AmeriLife today announced that it has agreed to acquire Crump Life Insurance Services, one of the biggest life insurance distributors in the country, for a price that was not disclosed.
AmeriLife is a Clearwater, Florida-based financial services distributor that used private equity to build an organization with relationships with about 300,000 insurance agents and financial advisors.
Crump Life has relationships with about 31,000 agents and advisors.
AmeriLife and the investor group hope to complete the deal by March 31.
What it means: AmeriLife is hungry for the kinds of high-net-worth clients who use life insurance to manage their wealth.
Mike Vietri, chief distribution officer at AmeriLife's AmeriLife Wealth Group, said the Crump deal is part of his firm's effort to change how it approaches the wealth and estate planning market.
"Crump's breadth and depth of expertise, especially in the life insurance space, will enable us to deliver comprehensive and integrated solutions," Vietri said.
Crump Life: Crump Life descends from an insurance agency formed in Memphis, Tennessee, in 1920.
The banking company now known as Truist acquired Crump in 2012.
In April 2023, Stone Point Capital led an investor group that acquired a 20% stake in Crump and other Truist insurance distribution businesses.
In May 2024, Stone Point Capital led a second group that used a holding company, TIH Insurance Holdings, to pay about $10 billion for a 78.1% stake in the Truist insurance distribution businesses.
Crump distributes life insurance, annuities and other products both through financial services institutions and through retail agents and brokers.
Crump has 145,000 insurance policies in place, provides about $100 billion in life insurance coverage and generates $13 billion in annual insurance premium revenue, according to AmeriLife.
The AmeriLife deal with TIH also includes Hanleigh Management, a Crump affiliate best known for selling disability insurance.
AmeriLife's headquarters in Clearwater, Florida. Credit: AmeriLife
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