Allianz Life Insurance Company of North America has capped its 15-year relationship with its third-party administration services company by buying it.
The insurer, which is headquartered in Minneapolis, announced Wednesday that it had bought Delaware Valley Financial Services of Berwyn, Pa.
Delaware Valley Financial Services has supplied administration services for Allianz Life's variable products business since 1988.
"We are the fastest-growing provider of variable annuities in North America today, and this acquisition helps assure that our customers will continue to receive superior service as our business expands," said Mark A. Zesbaugh, the CEO of Allianz Life, in a press release.
Allianz had $48 million of variable annuity sales through banks in the first quarter, according to Kenneth Kehrer Associates, a Princeton, N.J., consulting firm that tracks bank annuity sales. This was up 83% from the year earlier and placed Allianz 17th in the channel.
Founded in 1978, Delaware Valley offers administrative, information technology, and support services to insurance carriers and their distribution channels, with an emphasis on administration of variable products.
The company employs 300.
"We have always operated as a strategic business partner with Allianz Life, and this agreement solidifies our relationship and provides us with the resources to grow and helps to assure our future," said Lois Haber, the president and chief executive officer of Delaware Valley. Executives at both companies were unavailable to comment by press time.
Allianz Life's gross premium income from variable contracts was $1.8 billion in 2002.
Through May 30, its gross from variables has topped $1 billion.
