LIBRA Insurance Partners and Insurance Designers of America Announce Merger
October 31, 2022 by LIBRA Insurance Partners
Companies unite under the LIBRA brand to become the largest independently owned Life Insurance Marketing Organization (IMO) in America
BALTIMORE, Oct. 26, 2022 /PRNewswire/ — LIBRA Insurance Partners and Insurance Designers of America, LLC (IDA) announce the merger of the two organizations, creating the largest independently owned life insurance marketing organization (IMO) in the United States. The combined company will operate under the LIBRA Insurance Partners (LIBRA) brand.
Bill Shelow, CEO and president of LIBRA Insurance Partners, and J. Craig Collins, president and executive director of Insurance Designers of America, along with the respective Board of Directors and more than 110 combined affiliated partner agencies, have approved entering a merger agreement. The merger will take effect on January 1, 2023, upon completing the transition process.
“We recognize that during a time of mass BGA transactions and industry-wide consolidations, only those with the ability to scale, innovate and evolve will remain relevant and thrive throughout consistently-changing market conditions,” said William (Bill) Shelow, CLU®, ChFC®, CPCU®, LLIF, president and CEO of LIBRA. “This merger uniquely positions LIBRA as a leader in the IMO community, both in size and influence, and through our combined teams and collective value-driven service models, proprietary tools, and leading resources, positions us as the premier partner for agencies, carriers, financial advisors and consumers now and into the future. LIBRA is the home for any BGA that values independence.”
The firm retained the services of Paradigm Partners International, a third-party research firm specializing in the insurance landscape, to assess LIBRA’s market position post-merger. The study concluded that the combined LIBRA team is the largest independently owned life IMO in America by way of gross annual production.
“We’ve worked alongside LIBRA for many years. I have tremendous respect for the leadership team and its agency partners,” said J. Craig Collins, president and executive director of IDA, “Our firms are aligned in values and commitment and with many synergistic and complementary offerings, we can now leverage those strengths to offer even more robust benefits for our partner firms, their distribution sources, and insurance company partners.”
Insurance Designers of America will merge into the LIBRA brand, adding as many as 50 agency partnerships to the LIBRA Insurance Partners community. IDA’s team, distribution network, technology offerings and extensive advisor resources will be available to all LIBRA-affiliated partners post-integration. J. Craig Collins will continue in a leadership position as executive vice president and chief relations officer, overseeing carrier partnerships and agency services. The united firm will continue its core commitment to providing unmatched value to partner agencies, independent insurance producers, brokers and financial institutions with life, annuity, and linked benefit insurance solutions.
LIBRA’s combined resources will offer agency partners greater operating efficiencies, enhanced technological capabilities, and expanded distribution opportunities. Specifically, the now more than 110 LIBRA agency partners will have access to an array of unique benefits, including:
- established relationships with an expanded lineup of affiliated carriers and reinsurers
- dedicated underwriting and new business teams
- case design resources and direct access to high-level contacts to facilitate the processing of complex cases
- a dedicated medical director
- product white papers and benchmarking tools
- a streamlined quick quoting and informal processing platform
- proprietary products and underwriting platforms
- invitations to exclusive training resources and events, and more.
The combined team will continue to provide objective, knowledgeable, hands-on support for case design and management as it continues to help its partner agencies innovate, adapt, and excel in the ever-changing landscape of the insurance industry.
LIBRA Insurance Partners is an insurance marketing organization dedicated to serving independent insurance producers, brokers and financial institutions. Formerly known as LifeMark Partners and BRAMCO Financial Resources, the firm exists to leverage strategic relationships, expertise and innovation to expand life insurance distribution for the benefit of all stakeholders. LIBRA Insurance Partners is dedicated to the ongoing development and enhancement of resources to differentiate partner agencies from the competition. Its firms benefit from robust proprietary service offerings, unparalleled partnership, product expertise and access to industry-leading resources. To learn more about becoming a LIBRA partner firm, visit www.LIBRAInsurancePartners.com or call (410) 837-3022.
Insurance Designers of America was founded in 1986 by former insurance company executives to fill a void in the distribution of insurance products during a time when insurance companies were shifting focus from distribution to product manufacturing. Over the past thirty-plus years, IDA has grown to become a leading distributor of life insurance, annuities, and related products.
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SOURCE LIBRA Insurance Partners
