USAA Celebrates 100 Years in Business by John Darer CLU ChFC MSSC CeFT RSP CLTC
We're pleased to have a business relationship with USAA Life Insurance Company . The San Antonio based USAA was founded June 20,1922 by a group of soldiers to take care of their own. Over the years the USAA customer base has explanded.
USAA Structured Settlement Annuity Issuer
Today the A++(Superior) A.M. Best rated insurer has become a highly respected issuer of structured settlement annuities for a wide spectrum of claimants, particularly competitive for use as a qualified funding asset to fund long duration cash flows as payment of damages in on personal physical injury, physical sickness and wrongful death in medical malpractice, aviation, trucking, maritime and other types of legal settlements.
USAA ranks 25th on Fortune’s 2022 list of the world’s most admired companies. The ranking is based on the magazine’s poll of about 3,700 corporate executives, corporate directors, and business analysts.
USAA ranks 96th in the 2022 US Fortune 500 and 330th in the Global Fortune 500.
USAA is one of the Wards 50 Life & Health Insurers for 2021 (29 years).
Watch a short video about the history of USAA, immediately below
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USAA Life Insurance Company does not write structured settlement annuities in taxable damage cases or where litigation is in the State of New York.
Last updated May 19, 2023
Posted at 11:27 AM in Albany New York Structured Settlements, Annuity News, Bowling Green Kentucky Structured Settlements, Bridgeport Structured Settlements, Chicago Illinois Structured Settlements, Connecticut Settlement Planning, Conshohocken Structured Settlements, Delaware Structured Settlements, Detroit Michigan Structured Settlements, Greenwich Structured Settlements, Hartford CT Structured Settlements, Insurance Company News, Lexington KY Structured Settlements, Missouri Structured Settlements, NC Structured Settlements, New Jersey Structured Settlements, New Orleans Louisiana Structured Settlements, News About Structured Settlements, NH structured settlements, NJ Structured Settlements, North Carolina Structured Settlements, Oklahoma Structured Settlements, Philadelphia PA Structured Settlements, Rhode Island Structured Settlements, Rochester Structured Settlements, Sacramento Structured Settlements, San Francisco Structured Settlements, Santa Monica Structured Settlements, Sarasota Structured Settlements, Settlement Planning, South Carolina Structured Settlements, St. Louis Structured Settlements, Structured Settlement Industry News, Structured Settlement Markets, Structured Settlements Florida, Structured Settlements in Florida, Structured Settlements in Fresno County, Structured Settlements in Georgia, Structured Settlements in Illinois, Structured Settlements in Kentucky, Structured Settlements in Louisiana, Structured Settlements in Maryland, Structured Settlements in Michigan, Syracuse Structured Settlements, Tulsa Structured Settlements, TX structured settlements, United States Owned Structured Annuity, VA Structured Settlements, Washington Structured Settlements, WV Structured Settlements | Permalink
May 27, 2019
by Structured Settlement Watchdog
Dan Reisinger, a Pennsylvania and Delaware insurance agent, solicited Woodbridge First Position Mortgages to clients that ended up being associated with a Ponzi scheme. As this image retrieved from the website of the National Association of Insurance and Financial Advisors -Delaware clearly states, Reisinger is/was also a contact for Genex Capital.
Genex Capital Corporation is based out of a mailbox in Dover Delaware, but ostensibly operates out of Vancouver Canada. Though Assured Annuity, Genex Capital markets factored structured settlement payment streams to investors with a misleading annuity label. despite knowing full well that the annuity is not transferred in a structured settlement factoring transaction. Genex Capital is one of the militant companies that persists in calling factored structured payment streams annuities despite a 2017 Delaware judge expressly stating they weren't.
NAIFA News
In a March 29, 2017 decision in Greenwald v Caballero-Goehringer, Delaware Superior Court C.A. No. K14C-04-027 JJC. a Delaware Superior Court judge rejected an attempt to portray structured settlement payment rights as an annuity in a minor's prove up hearing, stating. "The proposed "structured settlement" was described in the Third Petition as a structure to be purchased through a third party to be facilitated by a Houston, Texas law firm. The "annuity" proposed by the Petitioner was in fact a "receivable purchase agreement" which involved purchase of the rights of payment of a structured personal injury settlement from a California injured party having nothing to do with this case. In other words, the annuitant in the proposed plan facilitated by the Texas law firm was the California claimant, not the Minor. Furthermore, despite the Petitioner describing The Hartford as providing the annuity, the seller of the receivable purchase agreement was Genex Capital. No rating was provided for that entity in the petition. The Court denied the Third Petition, without prejudice"
Genex Capital is in a legal battle in Portsmouth Virginia that seeks to vacate a court order that would stop payments to its investor [see Terrence Taylor v Structured Asset Funding et al.]
Reisinger's website no longer advertises the investments, but one wonders why a licensed insurance agent would be willing to put his neck on the online to push investments that are so clearly not annuities.
Posted at 12:17 PM in Delaware Structured Settlements, False Advertising Re Creating, Buying or Selling Structured Settlements, Genex Capital Commentary, Structured Settlement Watchdog® | Permalink
September 24, 2018
by Structured Settlement Watchdog
It took years of prodding, but Genex Capital has finally listed its address in Vancouver in addition to its UPS store mailbox in Dover Delaware, at least on its main website. Nobody actually works in the UPS store #4335 mailbox at 73 Greentree Drive in Dover, Delaware.
Genex Capital Assured Annuity, the outlet for structured settlement derivatives that have been mislabeled annuity, still lists the UPS store mailbox and refers to itself as an "investing service" on Facebook. When Genex Capital sells an investor structured settlement payment rights, what the investor is buying is not an annuity because the annuity itself is not transferred in a structured settlement factoring transaction.
Potential for Consumer Confusion
There is the potential for consumer confusion in that AIG offers Assured Edge Income Builder, a fixed annuity with a guaranteed lifetime withdrawal benefit designed to offer guaranteed income for life, plus a rising income opportunity. Riversource also offers Riversource Assured, a limited flexible purchase payment deferred fixed index annuity. On the Genex Capital Assured Annuity website Genex includes a table comparing the " annuity" that it offers to other actual annuities from various companies including an AIG subsidiary.
Important difference between real annuities and what Genex Capital and other similar companies mislabel and are offering to investors is:
Risk. What Genex Capital offers and mislabels an annuity is more risky than annuities. Genex Capital is currently contesting the interpleader in the notorious Terrence Taylor case where 11 factoring transactions were approved in 2 years. They are doing what they need to in an effort to protect investors. Plaintiffs in that case want the interpleader to assure there is money to pay any counterclaims against the counter-party defendant in the underlying case. Class Action Lawsuit threatens thousands of such investments in Virginia. A Florida investor who was sold a structured settlement derivative by one of Genex Capital's competitors is in limbo and has not rceived any payments that were due to start in January 2018. The Wall case imploded for a Pittsburgh couple due to an underlying fraud at the time of the origination by a Genex Capital competitor.
Licensing requirements. Legitimate annuities are offered through licensed agents or brokers who are licensed in the state their clients live or work.
A Secondary Market Annuity is Not an Annuity
