J.G. Wentworth Hires New Director For Annuity Business

J.G. Wentworth is the undisputed leader in the purchase of deferred payment obligations such as structured settlements, private mortgages and other cashflows. The firm has purchased more than $750 million of deferred payments, and has securitized many of its purchases into AAA rated bonds bought by institutional investors around the world.

According to J.G. Wentworth chief executive officer Michael Goodman, "Annuities are an inflexible financial product in a world which demands flexibility and responsiveness among investors to changing market conditions as well as their own circumstances. By creating a secondary market for annuities that offers liquidity, we are tapping not only a tremendous market, but fulfilling a tremendous need as well."

Goodman continued, "I have every confidence that Michael has the entrepreneurial panache and marketing savvy to establish us as a leader in this market."

Most recently before joining J.G. Wentworth, Mr. Vaughan spent five years with San Francisco-based Telephia, the global leader in performance information for the mobile telecommunications industry, where he was instrumental in growing the company from start-up operations to profitability on sales of $60 million.

Commenting on the creation of a secondary market for annuities, Vaughan said that there are at least $1.5 trillion in assets behind issued and outstanding annuities. "While many of these annuities are fulfilling exactly the purpose for which they were purchased," he said, "a certain percentage of the holders require liquidity for one reason or another, and this percentage represents a multi billion dollar market."

Goodman said that J.G Wentworth already purchases fixed annuities as an outgrowth of the company's structured settlement business. "These purchases have been incidental to our sales and marketing efforts. Michael will establish dedicated marketing programs and distribution channels for the retail and institutional marketplace which we will launch during the first quarter of 2005."

Vaughan, a native of Birchrunville, PA in northern Chester County, is a graduate of the Wharton School of the University of Pennsylvania. He resides in Lower Merion Township with his wife and son.

About J.G. Wentworth
J.G. Wentworth is a leading specialty finance company. Headquartered in Bryn Mawr, PA J.G. Wentworth applies strong marketing, underwriting and capital markets skills to fragmented consumer response segments. Areas of focus include structured settlements, annuities and private mortgage notes. J.G. Wentworth is also the largest servicer of deferred payment obligations in the United States and functions as a master and back up services for non traditional cashflows.

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