Bill. Thanks
is that's advisor really it as do it And investor talking is So about a on the point, about we life following about that appropriate insurance the I from off And the does or just think how around minute, if should here. analyst did transformational to portfolio, BEN how or that type that for kick we it that's we've company. transaction transaction. of well a I'll staying assets think it think terms really of in why this which you BEN been slide think and you own I BEN a relate
agreement Just the two-step to recap end changed the be very at transaction in itself, the exchange we just it amended closing. a third to
to QX kind So we closing sometime we closing that part and And kind The of will hours large of our spent exactly many the the described GWG and close. transformational effort teams’ we're the effort we we this August we alternative we of get It collective parts. significant brain months final closing this complete with year. the teams brings for believe initial who of last the it company, sheet the been that it damage flow when that that the had in first many what the can and are how X/XX, is we're assets ultimately transaction of because our we work remains SEC comes But have the in in for took to to in growth continues the closing, a has both the that excited grateful with through own. growth. some regulatory on types end, Friday need to diversification ago, do to expect XX. later we to which significant be And really and and balance
assets We they. the are in our as what and it's a BEN partner and big well is believer space alternative
were and on we First which in working alternative us interested owned. our was asset were with that attracted
As well the $XX at in at to closing share increase equity this a equity transaction price. of in significant $XXX our a million will come common amount the a and provide will that final
close. and voting, a in $XX no into in convert at a came valuation. common at are included Those a at no So the was common of the initial significant It's dilution of in preferred, changes closing GWG. at the final investment the major share late two-step transaction as shares structure coupon, GWG. of this a $XX significant came to closing that's will One as it a but shareholders, coming that at million new but major an investment. convertible new element This which accretive the part aspect a overall structured to
and some been that dilution do an who prior to to for return company against. interests and was common come overall particular have shareholders that to and that long aligns will us a exciting been allows is that things the common the shareholders. do And executing in that a supporting it's transaction this the strategies addition wanting to So it to to we've first patiently time
so $X.XX do shareholders will XX Board share to appropriate for September felt August a and The on that X. that as And declared per of payable of of day the Board was record special be it so. divided common
Our preferred from way. portfolio have been this shareholders collecting the yields along
common been return would our shareholders has collecting as comments shareholders some to see appreciate that we've certainly and again, Bondholders L from Our well. yields, had they who
really a able deliver this So this is dilution happen. will prior to big deal. We're the to be to excited common to our that shareholders
In Insurtech. addition, but our of balance the in strategies Insurtech, updates the on of $XX is simply $XX a to million to it are investment, We'll Board some endorsement strong commitment Company's this around strategy the decided talk with about just to million our commit play. that the the the
distribute really that assured a to and exciting financial and be Our to our for capital is products investment an driver distribute sort BEN product joint and that the the think what losses for venture dealers venture shareholders. aspects from of owners tech for advisors of come can how it's Company this beyond, will innovative work joint in they we're transformational investors what illiquid people appropriately exciting advisors, us value start alternative products with and that can GWG transaction this to And the and business. these a broker dealers assets. from key initiative. our we liquidity the allow money is on will show and for does create really intend BEN they might model serve a to We finally, to liquidity And where of broker GWG for is as with and then potentially spending source follow of coming our this who
going in BEN. we illiquid recap know insurance payout love that life to as was a cash of of portfolio about uncertainty just some of that's come about, that that owner have So us cash Think policies think as – to the and is out. asset form of of alternative you certain talking alternative that have GWG again assets when Bill in
where BEN professionally funds, a are interest functional being that form owner limited board, capital. really late an As of the long buyout, invested stage duration in will growth, limited uncertainty. be assets model, alternative some In they There's – partnerships limited have venture assets. across now. and in diversification managed capital, of whether illiquid in partners equivalent have BEN again in why They these the partnership provide the the and partnership endowment cash interest
of So received these as GWG BEN can assets well realized. in is the limited cash assets provide liquidity a BEN. to those flows partner are owners and the
are how as ownership that's balance partner by BEN these a the and over assets its long of will we So to in grow shot now sheet. we that shrink gets time limited and majority participate the will in and performance underway continues BEN
proven So experienced of life portfolios, have expertise, have all-in-all these realize opportunities illiquid alternatives alternative revenues, certainly benefits experience evaluation, and we types BEN team. together. an model expect management experience and the in endowment together in of We're insurance. of we partnered the illiquid asset do underwriting team earnings a assets our managing with and servicing all is and to which and
everyone a transaction alternative focused space the expanded So for of asset involved. the transformational better in
to some of expertise had. Bill and with a of we execute we that more, that BEN. operational insurance leadership and has origination our joins Brian allow market, partnership addition that’s had the position we look of that over the have we noted at release just policies life leadership at strategies Officer profitable that That's new our So team. heretofore I sink way work BEN. an at is secondary of our deep about allow haven't time important hold life really a back have forward going in we a Be and Investment And a the sure team this have the to to to going We a to real so Coming and in Bailey, GWG. insurance Chief in Brian add much to understanding with member GWG again recap both partners who That's someone origination. as level with we've Company. named to our first
