Welcome to our dedicated page for Vericity news (Ticker: VERY), a resource for investors and traders seeking the latest updates and insights on Vericity stock.
Vericity, Inc. (NASDAQ: VERY) is a standout player in the life insurance market, specifically catering to the middle American demographic. Through its subsidiaries, the company provides a variety of life insurance products tailored to meet the diverse needs of its customers. Vericity operates through three main segments: Agency, Insurance, and Corporate.
The Agency segment is responsible for the insurance distribution operations and generates revenue primarily through the sale of Fidelity Life products. The Insurance segment is the key revenue generator for Vericity and is divided into three broad categories: Direct Life, Closed Block, and Assumed Life and Annuities. This segmentation allows the company to streamline its operations and focus on different aspects of life insurance, ensuring comprehensive coverage for its clients.
Vericity's approach is data-driven and customer-centric, ensuring that their insurance products are both affordable and accessible to the middle American market. The company is committed to maintaining strong financial health, fostering partnerships, and continuously innovating its product offerings to stay ahead in the competitive insurance landscape.
Recent achievements include the launch of new insurance products and strategic alliances aimed at expanding market reach and enhancing customer experience. The current projects focus on leveraging technology to improve efficiency and customer satisfaction, while also exploring new markets to broaden the company's footprint.
With a robust financial condition and a clear strategic vision, Vericity, Inc. is well-positioned for sustained growth and success in the life insurance industry.
For the latest updates and news on Vericity, Inc., please visit our News section.
iA Financial Group has completed the acquisition of Vericity for $170 million in an all-cash deal. Vericity stockholders will receive $11.43 per share. The agreement, formalized on October 3, 2023, involves iA American Holdings, a subsidiary of iA Financial acquiring all outstanding common stock of Vericity. CEO James Hohmann highlighted the strategic benefits, including expanded capabilities for Fidelity Life and eFinancial, aimed at making life insurance more accessible. Vericity was previously majority-owned by J.C. Flowers & Co. Following the acquisition, Vericity's shares have ceased trading on NASDAQ. Raymond James Financial served as the financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for the transaction.
J.C. Flowers, a global private investment firm, has completed the sale of Vericity to iA American Holdings for approximately $170 million. The transaction was finalized under a merger agreement from October 3, 2023, with iA acquiring all issued and outstanding common stock of Vericity at $11.43 per share. Vericity, known for its direct-to-consumer life insurance solutions, has been transformed under J.C. Flowers' ownership, leveraging AI and data analytics. This sale marks a significant milestone for both Vericity and J.C. Flowers, positioning Vericity for future growth under iA's ownership.
Vericity, Inc. (NASDAQ: VERY) announces the appointment of Melissa Balsan as Executive Vice President and Chief Marketing Officer, effective immediately. She succeeds Laura Zimmerman, who is retiring in April 2023. Balsan brings extensive experience in direct-to-consumer marketing from her previous roles, including CMO at GoHealth. Her responsibilities include leading integrated marketing strategies for eFinancial and Fidelity Life, with a focus on enhancing digital marketing capabilities and overall customer experience. Zimmerman will assist during the transition before her retirement.
Progressive Insurance and Fidelity Life have launched RAPIDecision Life One℠, a one-year term life insurance product specifically aimed at first-time buyers. This policy enables quick online quotes with no medical exam required, starting at $7 per month for coverage options from $50,000 to $200,000. The initiative targets younger consumers desiring affordable coverage without long-term commitment, allowing beneficiaries to cover essential costs.
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