Abacus Life Targets Close of the Acquisition of Carlisle Management Company S.C.A. for December 2, 2024 with Receipt of Regulatory Non-Objection

Rhea-AI Summary

Abacus Life (NASDAQ: ABL) has received regulatory non-objection from Luxembourg's CSSF for the acquisition of Carlisle Management Company, targeting closure by December 2, 2024. The acquisition will add approximately $2.0 billion in assets under management to ABL Wealth division. Carlisle, established in 2008, is a Luxembourg-based investment fund manager specializing in life settlements and is licensed as an Alternative Investment Fund Manager under CSSF supervision. This acquisition aligns with Abacus's strategy to expand its global alternative asset management footprint.

Positive

• Acquisition will add $2.0 billion in assets under management
• Expands global presence in Luxembourg, second largest investment fund domicile
• Enhances alternative asset management capabilities in life settlements

Negative

• None.

Insights

Financial Analyst

The regulatory approval for Abacus Life's acquisition of Carlisle Management marks a significant strategic expansion in the life settlement market. The addition of $2.0 billion in assets under management will substantially boost Abacus's ABL Wealth division, nearly doubling their current market capitalization of $574.7 million.

Luxembourg's position as the second-largest investment fund domicile globally provides Abacus with enhanced access to European markets and institutional investors. This acquisition strengthens their competitive position in the alternative asset management space, particularly in life settlements, while diversifying their revenue streams and expanding their geographical footprint.

The regulatory non-objection from CSSF, Luxembourg's financial regulator, validates the transaction's compliance and reduces execution risk. The deal's completion by December 2024 should provide immediate accretive value to Abacus's operations and enhance their market presence in the uncorrelated investment space.

ORLANDO, Fla., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a pioneering global alternative asset manager specializing in leveraging longevity data and actuarial technology to offer uncorrelated investment opportunities, announced it has received regulatory non-objection from the Luxembourg Commission de Surveillance du Secteur Financier (“CSSF”) for the acquisition of Carlisle Management Company S.C.A. (“Carlisle”), a leading Luxembourg-based investment fund manager in the life settlement space.

“We are thrilled to be able to move forward with the closing of the Carlisle acquisition by the end of the fourth quarter, as we have previously communicated,” said Abacus Life CEO Jay Jackson. “Carlisle will add approximately $2.0 billion in assets under management to our ABL Wealth division, and its clients will be able to take full advantage of access to our uncorrelated, high-returning asset class of insurance products. We expect Carlisle’s addition to be a major milestone in our path toward expanding our global alternative asset management footprint.”

Since 2008, Carlisle’s team has been at the forefront of the life settlement industry, establishing a new standard for transparent transactions, maintaining integrity, and creating exceptional opportunities for life settlement investors and policyholders. Carlisle is licensed as an Alternative Investment Fund Manager under the supervision of the CSSF in Luxembourg, the second largest domicile for investment funds in the world.

About Abacus

Abacus is a pioneering global alternative asset manager and market maker specializing in uncorrelated financial products. The company leverages its proprietary, cutting-edge longevity data and actuarial technology to purchase life insurance policies from consumers seeking liquidity. This creates a high-return asset class uncorrelated to market fluctuations for institutional investors.

With nearly $3 billion in assets under management, including pending acquisitions, Abacus is the only publicly traded global alternative asset manager focused on lifespan-based financial products.

Abacus is expanding its leading expertise in longevity and lifespan into new growth areas:

• ABL Wealth - Leverages decades of data and proprietary algorithms to offer longevity-based wealth management platforms that enable financial advisors to create customized plans and provide access to uncorrelated investments.
  
• ABL Tech - A groundbreaking technology service that delivers advanced real-time data tracking and analysis for pension funds, governments, insurance companies, retirement associations, and more.
  

Through each new channel, Abacus is revolutionizing the future of asset management and financial planning, centered on longevity and lifespan.

www.Abacuslife.com

About Carlisle Management Company S.C.A.

Established in 2008, Carlisle is a leading, highly diversified global investment management firm. Carlisle’s state-of-the-art facilities and statistical modelling systems incorporate knowledge gained from over 60 years of combined investment experience within the alternative assets sector. Supervised by the Luxembourg regulator and overseen by reputable audit firms at both management company and fund levels. Carlisle’s management focuses solely on maximizing investor returns, risk management and transparency in investor reporting within a regulated framework.

https://cmclux.com

Forward Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ‎‎“intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the ‎fact that Abacus’s loss reserves are based on estimates and may be inadequate to cover ‎its actual losses; the failure to properly price Abacus’s insurance policies; the ‎geographic concentration of Abacus’s business; the cyclical nature of Abacus’s industry; the ‎impact of regulation on Abacus’s business; the effects of competition on Abacus’s business; the failure of ‎Abacus’s relationships with independent agencies; the failure to meet Abacus’s investment ‎objectives; the inability to raise capital on favorable terms or at all; the ‎effects of acts of terrorism; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with ‎the U.S. Securities and Exchange Commission from time to time, including the Annual ‎Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent ‎periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the ‎forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations.

Contacts:

Investor Relations

Robert F. Phillips – SVP Investor Relations and Corporate Affairs
rob@abacuslife.com
(321) 290-1198

David Jackson – IR/Capital Markets Associate
djackson@abacuslife.com
(321) 299-0716

Abacus Life Public Relations
press@abacuslife.com

Carlisle Management Investor Relations
info@cmclux.com

Carlisle Management Public Relations
press@cmclux.com

FAQ

When will Abacus Life (ABL) complete the Carlisle Management acquisition?

Abacus Life plans to close the acquisition of Carlisle Management Company by December 2, 2024, following receipt of regulatory non-objection from Luxembourg's CSSF.

How much AUM will Carlisle Management add to Abacus Life (ABL)?

The acquisition of Carlisle Management will add approximately $2.0 billion in assets under management to Abacus Life's ABL Wealth division.

What regulatory approval did Abacus Life (ABL) receive for the Carlisle acquisition?

Abacus Life received regulatory non-objection from the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) for the Carlisle acquisition.