Acquisition Marks Further Expansion of Guggenheim's Insurance Product Platform, Adding National Provider of Fixed-Rate and Indexed Annuities and Life Insurance
CHICAGO – Guggenheim Partners, LLC, a diversified financial services firm, today announced that it has reached a definitive agreement whereby certain of its controlled affiliates will acquire EquiTrust Life Insurance Company from its parent, FBL Financial Group, Inc. EquiTrust Life Insurance Company distributes fixed-rate and indexed annuities and life insurance through a national network of more than 14,500 independent agents.
“This acquisition demonstrates Guggenheim’s ongoing commitment to grow our presence in the annuity and life insurance arena,” said Mark Walter, CEO of Guggenheim Partners. “We are pleased to welcome EquiTrust Life, a long-standing firm that has built a strong reputation among independent agents nationwide into the Guggenheim Partners family. We look forward to the future of EquiTrust as it continues to serve its clients.”
“This is further evidence of Guggenheim’s commitment to build a world class insurance business, leveraging our established position in the insurance industry and our controlling position in se2, the leading third-party processor in insurance products,” said Todd Boehly, president of Guggenheim Partners.
EquiTrust will join Guggenheim’s insurance business unit, which through Guggenheim Life and Annuity Company and other affiliates, provides insurance-related financial services to institutional and retail customers.
This transaction is subject to regulatory approval and other customary closing conditions. It is expected to close on or about December 30, 2011.
About Guggenheim Partners
Guggenheim Partners, LLC is a privately held global financial services firm. The firm provides investment management, investment banking and capital markets services as well as insurance and investment advisory solutions for institutions, corporations, governments and agencies, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients from more than 25 offices in nine countries.