US-based underwriter Fidelity National Financial (FNF) has acquired Digital Insurance, which provides health insurance distribution and benefits management for small and mid-sized businesses, for an undisclosed amount.
Commenting on the deal, Fidelity National Financial chief executive officer George Scanlon said that Digital Insurance operates in a fragmented market with significant organic growth and consolidation potential.
"Digital has a unique business model and provides FNF with a growth opportunity in an industry undergoing major change," Scanlon added.
Managing over 20,000 employer clients and 250 broker partnerships, Digital Insurance earns over $1bn in annual premiums. The company is expected to achieve nearly $50m in revenue in 2012 and about $70m in revenue in 2013.
Fidelity National is a provider of title insurance, mortgage services and restaurant and other diversified services.