PriyaPatel
TLDR:
Bestow, an insurance technology firm, is selling its life insurance unit to focus on providing services for other life and annuity enterprises. Sammons Financial has agreed to acquire Bestow Life, with regulatory approvals expected by June. Bestow aims to showcase its systems to other companies through this sale.
Key Elements:
- Bestow will sell its life insurance unit to focus on tech services for other companies.
- Sammons Financial will acquire Bestow Life, pending regulatory approvals.
- Bestow aims to demonstrate its systems to other life and annuity companies through this acquisition.
- Bestow was founded in 2016 and has raised significant capital from investors.
- The financial outcome of the deal has not been disclosed, but Bestow seems satisfied with it.
- Sammons plans to use Bestow Life to potentially expand into new markets.
Overall, the article highlights the strategic shift of Bestow from writing life insurance to focusing on technology services for other companies, with Sammons Financial acquiring Bestow Life as part of this transition. The deal aims to showcase Bestow’s systems and potentially help Sammons expand into new markets.
