Health Insurance Innovations (HII), a developer and cloud-based administrator of affordable health insurance plans, ancillary products, has acquired privately-held, Fort-Worth based American Service Insurance Agency, .
In conjunction with the acquisition, Mr. Jordan has been hired by HII as its new Director of Call Center Operations.
"The incorporation of ASIA demonstrates our commitment to growth and to providing consumers with the best technology and services to access affordable healthcare," said Mike Kosloske, CEO of HII. "This acquisition is in line with our strategy to expand captive distribution channels for sustainable growth. The transaction will produce immediate accretion and HII will realize the net financial benefits in the near term."
The aggregate purchase price is $4.0 million, of which approximately $1.8 million represents an initial cash payment, with the remainder tied to the financial performance of ASIA’s business over the next two years.
A significant benefit of this transaction is the vertical integration of this large distributor, and of anticipated profits derived from policy distribution to Company results. ASIA has been an important distributor of HII insurance products and has an extensive and profitable downline subsidiary call center network.
Mr. Jordan is a second-generation executive with over 20 years’ experience in this space and has an extensive and profitable call center network, which will contribute to overall distribution efficiency.