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 a cash acquisition valued at approximately $170 million.

Under the agreement, iA acquired all of the issued and outstanding common shares of Vericity at a price of $11.43 per share.

Following the closing of the transaction, Vericity’s common shares ceased trading and are no longer listed on the Nasdaq Capital Market.

Eric Rahe, Managing Director and Co-President of JC Flowers, expressed his excitement about the acquisition, saying, “This is a great outcome for Vericity and JC Flowers. We are proud of the transformation the company has undergone under our leadership.”

He added: “Through our partnership with the company’s leadership, Vericity is now positioned to deliver greater efficiencies and better consumer experiences by leveraging the power of innovative proprietary technology, including AI and data analytics. We believe the company is poised for continued growth and wish the Vericity team all the best in the future.”

James Hohmann, CEO of Vericity, noted, “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 exciting new opportunities to expand Fidelity Life and eFinancial’s capabilities to make life insurance more accessible and affordable for everyday Americans. We also see significant opportunities for our employees, who will play a key role in charting and achieving our future growth potential.

“The opportunity to draw on JC Flowers’ extensive experience in financial services, and in particular the insurance sector, has proven invaluable as we work together to transform and grow the company into a true leader in the industry.

“We thank the JC Flowers team for their support and look forward to a new chapter for Vericity with iA,” concluded Hohmann.