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Abacus Life, Inc. (NASDAQ: ABL) is a leading vertically integrated alternative asset manager specializing in longevity and actuarial technology. The company excels in investing in life insurance products throughout the lifecycle of a life insurance policy. Since its inception in 2004, Abacus Life has purchased over $5 billion in face value of policies, providing significant liquidity to clients and actively managing these policies over time through trading, holding, and servicing. This has led to the successful maximization of life insurance value for thousands of clients.
One of Abacus Life's notable achievements is its status as the only public life settlement company, trading on the Nasdaq Exchange under the ticker symbol ABL. The company's comprehensive process is supported by a team of over 100 professionals, long-term partnerships with 78 institutional partners, and 30,000 financial advisors, enabling operations in 49 states. Abacus is committed to compliance with HIPAA and privacy laws to protect the confidentiality of financial, health, and medical information, earning it a BBB Accredited Business A+ rating.
In 2023, the company launched three groundbreaking channels: ABL Tech, ABL Wealth, and ABL Longevity Growth & Income Funds. ABL Tech focuses on harnessing advanced AI and blockchain technology to revolutionize the longevity and actuarial landscape, ensuring efficient death verification and strategic wealth distribution. ABL Wealth aims to democratize the wealth management space with unique lifespan-driven financial planning and investment offerings. The ABL Longevity Funds cater to investors seeking growth and income through life settlements.
Abacus Life has also shown a strong commitment to enhancing shareholder value. In December 2023, the company announced a $15 million stock repurchase program, demonstrating confidence in its business quality and long-term growth prospects. By January 2024, Abacus had repurchased over 206,050 shares at an average price of $9.26, with $13.1 million remaining for future repurchases.
Financially, Abacus reported robust growth in 2023, with total revenues increasing by 14% to $79.6 million. The company's adjusted EBITDA rose by 13% to $39.3 million, reflecting solid operational performance. The first quarter of 2024 saw continued momentum, with revenues more than doubling to $21.5 million, driven by higher active management revenue and increased capital deployment.
In addition to financial growth, Abacus has secured strategic partnerships to expand its market reach. In June 2024, Abacus announced a national distribution relationship with AIMCOR, enhancing its life settlement solutions through AIMCOR’s extensive network. This partnership aligns with Abacus's goal of educating financial professionals about life settlements and providing greater financial flexibility to clients.
Abacus Life's leadership team plays a pivotal role in driving its success. Notable appointments include Elena Plesco as Chief Capital Officer and Fei Xue as Vice President of ABL Wealth. These leaders bring decades of experience in financial services and alternative asset management, further strengthening Abacus's strategic growth initiatives.
For more information about Abacus Life and its innovative solutions, visit www.abacuslife.com.
Abacus Life (NASDAQ: ABL), a leader in longevity and actuarial technology asset management, has appointed Robert F. Phillips as Senior Vice President, Investor Relations and Corporate Affairs. With over 30 years of experience in capital markets and investor relations, Phillips will lead Abacus Life's investor relations strategy and play a key role in advancing strategic business initiatives. Reporting directly to CEO Jay Jackson, Phillips will focus on strengthening engagement with investment and capital markets communities.
Phillips' extensive background includes roles as Senior Managing Director at Nasdaq, heading Investor Relations and Business Development for an SEC-registered investment advisor, and experience in institutional trading & brokerage. He holds a B.A. from Hamilton College and an M.B.A. in Finance from NYU Stern School of Business.
Abacus Life, Inc. (NASDAQ: ABL), a leading global alternative asset manager specializing in lifespan-based financial products, has announced a significant milestone for its Abacus Policy Value Calculator. The calculator, which recently launched its newest generation, has surpassed 150,000 individual submissions from insureds, representing more than $87 billion in face value.
CEO Jay Jackson emphasized the company's commitment to providing instant access to their valuation database through the calculator. This tool offers insureds a transparent and up-to-date estimate of their policy's value. The high volume of submissions has allowed Abacus to further refine its models and actuarial databases, enhancing the accuracy of its valuations.
Abacus Life (NASDAQ: ABL), a leading global alternative asset manager specializing in lifespan-based financial products, has announced the appointment of Corey McLaren as Managing Director, Capital Markets. Based in Boston, McLaren brings nearly two decades of financial services experience, including over 15 years in life settlements.
McLaren's previous roles include Director of Alternative Strategies at Spearhead Capital, where he managed their life settlement investment fund, and Director at FDO Partners, where he helped launch and source policies for three life settlement funds. Abacus CEO Jay Jackson expressed excitement about McLaren's expertise and its potential to drive the company's strategic vision forward.
