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Danvil Plans Inc. will transfer its entire preneed portfolio to
another company after its decision to withdraw additional securities
to sell with the Securities and Exchange Commission (SEC).
Gina de la Vega-Cruz, Danvil vice president for
corporate communications, told The Manila Times that the company is
now “undergoing transition” as Legacy Consolidated Plans Inc.
has agreed to buy its whole preneed portfolio, including its assets.
Based on its published notice to policyholders,
“Legacy has agreed to assume, under their original terms and
conditions, all in-force education and pension plans previously
issued by Danvil.”
However, de la Vega-Cruz said the company only
has one preneed product to date, and 80,000 policyholders, most of
whom are families based in Metro Manila of overseas Filipino
workers.
“I want to emphasize that Danvil Plans’
trust fund worth P4 billion held by its trustee banks is still
intact and will only be used by Legacy for the sole purpose of
paying for the maturities of the plan holders,” the firm’s
corporate communications chief added.
Last year, Danvil bought insurance and pre-need
company Berkley International Philippines Inc. from US-based W.R.
Berkley Corp. Included in the management buy-out were Berkley
International Plans, Inc., Berkley International Life Insurance
Company, Inc. and Family First, Inc., which are known to market its
products inside the shopping malls.
At the time of the sale, Berkley has 60,000
active policies and trust fund assets of P3.8 billion with
policy-holder liability of P3.2 billion with trustee banks.
Daniel L. Villanueva, owner of Danvil Holdings
and former Berkley International chief finance officer, said last
year he planned to overhaul Berkley ’s products and let these
evolve into mutual funds that are not presently available to the B
and C markets.
According to de la Vega-Cruz, since Legacy will
absorb Danvil’s assets, which consist of its mall-based marketing
offices and most of its workforce, Villanueva may just retain his
key officers for other business ventures that Danvil Holdings, the
preneed firm’s parent, might pursue.
-- Likha C. Cuevas-Miel
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