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Integrity Marketing Acquires Medicare Plan Distributor

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What You Need to Know

  • Trusted Senior Specialists was founded in 2005.
  • TriNet has closed on Zenefits.
  • Independence Holding has left the New York Stock Exchange.

Integrity Marketing has acquired Trusted Senior Specialists — a Houston-based Medicare plan distributor that has relationships with 5,000 agents.

The agents serve 82,000 customers.

Bryan Adams, Integrity Marketing’s CEO, said his company was impressed by Trusted Senior Specialists’ customer relationships.

Integrity Marketing is a Dallas-based insurance and financial services distributor that has used private equity cash to make dozens of acquisitions. It now manages a network of 420,000 agents and advisors. The producers in the network serve 10 million clients.

Michael and Melinda Wilhelm founded Trusted Senior Specialists in 2005. Integrity Marketing says it will make them managing partners in its own organization.

Integrity Marketing has also announced the acquisition of J. Gavin Financial Services, a 3-year-old life and annuity distributor with offices in Kennewick, Washington. The seller, John Gavin, will become an Integrity Marketing managing partner.

Other insurance organizations also have new deal news:

Trinet and Zenefits

TriNet — a Dublin, California-based company that provides human resources and benefits services for small and medium-sized businesses — has completed a previously announced acquisition of Zenefits, a Chicago-based human resources firm.

The combined organization now has relationships with 23,000 employers and 600,000 employees, retirees and dependents.

Independence Holding

A Geneve Holdings subsidiary has completed a previously announced acquisition of Independence Holding Co. through a deal structured as a merger.

Edward Netter, an investment banker, founded Geneve Holdings in 1987, and he used Geneve as a vehicle for acquiring control over Independence Holding — a Stamford, Connecticut-based life and health insurer.

Independence Holding subsidiaries once wrote significant amounts of medical stop-loss coverage and specialty health insurance benefits products.

In the past few years, managers have used acquisitions and asset sales to turn the company into a distributor of Medicare plans and other life and health products.

Geneve is paying the other holders of Independence Holding shares $57 per share in cash and has taken the company’s listing off the New York Stock Exchange.

Independence Holding’s shares were trading on the exchange under the symbol IHC.

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Bryan Adams (Photo: Integrity Marketing)