NEW
YORK, June 28, 2024 /PRNewswire/ -- J.C. Flowers
& Co. LLC ("J.C. Flowers" or "the Firm"), a leading private
investment firm dedicated to investing globally in the financial
services industry, announced today it has completed the sale of
Vericity, Inc. ("Vericity" or "the Company") (NASDAQ: VERY), a
leader in direct-to-consumer life insurance solutions, to iA
American Holdings, Inc., a subsidiary of iA Financial Corporation,
Inc. (collectively, "iA") (TSE: IAG), in an all-cash transaction
valued at approximately $170 million.
Under the terms of the definitive merger agreement that was entered
into by the parties on October 3,
2023, iA acquired all of the issued and outstanding common
stock of Vericity at a price of $11.43 per share.
"This is a great outcome for Vericity and J.C. Flowers, and we
are proud of the transformation achieved at the Company under our
ownership," said Eric Rahe, Managing
Director and Co-President at J.C. Flowers. "Through our partnership
with the Company's management, Vericity is now able deliver more
efficiency and better solutions for consumers by harnessing the
power of innovative proprietary technology, including AI and data
analytics. We believe the Company is poised for continued growth,
and we wish the Vericity team well in the future."
Vericity, through its subsidiaries Fidelity Life
Association and eFinancial, LLC, is a leader in
direct-to-consumer life insurance solutions. As an innovator in
product design and distribution, Vericity aims to make life
insurance more affordable and accessible for middle market
consumers by leveraging digitally enabled sales and underwriting
processes, quick policy issuance, and an emphasis on products not
medically underwritten at the time of sale.
"Having the benefit of J.C. Flowers' deep experience in
financial services, and in particular the insurance sector, has
been invaluable as we worked together to transform and grow the
Company into a true leader in the space," said James Hohmann, Vericity's Chief Executive
Officer. "We thank the J.C. Flowers team for its support, and we
look forward to Vericity's new chapter with iA."
About J.C. Flowers & Co.
J.C. Flowers is a leading private investment firm dedicated to
investing globally in the financial services industry.
Founded in 1998, the firm has invested more than $18 billion of capital, including co-investment,
in 66 portfolio companies in 18 countries across a range of
industry subsectors including banking, insurance and reinsurance,
securities firms, specialty finance, and services and asset
management. With approximately $5
billion of assets under management, J.C. Flowers has offices
in New York, London and Palm
Beach. For more information, please visit www.jcfco.com.
Media Contact:
Jennifer Hurson
Lambert
845-507-0571
jhurson@lambert.com
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SOURCE J.C. Flowers & Co.