M&A Deal Summary

iA Financial Acquires Vericity

On October 3, 2023, iA Financial acquired insurance company Vericity from J.C. Flowers for 170M USD

Acquisition Highlights
  • This is iA Financial’s 3rd transaction in the Insurance sector.
  • This is iA Financial’s largest (disclosed) transaction.
  • This is iA Financial’s 3rd transaction in the United States.
  • This is iA Financial’s 1st transaction in Illinois.

M&A Deal Summary
Date 2023-10-03
Target Vericity
Sector Insurance
Buyer(s) iA Financial
Sellers(s) J.C. Flowers
Deal Type Add-on Acquisition
Deal Value 170M USD
Advisor(s) Raymond James - Investment Banking (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Vericity

Chicago, Illinois, United States
Vericity provides life insurance protection targeted to the middle American market. Vericity believe there is a substantial unmet need for life insurance, particularly among domestic households with annual incomes of between $50,000 and $125,000, a market we refer to as target Middle Market. Vericity is based in Chicago, Illinois.

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Buyer(S) 1

Buyer

iA Financial

Quebec City, Quebec, Canada
Category Company
Founded 1892
Sector Insurance
Employees7,000
Revenue 5.3B CAD (2023)
DESCRIPTION

iA Financial a life and health insurance company, operates in the insurance and financial services sectors. iA Financial was incorporated in 1892 and is based in Quebec, Canada.

DEAL STATS #
Overall 5 of 5
Sector (Insurance) 3 of 3
Type (Add-on Acquisition) 5 of 5
State (Illinois) 1 of 1
Country (United States) 3 of 3
Year (2023) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-26 Innovative Aftermarket Systems

Austin, Texas, United States

Innovative Aftermarket Systems LP is a provider of automotive warranties, vehicle services contracts (VSC), training, and related software and services sold across a broad and diverse distribution network. IAS was formed in 1984 and is headquartered in Austin, Texas IAS with offices in Oklahoma City, OK, and Dublin, OH.

Buy -

Seller(S) 1

SELLER

J.C. Flowers

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 4.0B USD
Size Large
Type Sector Focused
DESCRIPTION

JC Flowers is a specialist private equity firm that targets investments in the financial services sector. JC Flowers looks for distressed opportunities in North America, Western Europe, and Asia. JC Flowers was formed in 1998 and is based in New York City with an additional office in London.

DEAL STATS #
Overall 16 of 16
Sector (Insurance) 6 of 6
Type (Add-on Acquisition) 5 of 5
State (Illinois) 2 of 2
Country (United States) 6 of 6
Year (2023) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-17 Yes Bank - Nonperforming Assets

Mumbai, India

Yes Bank's Nonperforming Assets consists of nonperforming and underperforming large corporate loans with significant real estate and infrastructure assets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-29 Enstar Group

Hamilton, Bermuda

Enstar Group is a insurance run-off services company that specializes in acquiring and managing reserves associated with discontinued books of property & casualty insurance and reinsurance business on a global basis. Enstar Group was founded in 2001 and is based in Hamilton, Bermuda.

Buy $5.1B
Mergr

Product

Company

Legal