CNBC reports that a "mystery tech billionaire" purchased a life insurance policy worth $201 million. That beats out the previous Guinness World Record, a $100 million policy for "an unnamed American entertainer."
The policy was purchased from a global advisory firm called SG, which specializes in "complex financial solutions for wealthy clients." These kind of policies have become popular in California as a way to minimize tax bills by combining insurance products with trusts.
SG won't disclose the buyer's name. The company said the single policyholder is a well-known billionaire living in Silicon Valley who is involved in the tech industry, and $201 million would be paid out upon the buyer's death.
Dovi Frances, SG's president and founder, said no single insurance company holds the $201 million risk. He said the policy is split between 19 different companies and none hold "more than $20 million or so" of risk.