Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Quotesmith To Buy Life Quotes Assets

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, March 5, 2004, 12:25 p.m. EST – Quotesmith.com says it has agreed to buy the assets of Life Quotes, Inc., a life insurance agency.[@@] Terms of the agreement were not disclosed.

Quotesmith.com, an online insurance broker in Darien, Ill., also announced it has agreed to sell 2.4 million shares of its common stock to Zions Bancorporation, Salt Lake City, Utah, for $5.50 net per share, thus raising $13 million in new capital. That deal is contingent upon the closing of the agreement to buy the assets of Life Quotes, in Evergreen, Colo.

The transaction would give Zions a 32% equity interest in Quotesmith and one seat on its board.

Quotesmith says its expects its acquisition of Life Quotes would double its revenues and speed its move to profitability. Quotesmith reported a net loss of $1.3 million last year on sales of $9.7 million.

The combined firm would serve 200,000 policyholders.

If approved by shareholders, Quotesmith expects to close the deal in the 2nd quarter.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.