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