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Neil-

I'll leave it to Hunter to look at this further, but this is a product we are well aware of and I believe based on the attachment this is pretty much identical to a product that Hunter and his Uncle (who has his own insurance firm and sells life insurance) have pitched to Labor Unions a number of times in the past with not much success for a variety of reasons. I'll call you about this and NCR later today if you are around and give you more of a download. My guess is given our history with it it is not something we'd want or be able to go back to the Unions with. But let's talk later and we can get Hunter to take a look as well.

Best,

Eric


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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On Jul 7, 2011, at 10:43 AM, Neil Callahan (Rosemont Seneca) wrote:

> Hi guys,
>
> I was wondering if we can schedule some time on the 18th or 19th when we are together for RSTP to discuss Project Blue Collar. A gentleman from Ticonderoga would join to walk us through the structure. (see attached).
>
> The basic idea is to provide an alternative investment structure to Unions that allows them to provide a life insurance benefit to their members while creating investment gains to fund long term pension liabilities.
>
> The product structure has been sold into two Police Unions and the team is looking for additional distribution to Union decision makers.
>
> The basic premise is the Union provides a pool of 1,000 or more lives to insure against. Each Union member would receive a free death benefit of $10k on a $100k policy and the balance of the proceeds of that policy goes towards funding the premiums and provides a 22%+ rate of return back to the Union Pension fund.
>
> A placement fee on a deal like this would be $1-1.5m, so it could be something we might want to consider. This may also be something we could support indirectly and pass onto to people like Chuck and Mike to rep directly and we participate in that fashion. But Chris Teas from Ticonderoga would be much better able to explain the product and how it works.
>
> Let me know if this is something you would like to take a look at if you want to have a meeting about in sometime on the 18th or 19th.
>
> Best,
>
> Neil
>
>
> Neil Callahan
> Rosemont Seneca Partners
> 401 Greenwich Street, Suite 400
> New York, New York 10013
> 212-796-4037 (o)
> 917-945-9516 (m)
> 866-749-8879 (f)
>
> <Project Blue Collar 7-2011.pdf>