Dallas-based life insurance provider Integrity Marketing Group has purchased a retirement solutions company.
Annexus, an Arizona-based company that develops and distributes retirement and accumulation income products, is the largest acquisition in Integrity’s history. Financial terms of the cash and share transaction were not disclosed, but previous Annexus investors, including funds managed by Blackstone, will sell their interests as part of the deal.
Bryan Adams, co-founder and CEO of Integrity, said the partnership will give Integrity access to Annexus’ expertise in product development and channel partnering. The conversations started over the past six months, he said.
“We talked about what we can do together, how we can better serve Americans by uniting with our unique distribution system and all the agents and agencies we work with,” Adams said. “It really complements a lot of what we do and really what our customers need.”
Adams said Annexus will retain its brand and 100% of its workforce in Scottsdale, Arizona. Integrity is owned by its more than 6,000 employees, so Annexus’ approximately 100 employees will now be shareholders of Integrity. He said it’s “too early to tell” whether the merger will require more jobs in Dallas.
Since its founding in 2006, Annexus has served more than half a million Americans with retirement needs. In 2022, Annexus plans to sell $7 billion in annuities and $150 million in target life insurance.
Ron Shurts, co-founder and CEO of Annexus, will become managing partner at Integrity as part of the transaction. He said both companies have growth potential.
“When it comes to improving lives, there is no finish line,” Shurts said in a statement. “We are committed to helping every American enjoy a safer and more secure retirement, and our partnership with Integrity will help us amplify and accelerate toward that goal.”