Enhance Health launches with $150 million of capital

Florida-based Enhance Health closed a $150 million capital raise from Bain Capital Insurance and announced its official launch.

Founded this year, the health insurance agency plans to build a Medicare insurance distribution and care navigation platform through acquisition and organic initiatives. It will serve both the Medicare and individual and family plans segments of the health insurance market.

“More than 10,000 people in the U.S. turn 65 every day and are tasked with choosing their health insurance plans in a crowded and often confusing market. Small differences between plans may result in very different cost and care outcomes for the consumer. It’s clear there is a large addressable market for solutions that enable consumers to make better informed decisions about their benefits and care needs. Our vision is to simplify the Medicare experience so that consumers can get the care they need. Bain Capital Insurance brings deep experience and resources that will help achieve our mission to be a true-value added partner to our customers and to make the shopping experience for insurance less complicated, time intensive and costly.” – Matt Herman, the CEO of Enhance Health.

Bain Capital Insurance’s investment in Enhance Health builds upon the firm’s cross-platform experience building insurance businesses. During the past year, the team announced the planned acquisition of LV=, the second-largest mutual life insurer in the UK; launched Keystone Agency Partners, a company that acquires and grows U.S. property & casualty insurance agencies; and formed a long-term strategic partnership with Beat Capital Partners, which invests in specialty insurance distribution startups.