FORT WASHINGTON, PA — Coventry has completed its fourth asset-backed securitization since April 2025, pushing financing through its LILY platform to $1 billion as the Fort Washington company expands institutional access to investments backed by life insurance policies.
The latest transaction extends a securitization program Coventry launched in 2025 to package longevity-linked assets into investment-grade asset-backed securities. The company did not disclose the size, pricing or investors in the fourth transaction.
LILY converts life insurance-backed assets into securities designed for institutional investors, combining Coventry’s policy origination, actuarial analysis, servicing and financing operations within an asset-backed securities structure.
The $1 billion financing total across four transactions points to institutional demand for an asset class whose performance is tied to longevity rather than traditional financial-market movements.
“More importantly, it reflects growing investor recognition of the value of longevity-linked assets and the benefits of accessing them through a disciplined, repeatable securitization platform like LILY,” Chief Executive Officer Reid Buerger said of reaching the $1 billion mark.
Coventry operates in the secondary market for life insurance, in which existing policies can be sold to investors rather than surrendered to insurers. Its LILY program provides a financing channel for those assets through the institutional ABS market.
The company positions the platform at the intersection of life insurance, asset-backed finance and private credit, with securitization providing institutional investors another route to longevity-linked exposure.
Coventry expects life insurance-backed financing to take a larger role in the longevity-linked asset market as institutional investors seek sources of return and diversification outside conventional markets.
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