DVB Capital Assets

What DVB Capital Assets does

DVB Capital Assets II, LLC is a privately held Florida-domiciled limited liability company structured as a special purpose vehicle for issuing debt securities backed by senior life settlement (SLS) insurance policies. The entity's sole product is a 144A Private Placement offering of 10-year Senior Secured Notes, with a first tranche of US$350,000,000, an 8% interest rate paid semi-annually, and a maturity date of December 9, 2028. The bonds are rated 'A' by Egan Jones, registered with SEC EDGAR (CIK #0001990144), listed on the Vienna Stock Exchange, and made available through Bloomberg Terminals with settlement via DTC or Euroclear. Underlying collateral consists of SLS insurance policies, all AM Best A-rated or better, over-collateralized at a minimum of 120% against bond face value.

The business model captures the spread between the 8% coupon paid to bondholders and the returns generated by the underlying SLS portfolio, which is supported by an expected minimum 11% IRR non-performance guarantee from Fidelis Insurance Group at the collateral level and credit default insurance from Timber Creek Surety—reinsured through a London Re-insurance Syndicate (A+ AM Best / AA- Fitch / AA- Kroll / AA- S&P)—at the bond level. The company outsources all critical functions: collateral verification to Windsor Life Settlements LLC, portfolio management to Q Capital Strategies LLC (licensed in 47 states), transfer agency to Securities Transfer Corporation, and investor distribution to FCA-regulated advisor Silverbrook CM. The target market is accredited investors, with a US$10,000 minimum subscription. As of 2024, the company has ceased accepting new subscriptions for the offering, with noteholders directed to await potential future issuances.

Name

DVB Capital Assets

Legal name

DVB Capital Assets II, LLC

Website

https://dvbus23347raa23.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

DVB Capital Assets II, LLC is a private Florida-based special purpose vehicle that issues senior secured notes collateralized by senior life settlement insurance policies, targeting accredited investors via 144A private placement.

Ownership category

akta.pro rank

Product category

Structured Private Placement Bonds

NAICS

Investment Banking and Securities Intermediation (523150)

SIC

Asset-Backed Securities (6189)

akta.pro primary industry

Private Placements (144A/Reg S/MTN) (FSACABAK)

Keywords

• Private placement bonds
• Senior secured notes
• Life settlement backed securities
• Fixed income investment
• 144A bond offering

Headquarters

HQ city

Plantation

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Others, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Bond Issuance and Interest Revenue: DVB Capital Assets II LLC operates as a bond issuer, raising capital through a 144a Private Placement bond offering. Revenue is generated through the spread between the cost of underlying life settlement insurance policies and the 8% interest paid to bondholders. The first tranche was US$350,000,000.

Pricing tiers

Distribution channels1 record

Marketing channels2 records

Core offering

DVB Capital Assets II, LLC operates as a private bond issuer raising capital through a 144A Private Placement offering of 10-year Senior Secured Notes, with a first tranche of US$350,000,000 paying 8% interest semi-annually and maturing December 9, 2028. Proceeds are deployed into Senior Life Settlement Insurance Policies serving as collateral, over-collateralized at a minimum of 120% against bond face value, with all underlying policies rated AM Best A or better. The structure is protected by dual insurance — a Fidelis Insurance Group non-performance guarantee at the collateral level and a Timber Creek Surety policy (reinsured through a London Re-Insurance Syndicate) at the bond level — and is rated 'A' by Egan Jones.

Product overview

DVB Capital Assets II LLC offers a single structured bond product—a 10-year senior secured note issued through a 144A private placement. The bond offering is collateralized by senior life settlement (SLS) insurance policies and features dual insurance protection through Fidelis Insurance Group and Timber Creek Surety (reinsured through a London Syndicate). The product is listed on the Vienna Stock Exchange and Bloomberg Terminals, and settlement is facilitated through DTC or Euroclear.

Differentiator

Problem solved

Functional benefit

Products and services

• DVB Capital Assets II LLC 144A Private Placement Senior Secured Notes A 144A private placement offering of 10-year Senior Secured Notes (First Tranche US$350,000,000) paying an 8% semi-annual coupon, maturing December 9, 2028, rated 'A' by Egan Jones, and collateralized by Senior Life Settlement Insurance Policies rated AM Best A or better. The bond carries a minimum subscription of US$10,000, a minimum 120% over-collateralization covenant, dual insurance (Fidelis Insurance Group non-performance guarantee plus Timber Creek Surety / London Re-Insurance Syndicate credit default cover with a cut-through clause), and is listed on the Vienna Stock Exchange and Bloomberg Terminals with settlement via DTC or Euroclear. It is aimed at accredited investors seeking a fixed-income, insurance-protected yield.

