Zinnia to Acquire Ebix Inc.’s Life and Annuity Software Assets

The assets include insurance focused CRM & agency management, market-leading research, quoting, illustration, order entry tools, and a comprehensive underwriting platform.

(Image source: Zinnia website.)

Zinnia Corporate Holdings (Topeka, Kans.), a life and annuity insurance technology services company owned by Eldridge Industries (Greenwich, Conn.), has announced it will acquire the Life and Annuity Assets of Ebix, Inc. (Atlanta), 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, according to a Zinnia statement.

Michele Trogni, CEO, Zinnia.

“The acquisition of the Ebix Life and Annuity Assets is transformative for Zinnia,” comments Michele Trogni, CEO, Zinnia. “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.”

Zinnia says the acquisition will allow the company to power growth and simplify insurance from product development through distribution and claims as the life and annuity sector expands rapidly. Upon closing, Zinnia says it 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, leading its the newly formed Life and Annuity Exchange Solutions business, and reporting to Trogni, according to the Zinnia statement. Joining him will be members of the Ebix Life and Annuity senior leadership team and all L&A employees globally.

Ash Sawhney, Head, Life and Annuity Exchange Solutions, Zinnia.

“This is a great outcome for our business,” Sawhney comments. “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.”

Synergies from the Integrated Zinnia and Ebix L&A Organization

“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,” says Sean Grindall, VP, Head of Financial Institution Distribution, USAA Life Company (San Antonio).

Global operations across the Ebix L&A Assets will continue as usual for customers and partners through the closing and integration process, according to the Zinnia statement. Zinnia reports that, on February 15, 2024, the company 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.

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.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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