MassMutual-owned startup Haven Life buys insurtech Quilt

Haven Life, a life insurance startup backed and wholly owned by MassMutual, is acquiring Boston-based online insurance broker Quilt to expand into new product offerings.

Insurtech Quilt opened in 2015 and had been offering renters and term life insurance policies digitally.

"To achieve our goals and expand into more product offerings, we needed to bring on a sophisticated partner who not only understands the complexities of the insurance industry but also has the drive to not settle for the status quo," said Yaron Ben-Zvi, CEO and co-founder of Haven Life. "We are thrilled to have Quilt's talented team join us and can't wait to showcase the innovation that comes out of this collaboration."

Quilt said it will no longer sell or manage renters or term life insurance. It will now focus on rethinking the buying experience for longevity products, specifically on how wealth annuitisation can help address the financial concerns of future retirees.

Quilt co-founder and CEO, 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."

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