Primerica Inc., a leading provider of financial services to middle-income families throughout the United States and Canada, and Etelequote Limited, a senior health insurance distributor of Medicare-related insurance policies announced that they have signed a definitive agreement under which Primerica will acquire 80% of Etelequote Limited’s operating subsidiaries (collectively, “e-TeleQuote”) at an enterprise value of $600 million.
- Under the terms of the agreement, Primerica will purchase the remaining 20% stake over a period of up to four years. The companies also signed a distribution agreement for Primerica’s U.S. sales force to refer Medicare Advantage and Medicare Supplement sales to e-TeleQuote. The transaction is expected to close in July 2021.
- Glenn Williams, Primerica Chief Executive Officer said, “This announcement is the culmination of several years of work by our strategy and leadership teams and furthers our long-term strategic plan. e-TeleQuote is the right size acquisition for us in an adjacent, high-growth sector. We look forward to welcoming the e-TeleQuote team to the Primerica family and working together to expand our positive impact on the financial lives of middle-market clients of all ages.”
- Headquartered in Clearwater, FL, e-TeleQuote is an innovative, fast-growing business in the senior health insurance distribution space with a broad geographic reach into all 50 U.S. states and Puerto Rico. Led by strong entrepreneurial management, the 10-year-old company is well-positioned to expand its role as a distributor of Medicare-related plans, which help seniors defray medical expenses and provide peace of mind.
- e-TeleQuote offers products from a wide array of carriers (including United Healthcare, Humana, and Anthem) with over 2,700 Medicare Advantage plans available. “We are excited about the many opportunities that present themselves through the combination of our two organizations,” said Anthony P. Solazzo, CEO and Founder of e-TeleQuote. “We believe that e-TeleQuote’s carrier-agnostic approach to helping Medicare beneficiaries find solutions to their healthcare needs, as well as our other core values, align perfectly with Primerica”