Integrity Marketing Group LLC has answered a question about its current strategy, by acquiring the Pinnacle Benefits Group of Winston-Salem, North Carolina.
Integrity Marketing is a Dallas-based senior products distributor that has announced about 20 insurance distributor acquisitions since 2016.
A private equity firm, Harvest Partners, bought a large stake in Integrity Marketing in August.
The Harvest Partners investment announcement was not clear about whether Integrity Marketing would continue to be making as many distributor acquisitions.
Integrity Marketing responded to the uncertainty by giving its Pinnacle Benefits deal press release the headline, “Integrity Marketing Group Continues Pace with Acquisition of Pinnacle Benefits Group.”
Integrity Marketing noted that the deal is the first “for Integrity since the company received a strategic growth investment from Harvest Partners.”
The insurance marketing organization acquired, Pinnacle, offers a wide range of products, including Medicare Advantage plans, Medicare supplement insurance plans, Medicare Part D prescription drug plans, short-term health insurance, disability insurance, dental insurance, vision insurance, term and permanent life insurance, stand-alone long-term care insurance, and non-variable annuities from six different issuers.
Raymond Richard started Pinnacle with R. Lindsay Leonard in 1994.
In 2014, Richard served as president of the Inter-Company Marketing Group.
Integrity Marketing is not saying how much it paid for Pinnacle, but it says Richard and Leonard now own a stake in Integrity Marketing.
Bryan Adams, Integrity Marketing’s chief executive officer, said in a statement that Integrity Marketing’s culture is built on relationships.
“Raymond and Lindsay are perfect examples of industry peers we have known and respected for decades, and it’s humbling to have them officially become a part of the Integrity family,” Adams said.
Integrity Marketing says it now has relationships with about 225,000 agents, up from 140,000 at the end of 2018.
The company now says it expects the agents to sell new business that will generate about $2 billion in annual premium revenue. At the beginning of the year, the company said it believed it was on track to account for about $1.5 billion in new annualized premiums.
— Read Integrity Marketing Acquires Final Expense Life Distributor, on ThinkAdvisor.