Zinnia, a leading life and annuity (L&A) insurance technology company, announced $300 million in financing from Vista Credit Partners, a subsidiary of Vista Equity Partners and a strategic credit and financing partner focused on the enterprise software, data, and technology markets. The new financing will accelerate Zinnia’s go-to-market strategy.
Zinnia plays a major role in the L&A industry, delivering end-to-end solutions that power over 50% of the digital annuity volume in the U.S. Having grown substantially over the last couple of years, Zinnia’s solutions enable carriers to launch products rapidly, deploy them through multi-channel distribution, and deliver modern digital experiences. Utilizing its strategic acquisition of Ebix’s Life and Annuity assets earlier this year, Zinnia is now deeply embedded with distribution partners across the industry, delivering seamless experiences for advisors, consumers, and carriers.
L&A products have been experiencing unprecedented growth as the next generation looks for effective wealth management tools to build their retirement plans. Data from the Life Insurance Marketing and Research Association (LIMRA) shows that U.S. annuity sales have grown by more than 20% every year since 2021, with their latest report revealing record-breaking sales in the first half of this year.
Milbank LLP served as Zinnia’s legal counsel, alongside financial advisors RBC Capital Markets. Akin Gump served as Vista Credit Partners’ legal advisor.
KEY QUOTES:
“As longevity creates an ever-growing market opportunity for retirement products with consumers and advisors, we are proud that our widely deployed platforms are enabling that growth. Vista Credit Partners’ investment comes at the perfect time to accelerate our strategy.”
- Michele Trogni, CEO of Zinnia
“Zinnia’s products enable L&A distribution at scale in a standardized and automated way, and their mission-critical solutions give carriers faster market entry, distributors confidence in the products they recommend, and consumers increased trust in what they’re buying. As a credit platform that specializes in providing scaled solutions to leading enterprise software businesses, we are pleased to help capitalize this exciting next phase of Zinnia’s growth alongside a terrific sponsor in Eldridge Industries.”
- David Flannery, President at Vista Credit Partners
