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Guardian Acquires a Minority Stake in Asset Manager

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What You Need to Know

  • HPS Investment Partners manages about $80 billion in assets.
  • Integrity Marketing has announced three new acquisitions.
  • Hub International says it has acquired the assets of Kornerstone.

The Guardian Life Insurance Co. of America has bought a stake in HPS Investment Partners, a New York-based private equity firm.

Guardian described the stake as a “minority stake.”

HPS manages about $80 billion in assets.

Guardian said it will work with HPS to develop investment strategies for the insurance market and will have HPS invest a “strategically important amount of capital” in private credit arrangements.

Other companies in the life, health and annuity sectors have also announced deals.

Integrity Marketing

Integrity Marketing — a Dallas-based insurance distributor that has used private equity firm support to grow rapidly through acquisitions — has announced three new acquisitions:

Senior Advisory Insurance Services of Cicero, New York, a Medicare plan distributor that was founded in 2007. John Kulakowski, the CEO, will become an Integrity Marketing managing partner.

Global Premier Benefits of Owings Mills, Maryland, a Medicare Advantage plan and life insurance distributor that was founded in 2009. It has relationships with about 2,000 agents and agency directors and 100,000 customers. Tony Holland, the firm’s CEO, will become an Integrity Marketing managing partner.

Osborn Insurance Group of Springfield, Missouri, a Medicare supplement insurance distributor that was founded in 1993. John Osborn, the president, will become an Integrity Marketing managing partner.

Integrity Marketing now has relationships with 420,000 agents and advisors, who serve about 10 million clients per year. The company helped insurers generate about $7 billion in sales in 2021 and oversaw about $20 billion in assets under management or advisement.

Hub

Hub International — a Chicago-based insurance distributor — says it has acquired the assets of Kornerstone, a financial planning and investment advisory firm based in Chico, California.

Kornerstone has 150 clients, and it’s helping the clients manage $560 million in assets.

Eric Blofsky, Kornerstone’s president, and Kornerstone employees will become part of Hub’s Hub Central & Northern California arm.

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