The acquisition of Vericity by iA American Holdings, a subsidiary of iA Financial Corporation, has been finalized, with the deal valued at approximately $170 million. This acquisition encompassed the purchase of all issued and outstanding common stock of Vericity at $11.43 per share, resulting in the delisting of the company’s common stock from the Nasdaq Capital Market.
Eric Rahe, Managing Director and Co-President at J.C. Flowers, conveyed his enthusiasm for the acquisition, emphasizing the significant transformation achieved by Vericity under their ownership. He highlighted the company’s enhanced efficiency and improved consumer solutions through the utilization of innovative proprietary technology, including AI and data analytics. Rahe also expressed confidence in Vericity’s potential for continued growth and extended well wishes to the company’s team for the future.
James Hohmann, Chief Executive Officer of Vericity, also shared his excitement about the milestone, emphasizing the opportunities for collaboration and development brought about by joining the iA family. He mentioned the potential for expanding the capabilities of Fidelity Life and eFinancial to make life insurance more accessible and affordable for everyday Americans. Hohmann expressed gratitude for the support received from the J.C. Flowers team and looked forward to the new chapter for Vericity under iA’s ownership.
The successful acquisition marks a significant development for both iA Financial Group and Vericity, with the potential for exciting new opportunities and continued growth in the life insurance sector. This marks a positive step towards the future prospects of both entities in the industry.