Online renters and term life insurance platform Quilt has been acquired by life insurance agency Haven Life for an undisclosed amount.
Following the merger, Quilt will no longer sell or manage renters or term life insurance. Customers are now being transitioned to the policy issuer.
Going forward, Quilt will now focus on rethinking the buying experience for longevity products, prioritising how wealth annuitisation can address financial concerns of further retirees.
The acquisition was made to support the development of Haven Life’s customer-centric buying experience. Haven Life is backed and wholly owned by Massachusetts Mutual Life Insurance Company.
Quilt co-founder and chief executive Blair Baldwin said, “Life expectancy is steadily increasing yet many Americans are not financially prepared for an extended retirement. Pensions are disappearing, which means an increasing number of people could outlive their savings. Unless something changes, there’s a crisis on the horizon.
“Our job is to determine how longevity products can help the average person live a better life long into retirement. We couldn’t be more excited to join forces with Haven Life and MassMutual to use our combined technology, resources and expertise to bring this vision to life.”
Quilt raised a $3.25m seed round of funding in 2016 from NextView Ventures. Prior to the investment, the company had been launched from NextView’s accelerator in 2015.
Earlier in the week, US-based worker compensation insurance business Pie Insurance received $11m in its Series A round of funding. The round was led by Greycroft and will be used to scale its operations and product suite.
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