Offices of SG LLC; Frances, right
Guinness World Records, the global authority on record breaking, today confirms a new record broken for the most valuable life insurance policy, valued at a total of $201 million (£121 million), on the life of a well-known U.S. billionaire. The record-breaking insurance policy was sold by Dovi Frances, Managing Partner of SG LLC, a company based in Santa Barbara, California, USA.
The policy features a combined death benefit to be paid upon the death of the single insured that more than doubles the previous record, set by Peter Rosengard from the UK, whose record-breaking insurance sale in 1990 sold at $100 million (then £56 million) on the life of a U.S. entertainment industry figure.
Frances, below, commented, “Bringing this transaction together required negotiating concurrently with over two dozen insurance companies and complex underwriting requests from each insurance company.”
The well-known billionaire client who bought the single-life-insurance policy resides in the Silicon Valley area of California and is actively known in the technology space.
When SG LLC began in 2010, they solicited new business by issuing a direct mail campaign, which the billionaire answered before subsequently becoming a client.