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Tuesday, April 16, 2024

Zinnia Closes on Enterprise That Contains AnnuityNet

A unit of the identical firm that owns Safety Profit and Policygenius, and that has a giant 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 expertise companies from Ebix.

AnnuityNet was a pioneer in annuity distribution expertise. It continues to dominate that market, together with iPipeline and Hexure.

Operations at AnnuityNet and its siblings “will likely be uninterrupted for patrons and companions, offering continuity for the life insurance coverage and annuity ecosystem,” Zinnia mentioned.

Zinnia has put the 770 workers who came visiting from Ebix by way of a brand new Life and Annuity Trade Options division.

What the deal means: Zinnia mentioned it goals to construct “trendy rails” for the insurance coverage business.

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 expertise arm, SE2, right into a separate firm. SE2 modified its identify to Zinnia in 2022.

Eldridge could also be greatest identified for its 40% stake in Penske Media, the writer of Selection, Billboard and The Hollywood Reporter.

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