HIIQ Named One of the 10 Biggest Health Insurance Stocks

In a recent article published by Yahoo Finance, Health Insurance Innovations, Inc. (NASDAQ: HIIQ) was named one of the 10 biggest health insurance stocks on the market today.

Alongside other big names like UnitedHealth and Humana, Health Insurance Innovations earned its place on the list because of its unique market position as a technology platform for purchasing and managing health insurance, life insurance, and supplemental plans.

In addition, the article cites the company’s competitive commission structure and its recent acquisition of TogetherHealth, a health care network focused on the 65+ insurance market, as big opportunities for future growth.

Click here to read the full article and learn more about the 10 biggest health insurance stocks today.

 

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HEALTH INSURANCE INNOVATIONS, INC. RINGS THE NASDAQ STOCK MARKET OPENING BELL

Health Insurance Innovations, Inc. (Nasdaq: HIIQ), a market leading cloud-based technology platform and distributor of affordable health insurance, life insurance and supplemental plans, will visit the Nasdaq MarketSite in Times Square.

 

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In honor of the occasion, Gavin Southwell, Chief Executive Officer, will ring the Opening Bell. Thank you to the NASDAQ for the invitation.

Health Insurance Innovations Makes Transformative Business Acquisition

Health Insurance Innovations Announces Transformative Acquisition and Other Material Corporate Developments

Acquisition Highlights

  • Re-enters the 65+ Insurance Market
  • Further Diversifies Business/Product Offering
  • Raises 2019 Financial Outlook
  • Signs New $215 Million Credit Agreement

Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading cloud-based technology platform and distributor of affordable health insurance, life insurance and supplemental plans, today announced the acquisition of all of the outstanding equity of the businesses known as TogetherHealth, a premier direct-to-consumer platform connecting individuals with U.S. insurance carriers through consumer acquisition and engagement primarily serving the over 65 insurance market. The transaction was consummated using a mix of cash, HIIQ stock and contingent consideration and is expected to be immediately accretive to the Company’s earnings. The purchase consideration, subject to certain adjustments, includes approximately $50 million of cash and 630,000 shares of HIIQ Class A common stock, and a five-year earnout provision based on the future performance of the acquired businesses.

“This transformative acquisition offers immediate scale for us in the large and growing over-65 insurance market. This segment of the market continues to benefit from the strong, multi-dimensional tailwinds of changing demographics, as over 10,000 Americans a day turn 65 and age into Medicare. TogetherHealth broadens our product offering, expands our market opportunity, and further diversifies our business, while significantly enhancing our consumer acquisition and engagement capabilities,” said Gavin Southwell, HIIQ’s Chief Executive Officer and President.

“The acquired businesses further allow us to leverage our scalable, industry-leading technology platform and complements our diverse customer-centric strategies to build upon HIIQ’s core mission of enabling consumer access to appropriate health insurance coverage that meets their individual needs,” Mr. Southwell added.

“I’m excited about the synergies of our expertise in the over 65 market and HIIQ’s exceptional customer service and technology platform. We believe we can quickly leverage their resources to capitalize on this opportunity and continue to build our presence in this market,” said Robert Gregg, the CEO of TogetherHealth.

About Health Insurance Innovations, Inc. (HIIQ)

HIIQ is a market leading cloud-based technology platform and distributor of innovative health and life insurance products that are affordable and meet the needs of consumers. HIIQ helps develop insurance products through our relationships with best-in-class insurance companies and markets them via its broad distribution network of third-party licensed insurance agents across the nation, its call center network and its unique online capability. Additional information about HIIQ can be found at HIIQ.com. HIIQ’s Consumer Division includes AgileHealthInsurance.com, a website for researching, comparing and purchasing short-term health insurance products online and HealthPocket.com, a free website that compares and ranks all health insurance plans, and uses objective data to publish unbiased health insurance market analyses and other consumer advocacy research.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on HIIQ’s current assumptions, expectations and beliefs are generally identifiable by use of words “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or similar expressions and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for products offered through our platform, regulatory oversight and examinations of us and our carriers and distributors, legal and regulatory compliance by our carriers and distributors, the amount of commissions paid to us or changes in health insurance plan pricing practices, competition, changes and developments in the United States health insurance system and laws, and HIIQ’s ability to adapt to them, the ability to maintain and enhance our name recognition, integration challenges and other difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements will be discussed in HIIQ’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) as well as other documents that may be filed by HIIQ from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on any forward-looking statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Information