Abacus Life (NASDAQ: ABL) and Lorisco Life have announced the launch of PREADISAN™, a cutting-edge health prediction platform that combines machine learning and modern proteomics. This partnership aims to revolutionize longevity-based health prediction and actuarial technology in the life settlements industry.
PREADISAN™ introduces a novel risk score that utilizes blood-based proteomic biomarker analysis and clinically driven AI models to assess mortality risks. This tool goes beyond traditional statistics-based life expectancy opinions, offering individualized insights for more personalized financial planning.
The partnership enables Abacus to enhance its leading capabilities in life settlements and actuarial technology, providing customized financial offerings based on Lorisco's health prediction platform. This collaboration is expected to significantly impact the future of financial planning and life settlements by focusing on longevity and health predictions.
Abacus Life (NASDAQ: ABL) reported strong Q2 2024 results, with total revenue doubling year-over-year to $29.1 million. The company's adjusted net income grew 75% to $11.8 million, while adjusted EBITDA increased 83% to $16.7 million. Abacus completed a public equity offering raising over $90 million, which was deployed towards new policy originations and growth initiatives. The company also announced two significant acquisitions: Carlisle Management and FCF Advisors, expected to add approximately $2.6 billion in assets under management. These moves align with Abacus' strategy to expand its global presence and diversify its product offerings in the longevity and actuarial technology space.
Abacus Life (NASDAQ: ABL) has announced a definitive agreement to acquire FCF Advisors, a New York-based asset manager specializing in free cash flow-focused investment strategies. This acquisition aligns with Abacus' expansion of ABL Wealth and will add up to $600 million in assets under management to the company. FCF Advisors is known for its free cash flow analytics and research, offering over 50 customizable free cash flow index strategies across 8 global equities allocation categories.
The deal is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This strategic move aims to enhance Abacus Life's ability to provide comprehensive, lifespan-based financial advisory services and products, furthering its goal of delivering holistic and tailored financial solutions to clients throughout their lives.
Abacus Life (NASDAQ: ABL) has released preliminary Q2 2024 results, showing strong growth. The company expects:
- Total Revenue between $28.0-$30.0 million (146-163% YoY growth)
- Net Income between $0.0-$1.0 million
- Adjusted EBITDA between $15.0-$17.0 million (64-86% YoY growth)
CEO Jay Jackson highlighted key achievements, including a successful public offering raising over $90 million and a new distribution partnership with AIMCOR. Abacus also announced an agreement to acquire Carlisle Management Company SCA. The company will release full Q2 2024 results on August 12, 2024.
Abacus Life (NASDAQ: ABL) has announced a definitive agreement to acquire Carlisle Management Company SCA, a Luxembourg-based investment manager in the life settlement space, for approximately $200 million. This strategic acquisition will add up to $2 billion in assets under management to Abacus, accelerating its expansion as a global alternative asset manager. The deal aligns with Abacus' goal of enhancing its offering to institutional investors seeking attractive risk-adjusted returns with low correlation to other asset classes.
Key points of the acquisition include:
- Carlisle shareholders will receive $73.5 million in Abacus bonds and 9.3 million Abacus common stock
- The transaction is subject to regulatory approval and certain performance thresholds
- Carlisle is licensed as an Alternative Investment Fund Manager under CSSF oversight in Luxembourg
- The acquisition is expected to provide synergies and expand Abacus' global financial presence
Abacus Life has successfully closed its oversubscribed public offering, raising gross proceeds of $92 million by selling 11,500,000 shares of common stock at $8.00 per share. This includes the full exercise of the underwriters' option to purchase an additional 1,500,000 shares. The funds will support corporate operations, including buying life settlement policies, business strategies, working capital, and possibly repaying or refinancing debt. Piper Sandler, TD Securities, B. Riley Securities, and KKR Capital Markets acted as joint book-running managers. The offering's registration statement was declared effective by the SEC on June 20, 2024, and the final prospectus was filed on June 21, 2024.
This announcement does not constitute an offer to sell or a solicitation to buy these securities in any jurisdiction where such activities would be unlawful.
Abacus Life (NASDAQ: ABL) has announced the pricing of its oversubscribed public offering of 10,000,000 shares at $8.00 per share.
The gross proceeds are expected to be approximately $80 million, excluding the underwriters' 30-day option to purchase an additional 1,500,000 shares. The offering is anticipated to close on June 24, 2024, subject to customary conditions.
Abacus plans to utilize the net proceeds for operations, including purchasing life settlement policies, supporting its business strategy, working capital, and potentially repaying or refinancing indebtedness.
Piper Sandler & Co., TD Securities (USA) , B. Riley Securities, and KKR Capital Markets are acting as joint book-running managers.
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