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J.C. Flowers & Co. LLC recently announced the successful sale of Vericity to iA American Holdings, a subsidiary of iA Financial Corporation.
In October 2023, Vericity entered into a definitive merger agreement with iA American Holdings for an all-cash acquisition valued at approximately $170 million.
Under this agreement, iA acquired all issued and outstanding common stock of Vericity at $11.43 per share.
Following the completion of the transaction, Vericity’s common stock ceased trading and is no longer listed on the Nasdaq Capital Market.
Eric Rahe, Managing Director and Co-President at J.C. Flowers, expressed excitement about the acquisition, saying, “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.”
He added, “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.”
James Hohmann, Chief Executive Officer of Vericity, remarked, “This milestone marks the start of a new chapter for Vericity and we are proud to join the iA family. Combining our teams and resources unlocks exciting new opportunities to extend the capabilities of Fidelity Life and eFinancial to make life insurance more accessible and affordable for everyday Americans. We also see abundant possibilities ahead for our employees who will play a pivotal role in charting and achieving our future growth potential.
“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.
“We thank the J.C. Flowers team for its support, and we look forward to Vericity’s new chapter with iA,” Hohmann concluded.
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