A unit of the identical firm that owns Safety Profit and Policygenius, and that has an enormous minority stake within the father or mother of The Hollywood Reporter, is now a high annuity distribution infrastructure participant.
Zinnia, an organization managed by Eldridge Industries, mentioned Monday that it has closed on the acquisition of AnnuityNet and different life and annuity know-how companies from Ebix.
AnnuityNet was a pioneer in annuity distribution know-how. It continues to dominate that market, together with iPipeline and Hexure.
Operations at AnnuityNet and its siblings “might be uninterrupted for patrons and companions, offering continuity for the life insurance coverage and annuity ecosystem,” Zinnia mentioned.
Zinnia has put the 770 staff who came to visit from Ebix through a brand new Life and Annuity Alternate Options division.
What the deal means: Zinnia mentioned it goals to construct “trendy rails” for the insurance coverage trade.
It’s a part of Eldridge is a Greenwich, Connecticut-based conglomerate.
It purchased Safety Profit, an annuity issuer, in 2017, then turned Safety Profit’s know-how arm, SE2, right into a separate firm. SE2 modified its identify to Zinnia in 2022.
Eldridge could also be finest identified for its 40% stake in Penske Media, the writer of Selection, Billboard and The Hollywood Reporter.
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