WASHINGTON, May 8 -- Rep. Lee Zeldin, R-N.Y., issued the following statement on the American Health Care Act (H.R. 1628):

"One of my top priorities in Congress has been to improve healthcare in America, which is why I have always supported the repeal and replace of Obamacare.

"Obamacare has resulted in higher premiums, higher deductibles, lost doctors, and cancelled policies, among many other challenges. Deductibles are so high, many people now feel like they don't even have insurance anymore. One-third of the counties in our country only have one option left under the exchange. That's not choice. That's a monopoly. Almost everyone agrees that our current system is deeply flawed and that healthcare must be improved. Doing nothing is not an option.

"Under the American Health Care Act, the individual and employer mandates are being removed, Obamacare's taxes are almost entirely eliminated (over $800 billion in tax relief), and there will be more choices, competition and affordability than under current law, while continuing to protect Americans with pre-existing conditions and allowing children to stay on their parent's policy as they can under current law. This is one important step of a three step process to ensure a smooth transition to a better reality for health care in our country.

"There is so much misinformation being circulated on this bill, especially on social media. Here are some specific facts to set the record straight regarding untruthful claims being made over social media and elsewhere:

"Is it true that under the current plan Members of Congress will be exempt? No. At the same exact time the American Health Care Act was passed in the House of Representatives, the House also passed legislation (H.R. 2192) to make it crystal clear that Members of Congress would not receive any special treatment whatsoever.

"Is it true that Members of Congress receive special health care insurance coverage not currently available to the general public? No.

"Is it true that the American Health Care Act changes the definition of pre-existing conditions? No.

"Is it true that under the American Health Care Act, 310,000 NY-1 residents with pre-existing conditions will lose their health insurance? Not within a million degrees of accurate in any way, shape or form.

"Is it true that in New York insurers will be able to charge people more if they have a pre-existing condition? No. New Yorkers with pre-existing conditions cannot be denied health insurance coverage for their pre-existing condition and cannot be charged more for their pre-existing condition.

"But what if New York asks for a waiver? New York is not asking for a waiver, but even if it did, New Yorkers still cannot be denied health insurance coverage for their pre-existing condition and as long as they maintain continuous coverage without a lapse for more than 63 days then they cannot be charged more either. Even if there is a lapse for more than 63 days, states remain required to protect people with pre-existing conditions to ensure they have access to affordable policies, which comes with financial help from the federal government. It is hysteria to claim that people with pre-existing conditions are not protected even if the protection is a little different than in non-waiver states.

"Is it true that there was no Congressional Budget Office (CBO) score for the American Health Care Act? No. The CBO has already weighed in on almost this entire bill.

"Is it true that no one actually read the bill? No. Speaking for myself, I sure did. It's only 138 pages long. Three amendments were added last week, and I read those myself before the vote."

India, Sept. 25 -- Abacus Global Management, Inc. ("Abacus" or the "Company") (NYSE: ABX), a financial services company specializing in alternative asset management, with a focus on longevity-based assets and personalized financial planning, today announced the closing of a dual-tranche securitization collateralized by a diversified portfolio of life insurance policies. The total structure is valued at over $400 million including the Class A and Class B notes and the residual interest. The notes have received an investment-grade rating from a third-party rating agency. The offering was oversubscribed and was upsized in response to investor demand.

Abacus expects to use the net proceeds from the transaction to support continued policy origination and fund general corporate purposes. More fundamentally, this transaction advances the growth of the Company's asset management business. In the transaction, a special-purchase vehicle issued investment-grade notes backed by a pool of policies, which the Company continues to service through its affiliates. The securitization expands assets under management and advances the Company's shift towards a larger share of revenue from recurring, fee-related earnings rather than transactional gains. Abacus's integrated origination, underwriting, and servicing platform is what allows the Company to connect these assets with institutional capital markets.

Elena Plesco, Chief Investment Officer, said, "This is a platform strategy, not a financing strategy. By packaging longevity-based assets into formats that institutional fixed income investors can own, we broaden and diversify our investor base, deepen the distribution channels available to our Asset Group, and build a durable, management fee driven revenue base, all while continuing to turn our balance sheet multiple times per year."

Jay Jackson, Chairman and Chief Executive Officer, added, "This is the largest securitization to date for Abacus. The investment-grade rating and the demand we saw from institutional investors confirm something we've believed for a long time. There's a deep market for longevity-based assets among the largest fixed income buyers in the world. That validation matters as much as the deal itself, and it tells us the path we're on is the right one. I also want to thank the entire Abacus team for the work that made this closing possible."

The notes were offered and sold in the United States in a private placement to accredited investors in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes, but is not limited to, statements regarding: Abacus's financial and operational outlook; Abacus's operational and financial strategies, including planned growth initiatives and the benefits thereof; Abacus's ability to successfully effect those strategies, and the expected results therefrom; projections of future earnings and expected capital; Abacus's ability to generate future cash flows; securitization schedules and timing; future demand for Abacus's products and services; and the reliability of the Company's fund structures and corresponding market confidence and expectations. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "expect," "intend," "anticipate," "goals," "prospects," "will," "would," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions).

While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the potential impact of our business relationships, including with our employees, customers, and competitors; changes in general economic and business conditions, including changes in the financial markets; political instability both in the U.S. and abroad, including political violence, terrorism, and war; weakness or adverse changes in the level of activity in our sector or the sectors of our affiliated companies, which may be caused by, among other things, high or increasing interest rates, or a weak U.S. economy; significant competition that our operating subsidiaries face; compliance with extensive government regulation; the failure to meet Abacus's investment objectives; the inability to raise capital on favorable terms or at all; and the effectiveness of Abacus's control environment, including the identification of control deficiencies.

These forward-looking statements are also affected by the risk factors, forward-looking statements, and challenges and uncertainties set forth in documents filed by Abacus with the U.S. Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations.

Risk Disclosure: All securities investing and trading activities risk the loss of capital. Investors should carefully review the offering documents and consult with their own legal, tax, and financial advisors regarding the suitability of investments. Credit ratings are not recommendations to buy, sell, or hold securities and are subject to revision or withdrawal at any time by the assigning rating agency.

About Abacus

Abacus Global Management (NYSE: ABX) is a financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovation, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide. Published by HT Digital Content Services with permission from Business Wire India. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]