Zinnia Closes on Business That Includes AnnuityNet

A unit of the same company that owns Security Benefit and Policygenius, and that has a big minority stake in the parent of The Hollywood Reporter, is now a top annuity distribution infrastructure player.

Zinnia, a company controlled by Eldridge Industries, said Monday that it has closed on the purchase of AnnuityNet and other life and annuity technology businesses from Ebix.

AnnuityNet was a pioneer in annuity distribution technology. It continues to dominate that market, along with iPipeline and Hexure.

Operations at AnnuityNet and its siblings “will be uninterrupted for customers and partners, providing continuity for the life insurance and annuity ecosystem,” Zinnia said.

Zinnia has put the 770 employees who came over from Ebix via a new Life and Annuity Exchange Solutions division.

What the deal means: Zinnia said it aims to build “modern rails” for the insurance industry.

It is part of Eldridge is a Greenwich, Connecticut-based conglomerate.

It bought Security Benefit, an annuity issuer, in 2017, then turned Security Benefit’s technology arm, SE2, into a separate company. SE2 changed its name to Zinnia in 2022.

Eldridge may be best known for its 40% stake in Penske Media, the publisher of Variety, Billboard and The Hollywood Reporter.