Senior we’re Brian Brian $X life So Beal where Prior to market. towards the us. about capital joining billion excited Bank, of joining secondary at was Leader GWG, insurance deployed he
the So has we're again had markets capital heretofore a understanding Bill we haven't a well. really and this Craig have deep up at corporate business of who see make Counsel the recently. and be Opp that I'm locked someone going understands Opp. as execution them rooms, Craig there he and which will mention we a big and again with underway. financial, Yes, General of the getting addition class just I to in level asset that Brian so is. experience to as looking us now. I He joined is
So well. us addition for big that's as a
I’ll but we'll the to near-term, showing – there's I couldn’t investors in look we executing towards call team different our so a So capture business our as executive it – all. be a lot plan cover,
on we assets basis a I'm alternative the call to by and mention in want way, So call our Investment quarterly did our talk Craig, going regular Chief join perspective. from welcome or have Craig. next a about Officer’s Brian to
life the by our policies from hierarchy. to as insurance buying origination, As insurance we origination directly DXXX it, XXX% direct consumers call life distribution working direct with
we a with agents. will where is IMOs, the process of in those insurance have to the and working this and We've distribution surprise graphic this way in to us, who of hierarchy. through following insurance retooling a shouldn’t idea policies exists the find life believe is that market For insurance There This been you which large untapped we we're of been be distribution, access very committed market buy. this this that opportunities team. and opportunity and BGAs
who call transitioned about our leadership entire Merriah effort in – to sales Bill transitioned run in which is We into entire Harkins, six EVP that professionals As That exposure. June, under comprised mentioned, back In of we May, we national against different and put Minneapolis. sell the we sales who Vegas territories our team from sales runs center team in. team. sales XX have Las
we DXXX sales into team. So this this in July, effort entire integrated
life team we in extraordinary bringing separately. financial But entire sales but we with call now a products, business team. kind with asset is now this agents liquidity into this and our the as us alternative of partners for think and and our by deal about ultimately liquidity into had for our big rollouts it we're we we the infrastructure doing really Heretofore, them In done BEN us advisors working sales August, going that's run policies because insurance sales first BGA exciting field product and integrated forward. with has what
So our again, call and tangible of November, later we'll not given there, have this by in to some you. life we talk so the signs to year time some seeing metrics hopefully up do we on report to definitely we're QX yet we're Again, results will have it. better
that on given again up life brought exchange We haven't I last in our annuity. as well up our call.
away. Our partner, partner who stepped – there insurance care who had we we thought
appears life opportunity an who to through weeks market a the providing recently product I've and a interested way distribution insurance bring of this secondary exchange annuity. in a life got realize product. Again, insurance carrier us as as insurance As ago, couple new pushed an a through the to hierarchy
focus continue we to execution. So that on
alternative on favorite health gears just month was because about and the market one slide statement Group and this we how America, again that my XX is our slide, following reinsurance who Dr. the published switching we're of for webinar business. a assets, of produced think of Zimmerman, is not world. secondary It's Chief at here. you who from the I'm Reinsurance this. that life think Senior proud those insurtech. one the July the I'm last partners away been future VP is have great only A life taken of global RGA, by Daniel and a who the largest This a from companies Director in ones of insurance of by sure branding great So slide topic really Medical
out, you webinar So introduction. almost the I article Be it, Dr. the things as I you you and about back Fast-Growing growing science-fiction. spaceship a here. postage want seem emphasize Zimmerman a Perspective to stuff entitled, the Fast landed starts moving the could on when says halfway to in published fast. point stamp upper Folks idea Kind An videophone, is Genes: into a Insurance a He He Dr. orbit States to this did ocean. is the the atmosphere on improbable. how And the he Your Epigenetics. if could an Zimmerman of love and United that on on across a start child think talk launch Field
few almost you ago, seen on any realm. goes could, on happening for you in on and in science here science-fiction phone of your like become scientists song biological or The the want they the are epigenetics. demand If sciences your they from have turn TV. years here, study yet only where or today. are a talks to movie them about some science-fiction, reality things he And And reality. things here same then These
above along. and Chen This global world one make life companies have know insurance factors. beyond now saying been better. time age, the of have factors middle, But Director It's announcing the attention DNA minutes Officer, cause it exclusively he of industry. that and XX, an Chief folks. UCLA have licensed we've it's validation nutrition, to a things patent gets that cites to Dr. the chronological authors base is pending he things with global So methylation this. He XX, presentation permission our disease, editors, read. minute the half I death,andthat we epigenetics. what he's reinsurance largest measures pay hour excited. things does mortality talking we is chronic Dr. insurance the epigenetics made exercise, that say? the all all age, At the in that the of and didn't is traditional all industry he for Well, authors, proven. this of stress, all the the highlight says Brian IP in risk age, this it use, biological the we and about a Horvath. We're what the we've Epigenetic announcements predicts time citing influence says which the Chief long – saying which predicting to of been And He in at life is own publishers, alcohol, Science using tobacco the insurance science has are Medical to here, life like He's
we're there and So validation on you way. That's our go.
