On June 28, 2024, iA Financial Corporation Inc. ("iA"), the holding company of iA Financial Group, announced that its subsidiary, iA American Holdings, Inc., completed the acquisition of Vericity, Inc. (Nasdaq: VERY). The acquisition agreement, initially announced on October 3, 2023, involved a purchase price of approximately $233.07 million (US$170 million), funded with available capital, and resulted in a 3 percentage point reduction in iA's solvency ratio.

Vericity, which employs over 400 people, comprises Fidelity Life, an insurance carrier, and eFinancial, a direct-to-consumer digital agency. This acquisition was aimed at leveraging synergies and enhancing iA's presence in the U.S. life insurance market through innovative technology powered by artificial intelligence and rich data analytics. Sean O'Brien, Executive Vice-President and Chief Growth Officer of US Operations at iA, noted that the acquisition would support the company's growth in individual life insurance and expand its operations in the United States, providing access to a robust digital distribution platform.

Raymond James Financial, Inc. acted as the financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP served as the legal advisor to Vericity for this transaction. Willkie advised iA Financial Corporation Inc.