Vericity
Vericity provides life insurance protection targeted to the middle American market.
Investment Thesis:
- Attractive acquisition valuation with significant and early return of capital
- Attractive asset to strategics and potential upside from the agency business
- Access to the middle market. Sales contacts made through Efinancial’s call centers focused on the middle market, differentiating Vericity from the broader life insurance industry, which typically targets a more affluent clientele
- Patented products and efficient processes distinguished Vericity within the industry where the underwriting process typically extends well beyond the initial interaction
- Strong and highly aligned management team
Value Add:
- Technology revamps in various areas such as doubling technology spend and recruiting third-party consultants through the JCF network, hiring a Chief Data and Technology Officer, creating a new cloud-based platform, and drove predictive analytic advancements
- Marketing overhaul
- Pushed for organizational accountability and efficiency, particularly after COVID mortality losses
- Supported management through unforeseen challenges
Key Details
Location:
Chicago, Illinois
Fund:
JCF IV
Subsector:
Insurance
Investment Date:
August 2019
Realization:
June 2024