To supplement HIIQ’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, HIIQ presents certain financial measures that are not prepared in accordance with GAAP, including adjusted EBITDA and adjusted earnings per share (adjusted EPS), which are defined below. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

HIIQ presents these non-GAAP financial measures to assist investors in seeing HIIQ’s operating results through the eyes of management and because HIIQ’s believes that these measures provide a useful tool for investors to use in assessing HIIQ’s operating performance against prior period operating results and against business objectives. HIIQ uses the non-GAAP financial measures in evaluating its operating results and for financial and operational decision-making purposes.

HIIQ defines adjusted EBITDA as EBITDA adjusted for items such as stock-based compensation and related costs, and items that are not generally a part of regular operating activities, including tax receivable adjustments, indemnity and other related legal costs, and severance, restructuring, and acquisition costs.

HIIQ defines adjusted net income as net income then add back amortization (but not depreciation), interest, tax expense, items such as stock-based compensation and related costs, and other items that are not generally a part of regular operating activities, including, tax receivable adjustments, indemnity and other related legal costs, severance, restructuring, and acquisition costs. From adjusted pre-tax net income we apply a pro forma tax expense calculated at an assumed rate of 24%, which consists of the maximum federal corporate rate of 21%, with an assumed 3% state tax rate.

HIIQ calculates adjusted EPS by dividing adjusted net income by the total number of weighted-average diluted Class A and weighted-average Class B shares of our common stock for each period.

HIIQ has not reconciled adjusted EBITDA guidance or adjusted EPS guidance to GAAP net income or GAAP net income per diluted share, respectively, because HIIQ does not provide guidance for the reconciling items between these measures and GAAP net income or GAAP net income per diluted share, respectively. As certain of the items that impact GAAP net income and/or GAAP net income per diluted share cannot be reasonably predicted at this time, HIIQ is unable to provide such guidance. Accordingly, a reconciliation to GAAP net income or GAAP net income per diluted share is not available without unreasonable effort.

For more information, please visit our Investor Relations page.

HIIQ’s Jan Dubauskas Discusses Healthcare on Morning News Show

HIIQ Vice President and Senior Counsel Jan Dubauskas appeared on Fort Wayne’s Morning News radio show yesterday (May 1) to discuss the future of healthcare in the United States.

In the segment, titled “Universal Healthcare: what happens if it becomes reality“, Dubauskus and host Kayla Blakeslee discuss the future of universal healthcare, how it could affect the average American and the challenges we may face if a universal healthcare system is ever implemented in the U.S.

Click here to listen and learn more.

HIIQ Charity Bike Ride Raises Over $50,000

Last week, a team of Health Insurance Innovations executive lead by CEO Gavin Southwell embarked on a 50-mile bike ride with the hopes of attracting attention and raising funds for two children’s charities.

The annual ride, deemed the Florida 50, challenged the 14-person team as they trekked up the Pinellas coast in the mid-morning hours.

HIIQ organized this event as part of its ongoing charitable efforts in the Tampa Bay area and beyond. In the weeks surrounding the ride, employees, family and friends managed to raise over $50,000 for Bliss and St. Joseph’s Children’s Hospital.

To donate or learn more about these important children’s causes, visit the Florida 50 GoFundMe page.

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HIIQ Presents Florida 50 Charity Bike Ride

Health Insurance Innovations (HIIQ) is proud to present the Florida Fifty, a charity bike ride that will take cyclists on a 50-mile course across the Tampa Bay area on  Thursday, March 11.

Much like the company’s 2018 charity ride from London, a team of HIIQ executives led by CEO Gavin Southwell will hit the road in hopes of raising money for two children’s charities— St. Joseph’s Children’s Hospital and Bliss—for this year’s ride.

