Different asset administration firm Antarctica Capital, by its affiliate, has wrapped up the acquisition of Midwest Holding, a technology-driven life and annuity platform.
Midwest specialises in designing and growing in-demand annuity merchandise.
These merchandise are distributed through totally different impartial distribution channels to cater to a big and rising demographic of US retirees.
Midwest’s work additionally includes originating, managing and transferring annuities to asset managers and different third-party traders by reinsurance preparations.
As per the phrases of the transaction, Midwest shareholders are entitled to obtain $27 in money per share of widespread inventory owned instantly previous to the completion of the transaction.
Midwest shares will now not be traded and listed on the Nasdaq Inventory Market.
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The deal is not going to impression the present management crew at Midwest.
The annuity platform will retain its title, personnel and headquarters in Lincoln, Nebraska, in addition to its operational hubs in New York and Vermont.
Midwest CEO Georgette Nicholas mentioned: “At this time marks [the] starting of a brand new chapter for Midwest, and we’re excited to work with [the] Antarctica crew to totally capitalise on our market alternative and drive future progress.
“This transaction was made doable by the excellent contributions of our staff and companions, and we look ahead to collaborating with Antarctica to develop and create additional worth for policyholders.”
RBC Capital Markets served as Midwest’s monetary advisor, whereas Fried, Frank, Harris, Shriver & Jacobson served as transaction counsel to Midwest for the transaction.
Midwest’s insurance coverage regulatory counsel had been Lamson Dugan & Murray and Primmer Piper Eggleston Cramer.
In the meantime for Antarctica, Kirkland & Ellis served as authorized advisor and Frohman Regulation Workplace acted as regulatory counsel.
Antarctica Capital managing companion Chandra Patel added: “Midwest’s progressive insurance coverage platform, together with its fast-growing annuity enterprise, has important untapped potential, and we’re very happy to welcome [the] Midwest crew into [the] Antarctica household of corporations.
“Midwest might be a key part of our retirement companies enterprise. We’re assured that our deep experience, current partnerships and sources will speed up Midwest’s progress and additional improve its services.”
