Headquartered in Clewarwater, Florida, AmeriLife is engaged in developing, marketing and distributing life and health insurance, annuities, and retirement planning solutions
An investor group led by Thomas H. Lee Partners (THL) has agreed to acquire a majority stake in Florida-based AmeriLife Group from J.C. Flowers & Co. and other investors, for an undisclosed price.
In this connection, AmeriLife Group has signed a recapitalisation agreement with the THL-led group that includes Cannae and some THL limited partners.
Headquartered in Clewarwater, the company is engaged in developing, marketing and distributing life and health insurance, annuities and retirement planning solutions.
The company has been partnering with some of the major insurance carriers in the US since nearly 50 years. It caters to its customers via a national distribution network that comprises more than 140,000 insurance agents and advisors, 50 insurance agency locations, and 20 marketing organisations.
J.C. Flowers, which is a private investment firm, signed a deal in 2015 to acquire the life and health insurance distributor from Reservoir Capital Group and Black Diamond Capital Partners for an undisclosed price.
AmeriLife CEO comments on the transaction
AmeriLife CEO Scott Perry said: “We are excited to partner with THL in the next phase of our growth, building upon the success of our more than four-year relationship with J.C. Flowers & Co.
“THL has a strong track record of partnering with management to add long-term, sustainable value to great companies like AmeriLife. THL’s deep industry expertise and financial and operational resources will enhance AmeriLife’s capabilities and provide financial flexibility to accelerate our growth.”
The life and health insurance distributor is said to have significantly grown under Scott Perry’s leadership. Expansion of the Medicare market and also strategic acquisitions are said to have helped the company to grow its capabilities in catering to the financial requirements of pre-retirees and retirees.
In December 2019, the company acquired a majority stake in Agent Support Group (ASG), a multi-company life insurance brokerage agency group based in the New York metropolitan area.
THL managing director Ganesh Rao said: “Scott and the AmeriLife team have done an incredible job building a leading market position with strong leadership and an unrivaled distribution platform that is poised for further growth and expansion.
“We look forward to working alongside this talented team to further support its impressive growth trajectory, and to help fulfill their mission of providing powerful marketing and technology services and a selection of the best life and health insurance, wealth management, and retirement planning solutions available in the marketplace.”
The deal, which is subject to customary closing conditions, is expected to be completed in the first quarter of 2020.