Primerica to acquire e-TeleQuote
Primerica , a provider of financial services to middle-income families throughout the United States and Canada, and e-Telequote Insurance , a senior health insurance distributor of Medicare-related insurance policies, announced today that they have signed a definitive agreement under which Primerica will acquire 80% of Etelequote’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 US sales force to refer Medicare Advantage and Medicare Supplement sales to e-TeleQuote. The transaction is expected to close in July 2021.
“This acquisition will combine the strengths of two successful companies, positioning both for expanded growth. 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. 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.” – Glenn Williams, Primerica CEO.
Headquartered in Clearwater, FL, e-TeleQuote offers products from a wide array of carriers (including United Healthcare, Humana, and Anthem) with over 2,700 Medicare Advantage plans available. e-TeleQuote also has a growing Medicare supplement business with 4 carriers. This breadth aligns well with Primerica’s distribution footprint and will enable Primerica to serve the financial needs of clients more fully throughout their lifecycle. Consumers may obtain information on available plans through e-TeleQuote agents or its consumer facing website www.easymedicare.com.
“We are excited about the many opportunities that present themselves through the combination of our two organizations. 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.” – Anthony P. Solazzo, CEO and Founder of e-TeleQuote.