Midwest Holding Inc. (OTCQB: MDWT), together with its wholly-owned subsidiary American Life & Security Corp., a Nebraska-based life and annuity insurer, announced today that Vespoint LLC, has acquired a controlling interest in Midwest. The acquisition is the first in Vespoint's portfolio of insurance-focused investment, management and technology companies.
"I could not be more pleased with the meaningful partnership we have struck with Vespoint," remarked Mark Oliver, CEO of Midwest. "Vespoint is not merely a capital partner to us; they are helping to transform our company into the dynamic Midwestern insurance company we have always strived to be. Our shareholders are going to be proud of the company we are building."
Current and future policyholders and distribution partners can expect a well-capitalized American Life with a focus on innovative products. The Vespoint and American Life teams have been closely working together leading up to the acquisition and have taken the first important step in accomplishing these objectives.
"In looking to make our first insurance acquisition, we targeted Nebraska as a key strategic location to build our business," said Mike Minnich, co-CEO of Vespoint and new President of American Life. "We firmly believe that technology will play an exciting and essential role in the future of insurance by both improving customer experience and reducing operating costs. In partnering with American Life, we have found a team that embraces this vision."
"We are excited about the opportunity to combine American Life's strong, experienced management team with additional capital, resources and technology," added Michael Salem, Co-CEO of Vespoint and new Chairman of American Life. "The company is an excellent platform on which to build a premier life and annuity insurer."
About Midwest Holding Inc.
Midwest Holding Inc., founded in 2003, is a financial services organization headquartered in Lincoln, Nebraska, providing quality products and services to clients across the U.S. In September 2009, Midwest capitalized American Life & Security Corp., the first life insurance company organized in the state of Nebraska in more than 30 years. www.midwestholding.com
About American Life & Security Corp.
American Life is a life and annuity insurance company located in Lincoln, Nebraska. American Life is the result of multiple mergers and acquisitions with its earliest predecessor company dating to 1960. American Life provides life and annuity products to its Midwest policyholder base. www.americanlifeandsecurity.com
About Vespoint LLC
Vespoint is a private insurance-focused investment, management and technology company founded by insurance and asset management veterans Michael Minnich and Michael Salem. Combining industry expertise with an innovative approach, Vespoint is uniquely positioned to take advantage of a rapidly changing insurance marketplace. www.vespointllc.com
