CapitalSource Launches Premium Finance Lending Business Line
Monday, June 18, 2012
CapitalSource announced it has hired an experienced lending team specializing in traditional premium financing to lead this new business line. The group brings more than 50 years of experience in commercial lending and life insurance premium financing and will provide funding alternatives to clients seeking to utilize permanent life insurance products for estate planning, executive compensation and other business purposes.
Industry veterans John Dixon and Tom Yaeger will lead the Premium Finance Group. Dixon was a division president and general counsel at FIRST Insurance Funding. At FIRST, he started the life insurance premium financing business for Wintrust Financial. Before joining CapitalSource, Yaeger was a life agent specializing in funding alternatives for corporate and high net worth clients. He brings more than 20 years of experience working for AIG's premium financing businesses, including four years as head of AIG's $2 billion life insurance premium finance business.
With the addition of the premium finance lending business line, CapitalSource will further diversify its national platform and add to its capacity for consistent loan growth. CapitalSource closed $522 million in new funded loans during the first quarter of 2012, which is on pace for the full year projected total of $2.2 billion.
"We are very pleased to add these highly skilled and experienced professionals to our national origination platform," said CapitalSource CEO James J. Pieczynski. "The formation of a premium finance lending group complements our focus on specialized niche areas of lending with individuals who know their industries well and have deep contacts, which are critical to sustained success."
Dixon added, "My colleagues and I are excited about joining the CapitalSource national lending franchise. We look forward to contributing to the diversification and growth of the company's $6 billion loan portfolio."
Yaeger said, "Today there are few providers, and even fewer qualified professionals with a track record of success who specialize in delivering premium finance as a true financing alternative. Our team brings longstanding relationships with a diversified origination network, and vast experience in life insurance, premium financing and managing high-growth lending platforms. Our research and experience shows that the market is ready to abandon the status quo. Many of the current providers seem to be stuck in the past. Our products and offerings will help our clients and advisers provide a dynamic platform for growth."