Abacus Settlements announced today that the Florida Office of Insurance Regulation executed a consent order approving East Resources Acquisition’s business combination with Abacus.
“The Florida Office of Insurance Regulation’s approval of our business combination with East Resources Acquisition Company is a critical step in the transaction process and is an important step for our team to execute its strategy to scale our platform and increase our market share of the growing $233 billion potential Annual Life Settlement market,” said Abacus Life CEO Jay Jackson.
Abacus Life entered into the $618M deal with East Resources in August. Cash proceeds from the transaction will consist of up to $98 million held in East Resources’ trust plus any funds raised via PIPE. Read more.