St. Joseph’s Children’s Hospital is a leading facility for pediatric heart and cancer care in the Tampa Bay area. Between the hospital itself and the Steinbrenner Emergency/Trauma Center, St. Joseph’s treats more children than any other hospital in HIIQ’s home city of Tampa.

As a not-for-profit health care facility, St. Joseph’s Children’s Hospital relies on the support on donors and charity events like the Florida Fifty to maintain its’ extraordinarily high level of personalized care.

Bliss was founded in 1979 by a group of parents concerned that no hospital throughout the UK had all the equipment or staff required to safely care for premature and sick babies.

Today, Bliss has grown into a renowned charitable organization that “champion[s] the right for every baby born premature or sick to receive the best care by supporting families, campaigning for change and supporting professionals, and enabling life-changing research.”

Bliss recently issued a grant to the Pediatric Neuroimaging research team at the University of Oxford’s Department of Pediatrics. This grant gave them the funding they needed to begin a three-year project with a goal of improving the measurement and treatment of pain in premature babies. Their findings could benefit babies across the globe upon the project’s completion this year.

Health Insurance Innovations has set up a GoFundMe page for the Florida Fifty. The company hopes to raise $50,000 for these vital children’s charities. If you’d like to donate to either of these causes and help HIIQ reach our goal, you can do so here.

HIIQ Sponsors 2019 Avila Charity Tennis Tournament

The Avila Charity Tennis Tournament returned to Tampa’s Avila Golf and Country Club over the March 29-31, 2019 weekend. Celebrating its 27th anniversary, this charity event raises proceeds from attendees, players and sponsors alike to donate to a chosen non-profit children’s organization in the Tampa Bay area.

Health Insurance Innovations (HIIQ) was proud to return as a presenting sponsor of this year’s tournament, which benefitted Pepin Academies, a network of tuition-free charter schools serving students with learning and learning-related disabilities throughout the Tampa Bay area.

Established in 1999, Pepin Academies now consists of three campuses—Tampa, New Port Richey and Riverview—each of which have empowered thousands of students to meet their county’s graduation standards in a setting suited to their unique needs.

Last year, the Avila Charity Tennis Tournament raised $170,000 for Pepin Academies, the largest amount ever raised in tournament history.

“The money raised has provided much-needed technology for our campuses including the purchase of smart boards for all core-curriculum classrooms,” according to the Pepin Academies Foundation.

While the proceeds raised from the 2019 Avila Charity Tennis Tournament have yet to be announced, we encourage you to donate what you can to these essential schools in Tampa. Pepin Academies rely on consistent financial support from the community for the supplies, staffing and facilities needed to help these children excel.

Click here to learn about all the ways you can give to the Pepin Academies Foundation.

Our Mission

Health Insurance Innovations encourages all of its employees, customers and agency partners to give back to those in need. Whether you donate online to charity or spend a Saturday serving at the soup kitchen, giving back gives purpose and hope to all lives involved. Don’t know where to start? Check out Charity Navigator to find the most efficient charity organizations in your community today!

 

 

HIIQ Expands Legal and Regulatory Compliance Team

Health Insurance Innovations (HIIQ) recently announced the addition of experienced Arizona attorney Jan Dubauskas to its legal and regulatory compliance team. Dubauskas will serve as Vice President and Senior Counsel while working closely with the company’s commercial division.

Dubauskas brings over 10 years of experience to HIIQ. She specializes in managing legal and compliance matters for life and health insurance carriers, most recently as General Counsel for IHC Specialty Benefits, Inc. A member of The IHC Group, IHC specialty benefits represents carriers that provide individual and supplemental health insurance.

“HIIQ continues to build out its first-class legal and regulatory team,” said Gavin Southwell, President & CEO of HIIQ. “With Jan’s depth and range of experience working with insurance carriers, HIIQ is taking our contract and commercial business operations to the next level.”

Dubauskas will join an expert team of legal and regulatory compliance leaders at HIIQ. She will work alongside Janis Rosenthal, HIIQ’s Regulatory Counsel and Vice President of Legal Affairs. Rosenthal joined HIIQ in 2017 and is a member of the HIIQ Executive Leadership Team who also manages the company’s veteran in-house regulatory counsel.

