New Jersey institutes a state-sponsored automobile insurance fund to provide high
risk drivers with coverage.
J.G. Wentworth is founded as a merchant bank specializing in healthcare industry
transactions.
The New Jersey insurance fund was failing because the collected premiums and additional
funding were not sufficient to meet the amount of claims against its policies. The
state initiated several deferral programs under which claimants were forced to wait
from 12 to 18 months to receive payment and in exchange were given the opportunity
to earn interest at the rate of six percent per year.
J.G. Wentworth steps in to help by purchasing the deferrals, providing cash and
collecting the interest earned from the claimants who couldn't wait to receive their
settlement. Over 14,000 individuals were able to receive their cash immediately
rather than wait an additional 18 months post-settlement.
J.G. Wentworth is approached by a man named, Sean. Sean was referred by an insurance
carrier because he owned a structured settlement for an eye injury and was exchanging
in his payments for a lump sum. J.G. Wentworth examined the opportunity and was
able to complete the transaction.
J.G. Wentworth begins purchasing lottery payments in exchange for a lump sum of
cash.
J.G. Wentworth helps found the National Association of Settlement Purchasers (NASP).
This non-profit trade association's mission is to promote the industry and establish
ethical and professional standards of conduct for the industry.
J.G. Wentworth completes the first securitization of structured settlement payments,
a transaction of $70.8 million. In this same year an affiliate begins purchasing
privately held mortgage notes.
J.G. Wentworth begins providing money to individuals awaiting inheritances.
President George W. Bush signs into law Internal Revenue Code section 5891. This
section outlines the allowance for structured settlements to be sold in a secondary
market, giving more flexibility to their owners. J.G. Wentworth was a cornerstone
in the effort to pass this legislation, along with other NASP members.
A J.G. Wentworth affiliate establishes providing cash to customers with pending
legal claims.
J.G. Wentworth reaches $1 billion mark in fundings.
Headquarters move from Center City Philadelphia to Bryn Mawr, PA, doubling the office
square footage.
William J. Skyrm, Esq., assistant general counsel for J.G. Wentworth co-authors
the bench book A Guide to the Transfer of Structured Settlements Annuities,
published by The National Association of Women Judges (NAWJ). This is a first-of-its-kind
guide for judges who are faced with approving transfers of structured settlement
annuities. NAWJ developed the bench book in response to the increasing appearance
of structured settlements cases. For many judges, this is a new area of the law,
and NAWJ determined that a comprehensive bench book would be of great assistance
to them and to the interested parties.
J.G. Wentworth begins working with Financial Professionals and creates the J.G.
Wentworth Annuity Purchase Program™.
Staff in Bryn Mawr surpasses 100 employees.
J.G. Wentworth reaches $2 billion mark in fundings.
J.G. Wentworth begins purchasing Life Only Payments attached to many structured
settlements and annuities. This gives annuity and structured settlement holders
additional financial flexibility.
Staff in Bryn Mawr surpasses 200 employees.
J.G. Wentworth Life Settlements, LLC, begins purchasing life insurance policies
from their owners in exchange for a lump sum.