Vericity Inc.’s VERY stock was up by 97% after the Des Plaines, Ill.-based insurance services company backed by private-equity firm J.C. Flowers, on Tuesday said it agreed to be acquired by iA Financial Corp. CA:IAG for $11.4 a share in cash, or a premium of 101% over its closing price in the previous session. The deal values Vericity at about $170 million. “Over the course of our investment in Vericity, J.C. Flowers supported management in transforming the business model by combining AI and rich data analytics to deliver innovative proprietary technology to power all aspects of the business,” Eric Rahe, co-president of J.C. Flowers, said in a statement. The deal is expected to close in the first half of 2024.
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