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Bestow acquires life insurer, continuing move from insurtech to carrier

Bestow Inc. has agreed to buy Iowa-based Centurion Life Insurance Co. from Wells Fargo & Co. in a move to apply its digitally based underwriting process to term life insurance across the country.

Bestow is a licensed carrier in Texas and a digital agency that sells term life policies issued by North American Co. for Life and Health Insurance. Centurion Life is licensed to sell in 47 states and the District of Columbia.

Terms of the deal, which is subject to regulatory approval, were not disclosed.