GREENWICH, Conn.--(BUSINESS WIRE)--Zinnia Corporate Holdings (“Zinnia” or “the Company”), an Eldridge business and leading life and annuity insurance technology services company, today announced it will acquire the Life and Annuity Assets (the “L&A Assets”) of Ebix, Inc. (“Ebix”), a supplier of software solutions. The L&A assets will further position Zinnia as a partner of choice in the life and annuity industry, expanding its offerings with insurance focused CRM & agency management, market-leading research, quoting, illustration, and order entry tools, and a comprehensive underwriting platform, which will simplify experiences for advisors and their clients.
“The acquisition of the Ebix Life and Annuity Assets is transformative for Zinnia,” said Michele Trogni, Zinnia Chief Executive Officer. “The complementary nature of our solutions will enable us to better serve carriers, distributors, and consumers, expanding our reach as we build the modern rails of the insurance industry. We are thrilled to welcome the Ebix L&A employees to Zinnia and look forward to what we can achieve together for our clients.”
In a rapidly expanding life and annuity sector, this acquisition allows Zinnia to power growth and simplify insurance from product development through distribution and claims. Upon closing, Zinnia will expand its offerings with the addition of SmartOffice, Vital Sales Suite, Winflex, AnnuityNet, LifeSpeed, TPP (The Policy Processor), as well as products and services provided by the consulting organization.
Ash Sawhney, President of Ebix Insurance Solutions North America, will join Zinnia heading up the newly formed Life and Annuity Exchange Solutions business, reporting to Trogni. Joining him will be members of the Ebix Life and Annuity senior leadership team and all L&A employees globally.
“This is a great outcome for our business,” added Ash Sawhney. “Zinnia’s commitment to invest in our products, people, and customer solutions will significantly advance our product roadmaps, which will only serve to benefit the entire industry. Zinnia has a clear vision for the future, and together, we will digitize the end-to-end processing of life and annuity products.”
“We are looking forward to the synergies that can be generated from the new integrated Zinnia and Ebix Life and Annuity organization to improve the agility and digitization of our business integration with our distribution partners,” noted Sean Grindall, VP and Head of Financial Institution Distribution at USAA Life Company.
Global operations across the Ebix L&A Assets will continue as usual for customers and partners through the closing and integration process.
On February 15, 2024, Zinnia received Court approval to acquire Ebix L&A Assets after being named the winning bidder. The transaction is expected to close in early March, subject to standard closing conditions.
Advisors
Milbank LLP is serving as Zinnia’s legal counsel alongside financial advisors Citi and RBC Capital Markets. C Street Advisory Group is serving as strategic communications advisor to Zinnia.
Ebix is represented by Sidley Austin LLP as legal counsel, AlixPartners, LLP and Huron Consulting Group served as financial advisors, and Jefferies LLC as its investment banker.
About Zinnia
Zinnia, an Eldridge business, simplifies insurance; delivering comprehensive solutions for the industry's most critical needs and creating the modern rails of the insurance industry, better enabling carriers and advisors to build, sell, and service insurance, ultimately helping more people get the coverage they need and the service they deserve. Zinnia's business lines include Carrier Solutions, providing digital third-party administration services, Distributor Solutions, offering technology & professional services for advisors, and the Policygenius consumer marketplace. Zinnia is also backed by funds managed by KKR, a leading global investment firm.
To learn more about Zinnia, please visit https://zinnia.com/.
About Ebix North American Life & Annuity Assets
The Ebix Life & Annuity (L&A) division automates the life and annuity sales process from CRM, agency management, research, quoting, illustration, order entry, underwriting, policy issuance and post-issue processing. Backed by an exceptional team, the L&A division has set the standard for excellence and innovation in the industry for over two decades and is trusted by the most prominent financial institutions in the industry. With more than $128 billion of annuity premiums and over 20 million quotes, illustrations, and applications for life insurance each year, the L&A division serves as the premier platform supporting the end-to-end sales lifecycle.
