A company that owns Policygenius, and is part of Eldridge Industries, the owner of Security Benefit, is now a top annuity distribution infrastructure player.
Zinnia, the Eldridge Industries company, said Monday that it has closed on the purchase of AnnuityNet and other life and annuity technology businesses from Ebix.
AnnuityNet was a pioneer in annuity distribution technology. It continues to dominate that market, along with iPipeline and Hexure.
Operations at AnnuityNet and its siblings "will be uninterrupted for customers and partners, providing continuity for the life insurance and annuity ecosystem," Zinnia said.
Zinnia has put the 770 employees who came over from Ebix via a new Life and Annuity Exchange Solutions division.
What the deal means: Zinnia said it aims to build "modern rails" for the insurance industry.
Zinnia is part of Eldridge, a Greenwich, Connecticut-based holding company, or company that buys and controls over companies.
Eldridge acquired Security Benefit, an annuity issuer, in 2017, then turned Security Benefit's technology arm, SE2, into a separate company. SE2 changed its name to Zinnia in 2022.
Eldridge may be best known for its 40% stake in Penske Media, the publisher of Variety, Billboard and The Hollywood Reporter.
