Dallas-based life insurance provider Integrity Marketing Group has purchased a retirement solutions company.
Annexus, an Arizona firm that develops and distributes retirement income and accumulation products, is the largest acquisition in Integrity’s history. Financial terms of the cash and stock 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’ product development and distribution partnership expertise. Conversations began over the last six months, he said.
“We’ve been talking about what we can do together, how we can better serve Americans by coming together with our unique distribution system and all of the agents and agencies that 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, Ariz. Integrity is owned by its over 6,000 employees, so Annexus’ approximately 100 employees will now be shareholders in Integrity. He said it is “too early to tell” whether the merger will require more jobs in Dallas.
Since its founding in 2006, Annexus has served over half a million Americans with retirement needs. In 2022, Annexus anticipates it will sell $7 billion in annuities and $150 million in target life insurance.
Ron Shurts, co-founder and CEO of Annexus, will become a managing partner at Integrity as part of the transaction. He said the companies both have growth potential.
“When it comes to improving lives, there is no finish line,” Shurts said in a release. “We’re committed to helping every American enjoy a safer and more secure retirement, and partnering with Integrity will help us amplify and accelerate toward that goal.”