Prudential to Sell a Wholesale Life Distribution Unit to Saybrus
An arm of AmeriLife Group — a rapidly growing, private-equity-backed life insurance, health insurance and annuity distributor — has landed a whale.
AmeriLife’s Saybrus Partners unit said Tuesday that it has agreed to acquire Prudential Life Distributors from Prudential Financial through a transfer agreement.
Prudential Life Distributors is a wholesale life insurance brokerage general agency.
The companies are not disclosing how much Saybrus will pay for the BGA unit, but Saybrus said it will add 75 institutional life distribution specialists to its team.
What It Means
In spite of all of the turmoil in the capital markets, private equity-backed life distributors still have cash to spend.
It also means that, at a time when regulators are emphasizing the need for providers of financial product recommendations to review a wide range of options, efforts to place in-house life insurance company distribution units with independent distribution organizations might become more common.
The Companies
Prudential Life Distributors is a business that helps life insurance agents, financial advisors, financial planners and other financial professionals use large cash-value life insurance policies in retirement planning, business planning, estate planning and other arrangements.
Saybrus Partners is a distributor that was created by the Phoenix Companies in 2009. Nassau Financial acquired Phoenix in 2016, and AmeriLife acquired Saybrus from Nassau Financial in 2021.
