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SAN RAFAEL, Calif., Feb. 24, 2021 /PRNewswire/ --Phoenix American Financial Services and its subsidiary PAFS Ireland, Ltd ("Phoenix American") announced solid business and operational progress in 2020, building on the company's nearly 25-year industry-leading role as provider of managing agent services for asset-backed securitizations (ABS) in the commercial aviation industry. In February 2020, Phoenix American was appointed as Managing Agent for the AASET 2020-1 ABS and the LUNAR 2020-1 ABS. With the pandemic shutdowns, the company concentrated on maintaining peak service levels for existing clients and enhancing other revenue streams: accounting for sale-leaseback transactions, servicing warehouse facility deals, administering finance transactions and being appointed as Managing Agent to legacy ABS deals, while managing a 10% increase in headcount for the eventual recovery of the ABS industry. "Providing additional supports and value adds to our clients, as they have worked through the impact of the pandemic is something the team at Phoenix American placed significant focus on," said John McInerney, Managing Director of PAFS Ireland. "With the continual recruitment and development internally, Phoenix American is perfectly placed to help assist new and existing clients as the aviation industry exits the effects of this pandemic." In January, 2021, Phoenix American was appointed as Managing Agent for the CLAS 2021-1 ABS, the first ABS transaction to come to market since the pandemic began, clear recognition of Phoenix American's strength at the center of the ABS marketplace. With this addition, the company now serves entities with over 1400 aircraft and engines having a combined appraised value exceeding $36 billion. A new fund accounting service offering for aircraft finance clients was introduced in 2020. Phoenix American now offers a full-service, 'one-stop-shop' solution for a variety of aviation finance structures. In 2020, PAFS Ireland, Ltd. completed an ISAE 3402 Type II audit, certifying that the company hasinternal controls that meet or exceed the standards of theInternational Auditing and Assurance Standards Board(IAASB). The ISAE 3402 Type II is equivalent to a SOC 1 Type II audit in the United States In July, 2020, John McInerney, Managing Director of PAFS Ireland, was named 'Future Leader of Year' by Airline Economics Magazine topping its 'Top 40 Under 40' list, which honors outstanding aviation industry professionals under 40 years of age. Mr. McInerney's proficient management of the growth of PAFS Ireland and exemplary leadership during the Covid-19 pandemic shutdown earned him this honor. Phoenix American attributes its continued success to an uncompromising insistence on excellence in every aspect of its service offering. The company utilizes Oracle Financials for its general ledger accounting and adheres to robust processes, procedures and controls. The company's long-tenured work force represents deep levels of operational experience. "Top tier technology, a rigorous control environment and experienced personnel with a laser focus on customer service are what issuers look for in a managing agent and that's what we deliver at Phoenix American," said Joseph Horgan, Senior Vice President at Phoenix American. Phoenix American Financial Services, Inc.Phoenix American Financial Services, including subsidiary PAFS Ireland Ltd, provides managing agent and fund accounting services for asset backed securitizations in the commercial aviation leasing industry. The company also provides fund administration, investor services, and sales and marketing reporting to companies in the alternative investment industry. The company is an affiliate of Phoenix American Incorporated along with Phoenix American SalesFocus Solutions. Phoenix American was founded in 1972, has five offices worldwide and is headquartered in San Rafael, CA. Media Contact David Fisher 310-621-7822 [emailprotected] SOURCE Phoenix American

Answer: Phoenix American Financial Services and PAFS Ireland, Ltd Announce Solid Progress During A Challenging 2020 For Aviation ABS