Quantifiable outcome

• Minimum 11% expected IRR from Fidelis Insurance Group non-performance guarantee
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Windsor Life Settlements LLCcoreStrategic or Co-development Partner · 3 April 2024Collateral verification and settlement services. Windsor Lift Settlements LLC License #16516834. All notes have been secured and verified by Windsor Life Settlements LLC.
• Q Capital Strategies LLCcoreStrategic or Co-development PartnerCollateral Portfolio Managed by Q Capital Strategies LLC. Q Capital Strategies is Licensed in 47 States and manages the SLS (Senior Life Settlement) servicing and cash flow.
• Fidelis Insurance GroupcoreStrategic or Co-development PartnerProvides non-performance guarantee at collateral level against the mortality curve of predicted death benefits from SLS policies. Supports expected minimum 11% IRR and cash flow into the bond from collateral. Part of annual servicing and management of SLS by Q Capital.
• Timber Creek SuretycoreStrategic or Co-development PartnerBond level insurance provider reinsured with the pre-eminent Syndicate of London Re-insurer (A+ AM Best / AA- Fitch / AA- Kroll / AA- S&P) with cut-through clause. Credit risk default insurance covering all coupons and return of invested principal at maturity. Live policy # TCS-5000CDI-DVBCAP-04032024-01.
• Securities Transfer CorporationminorOthersTransfer Agent located at 2901 N Dallas Parkway, Suite 380, Plano, TX 75093. Handles securities transfer and registration.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Abacus Life: Abacus Life (formerly ITM TwentyFirst and Abacus Settlements) is one of the largest originators and purchasers of life insurance policies in the US secondary market. It is comparable to DVB as a participant in the same underlying life-settlement asset pool from which DVB sources its collateral.
• GWG Holdings: GWG Holdings was a major life-settlement-backed debt issuer (Life Partners 'BENs') that filed for Chapter 11 in 2022 after mortality and valuation issues. It is the most cautionary direct comparable to DVB in asset class and securitization model, though DVB's structural protections differ materially.
• Beneficient: Beneficient provides liquidity solutions to holders of alternative assets including life insurance policies, operating in the senior life settlement space. It is comparable to DVB as a buyer/aggregator of life-settlement assets, though its distribution model differs (more equity-linked than bond-linked).
• Marblegate Capital: Marblegate Capital is an alternative asset manager specializing in life insurance–backed investments and private debt placements, including life-settlement-secured notes. It is one of the closest direct comparables to DVB in both underlying asset class (life insurance collateral) and distribution channel (private placements to accredited investors).
• LM Funding America: LM Funding operates a life-settlement-focused subsidiary and is a direct participant in the US life settlement secondary market. It is comparable to DVB in underlying asset focus, though typically smaller in scale and focused on direct policy acquisition rather than securitization.
• Coventry First: Coventry First is a specialized life settlement provider focused on facilitating the sale of existing life insurance policies. It is comparable to DVB as a counterparty / upstream participant in the life-settlement value chain that DVB's bond collateral depends on.

Broad incumbents

• Ares Management: Ares Management operates large private credit and insurance solutions platforms and has been an active participant in life insurance–backed investment strategies. It is comparable to DVB as a broader private-credit/insurance asset manager that competes for the same institutional yield-seeking investor base.
• Athene Holding (Apollo): Athene, owned by Apollo, is one of the largest institutional buyers of life insurance policies and life-settlement assets globally. It is comparable to DVB as a participant in the same underlying asset class, though at vastly greater scale and as a principal buyer rather than a securitization issuer.
• HPS Investment Partners: HPS is a major private credit manager with significant structured credit and asset-backed investment capabilities. It is comparable to DVB as a broader private-credit participant that could structure or invest in similar life-settlement-backed ABS deals.
• Oaktree Capital Management: Oaktree runs large structured credit and insurance-linked investment strategies and is a frequent participant in private placement and ABS markets. It is comparable to DVB in its use of 144A/private-placement ABS structures and in serving institutional yield-seeking investors.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DVB Capital Assets