Investors have bought AmeriLife Group L.L.C. from the company’s founder.

A group that includes funds managed by Reservoir Capital Group L.L.C., New York, and Black Diamond Capital I L.P., Greenwood Village, Colo., has acquired AmeriLife, Clearwater, Fla., from the previous owners.

Timothy North, who has been the company’s chief executive officer, is one of the buyers and will continue be AmeriLife’s CEO.

AmeriLife focuses on working with insurers to develop and market annuity, life and health products to older U.S. consumers.

The company’s distribution network includes 800 career agents and more than 100,000 independent agents.

Correction: An earlier version of this item gave an incorrect description of Timothy North’s role in the AmeriLife deal. He is one of the buyers.