National General acquires health insurance managing general agent for $15 million
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National General Holdings Corp. on Monday said it has acquired Lombard, Illinois-based health insurance managing general agent Healthcare Solutions Team Inc. for $15 million.
The purchase price for the transaction includes potential future earn-out payments based on Healthcare Solutions Team’s overall profitability, in addition to the upfront cash payment of $15 million, New York-based National General said in a statement.
A spokesman for National General on Monday said all Healthcare Solutions Team employees will join National General, and the MGA’s two principals, Grant Born and Joseph Eichman, will become co-presidents of Healthcare Solutions Team.
Healthcare Solutions Team will continue to operate out of its current location under the same name, the spokesman said.
“We are excited about the addition of HST to our growing (accident and health) division,” Michael Karfunkel, chairman and CEO of National General, said in the statement. “HST has a strong track record of growth and profitability in products consistent with and complementary to our current portfolio, and provides a broad distribution platform which we can leverage to further grow our existing business.”
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