Heartland Financial Group, a Blue Springs-based independent marketing organization, is now owned by a major insurance player.
Integrity Marketing Group LLC, which acquired Heartland for an undisclosed amount, is one of the largest independent distributors of life and health insurance products. The Dallas-based company also provides wealth management and retirement planning solutions.
Founded in 1992 by Chris McDaniel, Heartland provides life, health and annuity products to the senior market. According to a Wednesday release, the company completed more than 163,000 applications and placed $270 million in annual premiums in 2021.
A spokeswoman for Integrity said Heartland has approximately 80 employees, three-quarters of which work in the Kansas City area. It has additional office locations in Mississippi, Florida, Oklahoma and California, and supports more than 65,000 actively contracted agents.
Heartland is led by the executive team of CEO Todd Hill; COO Bill Cole; and Chief Sales Officer Tegrey Moot. All three will add the title of managing director at Integrity to their roles.
“When you have a successful company with a proven track record, you approach the idea of partnership carefully,” Hill said in the release “We found Integrity to be a perfect fit in terms of culture and vision right from the beginning. As a true partner, Integrity allows us to continue to lead the agency while optimizing processes and reinforcing its success with improved technology and shared services.”
Before the acquisition, Integrity employed nearly 200 people in Missouri across seven other business units in: Chesterfield, Columbia, Festus, Joplin, Springfield, St. Louis and Town and Country.
In addition to its other Missouri operations, it already has a presence in the Kansas City area. In 2019, Integrity acquired Olathe-based independent insurance sales company American Senior Benefits from its founders Jim Sweeney and Clay LeGeyt for an undisclosed amount.
As part of Heartland’s sale, its founder Chris McDaniel will leave the company and shift “his focus fully to insurance product development at his insurance company (Heartland National Life Insurance Co., which also is based in Blue Springs).”
“During this process, it was important to me to ensure the amazing team that helped build Heartland was well taken care of,” McDaniel said in the release. “Integrity offers employees the incredible benefit of company ownership and has brought together an outstanding network of partners to offer strategic guidance for Heartland’s next phase.
“I’m proud of what we’ve accomplished and grateful to entrust the next phase of Heartland’s growth to Todd and the executive team. With Integrity at its side, Heartland will continue its purpose-driven growth for many years to come. I’m excited about the opportunities ahead for all of Heartland’s employees, agents and clients.”
All current and future Heartland employees can become employee-owners through Integrity’s employee ownership plan.
When Integrity received a $1.2 billion minority equity investment in 2021 from Menlo Park, California-based technology investment firm Silver Lake, it gave out $125 million in cash payouts to employee-owners.
All of Heartland’s employees are expected to stay on under the new ownership, and the company will continue to operate independently and under its own name.
“Heartland Financial Group is a proven industry leader and their mission of supporting and helping Americans prepare for retirement aligns perfectly with Integrity,” Integrity CEO and co-founder Bryan Adams said in the release. “We’re grateful for Chris McDaniel‘s vision, which has thoughtfully positioned Heartland into an organization we’re proud to partner with. We’re also grateful to Todd Hill and the experienced executive leadership team at Heartland for embracing our vision of strengthening their technology and offerings in ways that will help them serve even more consumers.”
Founded in 2006, Integrity employs nearly 6,000 people and has about 500,000 independent agents and advisers. According to the release, it serves more than 11 million clients and is expected to help insurance carriers place more than $20 billion in new premiums in 2022.
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