In October 2023, iA Financial Group, through its subsidiary iA American Holdings, finalized the acquisition of Vericity, a significant player in the life insurance sector. The deal was valued at approximately $170 million, with iA acquiring all common stock of Vericity at a rate of $11.43 per share. This acquisition marks a cessation of Vericity’s common stock trading on the Nasdaq Capital Market. J.C. Flowers & Co. LLC, the selling private equity firm, highlighted the transaction’s beneficial outcome for both parties, pointing to Vericity’s transformation and growth under its ownership. Vericity’s CEO, James Hohmann, expressed optimism about the opportunities this deal unlocks, particularly for extending life insurance accessibility through Fidelity Life and eFinancial. Both companies see this merger as a significant step toward driving both efficiency and innovation in the insurance space through advanced proprietary technology.

Insurance, Private Equity, Financial Services,United States, Canada