NEW YORK, Jan. 17, 2017 (GLOBE NEWSWIRE) -- National General Holdings Corp. (Nasdaq:NGHC) today announced that it has agreed to acquire Quotit® Corporation and HealthCompare® from The Word & Brown Companies. Quotit® is an application service provider for the health insurance and employee benefits industry that directly connects insurance companies, brokers and retail consumers with insurance rates and benefits online. HealthCompare® is a call center operation as well as a consumer facing website that connects individuals, families and seniors with major medical or Medicare related coverage.
National General Chief Executive Officer Barry Karfunkel stated: "We are excited to welcome the wonderful staff of the acquired Word & Brown Companies' entities and look forward to the continued expansion of our Accident and Health division with the addition of Quotit® and HealthCompare®. Quotit® is one of the largest comparative raters that exist in the market today and we look forward to leveraging their platform to enhance our offering within the A&H marketplace. HealthCompare® enhances the scale of our A&H segment by broadening the scope of customers that we are able to connect with health policies through a direct to consumer platform, while allowing more seamless sales of Medicare and other health insurance product lines by leveraging the same platform as Velapoint. We are able to expand the Medicare platform by bringing those products to our independent agents currently selling our health insurance products. We expect this acquisition to be immediately accretive to earnings."
About National General Holdings Corp.
National General Holdings Corp., headquartered in New York City, is a specialty personal lines insurance holding company. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best and provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, supplemental health, and other niche insurance products.
About The Word & Brown Companies
The Word & Brown Companies include: Word & Brown® General Agency, the largest general agent in California and Nevada focusing on small group; CHOICE Administrators®, the parent organization of the nation's largest multi-carrier, small group private health exchange, CaliforniaChoice, and America's first ancillary benefits exchange, Choice Builder; and the California Rx Card and Nevada Drug Card, which offer prescription drug savings of up to 75% at pharmacies nationwide. For more information, visit www.wordandbrowncompanies.com.
Forward Looking Statements
This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "plan," "expect," "project," "intend," "estimate," "anticipate" and "believe" or their variations or similar terminology. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, non-receipt of expected payments from insureds or reinsurers, changes in interest rates, a downgrade in the financial strength ratings of our insurance subsidiaries, the effect of the performance of financial markets on our investment portfolio, our ability to accurately underwrite and price our products and to maintain and establish accurate loss reserves, estimates of the fair value of life settlement contracts, development of claims and the effect on loss reserves, accuracy in projecting loss reserves, the cost and availability of reinsurance coverage, the effects of emerging claim and coverage issues, changes in the demand for our products, our degree of success in integrating acquired businesses, the effect of general economic conditions, state and federal legislation, regulations and regulatory investigations into industry practices, risks associated with conducting business outside the United States, developments relating to existing agreements, disruptions to our business relationships with AmTrust Financial Services, Inc., ACP Re Ltd., Maiden Holdings, Ltd., or third party agencies, breaches in data security or other disruptions involving our technology, heightened competition, changes in pricing environments, and changes in asset valuations. The forward-looking statements contained in this news release are made only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statement except as may be required by law. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected is contained in the Company's filings with the Securities and Exchange Commission.