LifeMark Partners is combining its operations with those of another large insurance marketing organization, Bramco Financial Resources, the companies announced today.
William Shelow has been the president of LifeMark Partners, which has been based in Linthicum Heights, Md.
Michael Hefferon has been the chief executive officer of Bramco, which was based in Richmond, Texas.
The new IMO formed from the deal — Libra Insurance Partners — will have its headquarters in Linthicum Heights, and Shelow will be the president and CEO, Libra said.
Michael Hefferon will be the chief financial officer and chief carrier strategy officer at Libra, Libra said.
Both Shelow and Hefferon have been active in the National Association of Insurance Life Brokerage Agencies, which is holding its annual meeting this week in Grapevine, Texas.
Libra has relationships with about 60 affiliated partner agencies.
The IMO distributes life insurance, annuities, and related products through relationships with independent insurance producers, brokers, and financial institutions.
The company expects to generate $1.7 billion in sales in 2019, according to Libra.
Shelow said in a statement that the scale and influence of the Libra partnership “is beyond anything this industry has seen before.”
“Libra will redefine the future of life insurance distribution,” Shelow said.
Hefferon said in a statement that his company has ”shared a mutual respect and passion for life insurance education and distribution with LifeMark Partners.”
“By joining forces and working together, the potential for our teams and partner agencies is endless.” Hefferon said. “We look forward to bringing in a new era in life insurance distribution.”
— Read Newsmaker: 5 Questions With LifeMark CEO William J. Shelow, on ThinkAdvisor.