https://insurancenewsnet.com/innarticle/ebix-announces-bankruptcy-plan-to-sell-life-and-annuity-assets-to-zinnia
December 19, 2023 by John Hilton
Ebix, Inc. announced today that it has reached a “stalking horse” agreement to sell its North American life and annuity assets to Zinnia for $400 million, part of a bankruptcy reorganization plan.
A leading international supplier of on-demand software and e-commerce services to insurance and financial services, Ebix is filing for Chapter 11 protection of its U.S.-based operations, the company announced.
An Eldridge Industries company, Zinnia is a leading life insurance and annuity technology and service company based in Topeka, Kansas.
Click HERE to read the full story via INN
Wink’s Moore on the Market: Holy buckets!
HUGE news-
Ebix is declaring bankruptcy.
Zinnia is acquiring their North American life and annuity assets.
You will recall that Zinnia is the former SE2.
Zinnia shares a parent company with Security Benefit Life Insurance Company; Eldridge Industries.
The North American life and annuity assets only account for less than 15% of the Ebix’s revenue, but this is substantial news for users of the company’s software.
I cut my competitive intel teeth on Winflex. I am just astounded with this news. -sjm