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Billionaire buys record-high life insurance policy

SAN FRANCISCO--An unnamed Silicon Valley billionaire has purchased the world's most valuable life insurance policy, worth US$201 million.

The man who cobbled the deal together said Saturday that it took seven months and 19 insurance companies to put together a deal that surpasses a US$100 million policy sold to Hollywood mogul David Geffen in 1990.

“No one company can afford to take a US$201 million hit,” said Dovi Frances, the financial adviser who represents who he calls a “well-known billionaire.”

The Guinness Book of World Records announced the surpassing of Geffen's record on Thursday. Guinness officials spent about three months reviewing records, Frances said.

“It was worse than any audit you can think of,” he said.

Guinness credits Frances with the record for selling the policy, surpassing United Kingdom life insurance salesman Peter Rosengard who helped put together Geffen's policy.

Frances is president of Santa Barbara-based S.G. LLC. The firm has represented the billionaire since he responded to a direct mail solicitation in 2010.

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