Primerica, Inc. has acquired e-Telequote, an independent digital insurance marketplace that allows individuals to purchase Medicare-related insurance policies from home, in a definitive agreement that gives Primerica 80% of e-Telequote at an enterprise value of $600 million and a $450 million implied equity value. The agreement states that Primerica will purchase the remaining 20% over a period that can extend up to four years.
U.S. Primerica agents will now also refer all Medicare Advantage and Medicare Supplement sales to e-Telequote.
“This acquisition will combine the strengths of two successful companies, positioning both for expanded growth,” said Glenn Williams, Primerica Chief Executive Officer. “The synergies between the client relationships of our sales force and e-TeleQuote’s expertise in senior health insurance plans are a major factor in our decision to enter this space. 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 was established ten years ago and is headquartered in Florida, with a presence in all 50 states and Puerto Rico. In 2020, the company’s revenues totaled $160 million and approved 106,000 policies. e-Telequote offers more than 2,700 plans from more than 20 carriers, including carrier relationships with household names United Healthcare and Humana.
“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. Both organizations are dedicated to serving constituents who have long been underserved and do so through an educational approach that meets the needs of consumers. It is the similar commitment to consumers, employees, and our communities that makes this a mutually beneficial arrangement.”
