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June 14, 2022

Genstar Capital invests in AmeriLife to drive growth

Florida-based life and health insurance provider AmeriLife Group has secured investment from private equity firm Genstar Capital.

This investment was termed as ‘strategic’, though the exact amount was not disclosed.

The San Francisco, California-based private equity firm will now be an equal investor in Amerilife, along with Thomas H. Lee Partners (THL).

Two years back, an investor group led by THL picked a majority stake in AmeriLife from J.C. Flowers & Co. and other investors.

THL Financial Technology and Services Group managing director and head Ganesh Rao said: “We look forward to our continued partnership, and we welcome our partners at Genstar, whose investment will help accelerate AmeriLife’s next stage of growth and development.”

Subject to customary closing conditions, the deal is slated to close in the third quarter of this year. AmeriLife received financial advice from Evercore for the deal.    

AmeriLife has a distribution network of more than 300,000 insurance agents and advisers, 50 insurance agency locations as well as over 50 marketing organisations. The firm serves more than 5 million consumers.

Commenting on the latest transaction, AmeriLife chairman and CEO Scott Perry said: “Over the last two years, AmeriLife has rapidly grown its affiliate base and invested heavily in best-in-class shared resources and support to fuel our tremendous organic growth.  

“Genstar’s investment will accelerate our growth and help us continue to build out our platform to provide superior support to our carrier partners, our affiliates and our agents.”

AmeriLife has been on a buying spree in recent years, which includes the acquisition of Senior Market Advisors last year.

In 2021, AmeriLife also strengthened its term life capabilities with the purchase of Insurance 360.

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