Lightstone has invested in the McDaniel Company, the parent of Heartland National Life Insurance Company, which provides annuity and supplemental health insurance products to the US retirement market.
The investment size was not disclosed, although it was said to be “strategic”.
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The deal extends Lightstone’s prior ties with Heartland and underlines its interest in the insurance and retirement industries.
Under the transaction, Lightstone is set to provide funding, investment knowledge and strategic guidance to support Heartland’s next stage of expansion, including broader annuity and supplemental health offerings.
Drawing on its background in investments and insurance-related businesses, Lightstone plans to assist Heartland in its multi-year guaranteed annuity and fixed indexed annuity operations.
Heartland National Life chairman and CEO Christopher M. McDaniel said: “This transaction represents our long-term commitment to creating value for our policyholders, distribution partners and shareholders.
“By combining Heartland’s insurance expertise with Lightstone’s disciplined investment approach, we are well-positioned to deliver certainty, security and innovative solutions for American retirees and their families.”
Heartland also announced management changes.
McDaniel will stay on as chairman and chief executive.
Nick Micheletti, currently chief operating officer, will take over as president of Heartland National Life.
Ty Wooldridge, former chief executive of Aetna Senior Supplemental Benefits Group, will work with management and ownership in a consulting and advisory capacity.
Brandon Reid will move into the role of chief marketing officer, while Todd Wyss will become vice-president of annuity distribution.
At the same time, some Lightstone executives are taking leadership positions at Heartland.
Mitchell Hochberg, president of Lightstone, will join the Board of Directors as senior director and adviser to the ownership group.
Moshe Lichtenstein, chief risk officer at Lightstone, will take on the role of chief investment officer at Heartland.
Craig Buck, chief executive of Converge Re, will continue on Heartland’s Board of Directors.
Hochberg commented: “Lightstone has a long history of identifying durable, long-term investment opportunities.
“This partnership with Heartland reflects our shared commitment to thoughtful growth, conservative asset management, and expanding access to high-quality retirement and insurance products.”
