Austin Ventures (AV), a venture capital and growth equity firm, has formed a new life insurance distribution company with Bob Carter, co-founder of National Financial Partners.
AV has invested $5m and committed another $45m in support of Carter’s vision of new life insurance distribution company, which will provide exclusive ownership opportunities for independent insurance producers in the US.
The new company will have limited availability for independent life insurance firms with annual production in excess of a million dollars a year. These elite agents will be owners of the new company receiving economic rewards and a voice in the operational and strategic direction of the company, said AV.
Carter said that both the companies are building a new firm based on collective strength of independent, elite life insurances practices and expects it to improve upon previous models, attract people, and create a financial distribution company to top agents, insurance companies, and service providers.
The new company will be based in Austin, Texas, and plans to develop owner firms in all markets.