Citizens, Inc. Announces Expansion of White-label Program

Rhea-AI Summary

Citizens, Inc. (NYSE: CIA) has announced a new distribution agreement with Amerus Financial Group, enhancing its white-label product offerings. This partnership allows Amerus to market Citizens' life and final expense insurance through the Amerus Silver Shield brand, expanding options for senior clients. The collaboration aims to address the growing demand for affordable insurance solutions tailored for seniors. Both companies are committed to providing high-quality, customized products, capitalizing on their strengths to meet the needs of an underserved market.

Positive

• Expansion of white-label product offerings through partnership with Amerus.
• Increased market reach for Citizens' life and final expense insurance products.
• Commitment to serving senior clients with tailored insurance solutions.

Negative

• None.

 - New Product Distribution Partnership with Amerus

AUSTIN, Texas, Feb. 22, 2023 /PRNewswire/ -- Citizens, Inc. ("Citizens" or the "Company") (NYSE: CIA), a diversified financial services company providing life, final expense, and limited liability property insurance, today announced that it has expanded its white-label program by entering into a new distribution agreement with Amerus Financial Group, an independent insurance agency specializing in senior solutions. Under this partnership, Amerus will sell Citizens' life and final expense insurance products marketed with the Amerus Silver Shield brand. These products will be sold through CICA Life Insurance Company of America, a Citizens company.

This partnership advances Citizens' goal to be the industry leader and first-choice partner in tailor-made white-label products while allowing Amerus to add another valuable product for their clients. With Citizens' product expertise, support, and ability to quickly develop new products in multiple languages it lends itself to being a strong partner in the white-label space. Together with Amerus' established history and commitment to their senior clients, Citizens' white-label product, Amerus Silver Shield, will serve the life and final expense market.

"Our partnership with Amerus represents a tremendous opportunity to leverage our unique strengths and shared drive to deliver on the life insurance promise," said Company Vice Chairman and CEO, Gerald W. Shields. "Both companies are passionate about preparing people for the uncertainty of tomorrow with solutions for today. It is very exciting to work with the top IMOs and agencies to meet the needs of this underserved population. We look forward to working with Tim and his team to develop tailor-made product solutions that address the unique needs of clients."

Tim Baggott, Amerus CEO shares, "Citizens, Inc. is the perfect partner with whom to white label our own suite of life and final expense products which fill an ever-widening gap in the market. Beginning with our Silver Shield final expense product offering, Amerus will now be able to offer outstanding coverage for seniors who would otherwise not be able to afford to leave a financial endowment for their loved ones. We are looking forward to expanding our offerings even more going forward as our partnership with Citizens develops."

About Citizens, Inc
Citizens, Inc. (NYSE: CIA) is a diversified financial services holding company providing life, final expense, and limited liability property insurance and other financial products through its insurance company subsidiaries to individuals and small businesses in the U.S., Latin America, and Asia. Through its customer-centric growth strategy, Citizens offers innovative products to address the evolving needs of its customers in their native languages of Spanish, Portuguese, and Mandarin. The company operates two primary segments: Life Insurance, where the Company is a market leader of U.S. dollar-denominated whole life cash value insurance policies in Latin America, and Home Services, which operates primarily in the U.S. Gulf coast region. For more information about Citizens and CICA Life Insurance Company of America, please visit www.citizensinc.com.

About Amerus
Amerus Financial Group is an independent insurance agency headquartered in Lakeland, Florida. The company has provided customized Insurance Solutions to families and businesses for over 20 years. With over 4,000 clients nationwide, Amerus Financial has become a go-to resource to help solve the complex problems created by the ever-changing dynamics of the insurance market. For more information about Amerus Financial, please visit www.amerusfinancial.com.

For further information contact:
Marketing Department
PR@citizensinc.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/citizens-inc-announces-expansion-of-white-label-program-301753269.html

SOURCE Citizens, Inc.

FAQ

What is the new partnership between Citizens, Inc. and Amerus Financial Group about?

Citizens, Inc. has entered a distribution agreement with Amerus Financial to offer its life and final expense insurance products under the Amerus Silver Shield brand.

When was the partnership between CIA and Amerus announced?

The partnership was announced on February 22, 2023.

How will the partnership benefit seniors?

The partnership aims to provide affordable life and final expense insurance options specifically tailored for senior clients.

What is the stock symbol for Citizens, Inc.?

The stock symbol for Citizens, Inc. is CIA.

What products will Amerus sell under the new partnership with Citizens, Inc.?

Amerus will sell Citizens' life and final expense insurance products marketed under the Amerus Silver Shield brand.