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M&A
Sammons Financial Group to acquire Bestow Life Insurance pending regulatory approval
InsurTech: Personal Lines
May 9, 2024
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InsurTech: Personal Lines

InsurTech: Personal Lines

May 9, 2024

Sammons Financial Group to acquire Bestow Life Insurance pending regulatory approval

M&A

  • Sammons Financial Group, an insurance holding company, is poised to acquire Bestow's digital life insurance business. Bestow provides digital life insurance and turnkey solutions.

  • The acquisition is pending a regulatory hearing in Iowa, which is scheduled for May 28, 2024. Sammons already participated in Bestow’s Series B and C funding rounds in 2020.

  • After the acquisition, Bestow will focus on its B2B operations, providing its technology platform to life insurance and annuities companies like Equitable, USAA, Nationwide, and Transamerica.

  • Analyst QuickTake: This news arrives shortly after Sproutt declared insolvency this week and adds to a series of closures among digital life insurers over the past months, including Haven Life and Dead Happy .

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