The New Jersey state-sponsored automobile insurance fund avoids collapse by instituting several reforms, including programs under which claimant payments were delayed 12 to 18 months to receive payment. J.G. Wentworth gets it start buying these payments from claimants, giving them immediate cash, and collecting from the state after 12 to 18 months. Over 14,000 claims are funded.
J.G. Wentworth is approached by a man named “Sean” who was referred by an insurance carrier. Sean owned a structured settlement for an eye injury and wanted to exchange his future payments for an immediate lump sum of cash. J.G. Wentworth examined the opportunity and was able to fund the transaction.
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.
J.G. Wentworth completes the first pooling and sale of structured settlement payment streams as bonds to Wall Street investors, also known as a securitization. In this same year an affiliate begins purchasing privately held mortgage notes.
President George W. Bush signs Internal Revenue Code Section 5891 into law that provides for favorable tax treatment of structured settlement sales. This legislation ushers in the era of regulated structured settlement sales. J.G. Wentworth was a leader in the effort to pass this legislation, along with other NASP members.
A J.G. Wentworth affiliate was established to provide cash to customers with pending legal claims.
J.G. Wentworth reaches the $1 billion mark in fundings.
J.G. Wentworth moves its headquarters from Center City Philadelphia to Radnor, Pennsylvania, doubling the size of its facilities.
The assistant general counsel for J.G. Wentworth co-authors the “bench book” A Guide to the Transfer of Structured Settlements Annuities, which is published by The National Association of Women Judges (NAWJ). This first-of-its-kind guide for judges helps them understand the technical, legal and financial aspects of structured settlement transfers.
J.G. Wentworth creates the J.G. Wentworth Annuity Purchase Program™ to purchase fixed investment annuities.
J.G. Wentworth reaches the $2 billion mark in fundings.
A private equity firm purchases a majority interest in J.G. Wentworth.
J.G. Wentworth creates the famous “Opera” and “It’s My Money!” television advertisements.
J.G. Wentworth reaches the $3 billion mark in fundings.
David Miller joins J.G. Wentworth as its new chief executive officer.
J.G. Wentworth receives A+ rating from the Better Business Bureau.