Simplicity Group Holdings has announced its third insurance distributor deal of the year.
The Summit, New Jersey-backed company has acquired The Annuity Source Inc.
The Annuity & Life Source is Bellevue, Washington-based financial marketing organization that was founded in 1991. It distributes annuities and some life insurance.
(Related: Simplicity Acquires First Income Advisors)
In addition to the office in Bellevue, the company has an office in Cincinnati.
Simplicity bought the company from Margo Thompson, Shannon Compton, Heather Hutchinson and Courtney Juhl.
Thompson was one of the leaders of the National Association for Fixed Annuities (NAFA) efforts to fight the U.S. Department of Labor’s indexed annuity sales standards, which ended up dying in court.
Simplicity and The Annuity & Life Source are not saying how much Simplicity is paying for the deal, but it says Thompson, Compton, Hutchinson and Juhl have all become principals and shareholders at Simplicity.
Simplicity has backing from Aquiline Capital Partners, a private equity firm, and it says it has made a total of 17 acquisitions.
Simplicity acquired Fidelity Financial Group, a Houston-based life and annuity wholesaler, in April, and First Income Advisors, an independent marketing organization based in Eden Prairie, Minnesota, in May.
— Read Simplicity Group Acquires Davis Life, on ThinkAdvisor.