Finseca — the group formed from the merger of the Association for Advanced Life Underwriting with GAMA International — may combine with the National Association of Independent Life Brokerage Agencies.
NAILBA and Finseca announced today that their boards have voted to start the process of looking into a merger.
"This process is the culmination of significant due diligence conducted by a joint task force that included NAILBA and Finseca members and staff," NAILBA and Finseca said today in an announcement of the merger effort agreement. "The next step in the process is to bring the joint task force work to the respective memberships."
Jason Lea, the immediate past chair of NAILBA, said in a comment, included in the agreement announcement, combining with Finseca would give NAILBA's community the benefits of being part of a larger organization and having a stronger voice.
"The task force strongly believes that Finseca is the perfect partner for NAILBA," Lea said.
Jeri Turley, Finseca's chair, and Marc Cadin, Finseca's CEO, said the combination would help consumers, by giving members more influence over policymaking.
Dan LaBert, NAILBA's CEO, said the group has served the independent brokerage distribution community well for more than 40 years.
Today, "the threats to the profession have reached critical mass, and it's time for us to all sit down to discuss what opportunities joining forces would create for each of us individually and collectively," LaBert said.
Finseca
AALU and GAMA International announced the arrangement that created Finseca in July 2020.
Finseca is too new to have filed a Form 990, or annual report for tax-exempt groups, with the IRS.
