Getting Inside the World of JG Wentworth
If you have seen the commercials of JG Wentworth on television, with all the Vikings singing in operatic voices, and you have not yet come across the company ever before, then you might have been wondering what the company is all about. To put it in one or two sentences, the company is generally considered by a lot of individuals as a life-saver, especially during times that they are in dire need of money. How is this so?
It was in 1991, that JG Wentworth was founded. It started as a merchant banking firm with focus on transactions that are related to the healthcare industry. A year after, it began purchasing auto insurance deferrals in New Jersey, particularly from those claimants who do not have the luxury of time to wait for a year or more for settlements.
It was already during the late 90s that the company focused its operations on purchasing annuities and structured settlements. With this venture, it was able to bring in a huge capital to the marketplace. It also brought in national advertising. With these, it was able to make the market for structured settlements a very lucrative finance business. Before, the purchase of structured settlements was only considered as a secondary market, and a cottage industry at that. But with the entry of JG, and by providing moderating JG Wentworth fees on all its transactions, it was able to change and transform the said market.
Having already played a significant role in the structured settlements market, the company became one of the moving forces behind the development of a model legislation that was meant to regulate the sale of structured settlement payment streams. As a result, 47 states now have legislations that regulate such sales. In fact, purchases conducted by the company have all been approved by judges.
The company has been consistent since the time that it was founded. One testament to this is its use of the same spokesperson – Mr. Wentworth, who is a fictional character yet was able to establish a good perception of the company. The commercials created by JG Wentworth over the years have clearly become a lot more creative, amusing customers, at bringing a message of trust and reliability.
At present, JLL Partners, a private equity firm in New York City owns the company. Since the time of its founding, the company has already purchased around 4 billion dollars worth of future payment obligations. It has also issued 22 securitizations of annuity-backed notes and structured settlements, which totals to about 2.3 billion dollars.
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