Coventry Expands in Face of Market Turmoil
FORT WASHINGTON, Pa., Dec. 18 /PRNewswire-AsiaNet/ --
Global Expansion is Marked by Appointment of Two Senior Executives to New
Office in United Kingdom
At a time of deep uncertainty in global financial markets, Coventry is
expanding internationally and announced today the hiring of two senior
executives, Michael T. Crane and Simon Erritt, for the company's new office
at Berkeley Square in London.
Coventry, the leader in the secondary market for life insurance, has been
strengthening its capital markets group over the past year and winning access
to new sources of international capital. Now, as many financial institutions
suffer unprecedented losses, Coventry's prominent role in a stable sector
that does not correlate to the capital markets is further accelerating and
expanding worldwide. Coventry had its best month ever in November, 2008, and
will record the strongest year in its 25-year history. By the end of this
year, Coventry expects to have originated and structured more than $28
billion in transactions.
"Uncertainty in the markets is sharply speeding up the demand for
alternative asset exposures like the ones we provide," said Reid Buerger,
Executive Vice President of Coventry. "Our impeccable track record, financial
strength and conservative approach have paid off in recent months. In
addition, the growing opportunities that we see, when contrasted with
difficulties in other financial sectors, show that this is a special time and
we are attracting outstanding talent."
Mr. Buerger said that Michael T. Crane, with his extensive capital
markets experience and deep knowledge of the secondary market for life
insurance, will be central to the expansion of Coventry's distribution
platform. Mr. Crane, who will serve at Coventry as Managing Director,
International Distribution, previously worked at Deutsche Bank AG in London
for five years, most recently as Global Head of Distribution for the bank's
longevity derivatives business. Prior to that, Mr. Crane worked at Gen Re
Securities, a subsidiary of Berkshire Hathaway, Credit Suisse First Boston,
Barclays Capital and Standard & Poor's.
"I've known Coventry's senior management for close to a decade and look
forward to working with them to continue to grow Coventry's distribution
team," said Mr. Crane. "Nobody is better positioned to offer alternative
asset exposures in the longevity asset class. I am delighted to have the
opportunity to make a significant contribution to the firm's success."
Simon Erritt also joined Coventry as a Managing Director. Mr. Erritt
worked previously at Citigroup, where he was Director of the Asset Finance
Group in London. He played a leading role in the development of Citigroup's
investment advisory activity in the U.S. secondary market for life insurance.
His work included the origination and execution of German retail closed-end
funds and extensive work in the structuring of the asset with hedge funds and
other institutional investors. Mr. Erritt has extensive experience in
structuring transactions in multiple asset classes, including transportation,
real estate, film and renewable energy.
"We are extremely pleased that Michael Crane and Simon Erritt have chosen
to join Coventry," said Mr. Buerger. "The experience they bring will
complement and broaden our capabilities and services, and help us to expand
them worldwide."
About Coventry
Coventry is the leader in the US longevity and mortality market offering
a wide range of investor and fund services to a diversified client base that
includes pensions, endowments, insurers and funds. For over 25 years,
Coventry has been redefining insurance and has been a key driver behind the
convergence of the insurance and capital markets. The firm is headquartered
in Pennsylvania and operates throughout major financial centers worldwide.
Coventry refers to the subsidiaries and affiliates of The Coventry Group,
Inc., each of which is a separate legal entity.
SOURCE: Coventry
CONTACT: Media: Seth Faison, Sitrick and Company
+1-212-573-6100
Seth_Faison@sitrick.com; or
Other Inquiries: Lesley Aronchick
+1-215-233-5100
info@coventrycapital.co.uk
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