LIBRA Insurance Partners and Insurance Designers of America, LLC (IDA) announce the merger of the two organizations, creating the largest independent life insurance marketing organization (IMO) in the United States.
The combined company will operate under the LIBRA Insurance Partners (LIBRA) brand, the company announced in a press release.
Bill Shelow, CEO and President of LIBRA Insurance Partners, and J. Craig Collins, President and Chief Executive Officer of Insurance Designers of America, along with the respective Board of Directors and more than 110 affiliate partner agencies combined, have approved the conclusion of a merger agreement. The merger will take effect on January 1, 2023, once the transition process is complete.
“We recognize that in an era of massive BGA transactions and industry-wide consolidations, only those with the ability to scale, innovate and evolve will remain relevant and thrive under conditions of ever-changing market,” said William (Bill) Shelow, President and CEO. 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 resources. leadership positions us as the premier partner for agencies, carriers, financial advisors and consumers of today and tomorrow LIBRA is the home of any BGA that values independence.
The company 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 independent life IMO in America in terms of gross annual production.
“We have been working alongside LIBRA for many years. I have tremendous respect for the leadership team and its agency partners,” said J. Craig Collins, President and Chief Executive Officer of IDA, “Our companies are aligned on values and commitment and with many synergistic and complementary offerings, we can now leverage these strengths. to provide even more robust benefits to our partner companies, their distribution sources and partner insurance companies.
Insurance Designers of America will merge with the LIBRA brand, adding up to 50 agency partnerships to the LIBRA Insurance Partners community. IDA’s team, distribution network, technology offerings and extensive consulting resources will be available to all LIBRA Affiliate Partners after onboarding.
J. Craig Collins will continue in a leadership role as Executive Vice President and Director of Relationships, overseeing carrier partnerships and agency services. The united company will continue its core commitment to providing unparalleled value to agency partners, independent insurance producers, brokers and financial institutions with life insurance, annuity and related benefits solutions.
LIBRA’s combined resources will provide partner agencies with greater operational efficiencies, enhanced technology capabilities, and expanded distribution opportunities. Specifically, the more than 110 LIBRA partner agencies will have access to an array of unique benefits, including:
• established relationships with a wide range of affiliated carriers and reinsurers
• teams dedicated to underwriting and new businesses
• case design resources and direct access to high-level contacts to facilitate processing of complex cases
• a dedicated medical director
• Product white papers and benchmarking tools
• a streamlined platform for quick quotes and informal processing
• proprietary products and subscription platforms
• Invitations to exclusive training resources and events, and more.
The combined team will continue to provide objective, knowledgeable, and hands-on case design and management support while continuing to help its partner agencies innovate, adapt, and excel in the ever-changing landscape of the insurance industry, the statement said.