What You Need to Know
- In other M&A news, Senior Market Sales is using backing from Alliant to add a Medicare plan distributor and a Missouri-based life and health brokerage.
- Integrity Markting is buying a firm that generates about $1 billion in annual annuity sales.
- Zelis is acquiring a company that has extensive health care price data.
Bestow, a company that has focused on distributing life insurance online, has closed on the acquisition of a life insurer.
Bestow bought Centurion Life Insurance Co., a life insurer with its official state of domicile in Iowa, from Wells Fargo for $2.3 million, according to an order approving the deal that was posted online by Doug Ommen, Iowa’s insurance commissioner.
Bestow is a Dallas-based company that was founded in 2016 and is backed by investment funds associated with Valar Ventures.
The company has been working to sell life insurance from North American Company for Life and Health online and to help life insurers use its technology to sell their life insurance online.
Centurion Life was established in 1956 in Missouri, as Consumers Life Insurance Co. It is licensed to write insurance in 47 states and the District of Columbia.
Bestow plans to change the name of Centurion Life to Bestow Life Insurance Co. and to operate Bestow Life as an Iowa insurer, with a significant presence in Iowa, Ommen says.
Bestow told Iowa officials it intends to hire an experienced asset manager to manage Bestow Life’s assets.
Senior Market Sales
Senior Market Sales — an Omaha, Nebraska-based insurance market organization owned by Alliant Insurance Services — has acquired two smaller companies.
One is Senior Savings Network, a Medicare plan agency and field marketing organization based in North Charleston, South Carolina.
The other is Thomas Insurance Group, a life and health insurance brokerage based in Cape Girardeau, Missouri.