Saturday, April 13, 2024

Zinnia Closes on Industry That Contains AnnuityNet


A unit of the similar corporate that owns Safety Get advantages and Policygenius, and that has a large minority stake within the mother or father of The Hollywood Reporter, is now a best annuity distribution infrastructure participant.

Zinnia, an organization managed by means of Eldridge Industries, stated Monday that it has closed at the acquire of AnnuityNet and different lifestyles and annuity generation companies from Ebix.

AnnuityNet was once a pioneer in annuity distribution generation. It continues to dominate that marketplace, in conjunction with iPipeline and Hexure.

Operations at AnnuityNet and its siblings “will probably be uninterrupted for purchasers and companions, offering continuity for the lifestyles insurance coverage and annuity ecosystem,” Zinnia stated.

Zinnia has put the 770 workers who came visiting from Ebix by means of a brand new Lifestyles and Annuity Change Answers department.

What the deal manner: Zinnia stated it targets to construct “trendy rails” for the insurance coverage business.

It is a part of Eldridge is a Greenwich, Connecticut-based conglomerate.

It purchased Safety Get advantages, an annuity issuer, in 2017, then became Safety Get advantages’s generation arm, SE2, right into a separate corporate. SE2 modified its title to Zinnia in 2022.

Eldridge could also be absolute best identified for its 40% stake in Penske Media, the writer of Selection, Billboard and The Hollywood Reporter.


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