Appleby acted as Bermuda counsel to Etelequote Limited in connection with the sale of its operating subsidiaries to Primerica, Inc. (NYSE:PRI), a well established provider of financial services to middle-income families throughout the United States and Canada.
Primerica has agreed to acquire 80% of the operating subsidiaries of Etelequote Limited. Etelequote Limited is a senior health insurance distributor of Medicare-related insurance policies. The deal gives an enterprise value of $600 million and under the terms of the agreement, Primerica will purchase the remaining 20% stake over a period of up to four years.
e-TeleQuote is an innovative and rapidly expanding business in the senior health insurance distribution sector with a presence in all 50 states and Puerto Rico. The plans distributed help seniors deal with what could otherwise be high levels of medical expenses that they may otherwise be ill able to afford.