Primerica, Inc. announced that its anticipated acquisition of senior health insurance distributor e-Telequote is official. Primerica has now acquired 80% of Etelequote Limited’s (collectively, e-TeleQuote) operating subsidiaries.
The implied equity value of this acquisition agreement is $450 million, with an enterprise value of $600 million. Primerica will purchase the remaining 20% stake in the company over the next four years.
“The synergies created by this acquisition will allow Primerica’s life insurance-licensed independent sales representatives to serve clients’ financial needs more fully throughout their lifecycle,” said Glenn Williams, Primerica Chief Executive Officer. “e-TeleQuote’s specialized technology platform and dynamic sales centers align perfectly with Primerica’s powerful distribution capabilities, allowing us to deliver additional value to our clients, sales representatives, employees, and stockholders.”
e-TeleQuote offers products from a broad selection of carriers, like United Healthcare and Humana, and offers 2,700 Medicare Advantage plans, as well as a growing Medicare supplement business with four carriers.
“The pairing of our two organizations is a great opportunity for all parties involved,” said Anthony P. Solazzo, CEO and Founder of e-TeleQuote. “For many, health insurance is a complicated subject, especially when it comes to Medicare. We believe we can help Primerica’s clients understand the Medicare landscape more easily. Our licensed insurance agents use a carrier agnostic approach to helping beneficiaries select the right Medicare plan for them.”