EverQuote to acquire Crosspointe Insurance Advisors
EverQuote has signed a definitive agreement to acquire Crosspointe Insurance & Financial Services, LLC, a ~60-person health insurance agency headquartered in Evansville, Indiana. According to EverQuote, Crosspointe will accelerate the extension of its online platform to a direct-to-consumer agency model within the health vertical.
Today, EverQuote shared its Q2 results – total revenue reached $78.3 million and the company ended the quarter with a GAAP net loss of $2.8 million.
“Crosspointe’s agency expertise and carrier relationships, combined with EverQuote’s data-driven insurance marketplace platform, consumer volume, and distribution, will position us to deepen our customer engagement, further diversify and grow revenues, and capitalize on the expanding market opportunity in health insurance. I am pleased to welcome Josh, Drew and the entire Crosspointe team, who share our cultural roots in bootstrapping, heart, tenacity, and data-driven optimization. Their team is an ideal addition to EverQuote as we deepen our role in the distribution of insurance products while easing the effort and complexity for consumers to protect life’s most important assets – their family, property and future at an affordable price.” – Seth Birnbaum, CEO of EverQuote.
“EverQuote’s leading technology and strong reputation in the insurance market complements what we have built and grown at Crosspointe over the last decade. EverQuote shares our passion for driving innovation in the insurance industry by partnering with providers to deliver a better shopping experience to consumers.” – Josh Mushlock, cofounder of Crosspointe.
“Crosspointe is very excited about the opportunity to partner with EverQuote’s data and tech-centric culture to help bring our offerings to a broader range of consumers who are increasingly looking online for insurance. Together we are uniquely positioned to address the growing diversity of products in the individual and family health, Medicare, and ancillary health product categories, with consumers’ desire for thoughtful guidance in unified destination advisory and distribution platforms.” – Drew Shockley, cofounder of Crosspointe.
The acquisition is expected to close by the end of the third quarter subject to customary closing conditions, and EverQuote intends to fund the acquisition through cash on its balance sheet.