Abacus Global Management

We assess a moderate moat built on regulatory licenses, data, and integrated distribution plus servicing. Intangible assets: 70/100. The company’s 49‑state provider licensing, proprietary underwriting/mortality data and a two‑decade operating history create real but not impregnable barriers.

These help underwriting accuracy and originations funnel quality, but are replicable by focused, well‑funded peers over time. Switching costs: 60/100. Fee clients and policy‑servicing mandates can be sticky once embedded; origination relationships with advisors and carriers are valuable but can migrate if pricing and service slip.

Network effects: 35/100. More policies and data can attract more capital, which may attract more policies, but effects are localized and not as self‑reinforcing as payments networks.

Cost advantage: 55/100. Vertical scale in origination, servicing, and fund management plus securitization‑adjacent capabilities lower per‑unit acquisition/servicing costs, though financing costs remain meaningful.

Efficient scale: 60/100. Life settlements are a niche with limited capacity and regulatory complexity; large incumbents can deter new entrants in select sub‑pools, yet no single player controls the market.

Weighting these elements (intangible 35%, switching costs 25%, cost advantage 15%, efficient scale 15%, network effects 10%) yields a composite moat score near 62.