An insurance distributor with private equity backing has announced another distribution company deal.
Simplicity Group Holdings said Thursday that it has acquired America’s First Financial Corp. of St. Peters, Missouri. America’s First was founded in 1960. It now focuses on wholesaling long-term care (LTC) planning programs based on use of life insurance policies and annuity contracts.
Simplicity is a Summit, New Jersey-based company formerly known as Futurity First. Earlier this month, it announced that it had acquired Davis Life & Annuity, a distributor based in West Des Moines, Iowa.
(Related: Simplicity Group Acquires Davis Life)
Simplicity says it will make America’s First part of its Simplicity LTC unit.
Don Quante, the president of America’s First, will become a principal at Simplicity LTC.
America’s First has said that Quante entered the long-term care planning market, including the LTC hybrid market, partly because of the experiences Quante had when his own grandmother had Alzheimer’s disease.
Quante is also the owner of Eldercare Financial, a wealth management firm, and the author of “Don’t Go Broke in a Nursing Home.” He’s a lifetime member of the Million Dollar Round Table’s Top of the Table.
Simplicity says it will continue to add new businesses to its platform.
The company may acquire technology companies as well as insurance distribution organizations.
Simplicity has funding from Aquiline Capital Partners. It came to life in 2008. The list of companies it has acquired includes Dressander & Associates Inc. and InsurMark.
— Read OneAmerica Sees LTC Solutions Knowledge Gap, on ThinkAdvisor.