The deal is the third Simplicity has announced this year.
Simplicity Group Holdings has announced its
third insurance distributor deal of the year.
The Summit, New Jersey-backed company has
acquired The Annuity Source Inc.
The Annuity & Life Source is Bellevue,
Washington-based financial marketing organization that was founded in 1991. It
distributes annuities and some life insurance.
In addition to the office in Bellevue, the
company has an office in Cincinnati.
Simplicity bought the company from Margo
Thompson, Shannon Compton, Heather Hutchinson and Courtney Juhl.
Thompson was one of the leaders of the
National Association for Fixed Annuities (NAFA) efforts to fight the U.S.
Department of Labor’s indexed annuity sales standards, which ended up dying in
court.
Simplicity and The Annuity & Life Source
are not saying how much Simplicity is paying for the deal, but it says
Thompson, Compton, Hutchinson and Juhl have all become principals and
shareholders at Simplicity.
Simplicity has backing from Aquiline Capital
Partners, a private equity firm, and it says it has made a total of 17 acquisitions.
Simplicity acquired Fidelity Financial Group,
a Houston-based life and annuity wholesaler, in April, and First Income
Advisors, an independent marketing organization based in Eden Prairie,
Minnesota, in May.
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