Leaders Life Insurance Co., a Tulsa-based insurer with operations in 15 states, has been acquired by a subsidiary of Truss Peak Holdings LLC. The company distributes life and health insurance products through workplace-based channels and employer-sponsored programs.
AM Best reported that the acquisition was executed by TPH Insurance Hold Co. LP, a Truss Peak subsidiary, which purchased Leaders Life from Michigan Farm Bureau Financial Corp.
Leaders Life markets its insurance products—life, short-term disability, and accident coverage—through approximately 700 agents serving around 1,400 employer groups. Its operations will continue under the existing brand and leadership, according to a statement issued by Truss Peak.
According to AM Best, there are no immediate changes planned for staffing. Truss Peak stated that it plans to support the expansion of Leaders Life into additional markets, primarily across the Midwest, and intends to invest in technology and product development.
William Ketterer, president and chief investment officer of Truss Peak, said the acquisition is part of a long-term plan to develop an insurance platform through transactions that maintain continuity for acquired companies.
"We see great opportunity in Leaders' strong regional presence, their experienced team, and their approach to product delivery through the workplace," said Ketterer.
Truss Peak specializes in reinsurance and acquisitions within the life insurance sector. The firm provides services such as asset management, operations, actuarial consulting, sales, and accounting to companies undergoing structural transitions. It is backed by South Summit Capital Management LLC, a private capital single-family office, and Thayer Street Partners, a New York-based investment firm.
The acquisition follows a trend of consolidation in the insurance industry. In April, Sierra Financial Holdings LLC completed its acquisition of Preferred Security Life Insurance Co., expanding its reach in insurance and mortgage-related products targeted at the Latino market.
What are the potential impacts for policyholders, agents, and employer-sponsored insurance programs? Share your insights in the comments.
