Private investment firm J.C. Flowers has signed an agreement to acquire insurer AmeriLife Group from Reservoir Capital Group and Black Diamond Capital Partners.

Terms of the deal have not been disclosed.

J.C. Flowers managing director and CEO Christopher Flowers said: "Today’s new healthcare regulations have made Americans more cognizant of the need for improved insurance coverage, which continues to create more opportunities for AmeriLife."

AmeriLife develops annuity, life and health insurance products in collaboration with its insurance carrier partners.

The company will distribute these products through its multi-channel distribution network that includes a career distribution system and over 100,000 independent agents.

AmeriLife’s insurance distribution platform and its third party administration business reported around $1.5bn in premiums during 2014 on behalf of its around 75 insurance carrier partners.

AmeriLife CEO Timothy North said: "J.C. Flowers has a strong track record of adding considerable value to its financial enterprises, and we believe that will translate into substantial benefits for our agents and their customers."

Subject to regulatory approvals, the deal is expected to be completed in the second or third quarter of this year.