Photo of AmeriLife's HQ AmeriLife’s headquarters in Clearwater, Florida. (Photo: AmeriLife)

AmeriLife Group LLC appears to be going into the COVID-19 turmoil with a lot of cash.

An investor group led by Thomas H. Lee Partners L.P., a private equity firm, has completed a recapitalization transaction involving AmeriLife, AmeriLife announced Thursday.

(Related: Thomas H. Lee Group Agrees to Buy a Majority Stake in AmeriLife)

The Thomas H. Lee investor group acquired control over the company from an investor group managed by J.C. Flowers & Company LLC.

AmeriLife — a Clearwater, Florida-based life, health and annuity distributor with relationships with about 140,000 insurance agents and advisors — announced the Thomas H. Lee investor group recapitalization agreement in January.

The Thomas H. Lee investor group includes Cannae Holdings Inc. and some Thomas H. Lee limited partners as well as Thomas H. Lee, according to AmeriLife.

Canne Holdings has ties to Fidelity National Financial Inc., a title insurer. Fidelity National agreed in February to pay $2.7 billion to acquire Fidelity & Guaranty, an annuity issuer.

(Related: Fidelity National Aims to Be an Annuity Market Giant)

Now that the transaction has been completed, a new team has taken control over the AmeriLife board, AmeriLife says.

Scott Perry, who has been AmeriLife’s chief executive officer, is now the chairman of the AmeriLife board and the chief executive officer.

He succeeds Timothy North as chairman of the board.

Ganesh Rao and Ed Shahnasarian have also joined the AmeriLife board.

AmeriLife said last summer that it had replaced old credit facilities, or the equivalent of corporate credit card accounts, that could provide up to $395 million in financing.

The company then announced that it was acquiring a majority stake in Brookstone Capital Management and buying Agent Support Group Inc.

When AmeriLife and Thomas H. Lee announced the capitalization agreement, the organizations’ executives said the deal would help fuel AmeriLife’s growth but did not say whether that growth would or would not include acquisitions.

— Read AmeriLife Buys Majority Stake in Agent Support Groupon ThinkAdvisor.

— Connect with ThinkAdvisor Life/Health on FacebookLinkedIn and Twitter.