Head over to investor.hiiquote.com to read the full press release on the addition of Jan Dubauskas to the HIIQ team.

 

 

 

Health Insurance Innovations Multistate Examination Concludes with No Penalty or Regulatory Action

Multistate Examination Settled

On December 12, 2018, Health Insurance Innovations, Inc. (the “Company”), together with its subsidiary Health Plan Intermediaries Holdings, LLC (“HPIH”), entered into a Regulatory Settlement Agreement (the “RSA”) with the lead state regulators in the Company’s previously disclosed multistate market conduct examination. As previously disclosed, in April 2016 the Company became the subject of a multistate market conduct examination that reviewed the Company’s sales, marketing, and administration practices (the “MCE”). The MCE was joined by 43 states, including Indiana (the “Participating Jurisdictions”). The MCE is led by the insurance regulators in Indiana, Florida, Kansas, Montana, and Utah (the “Lead States”), with the Indiana Department of Insurance serving as the managing Lead State.

As stated in the RSA, the Company denies any wrongdoing or activities that violate the insurance laws, and the RSA states that the RSA shall not be deemed or construed as evidence, or an admission, or acknowledgment by the Company of any wrongdoing or liability.

To read the settlement in full, click here.

HIIQ Makes Massive Donation to Victims of Hurricane Michael

Hurricane Michael was the one of the strongest storms to hit the contiguous United States when it made landfall on Florida’s Panama City Beach on October 10, 2018.

The destruction was unprecedented—at least 60 lives lost between the United States and Central America; tens of billions of dollars’ worth of damage and extensive power outages throughout the Florida Panhandle.

Many employees at Health Insurance Innovations were left wondering what they could do to help those whose lives had been affected by this massive storm. As Floridians, many of them know what it’s like to be in the path of a hurricane. Watching the news as the threat of 100+ MPH winds move slowly to the place you call home is an all-too-real one when you live in the Sunshine State.

An email was sent asking for much-need supplies or cash donations if anyone could spare them. And, seemingly overnight, the help started pouring in from employees of HIIQ’s home office in Tampa, all the way to those working as far away as Mountain View, California. The conference room began to fill with everything from palates of water to canned goods for residents of the Florida Panhandle.

Gerod Vernon, VP of Sales at HIIQ, had planned to drive the supplies up with the help of a tractor trailer and his pickup truck but, obtaining the proper permits to drive in such dangerous conditions was virtually impossible. Not one to give up easily, Vernon came across a post on Facebook that changed all of this.

“Through the power of Facebook, a couple of friends, and a buddy who helped us find someone to come down to Tampa with an 18-wheeler, we were able to get it done,” said Vernon.

Those couple of friends included Joann and David Abraham as well as Clyde Snodgrass, who happened to know a mutual acquaintance who drove a semi-truck and was willing to come down to Tampa and back from Panama City. In fact, everyone mentioned so far grew up in Panama City before relocating to Tampa, so this was an issue that was very close to home.

“I heard firsthand how bad the devastation was after friends and family started getting cell phone service when they drove out of town to do so,” Said Snodgrass. “My parents always raised my brother and sister and I to help when necessary. They would say, ‘Having a bad day? go do something nice for a random stranger’. So, I did.”

Once Vernon heard the news, it wasn’t long before Health Insurance Innovations was onboard. Their Tampa office soon became the drop-off point for donations that would eventually go up to Panama City in the semi-truck Snodgrass had arranged. Along with CEO Gavin Southwell, HIIQ employees donated much-need supplies including generators, chainsaws, bottled water, pet food, baby supplies and more. Other Tampa Bay area businesses like Keller Williams and Berkshire Hathaway even chipped in to help with supplies that would help the hurricane victims in Panama City.

Riding through the hurricane-ravaged city in an 18-wheel truck was no easy task. The trip itself and time spent dispersing the donations in Panama City took 10 days, and that was the first of multiple trips.

“The look on people’s faces when we handed them a generator or chainsaw was worth all the stress,” said Snodgrass.

Major recovery efforts are still ongoing in the Florida Panhandle. If you’d like to help those affected by Hurricane Michael, head over to Charity Navigator for a list of great causes you can give to today.