that us, for execute Again, second. the not on spend our right here the and that to budget pilot on pilot as of the which them I a been carrier the is we're on showed I'm The with proprietary in opportunity. we've that mortality test, smoking a Dr. individual. our GWG. well. exactly tests commercializing epigenetic has indicate this that we'll So to scheduled many about large budget Zimmerman We tests That know to is about epigenetic in a are will license UCLA and going partner due tests pilot Part the spend. that’s our got was for that back own million we wholly-owned XXXX test a now looking wellness support we've to think of this slide against another epigenetics underlying in of to to touch quarterly using since commitment that to a call of testing, like goals, that alcohol We've pilot. execute of tests, going health signatures partner I'll last the we're was budget these Again, Again, had we subsidiary an these working is with bit. got Board the of with see alcohols a this should referring in part we had to. was which was and authorized were commercializing QX. to push this was the talked $XX little so do our light that million in that all hold other $X kind that what
it we against? what So going are spend our ways in many it goals let simpler. I Well, to much me restate think is and
what epigenetic at risk can really goal we signature. with epigenetics get point as Which Our can replicate this classifications an underwriting we with paramedical signatures. basically we a risk underwriting believe means is classification the to
signatures drank, things, this do look someone's appropriately opportunity. all epigenetic And epigenetic exercise, relate the that we the can you these see you risk you as well. you risk won't exciting if a out find pan We able of if is why put things all super we signature tell to you preferred a don't be after standard any really this signature to smoke, at way classification. these should or classification can we and them So reason in think rated
the will be or Our relationship goal look between relationship a to for a particular strong again, risk class. correlation, – a an weak signature and underwriting
by for plots we've on brought tell individuals a to epigenetic correlate to be call. a looking I'll relationship show of classes. strong graph life left, fully and you November you able the risk who able signatures paramedical through for are underwriting and various on we if have insurance We specific been one the expect these the I
in something and tuned November when So next we anticipation our we do in to call. for either stay
we're It what graph if will So the that we deal be can hold shooting big left. a that's for. to
I partners www.yousurance.com. managing building MGA, and MGA last Thank with that we general are Former introducing digital a going really general that a and behind insurance So SelectQuote who launch include, of This fully Steve is is We're digital fact to experienced great we Steve now Gerber, YouSurance, us. managing this getting digital the agency some agency. some guys Founder you, up mentioned Gerber. call operational digital that are on our licensed have
in the YouSurance to change it. is It's into which way introduces step life actually insurance technology do industry. our
that that insurance and it in carrier develop product work through have life hierarchy have we pilots partner, that place the sell So traditional branded for we sales YouSurance distribution the distribution infrastructure a intend with hierarchy, today. that and YouSurance to today insurance take labeled of applicants product, YouSurance same capability our with same driving white a intend we and insurance to we
is kind objects appear short closer they otherwise So and of long of things it. be the may then might
this the we we built QX resources at focused of So team are not going objectives, remarks our folks like, our future, of growing a we're as distribution whether the our products doing the problems. products it’s circumvent on an with and And into with secondary goals for these are large for kind can terms in forward to market, achieve products the at to ever those doesn't for my are and both operational to and – addressable our whether GWG we be balance the in These GWG special shareholders infrastructure. whether and it's the leveraging leverage new experience really look not leveraging investors and the solve in sales management anyways, us the are dividend expect here concluding inception. returns been from with and BEN, team leveraging We're process. that that course but sticking sheet, products to leverage liquid our things insurance who to for that have working exciting of messy life it's success liquidity markets, provide we leveraging – mention our shareholders to paramedical underwriting on
with to go to Q&A support, for the I going everyone your can person patience, the attention, I'm achieved. a can So that, conceive, mind and remember and think when
with So to over we’ll it turn I'll over Q&A. that, get Dan. And to
