In a significant development for the insurance and retirement planning industry, AmeriLife Group, LLC has entered into an agreement to acquire Crump Life Insurance Services and Hanleigh Management from TIH Insurance Holdings, LLC. This acquisition marks a pivotal moment in AmeriLife’s strategy to expand its wealth distribution capabilities and enhance its service offerings to clients and partners.
Crump Life Insurance Services is renowned as one of the largest providers of life insurance and retirement products in the United States. With partnerships spanning over 31,000 financial professionals, Crump offers a comprehensive range of solutions including life insurance, annuities, long-term care, linked benefits, disability insurance, and other specialty products. The company’s extensive expertise and market presence make it a valuable addition to AmeriLife’s portfolio.
Scott R. Perry, chairman and CEO of AmeriLife, expressed enthusiasm about the acquisition, stating, ‘Crump is a leading independent distributor of life insurance and this partnership aligns perfectly with our vision to provide enhanced Wealth solutions for our clients and partners.’ He emphasized the shared culture and values between the two companies, highlighting their joint commitment to redefining industry standards for service and excellence.
The acquisition is expected to significantly bolster AmeriLife’s capabilities in the wealth distribution sector. Mike Vietri, Chief Distribution Officer for AmeriLife Wealth Group, noted that Crump’s expertise, particularly in life insurance, will enable AmeriLife to deliver more comprehensive and integrated solutions. This integration aims to revolutionize how individuals and families protect and grow their wealth across different life stages.
For Crump, joining AmeriLife represents an opportunity for growth and enhanced service delivery. Mike Martini, CEO of Crump, commented on the transaction’s complementary nature and the benefits it brings to their clients and partners. The acquisition will provide Crump access to AmeriLife’s extensive network and resources, potentially driving further growth in the life insurance market.
As part of AmeriLife Wealth Group’s distribution platform, Crump will join a network of affiliated companies working to transform wealth distribution and support the next generation of financial professionals. This collaboration is expected to bring new tools and expanded resources to Crump, building upon its century-long success in the industry.
The acquisition, subject to customary closing conditions, is anticipated to close in the first quarter of 2025. Financial advisors Piper Sandler & Co. and Truist Securities, along with legal counsel Simpson Thatcher & Bartlett LLP, are representing Crump and TIH in the transaction. Kirkland & Ellis and Paul Weiss are serving as legal counsel to AmeriLife.
This strategic move by AmeriLife underscores the ongoing consolidation and evolution within the insurance and financial services industry. As companies seek to broaden their service offerings and enhance their market positions, acquisitions like this one between AmeriLife and Crump are likely to reshape the competitive landscape and potentially lead to more comprehensive and integrated financial solutions for consumers.
The impact of this acquisition extends beyond the immediate parties involved. It signals a trend towards more holistic approaches in wealth management and insurance services, potentially benefiting consumers through access to a wider range of products and expertise. For the industry, it may spark further consolidation as companies strive to remain competitive in an increasingly complex financial landscape.
As the deal progresses towards its expected closure in 2025, industry observers will be keen to see how this acquisition influences market dynamics and whether it leads to innovations in product offerings and service delivery in the life insurance and retirement planning sectors.
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