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