Bestow to sell its life insurance company to Sammons

May 14, 2024 by Susan Rupe

Bestow Inc. announced Thursday it will sell its life insurance company to Sammons Financial Group.

Bestow Life Insurance Co. will transition to Sammons as soon as the state of Iowa approves the deal, following the required hearing scheduled for May 28. Bestow Inc. will continue to leverage its technology and platform as part of the company’s strategy plan “to become the dominant technology platform for the life and annuities industry,” Bestow CEO and cofounder Melbourne O’Banion said in a statement.

Bestow began as a digital platform for life insurance. In September 2021, the company purchased Centurion Life and established Bestow Life.

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Originally Posted at InsuranceNewsNet on May 9, 2024 by Susan Rupe.