MIAMI--(BUSINESS WIRE)--Brickell Insurance Holdings LLC (“Brickell”) announced today that it has entered into a definitive agreement to sell Merit Life Insurance Co. ("Merit" or the "Company") to a private investor group.
Founded in 1957 and headquartered in Charlotte, N.C., Merit is an A- rated* insurance company providing innovative, digital-first retirement solutions. Merit plans to roll out both multi-year guaranteed annuity and fixed index annuity products over the next 12-18 months.
The purchase price was not disclosed. The closing of the transaction remains subject to regulatory approval.
Steven W. Pasko, Managing Partner at Brickell, commented, “It has been a pleasure working with the Merit team, and we wish them well as they embark on the next stage of their growth story.”
The Company will continue to operate from its headquarters in Charlotte, N.C. under current management and with existing employees.
Locke Lord LLP is acting as legal advisor to Brickell.
About Brickell Insurance Holdings
Brickell Insurance Holdings LLC, an affiliate of 777 Partners LLC, has over $3.5bn of assets and consists of reinsurer and annuity writer 777 Re Ltd. and Merit Life Insurance Co.
About Merit Life Insurance Co.
Founded in 1957, Merit is an A- rated* insurance company providing digital-first retirement solutions. With a focus on innovation, ease of doing business, and partnership, Merit develops competitive products and efficient processes to serve their partners seamlessly.
*Merit Life Insurance Co. is rated A- (Excellent) by AM Best. For Merit’s latest AM Best’s Credit Report, access www.ambest.com. Please note this rating does not apply to any investment product and is subject to change.