Tuesday, August 31, 2010

Austin Ventures Invests $5M In Life Insurance Distribution Firm

Austin Ventures said this morning that it has formed a new, life insurance distribution company with Bob Carter, the co-founder of National Financial Partners. As part of the new firm, Austin Venture said it has invested $5M in the new company, and has committed another $45M in funding to support the firm in the future. Carter was the co-founder of National Financial partners, and also co-founded PartnersFinancial. The name of the new company was not announced, however, Austin Ventures did say the new firm will be based in Austin. According to Austin Ventures, the new company wlil focus on distributing life insurance to independent firms, aimed at the high-end marketplace.