Zinnia Corporate to revolutionize insurance tech with acquisition of Ebix assets
Zinnia Corporate Holdings, a subsidiary of Eldridge business and a leader in life and annuity insurance technology services, has announced its strategic acquisition of the Life and Annuity Assets (L&A Assets) from Ebix, Inc., a renowned supplier of software solutions. This acquisition is set to significantly bolster Zinnia’s position in the life and annuity industry by expanding its service offerings. The addition of insurance-focused CRM & agency management systems, market-leading research, quoting, illustration, and order entry tools, along with a comprehensive underwriting platform, aims to streamline experiences for advisors and their clients.
Michele Trogni, Zinnia’s Chief Executive Officer, described the acquisition as transformative, highlighting the complementary nature of the solutions from both companies. This strategic move is expected to enhance the company’s ability to serve carriers, distributors, and consumers more effectively, marking a significant step towards modernizing the insurance industry’s infrastructure.
Zinnia Corporate Holdings to Acquire Ebix’s Life and Annuity Assets, Enhancing Insurance Technology Services
Following the acquisition, Zinnia plans to incorporate Ebix’s SmartOffice, Vital Sales Suite, Winflex, AnnuityNet, LifeSpeed, TPP (The Policy Processor), and various consulting services into its offerings. Ash Sawhney, President of Ebix Insurance Solutions North America, will transition to Zinnia to lead the newly established Life and Annuity Exchange Solutions business, along with members of the Ebix Life and Annuity senior leadership team and all L&A employees globally.
The integration of Zinnia and Ebix’s Life and Annuity assets is poised to accelerate product roadmaps and drive industry-wide benefits, according to Sawhney. This collaboration aims to digitize the end-to-end processing of life and annuity products, aligning with Zinnia’s vision for the future of the insurance sector. Sean Grindall, VP and Head of Financial Institution Distribution at USAA Life Company, also expressed optimism about the potential synergies and improved digitization that the merger could bring.
Global operations of the Ebix L&A Assets are expected to continue seamlessly through the closing and integration process, ensuring uninterrupted service for customers and partners. The acquisition, which received Court approval on February 15, 2024, is anticipated to finalize in early March, subject to customary closing conditions. Legal and financial advisories for the transaction include Milbank LLP, Citi, and RBC Capital Markets for Zinnia, and Sidley Austin LLP, AlixPartners, LLP, Huron Consulting Group, and Jefferies LLC for Ebix.