News
iA Financial Group Completes $170 Million Acquisition of Vericity
JC 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 of the issued and outstanding common shares of Vericity for $11.43 per share.
Upon completion of the transaction, Vericity’s common stock will cease trading and is no longer listed on the Nasdaq Capital Market.
Eric Rahe, managing director and co-president of JC Flowers, expressed excitement about the acquisition, saying, “This is an excellent outcome for Vericity and JC Flowers, and we are proud of the transformation achieved at the company under our ownership.”
He added: “Through our partnership with company management, Vericity is now able to provide greater efficiency and better solutions for consumers by leveraging 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 all the best in the future.”
James Hohmann, CEO of Vericity, commented: “This milestone marks the beginning of a new chapter for Vericity and we are proud to join the iA family. Combining our teams and resources opens up exciting new opportunities to expand the capabilities of Fidelity Life and eFinancial to make life insurance more affordable and accessible for everyday Americans. We also see countless possibilities ahead for our employees, who will play a key role in mapping and realizing our future growth potential.
“Having the benefit of JC Flowers’ deep experience in financial services, and in particular the insurance sector, has been invaluable as we work together to transform and grow the Company into a true industry leader.
“We thank the JC Flowers team for their support and look forward to Vericity’s new chapter with iA,” concluded Hohmann.
