Guggenheim Partners, a diversified financial services firm, is buying EquiTrust Life Insurance from its parent, FBL Financial Group.
EquiTrust Life Insurance distributes fixed-rate and indexed annuities and life insurance through a national network of more than 14,500 independent agents.
EquiTrust will join Guggenheim’s insurance business unit, which through Guggenheim Life and Annuity Company and other affiliates, provides insurance-related financial services to institutional and retail customers.
Guggenheim Partners CEO Mark Walter said this acquisition demonstrates Guggenheim’s ongoing commitment to grow the presence in the annuity and life insurance arena.
Guggenheim Partners president Todd Boehly said this is further evidence of Guggenheim’s commitment to build a world-class insurance business, leveraging the established position in the insurance industry and controlling position in se2, a third-party processor in insurance products.
This transaction is subject to regulatory approval and other customary closing conditions.