A big, private equity-backed life insurance and annuity distributor is expanding.
Simplicity Financial Marketing announced last week that it has acquired two smaller life and annuity distributors: WealthWise Partners L.L.C. and Liberty Financial Resources Inc.
Simplicity is a Hartford, Connecticut-based company that was known as Futurity First Financial Corp. up until June. It has backing from Aquiline Capital Partners L.L.C., a New York-based private equity firm that’s led by Jeff Greenberg.
Greenberg is the son of Maurice Greenberg, the former chairman of American International Group Inc. He is also a former chairman of Marsh & McLennan Companies Inc.
WealthWise is an Atlanta-based marketing support organization founded in 2013. The firm has helped sellers of indexed annuities and other products promote themselves, through strategies such as developing cable television commercials and digital content-marketing campaigns. The principals are Jason Chaifetz and Jamie Cline.
Liberty Financial Resources is a Hudson, Ohio-based insurance distributor founded by Kevin Arsham in 1998. The company has distributed long-term care insurance as well as life insurance and annuity products
Simplicity says it made the WealthWise and Liberty Finance deals to improve its position as one of the largest U.S. distributors of annuities and life insurance.
The WealthWise and Liberty Financial deals will give Simplicity a total of about 175 employees in 12 offices.
Simplicity is continuing to look for “specific opportunities to expand its reach,” the company says.
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