accurately evaluates key data points and quickly creates a realistic appraisal.”

The team at PolicyAppraisal.com educates financial advisors about the value of life insurance as an asset that is worth more than its cash value – and more than its intangible value as a financial safety net.

“In a timely manner, we can provide an appraisal that will help agents and advisers offer reliable options to their clients,” said Page. “We offer this without an agent having to contact a broker.”

Life insurance is an integral part of any financial plan, however, most industry professionals are kept in the dark regarding the real value of an existing life insurance policy. Restrictive carrier contracts and a convoluted broker market inhibit life settlement transactions. Over the past 25 years, executives from PolicyAppraisal.com have assisted in thousands of transactions and put millions of dollars in the hands of insurance owners from policies that would have otherwise lapsed. Life insurance policy appraisals are invaluable tools for anyone advising seniors about their long-term financial plans.

The company recently launched its website, including a text messaging option to help agents get questions answered very quickly.

“Agents who are concerned about privacy or asking questions through their broker-dealer can learn about policy appraisals by sending an anonymous text message to us, which will go directly to the mobile phone of one of our experts,” said Page. “Texts can be sent at any time (day or night), and we will respond quickly with a thorough answer.”

About Policy Appraisal

More information is available by visiting www.PolicyAppraisal.com, calling (800) 286-3738, or sending a text through the website.

Press Contact

Stephen E. Terrell
800-286-3738

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/life-settlement-pioneer-launches-policyappraisalcom-for-financial-advisors-301182239.html

SOURCE Policy Appraisal

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BMO Financial Group Declares Dividends

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TORONTO, Dec. 1, 2020 /PRNewswire/ — Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced that its Board of Directors declared a quarterly dividend of $1.06 per share on paid-up common shares of Bank of Montreal for the first quarter of fiscal year 2021 (“Q1 2021 Dividend”), unchanged from the previous quarter and the prior year.

The Board of Directors also declared dividends of:

  • $0.112813 per share on paid-up Class B Preferred Shares Series 25;
  • $0.078011 per share on paid-up Class B Preferred Shares Series 26;
  • $0.24075 per share on paid-up Class B Preferred Shares Series 27;
  • $0.2265 per share on paid-up Class B Preferred Shares Series 29;
  • $0.240688 per share on paid-up Class B Preferred Shares Series 31;
  • $0.190875 per share on paid-up Class B Preferred Shares Series 33;
  • $0.303125 per share on paid-up Class B Preferred Shares Series 38;
  • $0.28125 per share on paid-up Class B Preferred Shares Series 40;
  • $0.275 per share on paid-up Class B Preferred Shares Series 42;
  • $0.303125 per share on paid-up Class B Preferred Shares Series 44; and
  • $0.31875 per share on paid-up Class B Preferred Shares Series 46.

The dividend on the common shares is payable on February 26, 2021, to shareholders of record on February 1, 2021. The dividends on the preferred shares are payable on February 25, 2021, to shareholders of record on February 1, 2021.

The above-mentioned dividends on the common and preferred shares are designated as “eligible” dividends for the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.

Common shareholders may elect to have their cash dividends reinvested in common shares of the Bank in accordance with the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan (the “Plan”).  For the Q1 2021 Dividend declared today and subsequently until further notice, such additional common shares will be purchased on the open market.

For registered shareholders who wish to participate in the Plan, Enrolment Forms must be received by the Bank's transfer agent, Computershare Trust Company of Canada, by the close of business on February 3, 2021. Beneficial or non-registered holders must contact their financial institution or broker well in advance of the above date for instructions on how to participate.

More information about the Plan and how to enroll can be found at:

http://www.bmo.com/home/about/banking/investor-relations/shareholder-information/dividend-reinvestment-plan

For News Media Enquiries: Paul Gammal, Toronto, [email protected], (416) 867-3996; For Investor Relations Enquiries: Bill Anderson, Toronto, [email protected], (416) 867-7834; Internet: www.bmo.com, Twitter: @BMOmedia

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Queen City Angels Closes Investment in Emerging RegTech Company, Joot

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CINCINNATI, Dec. 1, 2020 /PRNewswire-PRWeb/ — Queen City Angels (QCA) today announced an investment in Joot, a regulation technology (RegTech) company with headquarters in Cincinnati, Ohio. The two-year old business is focused on changing the way compliance is done by applying automation and technology to dramatically improve the regulatory management process for financial advisory firms. While the amount of the investment was not disclosed, Joot plans to use the QCA investment to fund product development and accelerate sales and marketing for its software-as-a-service platform.

Joot was co-founded by CEO Bo Howell, a securities lawyer and former chief compliance officer, who previously worked at the U.S. Securities and Exchange Commission; and Alec Cheung, a B2B marketing veteran with fintech and financial services experience.

“Many of the common activities that compliance officers have to perform are still done via email, tracked via spreadsheets, and recorded in network folders or on personal hard drives,” said Howell. “They don't have reliable, easy-to-use technology tools to help them. In fact, some compliance processes still require employees to print, sign, and scan documents or turn in paper copies. In addition, many compliance officers have multiple roles in a firm and are looking for ways to be more efficient since compliance is not their primary job. Technology is helping so many people do their jobs better, faster, and cheaper, so I knew that there had to be a better way to do compliance. This was the genesis of Joot.”

QCA first learned of Joot during a Morning Mentoring session co-hosted and managed by QCA and HCDC, a nationally-recognized startup incubator in Southwest Ohio that helps entrepreneurs launch successful technology-oriented businesses.

“QCA understood and even appreciated where Joot was in its business lifecycle, the opportunity we have, and the potential value we can unlock for our target market and customers,” said Cheung. “QCA has been great to work with; from the pitch to the evaluation process, they clearly cared about us and our goals. We feel QCA truly wants us to grow, will give us access to expertise, and can expand our network and reach across the region.”

“Working with Joot has been a great experience for our group, and we were excited that our relationship started and grew from a Morning Mentoring session, which is further validation of our programs and partnership and efforts with HCDC,” said Tony Shipley, Founder, Chairman and President of QCA. “The Joot team has tremendous industry experience and has charted an innovative course to disrupting a market that has been slow to adopt new technologies. We believe in the company, its leadership and its vision, and we look forward to helping Bo, Alec and their team along their journey.”

Joot is focused on short-term goals of completing the final phase of its product roadmap and accelerating its top-line growth, which Howell knows can be jumpstarted in Cincinnati and with QCA's support.

“We always hear how great a place Cincinnati is for families, but from a startup standpoint, there are great resources and a community that wants to see entrepreneurs succeed,” said Howell. “QCA is an outstanding partner, ready and willing to open doors so we can connect with additional members and other resources. With QCA as a partner, I feel much better about our chances to achieve short-term growth and long-term sustainability.”

Media Contact

Scott Jacobs, Queen City Angels, 513.373.6972, [email protected]

Alec Cheung, Joot, (513) 377-1982, [email protected]

Twitter, LinkedIn

 

SOURCE Queen City Angels

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