A quick update from Melbourne O’Banion, CEO and Co-Founder at Bestow;
Bestow, Inc. is selling its life insurance company to Sammons Financial Group. We will transition Bestow Life Insurance Company to Sammons Financial Group as soon as we receive approval from the state of Iowa, following the required hearing scheduled for May 28, 2024. Bestow, Inc. will continue to leverage our technology and platform as part of our strategic plan to become the dominant technology platform for the life insurance and annuities industry.
We purchased Centurion and established the Bestow Life Insurance Company to accelerate and demonstrate our product and platform innovation across the value chain. We accomplished that, and now we will move forward with our Enterprise SaaS strategy without needing a life insurance company. This transaction was a great financial outcome for our investment in our carrier.
Sammons Financial Group has been a partner and investor with Bestow for many years, and together, we will continue to explore future growth opportunities that will benefit both organizations.
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