Primerica, Inc. (NYSE:PRI), a leading provider of financial services to middle-income families throughout the United States and Canada, announced today that the Company has closed its previously announced acquisition of 80% of Etelequote Limited’s operating subsidiaries (collectively, “e-TeleQuote”). Pursuant to the terms of the acquisition agreement dated April 18, 2021, the transaction has an enterprise value of $600 million and an implied equity value of approximately $450 million. Additionally, under the terms of the agreement, Primerica will purchase the remaining 20% stake over a period of up to four years.
e-TeleQuote is a successful senior health insurance distributor of Medicare-related insurance policies and 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 four carriers.
“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.”
“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.” Consumers may obtain information on available plans through e-TeleQuote agents or its consumer facing website www.easymedicare.com.