Brickell Insurance Holdings, an affiliate of 777 Partners, a Miami based investment firm, has acquired Merit Life Insurance Co., a Texas domiciled insurance company, from OneMain Holdings. Terms of the transaction are not being disclosed.
Under new leadership, Merit will deliver innovative products to the pre-retirement and retirement markets. Merit’s first product will be an annuity that provides individuals with lifetime certainty of income based on defined investment portfolio parameters. Merit expects to begin delivering this annuity product through its distribution partners in 2020.
“We are excited to add Merit to 777’s diversified portfolio of insurance companies. Merit’s experienced management team is well positioned to address the growing financial needs of the underserved retirement population.” said Jorge Beruff, Principal at 777 Partners.
“This acquisition underscores our continued commitment to the creation of innovative financial products predicated on best in class underwriting.” said Josh Wander, Managing Partner at 777 Partners.
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