Haven Life, a life insurance agency owned by Massachusetts Mutual Life Insurance Company, has acquired online insurance broker Quilt for an undisclosed sum.

Boston-based Quilt was set up in 2015. The firm provides digital renters and term life insurance policies.

Haven Life CEO and co-founder Yaron Ben-Zvi said: “To achieve our goals and expand into more product offerings, we needed to bring on a sophisticated partner who not only understands the complexities of the insurance industry but also has the drive to not settle for the status quo.

“We are thrilled to have Quilt’s talented team join us and can’t wait to showcase the innovation that comes out of this collaboration.”

Quilt will now work towards remodelling the buying experience for long-term propositions, with a focus on evaluating the role of wealth annuitisation in reducing financial woes of retirees.

The online insurer will now cease sale or management of renters and term life insurance.

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Quilt co-founder and CEO Blair Baldwin said: “Life expectancy is steadily increasing yet many Americans are not financially prepared for an extended retirement. Pensions are disappearing, which means an increasing number of people could outlive their savings. Unless something changes, there’s a crisis on the horizon.

“Our job is to determine how longevity products can help the average person live a better life long into retirement. We couldn’t be more excited to join forces with Haven Life and MassMutual to use our combined technology, resources and expertise to bring this vision to life.”