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January 02, 2013 at 09:17 AM
Fidelity National Financial Inc. (NYSE:FNF), a publicly traded title insurer, has acquired Digital Insurance Inc., a privately held health insurance broker and benefits administrators.
Fidelity National, a company with about $3.4 billion in total revenue, did not immediately say how much it is paying for Digital Insurance.
Digital Insurance manages health benefits for about 20,000 small and midsize employer clients and 250 brokers.
Digital Insurance has not been publishing financial statements, but Fidelity National reported that the company has been administering plans with a total of about $1 billion in annual premium volume.
Digital Insurance generated about $50 million in revenue in 2012 and is on track to generate $70 million in revenue in 2013, Fidelity National said.
Digital Insurance made a name for itself by acquiring many health insurance brokerage firms, taking over the small group benefits businesses of other brokers, and forming partnerships with still other brokers.
