AmeriLife Group has announced plans to buy TruChoice Financial Group, a large life insurance and annuity field marketing organization, from Allianz Life Insurance Company of North America.
The companies have not disclosed how much AmeriLife will pay for TruChoice, but they said they hope to close on the deal by Nov. 30.
What It Means
The financial services distribution ecosystem continues to change at a rapid pace.
The Companies
AmeriLife is a Clearwater, Florida-based company with backing from Genstar Capital of San Francisco and other private equity firms.
It has relationships with about 300,000 insurance agents and advisors.
Allianz Life is a Minneapolis-based subsidiary of Allianz, a Munich, Germany-based insurance giant that's also the parent of Pimco.
Allianz Life is one of the biggest issuers of life insurance and annuities in the United States.
The parent company is preparing to post earnings for the third quarter Thursday.
TruChoice is a Minneapolis-based FMO. Its Inforce Solutions affiliate, which is also included in the AmeriLife deal, is a national brokerage general agency that focuses on distributing life insurance.
