AnnuityNet — a company that helped move about $98 billion in annuity premium payments in 2022 — could soon have a new home.
Ebix, AnnuityNet's Johns Creek, Georgia-based parent, has filed for Chapter 11 bankruptcy protection because of problems with gift card operations in India.
Ebix has set up a process to sell AnnuityNet and other North American life and annuity distribution system businesses to raise some of the $650 million it owes secured creditors.
Zinnia, a financial technology company with backing from Eldridge Industries, has offered to pay at least $400 million for the Ebix distribution tech businesses, to set a price floor.
What it means: Higher interest rates have brought excitement back to the U.S. annuity market.
Now the AnnuityNet sale process could increase investor interest in the annuity distribution tech market.
The history: AnnuityNet came to life in 1997. Originally, it was owned by a consortium that included GE, Lincoln Financial and Conning Capital Partners.
It reported in 2002 that it had supported $2.1 billion in annuity transactions.
Ebix acquired it in 2006, then acquired the gift card business in India in 2017.
