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Western and Southern Closes Acquisition of Fabric to Accelerate Digital Expansion
Friday 14 January 2022

US-based life insurance group Western and Southern Financial Group has completed the acquisition of US-based life insurance platform and mobile app provider Fabric Technologies Inc. and its subsidiary, Fabric Insurance Agency LLC, the group said.

The deal brings a fully automated digital platform developed by Fabric, founded in 2015 and headquartered in Brooklyn, N.Y., to a Cincinnati-based company that began selling life insurance door to door 134 years ago as The Western and Southern Life Insurance Company.

Through its digital platform and mobile app, Fabric offers term life insurance, a free last will and testament, tools to organize family finances, and in partnership with other providers additional solutions such as college savings plans.

Western and Southern was represented by Goldman Sachs and Co. LLC, and legal counsel was provided by Willkie Farr and Gallagher LLP. Fabric was represented by Perella Weinberg Partners LP and Goodwin Procter LLP.

Terms of the deal were not disclosed.
Date Published: 14/01/2022