AmeriLife Agrees to Acquire Allianz Life Distribution Arm
TruChoice and its Inforce affiliates have relationships with about 4,000 financial professionals.
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.
Allianz Life plans to focus on selling risk management and retirement solutions through independent distributors, according to Jasmine Jirele, Allianz Life’s CEO.
The Deal
Scott Perry, the AmeriLife CEO, announced that Brian Peterson, the TruChoice CEO, and other TruChoice and Inforce employees will be joining AmeriLife.
TruChoice will no longer be affiliated with Allianz Life, but it intends to maintain a strong FMO relationship with Allianz Life while distributing products from other companies.
Piper Sandler & Co. is acting as the TruChoice financial advisor.
Other AmeriLife Deals
AmeriLife has also announced a series of major alliances in the past months.
The company’s Senior Market Advisors arm said it will work with The Legacy Group of St. Louis to distribute Medicare Advantage plans and retirement products.
AmeriLife has also joined with Fluent and Leadrilla to launch the LeadStar Marketplace, a lead-generation program, and Aimcor Group to start Aimcor Consolidated, or Icon, a joint venture that will help AmeriLife form strategic partnerships and expand sales of fully underwritten life insurance.
Pictured: Scott Perry. (Photo: AmeriLife)