Brickell Insurance Holdings, which is backed by 777 Partners, has acquired Texas-based Merit Life Insurance, an insurance company. The seller was OneMain Holdings. No financial terms were disclosed.
MIAMI–(BUSINESS WIRE)–Brickell Insurance Holdings, an affiliate of 777 Partners, a Miami based investment firm, has acquired Merit Life Insurance Co., a Texas domiciled insurance company, from OneMain Holdings. Terms of the transaction are not being disclosed.
Under new leadership, Merit will deliver innovative products to the pre-retirement and retirement markets. Merit’s first product will be an annuity that provides individuals with lifetime certainty of income based on defined investment portfolio parameters. Merit expects to begin delivering this annuity product through its distribution partners in 2020.
“We are excited to add Merit to 777’s diversified portfolio of insurance companies. Merit’s experienced management team is well positioned to address the growing financial needs of the underserved retirement population,” said Jorge Beruff, Principal at 777 Partners.
“This acquisition underscores our continued commitment to the creation of innovative financial products predicated on best in class underwriting,” said Josh Wander, Managing Partner at 777 Partners.
For more information on Merit Life, contact email@example.com
About 777 Partners
777 Partners is a Miami-based investment firm focused on a broad spectrum of financial services businesses across insurance, lending, specialty finance, and financial technology. Operating in attractive markets and often times esoteric asset classes, 777 seeks to make control investments across the business life cycle in companies with scalable profiles and ambitious management teams. 777 Partners senior management team is composed of industry veterans with backgrounds in private equity, venture capital, investment banking, insurance, financial technology, actuarial science, asset management, structured-credit, ABS, risk, analytics, complex commercial litigation and computer science. For more information on 777 Partners, visit www.777part.com.